Kolkata, the cultural capital of India, is a thriving business hub with a rich history of entrepreneurship. From small businesses to large corporations, Kolkata is home to a diverse range of businesses. If you are a business owner in Kolkata looking for funds to expand your business, a Business Loan can be a great financial tool for you.
In this blog, we will take you through everything you need to know about Business Loan in Kolkata, including documentation, and the application process.
Documentation Required for Business Loans in Kolkata
To apply for a Business Loan in Kolkata, you need to submit the following documents:
Proof of Identity: PAN card, Aadhaar card, Passport, or Driving License
Proof of Address: Aadhaar card, Passport, Voter ID card, or Driving License
Proof of Business Continuity: Certificate of Incorporation, Partnership deed, Memorandum of Association, Articles of Association, GST registration, or Trade License
Bank Statements: Bank statements of the last 6 months
Income Tax Returns: ITR of the last 2 years
Application Process for Business Loans in Kolkata
To apply for a Business Loan in Kolkata, follow these simple steps:
Step 1: Visit the website of a lender or aggregator like Ruloans and fill in the online application form.
Step 2: Once you submit the application form, you will receive a call from a loan representative who will guide you through the process.
Step 3: Submit the required documents to the loan representative.
Step 4: The lender will verify your documents and assess your eligibility.
Step 5: If you meet the eligibility criteria, the lender will disburse the loan amount directly to your bank account.
Types of Business Loans in Kolkata
There are various types of Business Loans in Kolkata that you can choose from. Here are some of the most popular ones:
Term Loans: Term Loans are the most common type of Business Loans in Kolkata. They are long-term loans that come with a fixed interest rate and a fixed repayment tenure.
Working Capital Loans: Working Capital Loans are short-term loans that help businesses manage their day-to-day expenses. These loans come with a variable interest rate and a flexible repayment tenure.
Machinery Loans: Machinery Loans are used to purchase new machinery or upgrade existing ones. These loans come with a fixed interest rate and a fixed repayment tenure.
Secured Business Loans: Secured Business Loans are loans that are secured by collateral such as property, stocks, or machinery. These loans come with a lower interest rate as compared to unsecured loans.
Unsecured Business Loans: Unsecured Business Loans are loans that do not require collateral. These loans come with a higher interest rate as compared to secured loans.
Conclusion
A Business Loan in Kolkata can help you take your business to the next level. However, before you apply for a Business Loan, make sure you assess your financial needs and eligibility criteria. It is also advisable to compare the interest rates and other terms and conditions offered by various lenders before you make a final decision. With the right loan, you can unlock the growth potential of your business and achieve your financial goals.
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