Interested in financial products
Processing

Processing Fee

2%

Max Tenure

36 months

Best Rate

16%

View Details

Features

  • Collateral-free business loan
  • Amount size - Rs. 50,000 to Rs. 1 Crore
  • Repayment tenure – 1 to 36 months
  • Online application and processing in 3 working days
  • Minimal documentation
  • Flexible repayment options (Bi-weekly, Monthly)

Pricing

  • Interest rate – 16-27% per annum
  • Processing fees – 2% of the sanctioned amount

Documents Required

  • Bank Statements – Last 12 Months Current Bank Account Statements of the entity (till latest date) for all accounts/ OD accounts (PDF copies generated through Net banking or email from the bank)
  • Aadhar Card (Front & Back)
  • VAT/Service Tax Returns/GST (whichever applicable) for last 1 year of the entity
  • PAN of the entity and Date of Birth of the proprietor / partners / promoters (in case the application form is not filled)
  • Proof of activity** in case of proprietorship firms and copy of partnership deed in case of partnership firms
  • Documents required for specific applications
  • For clients from Food/Pharma/Chemical/Oil/petroleum industries, relevant statutory licenses might be required
  • Last two year’s detailed ITR computation or Balance Sheet with schedules required for cases, where turnover is more than 1 Cr. Or loan required is more than 10 Lacs.
  • Provisionals may be required deplender_offersending upon the merit of the case.
  • Any one of the following documents can be accepted as proof of activity for the proprietorship firms.
  • Registration certificate (in the case of a registered concern)
  • Certificate / license issued by the Municipal authorities under Shop & Establishment Act
  • Sales and income tax returns
  • GST/VAT certificate

Processing Fee

2%

Max Tenure

12 months

Best Rate

21%

View Details

Features

  • Collateral free business loan
  • Designed exclusively for small businesses
  • Fast and easy process
  • Loan tenure of 1 to 2 years

Pricing

  • Interest Rate - 21% (reducing interest rate basis)
  • Processing fee - 2% of the sanctioned amount + GST

Documents Required

  • PAN Card – For Individual / Partnership Firm / Company, Passport Size Photographs of all applicants & co-applicants
  • ID Proof (any one) – Voter ID / Driving License / Passport / Aadhar Card
  • Address Proof (any one) – Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement
  • Ownership proof of either residence or office (in the name of applicant or jointly with family members)
  • Business Continuity Proof – Any one document dated 5 years old - Bank Statement / Sales Tax Challans / IT Returns / Shops & Est. Certificate / Certificate of Incorporation / Partnership Deed
  • Letter certifying end use of the business loan funds on Business Letterhead
  • Latest audited ITR and financials for the last 3 years. (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.)
  • Bank statements from the borrower's main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet
  • Partnership Deed and partnership authority letter for partnership firms
  • Memorandum & Articles of Association, Board Resolution and Certificate of Incorporation (COI) for companies
  • Latest shareholding patterns for Private Ltd. / Public Ltd. companies
  • Professional Qualification Certificate and Degree Certificate for professionals

Features

  • Customised solutions for a diverse set of entrepreneurs across multiple sector
  • Minimum Income Documents.
  • Loan based on asset creation in last 4 years in absence of Income documents (up to 20 lakhs)
  • Personal assistance to all the customers by Relationship officers for a hassle free and smooth loan process.
  • Loan based on Kacha bill available (up to 8 lakhs)

Pricing

  • Interest Rate – 18 % to 26%
  • Processing Fee – 2%

Documents Required

  • KYC – ID Proof - PAN Individual, PAN company
  • Residence proof - passport, driver’s license, ration card, Aadhar
  • Bank Statements of main banking for last 6 months
  • Last 2 years Audited financials with PL & BS
  • Ownership proof of office
  • Last 2 years ITR
  • Bills and Collateral documents

Processing Fee

2%

Max Tenure

36 months

Best Rate

18%

View Details

Features

  • Collateral free business loan
  • Fast and hassle-free process
  • No contact Business Loan

Pricing

  • Interest rate – 18% onwards reducing balance
  • Processing fees – Up to 2% of the sanctioned amount + GST

    Documents Required

    1. PAN Card of Promoter
    2. Aadhar Card of Promoter
    3. Residence proof
    4. Office Address proof < /li>
    5. 6 months Banking (all banking required from which EMI are getting paid) < /li>
    6. 1 year ITR (P&L and Balance Sheet) - Only if loan required is more than 3 lakhs

