| 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 Nashik: Nashik, a city located in the northern region of Maharashtra, is a developing city with a rich history and exquisite beauty, making it one of the most populous cities in the state. It stands close to the Maharashtra-Gujarat border and covers an expansive area of nearly one thousand square miles, ranking among the largest cities in the western Indian subcontinent.
Forming the famous “Golden Triangle” along with Pune and Mumbai, Nashik is approximately 100 miles from Mumbai, around 125 miles from Pune, and just under 100 miles from the city of Surat in Gujarat.
The city is built along the banks of river Godavari, and has a lot of captivating natural wonders like the Someshwar Water Fall, drawing numerous tourists every year.
Temples, ancient castles, green spaces, and magnificent squares dot the central part of the city, giving it an aesthetic charm.
Prevalent Industries in Nashik
Nashik is widely known for its expansive industrial base, supporting various sectors. Some of the prominent industries in the city are chemical and petrochemicals, textiles and apparel, engineering, pharmaceuticals, information technology, food and beverages, and tourism.
The chemical and petrochemical sector accounts for more than 30 percent of Nashik’s overall industrial output and stands as a major source of employment. Notable players of the chemical and petrochemical industry in India, such as the Tata Group, Reliance Industries, and the Indian Oil Corporation, have established a firm grip in the city.
The city hosts prominent textile mills, including the likes of the Nirma Group, Reliance Textiles, and Reliance Industries. These establishments contribute majorly to the production of fabrics and garments, such as cotton, silk, and wool.
Types of Business Loans in Nashik
There are various types of Business Loans offered in Nashik, 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 Loans in Nashik
The most common reasons for taking out a business loan include:
- Nashik’s industrial base includes sectors like chemical and petrochemicals, textiles, engineering, and pharmaceuticals. These sectors often require capital to expand production facilities, upgrade technology, and increasing capacity.
- Businesses in Nashik, particularly in sectors like food and beverages and textiles, may face fluctuating cash flow and seasonal demands. Business loans can help cover working capital needs, ensuring smooth operations during lean periods and supporting day-to-day business activities.
- Business loans can support entrepreneurs in the hospitality sector, helping them establish or upgrade lodging facilities, and develop tourist-centric services.
- The loans can assist businesses in Nashik in adopting the latest technologies, automating processes, and improving efficiency.
Documents required for a Business Loan in Nashik
The documents required for a Business Loan in Nashik 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 Nashik:
| 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 Business Loans in Nashik
To avail Business loans in Nashik, the borrower must fulfill 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. |
Interest rates and Charges on Business loans in Nashik
The interest rates on Small Business Loans in Nashik can vary from lender to lender. However, here is an overview of the interest rates and charges on various types of business loans in Nashik:
| 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 Nashik
| 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 loans in Nashik through OneNDF
The process of applying for Business loans in Nashik 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
Can businesses use business loans for any purpose in Nashik?
While some loans may have specific purposes, many business loans in Nashik offer flexibility. Businesses can use the funds for expansion, working capital, equipment purchase, technology upgrades, or any other legitimate business need
What is the minimum CIBIL score required to avail Business loans in Nashik?
A minimum score of 750 is required to avail Business loans in Nashik.
Are collateral or personal guarantees required for business loans in Nashik?
Collateral requirements depend on the type and amount of the loan. While some loans may require collateral, others, especially for smaller amounts, may be unsecured.
What are the common factors on which the eligibility of a business loan depends?
Eligibility of a business loan depends on various factors. These factors may vary from lender to lender. However, some of the basic factors include:
- Credit score
- Business Vintage
- Age
Is a Loan for Doctors available in Nashik?
Nashik stands as a prominent center for healthcare and has a lot of hospitals and clinics spread across the city. The business loan can be availed by doctors in Nashik who intend to set up a new clinic, expand their spaces, or buy necessary equipment for their medical institution.
