A Business Loan is a type of bank debt that helps you to setup or expand your business. A Business Loan can be a secured or an unsecured one.
In a secured Business Loan the borrower has to submit any collateral like property or a valuable asset to the bank so that in the case of any default bank could sell the property and get back
its money. In an unsecured Business Loan, the collateral is not required to submit to the bank. The later type is more riskeir to the bank hence the interest rate may be higher in compare to the
secured one.
The Business Loan may be many types when it comes to the purpose while expensing the loan amount. A Business Loan can be:
| Term Loan: |
A term loan is a Business Loan that is used for aquisition of long-term fixed assets like machines, extra setup for operations, building, land etc. The
interest rates for a term loan can be a fixed or a floating type. In a Short-Term-Loan, the loan tanure can be in the range of 3 to 18 months. In a normal term loan
the tanure is from 2 years to 10 years. |
| Business Line of Credit: |
Business line of credit provide flexibility that normal Business Loan doesn't provide. In business line of credit a certain limit of amount is
approved. You can withdraw amount upto the limit and the interest will be paid only on the withdrawn amount. |
| Invoice Financing: |
In invoice financing type of Business Loan, the money is borrowed against the money that is due on the customers. So the businessmen don't have to wait
until their clients pay the money. |
| Merchant Cash Advance: |
A Merchant Cash Advance is a Business Loan or advance on the borrower's credit card sales. This is a good option for the businesses that have the good number of
debit card/credit card transactions per month. |
BookMyMoney: One of The Best Places to Get Business Loans
Many banks provide Business Loans ranging from quick Business Loans to small Business Loans in India on different terms and interest rates. Going to each one of them is difficult and time and resource wasting when you can have all the information you need at your tips with BookMyMoney.
BookMyMoney has the most extensive collection of the best Business Loans. All you have to do is inform us about your needs, and we'll assist you in finding a Business Loan which works for your company requirements.
Compare Before You Buy
It is essential to do proper research before getting your hands into anything. More so when you're obtaining a Business Loan, then you have to compare your selections. BookMyMoney allows you to compare Business Loans interest rates before you make up your mind for the perfect choice.
Chennai hosts centers for a number of the largest brands and businesses in India. If you also are a company man, you may be familiar with this.
Companies require money to live. Whether you're putting funds into a new company or trying to keep a one, you need money
to fuel your company. Concerning business, organizing cash for it can much become a job. To start with, if it's a considerable sum you need, comparatively few people can
provide to assist you with your requirements; secondly, folks might believe that it is not as protected to place funds into a new company. Otherwise,
if you're getting money against the land, there is a chance of losing your house also if your small business doesn't succeed.
In these conditions, the logical alternative is to find a business loan.
In Book my Money makes sure everyone that comes to our site will be informed well with regards to the variety of small business loan choices that they have.
Here’s how Book my Money can Help you in Securing a Business Loan in Chennai
Obtaining a business loan is relatively harder than getting a private or a mortgage. Unlike private or home loan, securing a
business loan in Chennai will entail a range of measures and will want a great deal of effort and time from you.
Book my Money worth your time and provides you fast and simple answers for all your company loan related issues.
1. Forget about wasting time browsing the net looking for the ideal small business loan in Chennai. Book my Money provides you the very best bargains on company loans from several banks, all under a single roof.
2. Book my Money is a platform that provides not just info about all available options depending on your requirements but also makes it possible to get business loans. Utilizing Book my Money, you may readily receive the ideal company loan, which fits your needs perfectly.
3. Book my Money lets you personalize your organization loan according to your requirements. We know, different individuals have different needs, and different situations require different steps, which is the reason why we let our borrowers personalize the loan depending on their requirements.
4. Book my Money provides among the most exceptional customer service expertise to all its creditors and prospects. When it's presales, ask aftersales, our support representatives will make sure you get appropriate information in any way times.
For obtaining a business loan in Chennai, the individual needs to be conducting a legitimate company with a sustainable income. For borrowers who need a business loan to begin a new company, there are a few additional requirements too they will need to fulfill. Different banks have different standards to rate debtor and sanction loans.
While approving the loan, following things are checked:
- History, kind of Company and type of business.
- Annual Money flow of the Company.
- Annual Gain and Loss of the Company.
- Annual Turnover of the Enterprise.
Banks providing Best Business Loans
| Bank |
Product |
City |
Interest Rates (Starting From) |
| HDFC Bank |
Business Loan |
Chennai |
16.25% to 19.40% p.a. |
| ICICI Bank |
Business Loan |
Chennai |
16.85% p.a. |
| State Bank of India |
Business Loan |
Chennai |
11.20% to 16.30% |
| Punjab National Bank |
Business Loan |
Chennai |
12.60% to 15.60% |
Documents Required for Getting Business Loan
- ID Proof
- Board Resolution (If Pvt Ltd, co. is co-borrower/Partnership Authorization Letter (If partner company is co-borrower)
- Ownership Evidence of Home or Office
- Bank Statement 6 Months
- Newest ITR of Co-Applicants -- For Final 2 Years
- Evidence of Continuity of Company
- CA Certified Audited P/L Acc Statement and Also for >40 Lacs Instances Audit report Together with Programs of P&L and Balance Sheet -- for Final 2 years
- Address Proof
- ITR & Statement of Computation of Income -- for Final 2 Years
Do not wait any more, talk to us for your company requirements and we'll supply you the ideal company loan choices for you.
Expand your business with a Business Loan to follow the path of success.
Your business requires nearly all of your time, so get all the information about Business Loan at the same place and save your valuable time. Moreover, we’ll not only resolve all your queries but also will help you to get the loan.
By starting a new company to fueling funds into your present one, you might be needing company loans from India for almost any variety of factors.
A. Secured loan: A Secured loan is a loan that's shielded by employing an asset or security of some type. To apply for a secured loan and get it accepted, an applicant must supply a guarantor or security to the creditor.
A. Unsecured loan: An Unsecured loan is a loan in which the creditor is in danger if you happen to become a defaulter. There are almost no risks related to unsecured loans.
How Much Business Loan Can You Get?
The Quantity of Business Loan you get depends upon a multitude of factors such as
- Kind of the Company, i.e., Proprietorship, Partnership, Pvt Ltd, or Public Ltd., etc.
- Track record and type of business.
- The annual Cash flow of the business.
- Profit and Loss of the business.
- Free of cost for the borrower
- Annual Turnover of the business.
How BookMyMoney helps to get the best Business Loan?
BookMyMoney has tie-ups with some of the most reputed banks and other financial service providers in the country. When you visit our site, we link you into the very best market players and suppliers of financial services like a Business Loan. BookMyMoney saves your time, energy, and guides you to the best choice you can make while applying for your Business Loan.
What can be the maximum loan duration ?
The Business Loan duration depends upon Business Loan type. The short term loan tanure can be in the range of 3 to 18 months whereas the regular Business Loan tanure may vary
from 5 years to 25 years. The minimum and maximum limit extension may be allowed on a case by case basis, but it is rare.
How much time it will take to disburse the loan amount ?
Normally, Banks disburse the loan amount within 7 working days from the loan application date.
Once approved, the borrower gets the money deposited automatically into his account by any
electronic means or he may receive a cheque/draft equal to the loan amount.
How much money can one borrow ?
The loan amount depends on your income and your business history. Higher the revenue of the business greater the loan amount. It is also depends upon credit profile of the business.
