
Tax Benefit
Upto Rs. 46800
Tax Benefit
Upto Rs. 46800
Tax Benefit
Upto Rs. 46800
A city that rewards efforts, offers the infrastructure and business-working facilities for startups and already existing businesses. And on the contrary, an allround business loan in Mumbai might really help. Multiple financial institutions offer the best business loan facilities to companies. Let us check out the necessary details associated with it.Â
Upto Rs. 46800
Upto Rs. 46800
Upto Rs. 46800
For millennials, entrepreneurship and businesses run on instinct and a zeal to make a name of their own. However, merely saying the term business shall not make you start one. For that, you need proper financing and a sophisticated work location.Â
A city that rewards efforts, offers the infrastructure and business-working facilities for startups and already existing businesses. And on the contrary, an allround business loan in Mumbai might really help. Multiple financial institutions offer the best business loan facilities to companies. Let us check out the necessary details associated with it.Â
Mumbai is one of the largest metropolitan cities in Maharashtra and is home to some of the best educational institutes in India. It has also become a well-known destination for IT professionals, with the city being home to many major IT companies. The IT industry in Mumbai has been increasing over the past few years, and it is now considered one of India’s most important IT hubs.Â
Statistics suggest that approx 56% of small businesses apply for loans in need of resources and infrastructure. The city also offers well-upgraded infrastructure and facilities for engineers, programmers, and developers. Mumbai is a city that has fostered innovation and entrepreneurship since the British Raj.Â
It was once a tiny town, but over the last century, it has grown into a metropolis of nine million people. As a result, getting a business loan in recent years has become hassle-free. This is mainly because the government encourages the growth of the MSME sector by providing loans to this particular sector of businesses. Therefore, getting a business loan in Mumbai is especially good for small business people.
When it comes to business, many things need to be considered. In the US, 29% of small businesses shut because they run out on capital. And that hereby builds our case. Taking a business loan in Mumbai is one of the most efficient ways to get funds for your budding compa. Taking a business loan in Mumbai can be done in many ways, and you have many lending sources at your disposal.Â
You can take loans from banks, private lenders, or crowdfunding platforms. There are many advantages of taking a business loan in Mumbai. One such benefit is that you will have more funds at your disposal, enabling you to start and grow your company much more quickly than if you were not taking out loans. Some of the benefits of business loans are:
Young minds have big ideas! They want to start their own company and make a lot of money. So if you are borrowing for your business, one way to make the best of it is to take an unsecured business loan in Mumbai. For example, this will allow you to grow your idea into a real business while helping others do the same.
Systematic access to capital through business loans in Mumbai is a blessing in disguise. It will always help you stay ahead of everyone else. Moreover, a loan against your POS will give you more resources and allow you to grow without worrying about quicker competition.
Did you know that 48% of businesses have turned to online lenders (due to longer turnaround time)? StartupYo is your empowerment platform to give wings to your business. If you are considering getting a business loan in Mumbai, you can find out more on StartupYo. Additionally, the procedure involved in the application for the business loan is easy and hassle-free—approval within 48 hours.
A business loan is a type of financing that small and medium-sized enterprises often use to fund their day-to-day operations. The advantages of a business loan include:
Many business loans available in Mumbai can be customized to meet your individual needs. The best type of bank loan for your business will depend on various factors, including what you need, your goals, and how much money you want to borrow. Here is the list of the different types of business loans in Mumbai and their multiple uses:
Secured Business Loans: This is the most common type of loan for businesses and is usually given by banks.Â
Unsecured Business Loans: These are also known as signature loans, which means that the loan is not backed by collateral or guaranteed by a third party.Â
Business Credit Cards: These cards allow small businesses to run transactions without having to pay upfront or wait for a monthly invoice to be paid off before receiving the funds.
Business Lines of Credit: These are also revolving lines of credit that allow a business to borrow money without waiting for a monthly invoice to be paid before receiving the funds.
Business Loans: This type of loan is backed by collateral or guaranteed by a third party.
