| BANKS/NBFCs | INTEREST RATES | LOAN TENURE | PROCESSING FEES |
| Standard Chartered Bank | 15%-18% (p.a) | 1-4 Years | Upto 2% |
| Deutsche Bank | 16%-18% (p.a) | 1-4 Years | Upto 2% |
| HDFC Bank | 15%-18% (p.a) | 1-4 Years | Upto 2% |
| ICICI Bank | 15%-18% (p.a) | 1-4 Years | Upto 2% |
| Kotak Mahindra Bank | 15%-18% (p.a) | 1-4 Years | Upto 2% |
| Axis Bank | 15%-18% (p.a) | 1-4 Years | Upto 2% |
| RBL | 15%-18% (p.a) | 1-4 Years | Upto 2% |
| IDFC First bank | 15%-18% (p.a) | 1-4 Years | Upto 2% |
| Yes Bank | 16%-18% (p.a) | 1-4 Years | Upto 2% |
| Aditya Birla Finance Limited | 16%-19% (p.a) | 1-4 Years | Upto 2% |
| Tata Capital | 16%-19% (p.a) | 1-4 Years | Upto 2% |
| Hero Fincorp Ltd | 16%-19% (p.a) | 1-4 Years | Upto 2% |
| Bajaj Finance ltd | 16%-19% (p.a) | 1-4 Years | Upto 2% |
| NeoGrowth | 16%-19% (p.a) | 1-4 Years | Upto 2% |
| U Gro | 16%-19% (p.a) | 1-4 Years | Upto 2% |
Business Loan in Thiruvananthapuram: Thiruvananthapuram, or Trivandrum as it’s affectionately called, is a beautiful coastal city in Kerala, India. It’s a place where old traditions mix effortlessly with modern influences, creating an atmosphere that feels both timeless and ever-changing.
The city is filled with vibrant streets, lush greenery, and friendly locals who always greet you with a warm smile. You can see the city’s rich history reflected in its stunning architecture, from the ancient Padmanabhaswamy Temple to the charming colonial-era buildings.
If you explore the local markets, you’ll find a treasure trove of spices, handmade fabrics, and unique crafts. The air is filled with the delightful smell of freshly brewed coffee and jasmine flowers, creating a sensory experience that captures the essence of everyday life.
The Economy of Thiruvananthapuram
Thiruvananthapuram, the capital city of the southern Indian state of Kerala, has a diverse and strong economy with contributions from various sectors. The service sector is a big player in Thiruvananthapuram’s economy.
The city is famous for its IT parks, schools, research centres, and government offices. The Technopark, one of India’s biggest IT parks, is a major player in the city’s economy. The Technopark has attracted IT companies, creating jobs and boosting the city’s economic growth.
Kerala, in general, is well-known for its tourism industry, and Thiruvananthapuram is no different. The city lures tourists with its historical sites, cultural events, and its proximity to beautiful destinations. Tourism boosts the local economy through hotels, transportation, and related services.
Types of Business Loan in Thiruvananthapuram
There are various types of Business Loans offered in Thiruvananthapuram, some of which include:
| Business Loan Type | Uses |
| Unsecured Business Loans | These are term loans used to finance long-term or short-term business needs and can be used for Business Expansion/Business Operations. |
| Working Capital Loans | They are used to finance short-term business needs and can be used for cash flow management, Business Operations, and to fulfil short-term liabilities. |
| Secured Business Loans | They are usually taken against the security of collateral and used for financing long or short-term business needs. They usually have lower interest rates than an unsecured business loan due to collateral security. |
| Loans against Property | Business Loans against Property are taken against the security of commercial, industrial, or residential property and may have a higher loan amount sanctioned based on the market value of the property and the LTV ratio. |
| Equipment Loans | Equipment Loans are usually taken to upgrade machinery or to buy new equipment. |
| Bill Discounting/Invoice Discounting | Bill Discounting is usually used to finance the working capital needs of a business. |
Business Loan EMI Calculator
Purpose of Business Loan in Thiruvananthapuram
- In Thiruvananthapuram, just like any other city, there are different ways businesses are supported and encouraged to grow. Because Thiruvananthapuram is a city that’s growing, businesses are always trying to expand. They might want to open new branches, introduce new products or services, or enter new markets.
