Tamil Nadu is the growing hub for industries and the place where entrepreneurs and business owners are expanding their ideas. At the time of financial crises instead of taking help from the local lenders, it is advisable to take business loans from Banks and NBFCs. A Business loan is a type of financial aid provided by Banks and NBFCs to people who are facing financial crises. This loan can either be secured i.e. a loan that requires security to be pledged in banks, or unsecured i.e. a loan that is given based on the creditworthiness of a person.
Business Loans in Tamil Nadu can be availed by Business owners who have passed the eligibility criteria. The interest rate for Business Loan starts from 14% for an unsecured business loan and 8.5% for a secured business loan.
Age: The age of the borrower should be between 21-60 years.
Citizenship: The borrower must be a citizen of India
Business Vintage: The business must be running for 3 years.
CIBIL Score: 700 or higher
Documents required for Business Loans in Tamil Nadu are mentioned below.
1. Adhaar Card
2. PAN Card
3. Photo
4. GST Registration
5. UDHYAM Registration
6. GST Returns
7. Financial details of the company
8. Bank statement for one year
9. Details of the running loans
Mentioned below is the process to apply for Business Loan in Tamil Nadu today.
1. Visit the website of My Mudra and search for the section on Business Loan.
2. Click on Apply Now for applying for Business Loan.
3. Get your documentation done online.
4. Get your business loan approved and disbursed in the shortest interval of time from My Mudra.
|
Banks and NBFC |
Interest Rate |
|
HDFC Bank |
14% |
|
Axis Bank |
14% |
|
Standard Chartered Bank |
14% |
|
IDFC Bank |
15% |
|
ICICI Bank |
15% |
