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Starting or expanding your business in Odisha has never been more accessible, thanks to customized business loans designed to meet a variety of needs. Whether you are launching a new venture or scaling an existing one, financial institutions in the state offer diverse loan options customised to your goals. With Odisha's thriving economy and abundant growth opportunities, a business loan in Odisha can change your entrepreneurial dreams into reality. From infrastructure upgrades to expanding operations, the right loan can help your business flourish in this dynamic and rapidly developing market. The time to grow your business.

Features & Benefits of Business Loan in Odisha
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Attractive Interest Rates The interest rates are nominal to avoid repayment burden.
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Minimal Documentation Only PAN, Aadhar, and Bank Statements are required for approval.
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Quick Disbursal The loan is disbursed into the bank account within 24 hours of approval.
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No Collateral No need to pledge any asset as collateral to avail Business Loan in Odisha.

What is Online Business Loan in Odisha?

A business loan in Odisha is specifically made to help small businesses with funding for operations, growth, or working capital. These loans are normally low-interest and have flexible repayment terms, sometimes unsecured or secured, depending on the requirement of the lender and the financial health of the business.

What is Online Business Loan in Odisha?
Eligibility Criteria for Business Loan in Odisha
To apply for a business loan in Odisha, eligibility criteria need to be met. Here is the list of requirements for a loan in Odisha:
01
Business Age: The business should be between 1 to 3 years old, depending on the lender. New companies may not qualify for a loan, but there are options for startups.
02
Age: The loan applicant must be between 21 and 65 years old to ensure they are financially responsible and capable of repaying the loan.
03
Business Type: Loans are available to various business types, including sole proprietorships, partnerships, private limited companies, and limited liability partnerships.
04
Revenue and Profitability: Lenders may require a minimum annual turnover of ₹5 lakh to ₹10 lakh, depending on the loan amount. Your business should also be profitable.
05
Credit Score: A good credit score, which is normally at 650 and above increases the chances of securing a business loan in Odisha. Good credit score means you are responsibly handling your debts.
06
Cash Flow of Business:: Your firm should have a healthy flow of cash, it shows that you can take good care of your finances while making loan repayment.
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Documents Required for a Business Loan in Odisha

When applying for an unsecured business loan in Odisha, lenders require certain documents to verify your business's eligibility and assess the financial health of the business. Below are the commonly required documents:

    Identity Proof:
  • Aadhar Card
  • Passport
  • Voter ID
  • Driving License
  • PAN Card (for both the business and the applicant)

  • Address Proof:
  • Utility Bills (Electricity/Water/Gas)
  • Rent Agreement (if renting business premises)
  • Aadhaar Card
  • Bank Statement (address mentioned)

  • Business Proof:
  • Registration certificate (e.g., GST Registration)
  • Partnership Deed (for partnership firms)
  • Certificate of Incorporation (for private limited or public limited companies)
  • Memorandum and Articles of Association (for companies)
  • Business License (if applicable)

  • Financial Documents:
  • Balance Sheet and Profit & Loss Statements for the last 1-3 years
  • Income Tax Returns (ITR) for the previous 2-3 years
  • Bank statements for the last 6 months
  • Tax returns (GST returns, if applicable)

  • Business Plan :
  • Detailed business plan of objectives, market analysis, and financial projections of the business.
  • Revenue, expenditure, and profit projections for at least 1-2 years.
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How To Apply For A Business Loan in Odisha
The process of applying for a small business loan in Odisha through My Mudra is simple and hassle-free. Here's how you can apply:
01
Visit Our Official Website: Click on the Apply Now button.
02
Enter Details: Enter your business details, such as your name, address, and income information.
03
Document Upload: Upload all the documents that are required, including the business plan, financial statements, and identity proofs, to expedite the process.
04
Approval and Disbursal: The loan amount will be directly disbursed into your bank account once your application is approved. This will help you take immediate action to grow your business.
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Banks With Their Interest Rates in Odisha.

The business loan interest rates are competitive in Odisha. with My Mudra. Here is the following information of banks with interest rates in Odisha.

Bank Rate Of Interest
hdfc-bank-logo 10.65%
indusind-bank-logo 10.49%
iciciBank-logo 10.95%
kotak-logo 10.75%
Business Loan in Odisha EMI Calculator

An unsecured business loan in Odisha allows business owners to get funding without the need for any collateral. The effective way to manage the repayment

of a small business loan in Odisha is through EMI calculation. EMI, or the Equated Monthly Installment calculator, allows you to calculate the amount that a person will have to repay each month. Through it, a business owner can find out what amount they need to repay every month. This enables better financial

planning and ensures that loan repayments fit within the cash flow of the business.

Break up of total payment
Loan Amount
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Rate of Interest
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Tenure (In Months)
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Total Payable Amount:
Monthly EMI:

Why choose My Mudra for Unsecured Business Loan in Odisha?

My Mudra is a trusted lender for securing business loans in Odisha. Here is why entrepreneurs prefer My Mudra for their business financing needs:

01
Unsecured Loans

My Mudra offers unsecured business loans in Odisha. This means you don't have to pledge any collateral while taking the loan, thus decreasing financial risk and making the entire process of taking the loan much more straightforward.

02
Quick and Easy Application

The application process is fast and hassle-free, with very little paperwork. It can be done online to save time and effort.

03
Flexible Loan Amounts

Whether it is a small business or a large enterprise, My Mudra offers loan amounts customised to the specific requirements of its customers.

04
Competitive Interest Rates

My Mudra provides competitive interest rates, thus making monthly repayments to your business quite affordable

Frequently Asked Questions on Business Loan in Odisha

Q1. What are the advantages of an unsecured business loan in Odisha?

Ans - Unsecured business loans in Odisha offer quick approval, no collateral requirement, and flexibility in use, making it ideal for businesses without assets to pledge.

Q2. How to get a business loan in Odisha for up to ₹1 Crore?

Ans- To get a loan of up to ₹1 Crore, businesses must have strong financial records, a good credit score, and a solid business plan. 

Q3. How can I find out if I am eligible for a business loan in Odisha?

Ans- Eligibility can be known by checking key criteria such as credit score, business turnover, existing debts, and time in operation.

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