Unsecured Business Loans in Kolkata

Kolkata, which is West Bengal’s capital city, has a rich history from the British era and is the most populated metropolitan city in India. Geographically equipped for business, Kolkata has the Ganges passing through and a long coastline which enables the import and export industries. The retail industry in the city is booming because of fine artistry in textile, leather, food items and jewellery and being the financial centre of Eastern India. Kolkata also provides for government support and optimum business environment, which is why you can plan a loan to help your business thrive.

Benefits of Taking Business Loans in Kolkata

Export:

Opportunities for export on a global and pan-India level can be pulled through by the right kinds of business loans.

Availability:

Lenders are interested to see further business growth and offer hassle free loans.

Efficiency:

An increasing need for loans in the SME businesses has increased supply with efficient and swift loan processing.

Eligibility Criteria:

Business loans can be given to:

Individuals
Partnerships
Limited Liability Partnerships
Proprietary Firms
Self Employed People

Age Limit:

Minimum twenty-one years
Maximum sixty-five years

Income: Business has to b profitable for a minimum of one year.

Documentation Required:

PAN Card in Copy (of person/company)
Identity Proof (anyone amongst Card, Voter ID, Passport, AADHAR, Driving License or PAN Card.
Address Proof (anyone amongst Driving License, AADHAR, Voter ID, Passport)
Bank statements ranging from the past six months
ITR Statement of the past year
Balance Sheet that is Audited
P&L statement
Ownership Declaration
MoA
Resolutions
Attorney Power
Miscellaneous documents needed by the NBFC, bank or the lender.

Charges/Rates of Interest

Rates of Interest for MSME or SME businesses get calculated based on the following criteria:

CIBIL Score
Net Worth
Business Profitability
Cash Flow
Working Capital
Inventory Ratios
Tenure of loan.

Usually, longer-dated loans have lower EMI, whereas quicker business loans have higher EMI. Interest Related Information:

Rates of Interest	Starting from 1.25% per month
Fees for Processing	One-time fees of 2-5%
Tenure of Loan	up to two years
Charges for Pre-closure	Pre-closure charges are applicable as per the lender’s policy
Criteria for Eligibility	More than Rs. 90,000 turnovers for a minimum of three Months
Amount of Loan	Rs. 50,000 – Rs. 2 Crore
Installments for Repayment	Monthly/Bi-weekly (Flexible)

Nature of Charges and Their Description:

Stamp Duty And Other Statutory Charges:

As per applicable state law.

Interest Rate Fees:

It starts with a monthly 1.5%. The interest rate for each loan gets determined based on business evaluation loan amount, tenure, financial considerations etc.

Processing Fees:

Starts at 2 to 5% (One Time).

Benefits of Taking Business Loans at Lendingkart:

Lendingkart offers extremely convenient ways of applying for business loans. We provide for our customer’s innovative solutions, such as completely paperless application.
No worries of losing documents, the form can be filled online and scanned images of documents uploaded. Loan approval happens in lesser than forty-eight hours.
Provision of loans free from collateral, which are hundred per cent unsecured.
No hidden charges and are as well as complete transparency.
Maximum Lending Capacity for loans will be Rs. 2 Cr.
Lendingkart provides you with complete ease of access to your loan. We want growth for your business in accordance with your vision.

Business Loan in Kolkata FAQs:

1. Why should one take business loans?

When the business is at the initial stage or growth phase, extra financial support helps keep the momentum up. Availing a business loan from Lendingkart regarding long or short term financial requirements will help any shortfall of working capital.

2. Can credit limit for business loans be increased?

It is indeed possible but is subject to eligibility criteria at the time of the request, and the discretion of LendingKart. Upon submission of your request letter, we may give you the green signal for you to submit fresh documents for the increased amount.

3. How a line of credit functions?

A Line of Credit is a credit facility where you are approved for a certain credit/ loan, during a certain period. Monthly instalments for Line of Credit consists of only interest amount, no principal component every month. The principal amount can be repaid at the very end of tenure. Funds can be deposited when in access and withdrawn when needed in business. Customer is charged interest only for the amount utilised.

4. What is a Term Loan?

In case of a Term Loan, the customer avails of the loan which he repays in instalments are equated. Normally an option for prepaying with surplus funds exists, but there is no withdrawal option. Repayment of the interest and the principal is monthly in nature.

5. Are there any specific documents needed for businesses in Kolkata?

When applying for a business loan in Kolkata, specific document requirements may vary depending on the lender. Typically, you'll need documents like business plans, financial statements, KYC documents, and proof of business ownership. Interest rates on business loans in Kolkata can also vary, so it's advisable to compare offers from different lenders for an instant business loan, whether you're starting a new business or a startup.

6. Is there flexibility in structuring the EMIs?

Yes, there is flexibility in structuring EMIs for business loans in Kolkata. Lenders often offer customizable repayment options to suit your needs, whether you need an instant business loan, financing for a new business, or a startup in Kolkata. Interest rates can vary, so it's advisable to explore different lenders to find the best terms wherever possible.

7. How crucial is my credit score in securing approval for a business loan in Kolkata?

Your credit score plays a pivotal role in securing approval for a business loan in Kolkata. Financial institutions offering instant business loans in Kolkata typically consider your creditworthiness when you need a business loan, especially for new businesses and startups. A good credit score can help you secure a lower interest rate on your startup business loan in Kolkata, making it a vital factor in the approval process.