- Since Thiruvananthapuram has a booming IT industry, businesses might need loans to invest in fancy technology, software, and equipment to keep up with the competition and be more efficient. Businesses in Thiruvananthapuram might also need loans to build or upgrade their offices, factories, or stores.
- Some businesses, especially in the tourism industry, might experience ups and downs in customer demand throughout the year. Loans can help them manage their finances during slower times.
Eligibility Criteria for a Business Loan in Thiruvananthapuram
To avail of a Business Loan in Thiruvananthapuram, the borrower must fulfil the following eligibility criteria:
| Particulars | Requirement |
| Citizenship | The business owner must hold an Indian citizenship. |
| Age | The borrower must be at least 21 years old, and the maximum age must not be more than 65 years old at the time of loan maturity. |
| Business Vintage | The business must be at least 2 years old. |
| Credit Score | The promoter and the business must have a good credit score of over 650. The credit score of co-applicants is also checked wherever applicable. The credit score has a crucial role to play in determining the creditworthiness of the borrower. It determines the limit of the lender’s credit exposure based on the repayment history of the business. |
Documents required for a Business Loan in Thiruvananthapuram
The documents required for a Business Loan in Thiruvananthapuram may vary based on the type of business loan. However, the following documents are usually sought by banks and NBFCs for a small business loan in Thiruvananthapuram:
| KYC Documents of the owner and the business: The foundation of your journey. For both you and your business, we require: | 1. Personal Identification: PAN Card, Aadhaar Card, Voter’s ID Card, Driving License, etc. 2. Address Proof: Passport, Utility Bills, Lease Agreement, Trade License, etc. 3. Business Legitimacy: GST Registration, UDYAM Registration, Business PAN Card, Licenses issued by Municipalities, Registration certificates from relevant authorities, etc.. |
| Financials: Your economic blueprint, essential for a tailored loan strategy, includes: | 1. Narratives: ITR filings for the last 2 years, complete with Income Computation. 2. Business Health Check: Audited Balance Sheets and Profit & Loss Statements for the last 3 years, certified by a CA. Bank Statements from the last 2 years, revealing your financial journey. 3. License issued by Municipalities, GST Registration Certificate, Registration certificates by appropriate authorities, etc |
| Proof of Ownership or Collateral Documents (In case of secured loans) | 1. Proof of ownership or collateral documents, including property deeds, sale agreements, possession letters, and asset valuation (if applicable). |
Interest rates and Charges on a Business Loan in Thiruvananthapuram
The interest rates on a Business Loan in Thiruvananthapuram can vary from lender to lender. However, here is an overview of the interest rates and charges on various types of business loan in Thiruvananthapuram:
| Business Loan Type | Interest Rate |
| Unsecured Loans | Starting from 16% p.a. |
| Working Capital Loans | Starting from 9% p.a. |
| Secured Business Loans | Starting from 8.85% p.a. |
| Loans against Property | Starting from 8.85% p.a. |
| Equipment Loans | Starting from 9% p.a. |
| Bill Discounting/Invoice Discounting | As per the financial institution |
Interest rates by various banks and NBFCs for Loan Against Property in Thiruvananthapuram
| Banks / NBFCs | Interest Rates | Tenure | Processing Fees |
| HDFC Bank | Starting 8.80% | Maximum 15 years | 0.50% |
| ICICI Bank | Starting 9% | Maximum 15 years | 0.75% |
| Kotak Mahindra Bank | Starting 9% | Maximum 15 years | 0.75% |
| Axis Bank | Starting 9% | Maximum 15 years | 0.50% |
| IDFC Bank | Starting 9% | Maximum 20 years | 1% |
| Standard Chartered Bank | Starting 9% | Maximum 15 years | 0.50% |
| Deutsche Bank | Starting 9% | Maximum 15 years | 0.75% |
| Bajaj Finance | Starting 9.5% | Maximum 15 years | 1% |
| L&T Finance | Starting 9.5% | Maximum 15 years | 1% |
| India Bulls | Starting 10% | Maximum 15 years | 1% |
| RBL Bank | Starting 9% | Maximum 15 years | 1% |
| Hero Fincorp | Starting 10.50% | Maximum 15 years | 1% |
| HDB Finance | Starting 9.5% | Maximum 15 years | 1% |
| HSBC | Starting 9% | Maximum 15 years | 0.50% |
| Shinhan Bank | Starting 9% | Maximum 15 years | 0.50% |
| AU Small Finance Bank | Starting 9.25% | Maximum 15 years | 1% |
How to apply for Business loan in Thiruvananthapuram through OneNDF
The process of applying for Business loan in Thiruvananthapuram may differ based on the type of business loan availed.