    Processing Fee

    3%

    Max Tenure

    10 yrs

    Best Rate

    16%

    Processing Fee

    2%

    Max Tenure

    60 months

    Best Rate

    19%

    Processing Fee

    2.5%

    Max Tenure

    25 months

    Best Rate

    21.55%

    Processing Fee

    2.5%

    Max Tenure

    5 yrs

    Best Rate

    18.75%

    Processing Fee

    NULL

    Max Tenure

    NULL

    Best Rate

    11%

    Processing Fee

    NULL

    Max Tenure

    NULL

    Best Rate

    11.30%

    Processing Fee

    2%

    Max Tenure

    NULL

    Best Rate

    12.25%

    Processing Fee

    2%

    Max Tenure

    NULL

    Best Rate

    16.00%

    Processing Fee

    2.5%

    Max Tenure

    NULL

    Best Rate

    15.50%

    Processing Fee

    NULL

    Max Tenure

    NULL

    Best Rate

    9.70%

    Processing Fee

    2.5%

    Max Tenure

    2yrs

    Best Rate

    14%

    Processing Fee

    2.0%

    Max Tenure

    2 Yrs

    Best Rate

    26%

    Processing Fee

    2%

    Max Tenure

    36mns

    Best Rate

    16%

    Processing Fee

    2%

    Max Tenure

    NA

    Best Rate

    1.08%

    Processing Fee

    2%

    Max Tenure

    2 yrs

    Best Rate

    18%

    Processing Fee

    2%

    Max Tenure

    2 yrs

    Best Rate

    18%

    Processing Fee

    2%

    Max Tenure

    3 yrs

    Best Rate

    19%

    Sorry! We couldn't find any offer matching this category.

    Business Loans in Kolkata

    Being the major commercial, cultural and educational hub of East India, Kolkata is located on the east bank of the river Hooghly. The city is the third most productive metropolitan area in India. Still retaining the colonial-era charm contrasting with newly built commercial establishment, Kolkata is a perfect blend of tradition and modernity. While most of the population are self-employed, small-scale industries are facing a rapid growth in the city.

    Kolkata is home to some of the leading banks and other NBFCs in India. Are you looking for a business loan in Kolkata and wondering what your options are? You have reached the right place. Read on!

    What is a Business Loan?

    Any person wanting to start a business or any individual wanting to expand their business need funds to do so. This is where individuals and entrepreneurs take loans at a previously agreed rate of interest and time. Without this working, capital businesses cannot run smoothly. There are 2 types of business loans

    Secured loans – This is the case where individuals and entrepreneurs provide collateral like inventory, land, machinery etc for which the interest rate will be less

    Unsecured loans – This is the case where businesses take a loan without any collateral. The interest rates are high as the risk for the banks are high

    Purpose of Business Loans

    The most common reasons to take business loans are as follows

    Expanding Operations

    Buying land or leasing a property to expand business operations when you feel that your business has grown large enough and scaling up at this moment is an opportunity that you do not wish to forgo, a business based on its growth projections can go for expanding operations more than once.

    Purchase Equipment

    Technology has become a key driver in the information age of business, and since technology comes with a pre-set expiry date, there is always a demand to purchase or upgrade existing equipment and technology. Loans can be used for buying/leasing/replacing new equipment that will help improve the production or operations of the organization, alternatively the equipment can also be leased, it is best to conduct a cost-profit analysis to determine whether to buy or lease. The advantage with buying equipment is that depreciation can be claimed each year apart from the first-year tax exemptions.

    Purchase of inventory

    Most often small business would require immediate capital for the purchase of inventory stock or raw material. There may arise the situation where the demand for your product may be very high in the market. Businesses may not have the funds to get the raw materials to meet the rise in demand. This problem can be solved when individuals and entrepreneurs take loans to buy the inventory needed for production.

    To increase working capital

    Many times, small businesses may not have enough working capitals to run their day to day activities. They will take short term loans till their own assets earn enough revenues to meet their operational needs.

    Improve credit history

    If a business is looking to get a larger loan it is necessary for the company to have a good credit history. To make sure of this the individual or proprietors get short term loans and pay them on time to improve their credit history. Consistent repayment of borrowings will lead to a positive credit history.

    Business Loans in Kolkata

    It is always best to get a loan to improve your credit worthiness and the extra cash can be used in your working capital.

    As in the case of any loan, banks will assess the financial statements and business records to determine company’s credit worthiness i.e. their repayment capacity and reliability. Based on this the loan amount, tenure and rate of interest are determined for any type of loan category - Term Loans, Overdrafts, Bill Discounting and Letter of Credit.

    Since business loans are given to individuals running their own business, the loan dispersal will depend on the credit score of the individuals. Most Lenders consider the credit score as the core of the lending process as it gives a sense of how credit worthy the applicant is. Hence it is stressed that aspiring business owners and those out there looking for a loan to improve their business should first check their credit score to get a sense of their credit worthiness.

