How to Get Business Loans in West Bengal – Upto 50 Lakhs

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.

About How to Get Business Loan in West Bengal

West Bengal: Business Opportunity & Landscape

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.

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.

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.

Why Do You Need A Business Loan?

A business loan is a type of finance that helps your organization or a startup to meet 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. 

Here are some benefits of taking business loans in West Bengal:

  • Suppose you want to start your 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 West Bengal.
  • A business loan against your POS will give you more resources and allow you to grow without worrying about the increase in competition.
  • The process involved in the business loan application is easy-approval within 48 hours.

Reasons to Take A Business Loan In West Bengal

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. 

  • Personal loans cost more than commercial loans.
  • Personal loans cannot be written off as a business expense for the company or as a tax deduction for the borrower.
  • You can obtain a loan from a bank in West Bengal without providing any collateral or security.
  • Business loans in this area are flexible and offer short repayment terms.
  • The required documentation for a business loan is minimal.
  • When the application is accepted, an applicant’s bank account is immediately credited with the funds.

Read More: Complete Guide on Term Loans

Which Are The Best Business Loans In West Bengal?

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:

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. 

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.

Micro Finance Scheme (MFS): The Union Government launched the Micro Finance Scheme (MFS) and cooperated with the present SIDBI program by paying for security deposits from MFIs and NGOs to acquire loans from SIDBI.

In India’s underdeveloped areas, small company owners can use microfinance to get loans, insurance, credit, money transfers, and access to savings accounts.

Equipment Loan:  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.

Top 5 Banks/NBFCs In West Bengal that Offers Business Loans


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. 

  • The loan amount offered Up to Rs. 50 Lakh
  • Rate of Interest 12.5% – 19.5%
  • Maximum Duration offered Six years

Axis Bank:

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. 

  • The loan amount offered You can get a personal loan between 50,000 to 40,00,000.
  • Rate of Interest 10.8%
  • 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. 

  • The loan amount offered Rs. 2 Lakh to Rs. 5 Crore
  • Rate of Interest From 9.54% to 15.5% 
  • Maximum Duration offered Five years

IndusInd Bank Limited:

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.

  • The loan amount offered You can get a personal loan between 50,000 and 15,00,000.
  • Rate of Interest- 13%-22%
  • Maximum Duration offered Three years

IKF Finance:

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.

  • The loan amount offered You can get a personal loan between Rs. 5 lahks and Rs. 1 crore.
  • Rate of Interest 11.75% – 14.75% p.a.
  • Maximum Duration offered 20 years

Conditions For Loan Eligibility

Here are the conditions for loan eligibility in West Bengal 

  • Owners, self-employed people in a legal partnership, and private limited companies. It also includes companies involved in West Bengal manufacturing and trading services. 
  • Individuals must be 22 years before the date of application and up to 65 years according to the date of maturity of the loan.
  • Companies must make profits within the past two years of working. 
  • Employees who have been in the same position in their organization for at least three years and have a minimum of five years of business knowledge. 
  • Businesses that have an average turnover of at least ten lakhs.
  • The businesses must earn at least two lakhs annually. 

Documents Required for a business loan

Here is a list of documents you will need when applying for a business loan.

  • Identity proof and PAN card of the firm company or the individual applying for the loan.
  • Proof of residence like voter ID, ration card, passport, or driving license. 
  • Proof of continuation like sales tax certificate, and trade license establishment. 
  • A few other documents are copies of the Partnership deed, declaration of Sole Proprietorship firm, and official copies of the Memorandum with Articles of Association and Board Resolution.
  • Income documents include ITR and bank statements for the last two years. 

This list of documents is not complete. It’s just the standard documents that every financial institution asks for. The rest solely depends on the financial entity you select for loan sanctioning. 

Read More: Loans Under Government Schemes

Process Of Apply

Here is how you can apply for a business loan in a hassle-free way which is user-friendly too. 

Apply Online

  • Click the Apply Now button through the bank’s website. This will open you to a webpage where you must provide the necessary information about yourself and your business.
  • Enter the amount of your loan you require with the Duration you would like the loan for. Based on the information you provide, you shall receive immediate confirmation.
  • You will receive an ID number, and the representative will reach out to you as the first contact.
  • The application will undergo several verification steps in which the information provided will be checked against the documents you submit to the financial institution.
  • Once the loan verification process is completed, you will receive a personalized loan proposal. On approval, the money will be credited to your account.


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. 


What is the best loan I can take for my business?

Is it hard for small businesses to take a business loan?

How can I take a business loan at a lower interest rate?

What are the things I should know before taking a business loan?

You should keep in mind the following things: the reputation of a financial institution, Type of loan, Repayment term, Process of payment, Interest rate, Amount of loan you can take, and Whether the loan is given with or without collateral.

Can I repay a business loan with EMI?

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