Many banks at times provide business loans specifically catering to the business cash flow requirements of MSMEs, however, given the lack of knowledge about business loans offered and the opaqueness in the loan application process, small businesses are often unable to get any financial support and end up running from pillar to post to get a business loan.
To apply for a business loan on OneNDF, please follow these streamlined steps:
1. Sign-Up Process:
- Click on the “Sign-up” button to begin your journey with OneNDF or Click here
- Enter your mobile number to receive a One-Time Password (OTP) for verification.
2. Business Authentication:
- After signing up, provide your PAN number. This step is crucial for verifying your business identity.
3. Registration and Profile Completion:
- Complete the registration process to build your profile on the platform. A comprehensive profile increases the success rate from initial login to loan sanction.
4. Credit Score Check:
- We will conduct a soft-pull of your credit score. This process does not generate an inquiry, thus not affecting your credit score.
5. Financial Information:
- You can upload the Downloaded ITR for your business (detailed PDF) or you can authenticate the credentials for the ITR portal and we will fetch this information and give you a snapshot . This helps in assessing your business’s financial stability.
6. GST Returns:
- Authenticate the GST credentials. Loans are provided to MSME clients, including both self-employed professionals and non-professional business owners based on their GST returns. ((This information can serve as a quick snapshot to help you understand your business better. It allows you to identify your top suppliers and buyers and monitor your returns effortlessly with just a click, eliminating the need to rely on your accountant for this data.))
7. Banking:
- Provide banking details for the last 12 months. This helps in analysing your banking turnover and financial transactions.
Upon completing these steps, we will tailor loan offers from lenders that best fit your requirements. Additionally, a comprehensive profile of your business will be created. This profile not only helps you understand your current business health but also provides recommendations on improving key financial ratios to maintain a healthy bottom line.
Frequently Asked Questions (FAQs)
What are the eligibility criteria for obtaining a business loan in Thiruvananthapuram?
To see if a business can get a loan, they have to meet certain rules. These rules include things like how trustworthy the business is with money, how stable their finances are, and if the person borrowing the money has a good history of paying back loans. The lender, or the person giving the loan, might have their own rules too, so it’s best to ask them directly.
How does the economic climate in Thiruvananthapuram impact business loan approvals?
Economic conditions can affect interest rates and how easy it is to get loans. When the economy is doing well, businesses can find it easier to get loans, but when things are going downhill, it becomes harder to get approved for one.
How is the interest rate for business loans determined in Thiruvananthapuram?
Interest rates can go up or down depending on different things. These things include what the Reserve Bank of India does, how much prices are going up, how good a business is at paying back money, and how long someone has to pay back a loan. Some lenders might give a set interest rate, while others might have an interest rate that can change.
What types of business loans are available in Thiruvananthapuram?
In Thiruvananthapuram, there are different types of loans that businesses can get. These loans can help businesses with different needs, like buying equipment, having money for day-to-day expenses, or getting extra money for specific industries like technology or tourism.
