Apply Business Loan in Chennai

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Not getting the desired loan amount

- Try adding multiple partner/director as a co-applicant alongwith the borrowing entity

Not getting the desired loan amount?

- Finance Buddha can try to do a debt consolidation/balance transfer to increase eligibility

Business Loan in Chennai

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.

How Finance Buddha can help you get a Business Loan in Chennai?

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.

 

 

Business Loan Eligibility Criteria in Chennai

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

Business Loan Documents Required in Chennai

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

 

Professional

Businessman

Application form

Yes

Yes

1 Photograph of Co-Applicant

Yes

Yes

Income Details of Applicant

IT Returns, Balance Sheet & P/L Account statement for the last 2 years with Annexure

IT Returns, Balance Sheet & P/L Account statement for the last 2 years with Annexure

Bank Account Statements

For last 3 months

For last 3 months

KYC documents of Co-applicant

Yes

Yes

Business Proof

Certificate of Practice

MOA, AOA/ Partnership Deed/ Shop Act License

 

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

Business Loan Interest Rates, Fees & Charges in Chennai

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.

Bank

Loan Amount

Rate Of Int

Processing Fee

Process

Pre Closure

ICICI BANK

1 Lakh To 20 Lakhs

18 % To 20%

2% To 2.5%%

5 To 7 Days

2% To 5%

HDFC BANK

1 Lakh To 30 Lakhs

18 % To 20%

2% To 2.5%

5 To 7 Days

2% To 5%%

CITI BANK

1 Lakh To 30 Lakhs

18 % To 20%

2% To 2.5%

5 To 7 Days

2% To 5%%

KOTAK BANK

1 Lakh To 20 Lakhs

18 % To 20%

2% To 2.5%

5 To 7 Days

2% To 5%%

BAJAJ FIN

1 Lakh To 20 Lakhs

18 % To 20%

2% To 2.5%

5 To 7 Days

2% To 5%%

TATA CAPITAL

1 Lakh To 20 Lakhs

18 % To 20%

2% To 2.5%

5 To 7 Days

2% To 5%%

INDUSIND BANK

1 Lakh To 20 Lakhs

18 % To 20%

2% To 2.5%

5 To 7 Days

2% To 5%%

CAPITAL FIRST

1 Lakh To 15 Lakhs

18 % To 20%

2% To 2.5%

5 To 7 Days

2% To 5%%

 

Charges Applicable

Processing Fees

2% of the loan amount will be deducted at the time of disbursal of approved loan amount

EMI bounce charges

Rs 1000 will be charged in the subsequent month for every bounce

Penal Interest

2.00% p.m. overdue charges will be levied basis 360 days per year

Foreclosure Charges

NIL to 4%- Applicable following 1st EMI clearance

 

Frequently Asked Questions