Apply for Business Loan in Agartala Online
Business Loans in Agartala
Tripura, a province in the north-eastern part of India, is predominantly surrounded by Bangladesh on three sides, sharing a whopping 84% of its border with this neighbouring country. Interestingly, it also hosts India’s third international internet gateway, following Mumbai and Chennai.
Agartala is known for its innumerable number of tourist attractions such as ancient monuments, wildlife sanctuaries, museums and historical sites. It contributes to Agartala’s economy. Cottage and small-scale industries are quite prevalent in Agartala. The bamboo and cane crafts from Agartala are highly sought after, not just in the Northeast, but across India. These unique works of art are universally admired and significantly contribute to the city’s revenue.
According to the government’s report on Invest India, Agartala is meeting 60% of the entire country’s requirement for bamboo sticks used in Agarbatti making. The Software Technology Parks of India (STPI), a self-governing body under the Ministry of Electronics and Information Technology, has been established by the Indian government with a clear aim to ramp up software exports. Its office in Agartala is an impressive asset for local IT industries, providing them with a significant boost.
The food processing sector in Agartala is on the rise. The city takes pride in its growing mills for flour, cashew, and iodised salt processing. Thanks to the ideal climate, tea estates are also flourishing both within the city and across the state. As a matter of fact, Tripura ranks as the 5th largest tea plantation state in India with 54 tea estates, 21 tea processing factories and over 2500 small-scale tea growers. It’s quite an impressive feat!
Banks and Non-Banking Finance Companies (NBFCs) play a vital role in offering essential financial backing to budding businesses. Now, let’s delve into the various business loan types available in Agartala, understand the necessary documentation for obtaining a loan, learn about eligibility requirements, interest rates and fees, and finally explore how to apply for a business loan.
Table of Contents
Interest rates and Charges on Business loans
The interest rates on Small Business Loans in Agartala can vary from lender to lender. However, here is an overview of the interest rates and charges on various types of business loans in Agartala:
| Business Loan Type | Interest Rate |
|---|---|
| Unsecured Loans | Starting from 16% p.a. |
| Working Capital Loans | Starting from 9% 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 Business Loan
| Bank/ NBFCs | Interest Rate | Tenure | Processing Fee |
|---|---|---|---|
| SBI Bank Business Loan | 14% p.a. onwards | 1-4 years | Up to 2% of loan amount |
| IndusInd Bank Business Loan | 16% p.a. onwards | 1-4 years | Up to 2% of loan amount |
| SMFG Business Loan | 17% – 21% p.a. onwards | 1-4 years | Up to 2% of loan amount |
| Bank of Baroda Business Loan | 17% p.a. onwards | 1-4 years | Up to 2% of loan amount |
| HDFC Business Loan | 14% – 18% p.a. | 1-4 years | Up to 2% of loan amount |
| ICICI Bank Business Loan | 16% – 18% p.a. | 1-4 years | Up to 2% of loan amount |
| Axis Bank Business Loan | 15% – 18% p.a. | 1-4 years | Up to 2% of loan amount |
| Standard Chartered Bank Business Loan | 15% p.a. onwards | 1-4 years | Up to 2% of loan amount |
| Deutsche Bank Business Loan | 16% p.a. onwards | 1-4 years | Up to 2% of loan amount |
| Kotak Mahindra Bank Business Loan | 15% p.a. onwards | 1-4 years | Up to 2% of loan amount |
| RBL Bank Business Loan | 15% p.a. onwards | 1-4 years | Up to 2% of loan amount |
| IDFC First Bank Business Loan | 15% p.a. onwards | 1-4 years | Up to 2% of loan amount |
| Aditya Birla Finance Ltd Business Loan | 17%-18% p.a. onwards | 1-4 years | Up to 2% of loan amount |
| Yes Bank Business Loan | 16% p.a. onwards | 1-4 years | Up to 2% of loan amount |
| Tata Capital Business Loan | 16% p.a. onwards | 1-4 years | Up to 2% of loan amount |
| Hero Fincorp Ltd Business Loan | 16% p.a. onwards | 1-4 years | Up to 2% of loan amount |
| Bajaj Finserv Business Loan | 16% p.a. onwards | 1-4 years | Up to 2% of loan amount |
| NeoGrowth Business Loan | 16% p.a. onwards | 1-4 years | Up to 2% of loan amount |
| U Gro Business Loan | 16% p.a. onwards | 1-4 years | Up to 2% of loan amount |
Business Loan EMI Calculator
Applicants can use the Business Loan EMI Calculator given below to calculate the EMIs and total interest cost payable the loan tenure depending on the interest rate, loan amount and loan tenure offered by the lender.
Eligibility Criteria for a Business Loan
To avail of a Business Loan in Agartala, the borrower must fulfil the following eligibility criteria:
| Particulars | Requirement |
|---|---|
| Citizenship | The business owner must hold 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 |
Both the promoter and the business must have a good credit score of more than 650. The credit score of co-applicants is also checked wherever applicable. The credit score plays a crucial role 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. |
Also Read: Business Loan eligibility criteria in India
Documents required for a Business Loan
The documents required for a Business Loan in Agartala may vary based upon the type of business loan. However, the following documents are usually sought by banks and NBFCs for a small business loan in Agartala:
| 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) | Proof of ownership or collateral documents, including property deeds, sale agreements, possession letters, and asset valuation (if applicable). |
Types of Business Loans
There are various types of Business Loans offered in Agartala, 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. |
| 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. |
Purpose of Business Loan
- When you feel that your business has grown large enough and is currently expanding, purchasing land for a tea plantation or leasing property to expand business operations of tea processing is an opportunity you do not want to miss.
- To improve the production or operation of jute bags, you can purchase/rent/replace new equipment or lease equipment. You can avail business loan for the same purpose. The advantage of purchasing a jute bag making machine is that you can claim depreciation every year without having to calculate the tax benefit in the first year.
- Small businesses such as Basket weaving often lack working capital to conduct day-to-day operations. They can take out short-term business loans until their assets generate enough income to meet their operating needs. Some of the popular items are open woven carrying baskets, closed woven carrying baskets, shallow carrying baskets, small storage baskets, small baskets for other functions and large storage baskets.
How to apply for Business loans in Agartala through OneNDF
The process of applying for Business loans in Agartala 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.
FAQs
What exactly is meant by PM Modi’s loan program for small businesses?
PM Modi’s loan scheme for small businesses is essentially a government-backed plan to financially support entrepreneurs and owners of small enterprises. The initiative offers loans with attractive terms, making it easier for people to kick-start or grow their businesses. The ultimate aim here is to stimulate the economy, generate jobs, and foster self-sufficiency among individuals.
Can I get 30 lakhs without collateral?
You can apply for a business loan of Rs. 30 lakh or more without submitting any collateral.
How much time does it take to get a business loans in Agartala?
The duration it takes to get your loan approved isn’t set in stone. It swings depending on a few things like how thoroughly you’ve filled out your application, the lender’s internal workings, and the specific loan type you’re after.
Can I prepay the business loan in Agartala? Are there any prepayment penalties on Business loans?
Lenders often vary in their stance on prepayment. Some business loans permit you to pay early without any penalties, while others might slap you with extra charges for doing so. It’s absolutely crucial that you get this straight before putting pen to paper on the business loan agreement.
What happens if I miss a repayment of a business loans in Agartala?
It’s absolutely vital to grasp the repercussions of not making payments on time. You could be hit with penalties or extra charges from lenders, and it could even take a toll on your credit score.
