Chennai is one of India’s largest cities and an important industrial hub, serving as a major trade center for both India and the world. It also offers numerous advantages to businesses looking to start or expand their operations in the city. The city has excellent infrastructure, including multiple airports, ports, highways, and railway networks that make it easy to access local markets as well as those around the world. Chennai is also home to several educational institutions and research centers that can provide qualified professionals at relatively low costs. This makes it easier for businesses to find skilled workers when needed.

If you want to launch a business in Chennai, having the money to get it up and running is essential. A business loan can give you access to the cash flow needed for every part of your venture's journey - from procuring equipment and managing working capital all the way through expansion.

Piramal Finance is the perfect partner for small businesses that are striving to reach their highest potential. Our reliable Business Loans in Chennai offer a full suite of solutions, including machinery loans, unsecured working capital loans, and capital and term loan options - all tailored specifically to your needs! With us by your side, you can be certain that our experts will equip you with everything necessary for rapid growth and success!

Features and Benefits of Business Loans in Chennai

Quick Online Processing

When you apply for a startup business loan in Chennai, we comprehend that you need the money as soon as possible. We can provide a small business loan in a matter of days. As a result, you can start or expand your business without worrying about a lack of funds.

Zero Collateral

The collateral-free small business loan in Chennai is a key differentiator and a significant advantage of our business financing. Taking advantage of it is quick and less risky because it is an unsecured service. To obtain financing, you do not need to mortgage any of your personal or corporate assets.

High Loan Limit

A suitable amount of money is needed to cover business expenses and working capital. Access to money up to 10 Lakh to cover any expense associated with your business without sacrificing quality is one of the main benefits you receive from our Business Loan.

Long Repayment Tenure

Loan EMIs shouldn’t ever strain your business’s working cash holdings or revenue. This is not a concern with our business loan because you can select an adjustable length of up to 60 months. Based on your company’s cash flow, this enables you to organize your payback in the best possible way.

Eligibility Criteria for Business Loans in Chennai

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
AgeIf 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 have to be a minimum of 23 and a maximum of 70 years of age.
EmploymentTo 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.If you are a CA, qualified doctor, or architect, you will be considered a self-employed professional. If you are a business owner, partner at a partnership firm, director of a company, 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.
DocumentsMake sure you keep two of your documents ready, including KYC documents, income tax returns for the past 2 years, Form 16, salary slips, bank statements of the last six months, and documentation related to your collateral property.You have to 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.

Interest Rates and Charges

Piramal Finance is one of the best-unsecured business loan providers in Chennai that offer business loans with interest rates starting at 17% p.a. for loans up to Rs. 10 Lakh 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.

What is the Objective of Taking a Business Loan?

Short term loan

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 funding

In most cases, equity financing involves issuing additional shares in return for a cash investment. The investor purchases a stake in your business in exchange for the funds it requires. This implies that the investor will gain from your company’s success.

Credit line

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 finance

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.

Loan on accounts receivable

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.

How to Get an MSME/Business Loan in Chennai?

Getting MSME loans in Chennai is now easier than ever. With Piramal Finance, you are an inch away from getting your MSME loan. Here’s how to get one:

  • Fill out the application. Enter all your business, personal and financial data.
  • Get MSME Loan offers from us.
  • Scan and upload all the necessary documents in a digital format. , and Business Loan Amount.
  • Wait for approval.
  • Once approved, your loan amount will be disbursed within a day.

How to Apply For MSME/Business Loan in Chennai?

Here is a step-by-step guide to applying for MSME loans in Chennai. With Piramal Finance, you are an inch away from getting your MSME loan.

Step 1:

Go to the Piramal Finance business loan Chennai page. Read the features and eligibility criteria, and start the application process.

Step 2:

Click on Apply Now

Step 3:

Fill in the required Personal details such as Name, Contact Number, Birth Year, and Business Loan Amount.

Step 4:

Choose the employment type 'Salaried' OR 'Self-Employed'

Step 5:

Add your monthly income

Step 6:

Select the State and branch (enter the branch by city) and Submit the business loan application form.  

Step 7:

Wait for a call from the official representative to move ahead with the processes.

After completing all the steps, like scanning, uploading the required documents, and paying the processing fees, wait until your business loan application is approved.

In Short

Chennai is one of the most preferred business and investment destinations in India. The city has an abundant pool of experienced professionals, a well-developed financial infrastructure, excellent transport and communication facilities, and many incentives for start-ups. With Piramal Finance’s unsecured business loans tailored to meet your needs, you can get quick access to funds to grow your business in Chennai. You can apply for our loan online or visit any of our nearest branches today!

Nearest Branches of Piramal Finance where you can visit and apply for a Business loan in Chennai

T Nagar
The T Nagar branch of Piramal Finance is located at New No. 30, Blossom Centre, on the 3rd floor. The right way to reach here is by taking a train to the Pondy Bazaar Station on the Chennai Central Line and then walking for a few minutes from there. One of the finest choices you can make is to apply for a business loan in T Nagar at Piramal Finance.
New Avadi Road
The New Avadi Road branch of Piramal Finance is located at No. 2/75, The Blue Lace Brocade on the 1st floor. The branch is well connected to other parts of Chennai by road and metro rail. You can apply for a business loan in New Avadi Road branch in just 15 minutes.
West Tambaram
The West Tambaram branch of Piramal Finance is located at D No 272/63, Gandhi Road, on the 1st floor. To get here, you can either take a bus or an auto-rickshaw. It is located just two minutes away from the Tambaram Railway station. Also, applying for a business loan in West Tambaram branch is extremely simple.
The Kodambakkam branch of Piramal Finance is located at New No. 36, and Old No. 24 at the Kalpalathika Tower. The easiest way to reach here is by taking public transportation. Obtain a business loan in Kodambakkam branch from experienced professionals.
JVR Square
The JVR Square branch of Piramal Finance is located on the 1st floor of Plot No. 11 in Ramakrishna Street. The branch is easily accessible by local buses and trains from different parts of the city. They also offer easy loan assistance to those who are looking for a business loan in JVR Square.

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Frequently asked questions

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