How to take a business loan?
- Kanpur, a rapidly growing industrial hub in Uttar Pradesh, is home to thousands of small and medium enterprises (SMEs) that drive the local economy. Whether starting a new business or expanding an existing one, securing funding is crucial for success. Bahikhata Finance, a trusted name in the financial services sector, offers tailored business loans to meet the unique needs of entrepreneurs in Kanpur. In this article, we will guide you through applying for a business loan with Bahikhata Finance, along with the key features, interest rates, repayment options, required documents, and the benefits that come with it.
Why Choose Bahikhata Finance for Your Business Loan?
- Bahikhata Finance is known for its transparent processes and customer-centric approach. They offer a wide range of financial products, including business loans that cater to different sectors such as manufacturing, retail, trading, and services. With competitive interest rates, flexible repayment options, and minimal paperwork, Bahikhata Finance ensures your business gets the funding it needs to thrive in Kanpur's dynamic market.
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Key Features of Bahikhata Finance Business Loan:
- Loan Amount—Bahikhata Finance offers business loans from Rs. 1.5 lakh to Rs. 10 lakhs, ensuring that businesses of all sizes can access the required funding.
- Quick Disbursal—Once approved, the loan is disbursed within 24 to 48 hours, ensuring timely access to funds for your business needs.
- Flexible Tenure (12-Month Credit Limit)—Bahikhata Finance offers a 12-month credit limit, which allows you to access funds whenever needed and repay within a 12-month cycle. This allows you to manage your cash flow effectively while ensuring that the credit limit is available throughout the year as per your business needs.
- Collateral-Free Loan - Bahikhata Finance provides unsecured business loans, meaning you don't need to pledge any assets as collateral to secure the loan.
- Minimal Documentation - The documentation process is simple and hassle-free, making it easier for businesses to apply for and receive loans.
- Customizable Loan Options—Bahikhata Finance offers tailored loan packages to suit your specific business requirements, ensuring you get the right funding solution.
- Dedicated Support - Bahikhata Finance provides dedicated customer support to assist you at every step of the loan process.
Business Loan Interest Rates on Bahikhata Finance:
One of the most important aspects when applying for a business loan is Interest Rates. Bahikhata Finance offers competitive Business Loan interest rates designed to be affordable for small and medium enterprises.
- Interest Rate—The interest rates on Bahikhata Finance business loans start at 2.25% per Month and can go up to 3%, depending on factors like loan amount, tenure, and credit score.
- Processing Fee - The processing fee ranges from 1% to 2% of the loan amount.
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Eligibility Criteria for Bahikhata Finance Business Loan
To apply for a business loan with Bahikhata Finance in Kanpur, you need to meet the following eligibility criteria:
- Business Vintage - Your business should be operational for at least 2 years with a steady revenue stream.
- Age - The applicant should be at least 21 years old at the time of application and not older than 60 at the end of the loan tenure.
- Annual Turnover - Your business must have a minimum yearly turnover of Rs. 10 lakhs.
- Credit Score - A good credit score (CIBIL score of 700 or above) is essential to avail of competitive interest rates.
- Business Location - The business should be registered and operational in Kanpur or nearby regions.
Documentation Required for Bahikhata Finance Business Loan
Bahikhata Finance keeps the documentation process simple. Here’s a list of required documents that you will need to submit when applying for a business loan:
- KYC Documents -
- Identity Proof: PAN Card, Aadhaar Card, Passport, or Voter ID.
- Address Proof: Utility bills (electricity/water), Aadhaar Card, or rent agreement.
- Business Registration Proof - Documents like GST registration, Shop Establishment Certificate, Udyog Aadhar, or Partnership Deed for business proof.
- Bank Statements - Last 6 months’ bank statements to show the financial health of your business.
- Financial Documents - ITR filings for the last two years to demonstrate your business's financial position.
- Ownership Proof—If you are a sole proprietor, you may need to submit proof of ownership, such as property documents or lease agreements.
How do you apply for a Bahikhata Finance Business Loan in Kanpur (How do you apply for a Business Loan)?
Applying for a business loan with Bahikhata Finance is simple and can be done in a few steps:
- Visit the Bahikhata Finance Website - Go to their official website or visit their branch office in Kanpur.
- Fill out the Application Form - Complete the online or offline application form with basic details like your name, business information, and loan requirements.
- Upload/Submit Documents - Upload the required documents online or submit them at the branch for verification.
- Loan Assessment - Bahikhata Finance will review your application, verify documents, and assess your business's financial health before approving the loan.
- Approval & Disbursal - Once your loan is approved, the funds will be disbursed to your bank account within 24 to 48 hours.
Repayment Options for Bahikhata Finance Business Loan
Bahikhata Finance offers two main flexible repayment options that allow you to repay the loan based on your business cash flow. Here are some of the key repayment options:
- Term Loan—EMI (Equated Monthly Installments)—This is the most common repayment option, in which you repay the loan in fixed monthly installments.
- CC Limit / OverDraft - With Bahikhata Finance’s CC limit option, you can choose to pay only the interest every month while the principal amount gets renewed after 12 months. Additionally, you can make part payments towards the principal whenever funds are available, reducing your overall loan burden. This flexible repayment option helps manage cash flow effectively, especially for businesses with fluctuating incomes.
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Conclusion:
- Applying for a business loan in Kanpur has never been easier, thanks to Bahikhata Finance. With their transparent processes, minimal documentation, competitive interest rates, and flexible repayment options, Bahikhata Finance is the ideal partner for SMEs looking to grow and expand in this thriving city. Following the steps outlined in this article, you can secure the funding you need to take your business to the next level. Whether you want to expand operations, purchase new equipment, or meet working capital requirements, Bahikhata Finance is here to help you succeed.
FAQs:
Who is best for a business loan?
- Bahikhata Finance (Kanpur, Bhopal, Bijnor) is best for collateral-free business loans.
What is the minimum and maximum business loan amount from Bahikhata Finance?
- Bahikhata Finance offers business loans ranging from Rs. 1.5 lakh to Rs. 10 lakhs.
How to get a 10 lakh business loan?
For a business loan of 10 lakhs with Bahikhata Finance, the following documents will be required:
- KYC Documents: This includes your Aadhaar card, PAN card, voter’s ID, or passport to verify your identity.
- Last 6 Months Bank Statement: To assess the financial health of your business, you will need to provide your bank statements for the previous six months.
- Business Ownership Documents: To confirm your business's legal standing, you will need to submit proof of business ownership, such as incorporation or registration documents.
Bahikhata Finance ensures a smooth and transparent process while processing your loan application with these essential documents.
Is collateral required for a Bahikhata Finance business loan?
- No, Bahikhata Finance provides collateral-free business loans.
How long does it take to disburse a loan?
- The loan amount is disbursed within 24 to 48 hours after approval.
Can I repay the loan before the tenure ends?
- No, prepayment of loans is not allowed in Bahikhata Finance.
What documents are required to apply for a business loan?
- You need identity proof, address proof, business registration proof, bank statements, and ITR (if Filling).
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