Applying for a Business loan in Jalandhar? Here’s What You Need to Know
Jalandhar (Earlier Jullundhar) is considered to be the oldest city of Punjab. This city is India’s leading producer of optimal sports appliances. The satellite cities of Jalandhar, Phagwara, and Kartarpur are distinguished for providing top-notch cloth manufacturing and furniture exporting business respectively. The city is the industrial hub of Punjab, contributes 19.1% in the total employment which is the maximum employment ratio among all other cities of Punjab. To stimulate the Micro, Small, and Medium Enterprises (MSME) industries in India, Technology Centers (TCs) were established across the country. One such technology center is in Jalandhar known as the Central Institute of Hand Tools (CIHT). TCs provide trained personnel, quality tools, and expert advice in the designated fields. The total revenue generated from this city is Rs. 1,700 crore. With such a crucial role in the development of our country, business loan in Jalandhar secures great importance for establishing newer industries as well as expanding businesses.
Why Business Loans?
Flexibility
Business loans have flexible tenors ranging from 12 months to 60 months. You can choose for fixed business loan interest rate or floating interest rate depending upon your needs. Fixed interest rates are predefined while finalizing the loan. Floating interest rates fluctuate during the course of loan tenor with the market rate fluctuations. Experts’ advice to choose a fixed interest rate for business loans so as to manage the monthly cash outflow of the company efficiently.
Flexible Repayment
Two types of repayment options are offered with business loans in Jalandhar. You can either make monthly loan repayments or choose to pay interest-only EMI and pay the principal amount anytime within the tenor. One of the superior NBFCs, Bajaj Finserv, offer the interest-only repayment facility through the Flexi Business Loans.
Easy Availability
Loan for business is free from collateral security due to which the sole eligibility criteria are the company's credit score. If your business houses good credit scores, you can avail quick business loans from any standard bank or Non-Banking Financial Company (NBFC). With Bajaj Finserv, you can make quick online application of business loans that get processed within 24 hours.
Affordability
The business loan repayment value is based on many factors like loan tenor, interest rates, business growth, market value, and the company's ability to repay. Although, compared to other loan products, business loans are cost efficient to cater the requirements of developing the business sector.
High Financing
If you fulfill the minimum eligibility criteria for availing a business loan, you can get small business loan financing of up to 30 lakhs with Bajaj Finserv. These loans are collateral-free with flexible tenors (up to 8 years for flexi business loans) and interest rate ranging from 16% to 21%.
Eligibility Criteria for Business Loans
The eligibility criteria for business loans may vary from one financial provider to the other. Although some common eligibility criteria to avail loan for business are as follows:
- Your age should be equal to or between 25 and 55.
- Your business vintage must be at least three years.
- You must have filed income tax returns of at least past one year.
- Your business must have a good credit history.How to Apply for Business Loans in Jalandhar?
There are two modes of business loan application, online and offline. You can approach personnel from your chosen financial institution and manually fill up the forms and submit the required documents. You can opt for a quick online application procedure wherein you can visit your financial provider's website and fill an easy application form. In both the cases, an employee will guide you to avail business loans in Jalandhar efficiently with Bajaj Finserv. You can also get access to lucrative pre-approved offers and get your business loan application approved instantly.