Bangalore is one of the cities that draws the most migrants from all over the country. The city is well-known for its rich culture, heritage and weather! Overall, Bangalore is a great city to live in because of its multiculturalism and increasing number of opportunities. It is one of India’s fastest-growing cities, and its excellent healthcare facilities, employment opportunities, top-notch academic institutions and abundance of greenery make it one of the best places to live.
If you are looking to expand your dream business in this city, you can avail of an easy business loan in Bangalore to get you started. There are reputed NBFCs like Kinara Capital that give quick loans to MSMEs (Micro-small-and-medium enterprises) with minimum documentation. You can get started by checking your eligibility on their website in just 1 minute.
What are MSMEs?
Earlier, MSMEs were defined based on their investments, but now the revised definition also includes the company’s turnover. MSMEs are now called micro-units if they have investments up to Rs 1 crore and have a turnover of less than Rs. 5 crores. The investment limit has been increased from Rs. 5 crores to Rs. 10 crores for small units with a turnover of less than Rs 50 crores.
Enterprises with investments of up to Rs. 20 crores with a turnover of less than Rs. 100 crores are now called medium units. This change in the definition is in favour of the MSMEs. These days, reputed NBFCS are offering business loans without security to MSMEs in Bangalore.
You can avail of a Business Loan in Bangalore in just 4 steps:
Choose the Right NBFC
Go for the ones that are reputed and need minimum documentation, so that you waste time on meeting the undue requirements.
Get an Eligibility Check
This ensures the basic eligibility and tells you whether you as a customer are a qualified lead and pass the essential criteria for availing of the loan.
Submit documents for personal KYC Verification
This step consists of verifying your information such as education, PAN, Aadhaar card details, address proof and bank statement.
Submit Business Documents
This step consists of uploading various business documents; there are multiple options if certain documents are unavailable. Here are the most requested documents:
- GST Registration and filings
- Bank account with 12 months’ statement (of the applicant, co-applicant and business)
- Machinery details (only for the manufacturing sector)
- Property (no documents required, only information)
- Number of employees
- Udyam Registration
- Factory Registration Certificate
- Small Scale Industries Licence (SSI)
- Business PAN
Once you complete all these steps, most NBFCs will process your loan application. The process of a loan application and the time it takes to get disbursed vary from lender to lender. There are NBFCs like Kinara Capital, which gives you a loan in 1 day with a minimum documentation requirement. With Kinara Capital, you can avail of a quick and easy business loan in Bangalore. It provides flexible business loans of Rs. 1 lakh to Rs. 30 lakhs for working capital and asset purchase.
Why you should choose an NBFC over traditional Banks
- NBFCs, unlike banks, have a more relaxed approach to loan eligibility with minimum documentation
- Customers benefit from simpler and quicker financing
- NBFCs look beyond just your credit score when evaluating your application
- Some NBFCs provide doorstep customer services, which no bank does
Visit websites of reputed NBFCs like Kinara Capital and apply for a loan online. You can quickly get an eligibility check done and get one step closer to availing of a business loan in Bangalore.