Bangalore is one of India's leading cities for business, having seen tremendous growth over the past couple of decades. The city boasts a large and vibrant IT industry, making it an attractive destination for entrepreneurs to launch their businesses. Bangalore also has a highly educated population and excellent infrastructure, making it an ideal place to start a new business. Additionally, the city provides access to some of the best resources in terms of talent and capital from across India.
When it comes to starting a business in Bangalore, getting access to enough capital is essential. Taking out a loan can be a great way to get plenty of funds required to launch your business project or expand existing operations.
Piramal Finance is here to help small businesses reach their fullest potential with our business loans. Our secure Business Loans in Bangalore are tailored to small companies' needs, offering various options such as machinery, unsecured working capital, capital, and term loans. With us by your side, you can be sure that all essential requirements will be met for maximum growth and success!
While applying for a business loan, there are a few required eligibility criteria that you have to meet. The eligibility criteria vary for salaried and self-employed individuals.
|Criteria||Salaried Individuals||Self-Employed Individuals|
|Age||If you are a salaried individual, you should be at least 21 years of age to apply for a business loan. As a government employee, you can apply for a business loan till you are 70 years old. You can only apply till 62 years of age if you work for a private company.||As a self-employed individual, you must be at least 23 and a maximum of 70 years of age.|
|Employment||To meet the eligibility criteria, you will have to work at a government institution, a public sector undertaking company, partnership firms such as an LLC, public companies such as private limited companies or limited companies, proprietorship concerns such as an individual proprietorship or HUF, MNC, and institutions run by NGOs, societies, and trusts.||You will be considered a self-employed professional if you are a CA, qualified doctor, or architect. If you are a business owner, partner at a partnership firm, company director, or involved in a proprietorship, you will be considered a self-employed non-professional. However, directors of listed companies will be deemed as salaried applicants.|
|Documents||You have to submit your KYC documents, bank statement for the past six months, ITR for the past two years with computation, CA audited financials, and documents for your collateral.||You must submit your Form 16, KYC documents, bank statement for the past six months, ITR for the past two years with computation, CA audited financials, and documents for your collateral.|
Piramal Finance is one of the best-unsecured business loan providers in Bangalore that offers business loans with interest rates starting at 17% p.a. for loans up to Rs. 10 lakhs that can be repaid over a maximum of 60 months. The borrowers are not obliged to provide any security or collateral for the unsecured business loans made available by the financial institutions.
A term loan has a predetermined repayment schedule that must be followed. The term 'short-term loans' refers to term loans with a tenure of fewer than 12 months.
Equity financing usually involves issuing additional shares in return for a cash investment. The investor purchases a stake in your business in exchange for the required funds. This implies that the investor will benefit from your company's success.
A line of credit (LOC) is a predetermined borrowing amount that may be accessed whenever necessary. Until the cap is reached, the borrower can withdraw money as needed. When a credit line opens, money can be borrowed more as it is repaid.
Asset financing is the practice of borrowing money or receiving a loan using assets listed on a balance sheet, such as inventory, trade receivables, and short-term investments. Piramal Finance necessitates a security lien on the assets, which the firm borrowing the money must deliver.
With the help of accounts receivable financing, businesses can get paid early for their unpaid invoices. When using accounts receivable finance, a business agrees to prepay part or all of its outstanding invoices in exchange for a fee from the funder.
Go to the Piramal Finance business loan Bangalore page. Read the features and eligibility criteria, and start the application process.
Click on Apply Now
Fill in the required Personal details such as Name, Contact Number, Birth Year, and Business Loan Amount.
Choose the employment type 'Salaried' OR 'Self-Employed'
Add your monthly income
Select the State and branch (enter the branch by city) and Submit the business loan application form.
Wait for a call from the official representative to move ahead with the processes.
Bangalore is not just the Silicon Valley of India. It is one of the most vibrant cities in India and a great place to start a business. With its strong economy, rich talent pool, and numerous government initiatives, Bangalore provides an environment conducive for businesses to grow. Moreover, with Piramal Finance's Business Loan offerings, you can avail of financing up to 10 Lakhs at attractive interest rates with flexible tenure options to help your business succeed. So if you are looking for an ideal city to launch or expand your business venture, look no further than Bangalore!
To reduce repayment liability for a business loan in Bangalore, try the following:
An unsecured business loan in Bangalore involves no collateral, so there's a risk for both the loan provider and the borrower. The loan provider will charge higher interest rates to cover up the risk. Since you have no collateral, failure to repay can put your business at great reputational risk and financial loss.
We at Piramal Finance disburse the small business loan in Bangalore within 24 hours of its approval. Our quick and instant disbursal makes us the leading choice for business loans in Bangalore.
Several factors contribute to your eligibility for a business loan in Bangalore. These factors or parameters include your credit utilization ratio, bank balance, tax payment record, CIBIL score, and more.
You can get a business loan in Bangalore via Piramal Finance for various purposes, such as:
From attractive interest rates and flexible tenure to no collateral requirement and quick disbursal, there are many reasons why you should opt for a business loan in Bangalore via Piramal Finance.
Yes, there are charges other than interest rates to pay to avail of the loan in Bangalore. These are processing charges, prepayment charges, foreclosure charges, and many more, depending on the business loan provider in Bangalore.
No, you won't need any collateral to apply for an unsecured business loan in Bangalore. All you have to do is fill out the business loan application online, submit the required documents, and wait for approval.
To get a business loan in Ahmedabad, a business must have a minimum income of INR 2,00,000 per annum.