Hyderabad is a thriving hub for the pharmaceutical and information technology sector, and a well-known center for major capital infusion in other sectors as well. For instance, almost Rs.20,000 crore investment has happened in the city to improve civic infrastructure in the urban local bodies of Telangana.
Such development has the potential to give rise to multiple business opportunities. For entrepreneurs to take advantage of the city’s growth opportunity, commercial lenders also offer tailor-made business loans in Hyderabad, which can be availed to bridge any monetary gap.
Criteria for the application of business loan
Like any other city, business loans here are offered to sole proprietors, partnership firms, limited liability partnerships, or companies. Such loans would keep your business financially healthy.
The difference in all these business entities is related to the liability of the business owners and associated bodies, among others. The eligibility criteria include –
Among the checklist for a business loan application, lenders also look for a good credit score. A CIBIL score of 750 and higher is considered a good credit score. The closer such score is to 900, the higher the chances of loan approval.
Based on these simple eligibility criteria, self-employed professionals, self-employed non-professionals, and any other business entity may avail of unsecured business loans of up to Rs.20 lakh. Such loans are also customized to meet the unique needs of a business. For instance, according to their financial requirement, one may avail Working capital loans, Machinery loans, or MSME loans.
Application process of micro business loans in Hyderabad
The application process for micro business loans is quite simple –
Step I: Fill up the online application form of a business loan with the necessary detail.
Step II: Attach all the relevant documents to complete the application process.
If no discrepancy is found in the application, the loan amount would be credited in the borrower’s account within 24 hours.
Moreover, prominent NBFCs such as Bajaj Finserv extend pre-approved offers for further simplification of the application process. You can check your pre-approved offer by submitting essential details.
Mandatory documents needed for business loan application
There is minimal documentation involved for a business loan. The following documents are required to successfully apply for a loan.
4. Business ownership proof: The proof of business ownership is dependent on the profile of an applicant as well as the type of business. Here are some of the documents required –
It becomes apparent that availing a business loan in Hyderabad has become quite easier in the present times. However, to ensure that a loan application is approved in the first instance, borrowers must diligently follow the application process.
"Do you want to make your house burglar proof, but not sure what kind of…
Discover the hidden world of Secret Websites to Make Money that can help you of…
2024 is behind us now, and we have stepped into the New Year with new…
What is Search Engine Optimization (SEO)? Search Engine Optimization (SEO) is essentially the procedure of…
If demand increases near me and your small business don't use local seo. You're missing…
Coffee is considered one of the most popular beverages worldwide and is consumed in various…