Business Loan in Kolkata
Kolkata is the commercial and financial hub of Eastern India, with a large consumer base providing a ready market for a wide range of products and services. This makes the ‘City of Joy’ an attractive avenue for businesses looking to scale and grow. The availability of mentorship, networking opportunities, and infrastructure has created a conducive environment for businesses to flourish. To fuel this growth story, funding in the form of a business loan in Kolkata is readily available.
IIFL Finance's business loan in Kolkata is among the most reputable options due to its straightforward application process, minimal documentation requirements, and competitive interest rates.
Features and Benefits of a Business Loan in Kolkata
Offering various incentives, subsidies, and investment-friendly policies to attract businesses, the state is poised to promote industrial and economic development. In light of this, most lenders have developed business loans in Kolkata that are specifically tailored to the clients' requirements.
Business Loan in Kolkata EMI Calculator
Eligibility Criteria for Business Loans in Kolkata
You would be required to meet specified eligibility requirements in order to apply for an unsecured business loan in Kolkata. It is advisable to give everything due thought before applying
-
Before applying, the business should have been in operation for at least six months.
-
The turnover for the previous three months must have been at least Rs 90,000 at the time of application.
-
The business shouldn't be included in a list of prohibited or blacklisted companies.
-
The office or business shouldn't be on the list of negative areas.
-
The business shouldn't be a trust, charity, or non-governmental entity.
Documents required for a Business Loan in Kolkata
There are a few crucial business-related documents you must present if you seek a business loan in Kolkata.
-
KYC records - Proof of the borrower's identification (PAN card, Aadhaar Card etc)
-
Borrower's and each co-borrower's PAN cards
-
Bank statements from the main business account for the last six to twelve months.
-
The term loan facility's standard terms duly signed
-
Additional documentation for processing loan applications and credit review
-
GST Registration
-
Recent year's worth of bank statements
-
A copy of the proprietor(s)' Aadhar card and a PAN card
-
Proof of company registration.
-
A duplicate of the partnership contract and the business's PAN card
Business Loan Fees & Interest Rate
Based on market conditions and macroeconomic considerations, the interest rates and fees will continue to fluctuate. However, a business loan in Kolkata will be tailored and set up at a fair price so that you can concentrate on achieving your business goals and not worry about the financial strain.
Why choose an unsecured business loan in Kolkata?
Providing a combination of market potential, skilled resources, affordability, and government support, Kolkata indeed is a favorable environment for business growth. By choosing an unsecured business loan in Kolkata, you may make advantage of this beneficial ecology and its resources for the growth of your firm.
An unsecured business loan in Kolkata can help with:
-
Expanding the business with working capital
-
Purchase of Equipment and Assets
-
Cash flow management and inventory control
-
Business opportunities
-
Promotional & Marketing Exercises
-
Expanding your credit history
How to apply for a Business loan in Kolkata?
Compared to other metropolitan cities in India like Mumbai and Delhi, the cost of living and doing business in Kolkata is relatively lower. So, if you want to apply for a business loan in Kolkata from IIFL Finance, follow these steps:
-
-
Click "Apply Now" and fill out the form.
-
Complete KYC by supplying all required documentation.
-
Select "Submit" from the menu.
-
After the appraisal, IIFL Finance will authorize the loan in less than 30 minutes and deposit the funds into your bank account within the next 48 hours.
So if you are actively looking for a business loan in Kolkata, Look no further and apply now!
IIFL Business Loan Related Videos
Business Loan in Kolkata FAQs
Some of the typical ways to secure business financing in the city:
- Bank Loans
- Non-Banking Financial Companies (NBFCs)
- Government Schemes
- Microfinance Institutions
- Venture Capital and Angel Investors
- Online Lending Platforms
Here are a few steps that can help in getting your business loan approved for an online business:
- Prepare a comprehensive business plan
- Build a strong online presence
- Maintain good creditworthiness
- Organize financial documentation
- Research suitable lenders
- Gather necessary documents
- Highlight revenue generation
- Present a realistic loan request
- Provide collateral or guarantees
- Be prepared for negotiations
In India, a business loan can impact taxes in the following ways:
- The interest paid on a business loan is generally tax-deductible as a business expense, reducing the taxable income.
- Principal repayment does not directly impact taxes as it is not considered a deductible expense.
- Loan processing fees may be considered a business expense and deducted from taxable income.
- If a loan is forgiven or cancelled, the forgiven amount may be considered taxable income unless specific exceptions apply.
- Expenses related to eligible business use of loan funds may be deductible, reducing taxable income.
Find Customised Business Loan For Your Business
Latest Blogs on Business Loans
India has been home to handicrafts over centuries…
The Indian real estate sector is projected to hit…
Are you thinking of turning your passion into a bu…