
Tax Benefit
Upto Rs. 46800
Tax Benefit
Upto Rs. 46800
Tax Benefit
Upto Rs. 46800
West Bengal is one of the largest states in India and is home to some of the best educational institutes. It has also become a prominent location for IT professionals, with the city being home to many major IT companies.
Upto Rs. 46800
Upto Rs. 46800
Upto Rs. 46800
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West Bengal is a state that has fostered innovation and entrepreneurship since the British Raj. It was once a tiny region, but over the last century, it has grown into a metropolis of 90 million people. As a result, the state of West Bengal has a lot to offer regarding commercial prospects and investment options. It is home to several thriving industries, such as IT, ITES and manufacturing, and agribusiness, which are often considered the most profitable.
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West Bengal is one of the largest states in India and is home to some of the best educational institutes. It has also become a prominent location for IT professionals, with the city being home to many major IT companies.
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It has become easier to get a business loan in recent years. This is mainly because the government encourages the growth of the MSME sector by providing loans to this particular sector of businesses. Getting a business loan in West Bengal is especially good for people who have small businesses and need to repay their debt or want to expand.
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A business loan is a type of finance which helps your organization or a startup to meet the financial demands. It can serve as working capital or daily operations finance in your business. When it comes to business, you need to consider several different factors.Â
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Here are some benefits of taking business loans in West Bengal:
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A business loan is a way to finance large, medium-sized and small companies for daily operations. Here are some reasons you must consider taking a business loan in West Bengal.Â
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One of the most sought-after ways to fund your business is via commercial loans. The many kinds of business loans offered in the region are as follows:
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Working Capital Loan:
Because not all firms generate regular annual income, they require working capital flow to sustain the workflow. A working capital loan is secured to support a business’s daily needs, such as paying employees’ wages.Â
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Term loan:
These short-term loans have 84-month borrowing terms and fixed interest rates. These loans are provided to existing firms to help with increased capital expenditures. Term loans include a range of repayment options and require little paperwork.
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Micro Finance Scheme (MFS):
The Union Government launched the Micro Finance Scheme (MFS) and cooperated with the present SIDBI programme by paying for security deposits from MFIs and NGOs to acquire loans from SIDBI.
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In India’s underdeveloped areas, small company owners can use microfinance to get loans, insurance, credit, money transfers and access to savings accounts.
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Equipment Loan:Â
A loan for equipment is taken out to buy any kind of tangible asset or piece of real estate that is relevant to the company. An equipment loan is available to MSMEs and SMEs alike. The credit amount, interest rate and length of the repayment period vary per bank.
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The Industrial Credit and Investment Corporation of India (ICICI) Bank Limited is a leading international provider of banking and financial services. In India, the institutions have 5275 offices and 15,589 ATMs. It also has a presence in 17 other nations throughout the world.Â
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The loan amount offered-
Up to Rs. 50 Lakh
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Rate of Interest-
12.5% – 19.5%
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Maximum Duration offered-
Six years
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Self-employed individuals can now get business loans from Axis Bank with minimal to no security and EMI payments with Axis Bank. Axis Bank collaborates with you to lessen your immediate liquidity requirements and ensure your business has access to adequate cash to expand, letting you decide whether to use the funds for the whole term or pre-close it sooner.Â
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The loan amount offered-
You can get a personal loan between 50,000 to 40,00,000.
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Rate of Interest-
10.8%
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Maximum Duration offered-
Five years
The Middle East and North Africa, the Americas, Hong Kong, the remainder of the Asia/Pacific area, and Europe are all home to subsidiaries of HSBC Holdings, one of the largest banking organizations in the world by assets. There is also commercial and consumer lending, private banking, wealth management, credit cards, and leasing.Â
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The loan amount offered-
Rs. 2 Lakh to Rs. 5 Crore
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Rate of Interest-
From 9.54% to 15.5%Â
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Maximum Duration offered-
Five years
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IndusInd Bank is a financial institution with a considerable reach. They offer a variety of products and services to people and businesses, with “Sustainable practices” at the core, including microfinance, consumer lending, loans for both private and business vehicles, lines of credit, and loan repayments for local and medium-sized companies.
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The loan amount offered-
You can get a personal loan between 50,000 and 15,00,000.
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Rate of Interest-
13%-22%
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Maximum Duration offered-
Three years
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IKF Finance is one of the leading asset lending firms in India. IKF provides a range of services, including working capital loans, small business loans, and loans for vehicles. Additionally, the company has collaborated on asset security administration and securitization. Commercial vehicle finance is the company’s primary emphasis.
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The loan amount offered-
You can get a personal loan between Rs. 5 lakh and Rs. 1 crore.
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Rate of Interest-
11.75% – 14.75% p.a.
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Maximum Duration offered-
20 years
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Conditions For Loan Eligibility
Here are the conditions for loan eligibility in West BengalÂ
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Here is a list of documents you will need when applying for a business loan.
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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 entity you select for loan sanctioning.Â
Here is how you can apply for a business loan in a hassle-free way which is user-friendly too.Â
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Apply Online
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Hence, you can see that applying for a business loan in West Bengal is so easy and hassle-free. 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
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To know more details on SME loans from West Bengal . You can email contact@startupyo.com or call at +918886666821.
There are various type of loan that you can avail which include the following
It can be hard for small businesses to take a business loan as they may not necessarily have the best credit score and good cash flow.
You need to compare the features provided by various banks and figure out which bank provides a business loan at a lower interest rate.
You should keep in mind the following things
Yes, you can pay back the business loan with EMI.