Business Loan in Coimbatore

Coimbatore is a thriving hub for small and medium-sized enterprises (SMEs). Businesses here are known for their resilience and innovation. However, access to adequate financial support is vital for growth and sustainability. A business loan in Coimbatore serves as a lifeline for entrepreneurs seeking funds for expansion, working capital, or other operational needs.

This article will explain the process of applying for a business loan in Coimbatore, provide an overview for businesses looking to navigate the details of eligibility criteria, interest rates, and benefits, and help you make an informed decision.

Apply business loan in Coimbatore instantly

Obtaining a business loan in Coimbatore is now more accessible than ever, thanks to digital platforms and streamlined processes. Entrepreneurs can apply online and get approvals within hours, making it a convenient solution for urgent financial requirements.

Leading financial institutions like Bajaj Finserv offer tailored loan solutions to suit various business needs. With minimal documentation and a hassle-free application process, these Flexi business loans empower local businesses to thrive in the competitive market.

Steps to apply for a business loan:

• Visit the official website of a trusted lender, such as Bajaj Finserv
• Fill in the online application form with basic business details
• Upload the required documents (explained in the next section)
• Wait for loan approval, which is often granted within 24 hours
• Receive the disbursed amount directly into your bank account

With flexible repayment options and competitive rates, Coimbatore business loans have become a preferred choice for many entrepreneurs.

Features and benefits

Business loans offer numerous advantages, enabling businesses in Coimbatore to scale operations, purchase equipment, or manage cash flow effectively. Below are the key features and benefits:

• High loan amounts: Avail funds up to Rs. 80 lakh to meet business requirements
• Flexi business loan facility: Withdraw funds as needed and pay interest only on the utilised amount
• Flexible repayment tenures: Choose tenures ranging from 12 to 96 months
• No collateral required: Most lenders offer unsecured business loans, eliminating the need for asset pledging
• Quick approvals: Get approval within hours and enjoy fast disbursals
• Online account management: Monitor your loan details and repayments easily through an online portal

Opting for a Bajaj Finserv business loan ensures access to these benefits while providing a reliable financial partner for your entrepreneurial journey.

Documentation and eligibility criteria

Lenders require minimal documentation and set straightforward eligibility criteria to make the process simple for borrowers. Below is an outline:

Eligibility criteria:

• The applicant must be aged between 18 and 80 years*
• The business should have been operational for at least 3 years
• A good credit score (preferably 685 or higher) is essential
• The applicant must provide proof of consistent annual turnover, audited by a chartered accountant

*24-80 years: 18 years age of non-financial applicant/co-applicant/guarantor. Higher age limit is applicable at the time of loan maturity.

Documents required:

• KYC documents (Aadhaar card, PAN card, etc.)
• Business proof (GST registration, shop establishment certificate, etc.)
• Bank account statements for the last 6 months
• Income tax returns for the past 2 years
• Financial statements, including balance sheets and profit and loss statements

Submitting these documents ensures a smooth and quick loan approval process.

Interest rates and charges

Understanding the business loan interest rate and associated charges is crucial when planning your finances. Below is an overview:

Category	Details
Interest rate	Starts from 14% per annum
Processing fees	Up to 3.54% of the loan amount
Prepayment charges	Up to 4.72% of the prepaid amount
Late payment penalty	Rs. 40 per day per instalment from due date until date of receipt
EMI bounce charges	Rs. 1500 per bounce

Bajaj Finserv offers competitive business loan interest rates, making it an attractive option for Coimbatore entrepreneurs.

A business loan in Coimbatore can unlock new opportunities for growth and success. Whether you need funds for expansion, inventory, or operational expenses, loans from trusted lenders like Bajaj Finserv offer a perfect blend of flexibility, convenience, and affordability.

Take the first step towards achieving your business goals. Apply for a Bajaj Finserv business loan today and empower your dreams.