Indore is a great place to start a business. It has a vibrant culture and strong economic growth, making it an ideal location for businesses of all sizes. With its low cost of living and access to resources, Indore is becoming an increasingly attractive destination for entrepreneurs. In addition, the city’s central location in India makes it more accessible to customers from across the country. Furthermore, its growing presence as an IT hub means businesses can quickly find talented tech talent.

Getting a business loan in Indore is not difficult if you have good credit and collateral. There are several options available depending on your needs and requirements, including banks, non-banking finance companies (NBFCs), and peer-to-peer (P2P) lending.

Here at Piramal Finance, you can obtain a business loan in Indore without any hassle. Our flexible loans come with great rates and payment plans that allow you to efficiently manage your finances for the expansion or growth of your enterprise - helping make the dream of a successful business a reality!

Features and Benefits of Business Loans in Indore

Quick Online Processing

When you apply for a startup business loan in Indore, we understand 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 Indore 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 lakhs 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 Indore

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.

CriteriaSalaried IndividualsSelf-Employed Individuals
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 until 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.
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.
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 to be salaried applicants.
Make 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 Indore 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 your business 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 Apply For MSME/Business Loan in Indore?

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

Step 1:

Go to the Piramal Finance business loan Indore 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

Indore, the commercial capital of Madhya Pradesh and its largest city, has fast become a major hub for business in India. It is well-connected with Mumbai and Delhi through airways and railways, making it easier to do business in Indore. The availability of Piramal Finance’s Business Loan in Indore with a high loan limit, long repayment tenure, competitive rates & charges, and hassle-free application process makes it even more attractive for entrepreneurs to invest in or start their business. With our business loans, you can now easily fund your new venture without worrying about tedious paperwork or long waiting periods. So, if you’re looking to set up shop in Indore, you know where to go!

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

MG Road
The MG Road branch of Piramal Finance is located at Indore Center on the 3rd floor. One can take a taxi or an auto from any part of Indore to get here. Applying for a business loan in MG Road branch is simple and hassle-free.
Vijay Nagar
The Vijay Nagar branch of Piramal Finance is located at Airen Heights, No. 503 to 505, on the 5th floor. The branch offers a variety of loans and financial services to its customers. Get the best business loans in Vijay Nagar branch from experienced professionals.

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Frequently asked questions

How to reduce repayment liability?
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Is a business loan in Indore risky?
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How long does it take to disburse the business loan in Indore?
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How is my business loan eligibility counted in Indore?
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What are the purposes for which I can get a business loan via Piramal Finance in Indore?
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Why should I avail of a business loan in Indore via Piramal Finance?
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Are there any charges other than the interest rate that I have to pay to avail of the loan in Indore?
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Do I need collateral to apply for a business loan in Indore?
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What is the minimum income requirement to get a business Loan in Indore?
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