    Best Lender for Business Loans

    Business loans are provided by almost all major banks and NBFC’s present in the city of Kolkata. Entrepreneurial citizens can look for the best lenders which include Citi bank, HDFC, Axis bank and Shriram Finance. In general interest rates vary between 12% - 24% per annum. The tenure varies between 1 – 5 years for short term loans while it is a maximum of 15 years. The processing fee lies between 1% - 3% on which GST will be levied.

    The loan amount commonly disbursed by lenders start from an amount of 50,000 INR to up to 1 Crore INR

    Business Loan Eligibility

    The business loan can be offered to any person who is running a legitimate business and has good turnover. Different banks have different criteria and terms to validate and authenticate a person’s business. After all the evaluation the loan amount, tenure and rate of interest or even whether to provide loan falls under the purview and authority of the bank. Some of the parameters taken under consideration are

    • Type of business: Proprietorship, Partnership, Private Limited or Public Limited
    • Turnover of the business
    • Profit made by the business
    • Cash flow of the business
    • Track record of business

    Comparing the loans

    The best loan for any business depends on

    • The requirement of the business
    • Strategic or Tactical business needs and decisions
    • The loan amounts
    • The interest rates
    • Processing fee
    • Prepayment charges

    If you are looking pay the loan using the full tenure, then choose the loan with lowest processing fee and interest.

    If you are planning to repay the loan before the end of the tenure then compare based on prepayment charges.

    Special schemes for Woman Entrepreneurs

    To encourage the number of women entrepreneurs and bring out the best from Women Self Help Groups, some special schemes for woman entrepreneurs. This has led to nearly double the number of women-owned businesses in last decade. Some of the schemes are

    • Annapurna Scheme
    • Stree Shakthi Package
    • Bharatiya Mahila Bank which has now been absorbed into the country’s largest bank The State Bank of India
    • Dena Shakti Scheme - Dena Bank- financing for women entrepreneurs in Agriculture, Small Enterprises, Micro and Small Enterprises
    • Udyogini Scheme - Punjab and Sind Bank
    • Cent Kalyani Scheme - Central Bank of India
    • Mahila Udyam Nidhi Scheme - Punjab National Bank- loans and assistance to women to set up small scale industries

    Documents Required for Business Loans in Kolkata

    The document requirements for KYC is dependent on the lender (bank or NBFCs) but we have collated a broad list of documents for your convenience

    • ID Proof
    • Address Proof
    • Proof of Continuity of Business
    • Bank statements of last six months.
    • Board Resolution
    • ITR & Statement of Computation of Income – for last 2 Years
    • CA Certified or Audited profit and loss account statement and for greater than 40 Lakhs cases audit report along with schedules of profit and loss sheet and balance sheet for last 2 years
    • Latest ITR of Co-Applicants – For last 2 Years
    • Ownership Proof of Residence or Office

    Business Loan Defaulting

    Many banks have their own criteria for loan defaulting. Apart from your credit score getting a huge hit, there are 2 scenarios which can occur

    Secured loan

    In the case of secured loan, the bank will seize the collateral as compensation after enough warnings have been given to the defaulter. The timeframe between warnings and seizure of collateral varies from bank to bank.

    Unsecured loan

    In the case of unsecured loan, the bank will increase the rate of interest and or levy a penalty till the dues are paid. If the repayment stops completely for some time, then the bank will transfer the issue to a collection agency. If the issue is not solved by the collection agency then the lender may take the legal course of action.

    One other point to note while taking a loan for your business is to think about your co-borrower and their credit status, do look for an able co-borrower with a good credit history.

    How to Apply for Business Loan in Kolkata

    You can check your eligibility and apply for a Business Loan by signing up with CreditMantri and checking your credit score. It is quick, simple and above all, free.

    Checking your credit score and obtaining your credit report is the first step towards good credit health. Looking at your credit report at a glance gives you a sense of your credit history which includes your current and previous credit accounts. This will include your loan and credit card accounts. If there are any negative accounts due to incorrect information or pending dues, you must take steps to correct them. This can be done by availing a credit improvement service. Your credit score is maintained by credit bureaus and are updated by banks and lenders based on your transactions of credit be it either loans or credit cards

    For first time entrepreneurs or individuals with start-up ideas looking to gain capital through formal route of funding viz. banks and NBFCs, it is even more important to build a good credit score using score building products exclusively created for those without a credit history.

    A few words about CreditMantri

    CreditMantri matches your credit and demographic profile to the lender's lending criteria and presents you a shortlist of only those lenders willing to lend to you based on your unique credit profile. In effect, we pre-screen your application to make sure you are likely to qualify as per the lender’s credit criteria. Hence, the chance of approval on your loan application is higher.

    Click here to sign up and apply for loans and business-loan , the CreditMantri way!

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