Business Loan in Chennai - Apply Online @11.69%

There is no doubt that Chennai is a metropolitan city in India. The infrastructure and amenities are always an attraction for big MNCs and business magnets. With the expansion in population, there is lot of demand for all types of loans. Among these business loans has more demand, as there is lot of options for many big and small businesses in these locations. For a business loan in Chennai, you will have to either approach banks directly to get all necessary information or make use of the websites like Finance Buddha to make your life easier.

It’s time to take the first step to try our platform; we guarantee that you will be happy with the range of information and assistance provided by us. Stop wondering about how to get a business loan in Chennai easily. Here you can simply upload your requirements and check if you’re meeting the eligibility to apply for a business loan with banks. Post which select the best bank that offers low interest rate loan and apply for the same. Bank officials will contact you within couple of days and will give instructions to take the request forward.

Unless the applicant meets the below eligibility criteria it is not possible to get a loan approved from any bank in Chennai. But, to a certain extent the bank branch manager can make decision:

• Minimum business track record of 3 years with ITR and proof of business existence
• Minimum turnover of Rs 25 lakh
• Profit making entity with a minimum profit of Rs 1 lakh
• Clear CIBIL report and track record
• Bank account with any of the following banks

Interest rates and charges vary from bank to bank. Here is the list of interest rates and charges for different banks of Chennai for business loan.

Business Loans Interest Rate Comparison of Top Banks / NBFCs in Chennai (updated 09 Jun,2023)

Below listed is the basic documentation necessary before applying for a business loan in Chennai.

Identity Proof

• Passport / Driving License / PAN card / Voters Id
• You will also need latest color passport size photographs to complete the identification requirements.

Address Proof

Passport / Telephone Bill (Land / Mobile) / Electricity bill / Rental agreement / Driving license / Bank Statement With Address page / HR Letter - (Accept Only for SUPER CAT- A) / Election ID card / Postal Id card / BB BILL / Ration Card / Gas Bill With Agreement Book / Photo-credit card (with last two month statements) / Life Insurance Premium receipt / Proof of Office for Self Employed (any one) Lease deed / Utility bill / Municipal Tax receipt / title deed.

Age Proof

PAN Card / Passport / Driving License / School leaving certificate / Birth Certificate

Income Proof / Processing Documents

• 2 years IT Including TDS amount Mentioned -TDS certificate (Form 16 )
• 2 years Individual I T of Major Partner
• 6 Months COMPANY'S Current Account Bank Statement
• Loan Schedules
• Business Continuity Proof
• Partnership deed
• Company Pan Card
• Partner Pan Card
• Partner's Own House Proof or Shop
• KYC of All partners
• MOA – Memorandum of Article
• Turn Over Min 40 Lakh
• Net Profit – Min 1.5 Lakh
• Business Stability - 5 Years