HDFC Bank Limited is an Indian nationalized bank which is headquartered in Mumbai. HDFC bank was set up in the year 1994 in August month. It also has subordinates by the name of HDFC Securities and HDB Financial Services. The bank’s network distribution was 6,738 branches across 3,203 cities.Â
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SBI is another public sector bank which provides financial services to people. This financial institution is headquartered in Mumbai, Maharashtra. It is the 43rd largest bank globally, with a total of 23% market share in assets. This multinational bank has 22,219 branches and 62,617 ATMs, along with 229 international branches in 31 countries.Â
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Yes bank is an Indian financial institution which was established in 2004. It is headquartered in Mumbai, Maharashtra. The bank offers its customers various corporate and retail banking services. In addition, Yes bank is in partnership with the US government-based OPIC and Wells Fargo to support women entrepreneurs. It is a public sector bank with a capital ratio of 17.0%.Â
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Kotak Mahindra Bank is an Indian financial institution headquartered in Mumbai, Maharashtra. It offers banking and other financial services to corporate and retail clients. As of February 2021, the bank has 1,600 branches. It was founded in February 2003 with different investment banking divisions. Â
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Axis Bank Limited is one of the most convenient Indian public sector banks for providing business loans at affordable rates. The bank was formerly known as the UTI Bank, with headquarters in Mumbai, Maharashtra. The bank’s main objective is to provide financial services to mid-size, large companies and retail businesses. Axis bank is located in 4,594 different locations all over the world.Â
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Andhra bank is another medium-sized public sector bank which works with a network of 2,885 branches. It provides financial and banking services in India, Dubai, the United States and Malaysia. Additionally, it has four extension counters and 3,798 automated teller machines. The bank is headquartered in Telangana, Hyderabad. This bank and Corporation bank merged with the Union bank of India in April 2020.Â
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This is a PSU bank that was merged with Bank of Baroda with its headquarters in Bangalore. It is a nationalized bank in India that offers various financial services and products. It was established on 23 October 1931 by a group of farmers. The bank has a broad network of 2,031 branches and over 4,000 customer touch points. The bank is merged with Bank of Baroda with 2,136 branches and 2,155 ATMs. It was set up on the day of Vijayadashami and hence was named Vijaya bank.
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City Union Bank Limited is a private bank in India headquartered in Kumbakonam, Tamil Nadu. Formerly, the bank was known by the name Kumbakonam Bank Limited, which transformed into City Union Bank. It was established on 31 October 1904. According to 2016 survey reports, this bank had a market capitalization of 12,529.92 crores with 700 stable operating branches and 1,762 ATMs.Â
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Indian Overseas bank is one of the most famous nationalized banks in India. The bank provides services under the ownership of the Ministry of Finance and the Government of India based on Tamil Nadu policies. The bank was founded in February 1937 with the primary objective of overseas banking and foreign exchange business. The network distribution of IOB has 3,218 branches and 3,270 ATMs. records, the whole business of Indian Overseas Bank stands at 417,960 crores.Â
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The Bank of Baroda is a nationalized banking statutory body. It is headquartered in Vadodara, Gujarat. It is the largest public sector bank, with over 132 million customers. Bank of Baroda has 8,214 branches overall with 10,033 ATMs. The bank was set up on 20 July 1908 to provide worldwide financial and banking services. In addition, the bank has nearly 100 overseas branches under the ownership of the Government of India.
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The documents required to get an unsecured business loan in Mumbai are minimal, and the process involved is also effortless. However, here are the essential documents you will need when applying for a business loan in Mumbai.Â
This list of documents is not complete. It’s just the standard documents which every financial institution asks for. The rest solely depends on the financial company you select for loan sanctioning.Â
The business acumen of Mumbai entrepreneurs appeals to most money lenders. However, there are specific criteria which determine whether you are eligible for a business loan application or not. These are as follows:
Getting a business loan from reputable firms is not an easy job. However, it is not impossible either. The foremost step is understanding the requirements and meeting the eligibility criteria for a business loan application. However, now you do not have to wait in a long queue for your turn to apply for a loan or to fill in the necessary forms.Â
Many banks offer business loans in Mumbai and have different requirements. Hence, you should research the prospects and requirements to quickly get a small business loan in Mumbai. Here is how you can apply for business loans effortlessly, which is easy and user-friendly.Â
Apply Online
Hence, you can see that applying for a business loan in Mumbai is so easy and hassle-free. Additionally, if you have second thoughts about the loan application, you must check out the advantages of business loans. It shall help in boosting your business by financing all the requirements. Also, your loan application is now available through an online procedure. You can go through the same on the official website of the preferable financial institution.Â
There are many banks in Mumbai which give you the best business loans. HDFC, Kotak, SBI are among the best trusted names as per feasibility of disbursement and interest rates.
Only those with a business making a profit for two years or more are eligible for business loan applications. In addition, the business should also have a minimal annual income of approximately 1.5 lakhs per annum.Â
Individuals who do not have ITR can go to MFIs and NBFCs for business loan applications. But these institutions’ interest rate is always higher than other financial institutions.Â
The key documents required for a business loan application are as follows:
It usually takes 48 to 72 hours to get your loan amount fully disbursed into your account.Â
The business loan documentation is not very lengthy. You can apply through the official website of the bank you select for loan application. Almost all banks now have a digital process for a loan application, whether business or personal.
The financial institutions offering business loans give several repayment options like electronic clearance services, direct debit, post-dated cheques and many more.Â
To avail of a small business loan in Mumbai, you need to fill in the form on the official website of the bank you select. Further, the bank representative shall call you for proceedings.
Applying for an MSME loan is way more effortless and hassle-free than before. All you need to do is choose a lender, fill in the form, submit the supporting documents and wait for the loan amount to be credited.Â
The interest rates on MSME loans start from 7.65% p.a.