| 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 Loans in Agra: Agra, a quaint city in Uttar Pradesh, is nestled along the scenic Yamuna river. It’s not just known for its historic monuments but also boasts a substantial industrial presence.
The city’s crown jewels are undoubtedly the Taj Mahal and Agra Fort, drawing tourists from all corners of the globe. With the Taj Mahal being one of the seven wonders of the world, it’s no surprise that Agra sees an annual footfall of around 1.8 million visitors!
This tourism boom has significantly bolstered local income and government revenue alike. Consequently, numerous hotels and eateries have mushroomed across this vibrant city to cater to these tourists’ needs.
Agra’s economy is largely driven by sectors such as electrical goods, pipes, fans, C.I. Casting, steel rolling, flooring, packaging and dairy products. With around 7200 small-scale industries operating in the city, it’s a hub for a variety of manufacturing activities. These include production of cotton and textiles, stationery items, leather goods and wood paper products. Additionally, metal products along with auto and engine parts are also manufactured here.
Around 13,000 individuals are engaged in various handicrafts such as Marvel, Zari Zardozi, inlay work, stone carving and carpet making. The leather industry is a significant part of Agra’s heritage and continues to thrive as one of its oldest sectors. An impressive number of over 150,000 pairs of shoes are produced daily by small-scale, cottage and medium-sized footwear units in the city.
Types of Business Loans in Agra
There are various types of Business Loans offered in Agra, some of which include:
| Business Loan Type | Uses |
| Unsecured Business Loans | An unsecured loan is a term loan 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 Loans in Agra
The most common reasons for taking out a business loan include:
- If you think your electronics business has grown enough and is currently expanding, purchasing land or leasing property to expand your business is an opportunity you don’t want to miss.
- To improve the production or operations of your tannery, you may want to purchase/lease/replace new equipment or lease equipment, so it is best to conduct a cost-benefit analysis to decide whether to purchase or lease equipment. The advantage of purchasing leather goods manufacturing equipment is that you can calculate depreciation each year without having to calculate the first year’s tax benefit.
- Small businesses like Zari Zardozi, Marvel, Strone Carving and Inley Work often lack working capital for day-to-day operations. They can take out short-term business loans until their assets generate enough income to meet their operating needs.
- In order for large companies such as large leather manufacturers to receive larger loans, the company must have a good credit record. To achieve this, individuals or owners improve their credit history by taking short-term loans and repaying them on time. Consistent loan repayment will lead to a positive credit history.
Documents required for a Business Loans in Agra
The documents required for a Business Loan in Agra 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 Agra:
| 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). |
Eligibility Criteria for a Business Loans in Agra
To avail a Business Loans in Agra, 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 | 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 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. |
Interest rates and Charges on a Business Loans in Agra
The interest rates on a Business Loan in Agra can vary from lender to lender. However, here is an overview of the interest rates and charges on various types of business loans in Agra:
| 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 |
Additionally, banks and other financial institutions also charge processing fees which can vary based on the loan type and usually range from 1% to 2% of the loan amount.
Interest rates by various banks and NBFCs for Loan Against Property in Agra
| 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 a Business Loans in Agra through OneNDF
The process of applying for a Business Loan in Agra may differ based on the type of business loan availed.
Many banks at times provide small business loans specifically catering to the requirements of MSMEs, however, given the lack of knowledge about business loans offered and the opaqueness in the online business loan application process, small business owners are often unable to get any immediate business finance and end up running from pillar to post to get a business loan in Agra
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
Who is eligible for Mudra loan in Agra?
Indian Citizen in Agra with a business plan that doesn’t involve farming, and involves manufacturing, processing, trading or service sector. The Indian Citizen can opt for Mudra loan loan amount. One needs to go to any Bank, MFI or NBFC. They can assist one to get MUDRA loans in Agra under the PMMY scheme.
What paperwork is needed in Agra to apply for a business loan?
Business financial statements, income tax returns, business plans, KYC documents, and any other documentation the lender may stipulate are frequently needed.
Can I prepay the business loans in Agra? 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 loan in Agra?
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.
