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!
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 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.|
|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.||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.|
|Documents||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.|
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.
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.
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.
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 Indore 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.
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!
To reduce repayment liability for a business loan in Indore, try the following:
The fact that an unsecured business loan in Indore involves no collateral means 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 Indore within 24 hours of its approval. Our quick and instant disbursal makes us the leading choice for business loans in Indore.
Several factors contribute to your eligibility for a business loan in Indore. 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 Indore 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 Indore via Piramal Finance.
Yes, there are charges other than interest rates to pay to avail of the loan in Indore. These are processing charges, prepayment charges, foreclosure charges, and many more, depending on the business loan provider in Indore.
No, you won't need any collateral to apply for an unsecured business loan in Indore. 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 Indore, a business must have a minimum income of INR 2,00,000 per annum.