Business Loan in Assam

Nestled in Northeast India, Assam captivates with its vibrant culture and bustling business environment, beckoning entrepreneurs to seek financial support for their ventures. With its rich reserves of natural resources, strategic location for trade, diverse agricultural sector, thriving SMEs, and government initiatives, Assam stands as a land of immense opportunity. Business loans act as catalysts, offering the much-needed lifeline for businesses of all sizes, empowering them to seize growth opportunities, invest in modern technologies, and expand their operations. From tea plantations to petroleum exploration, Assam's entrepreneurial spirit finds wings through these loans, propelling the state towards economic prosperity and fostering a dynamic business landscape.

With a streamlined and hassle-free application process, IIFL Finance ensures that entrepreneurs can experience a seamless journey from application submission to the disbursal of the loan amount. With IIFL Finance, entrepreneurs can focus on their business goals without worrying about the complexities of financing, making it a preferred choice in this tranquil yet happening city.

Features and Benefits of a Business Loan in Assam

A business loan in Assam offers a range of features and benefits that cater to the unique needs of entrepreneurs in the state. Here are some key features and benefits of availing a business loan in Assam:

Quick Payment

Within 48 hours of the application, the business loan in Assam is deposited into the applicant's bank account.

Instant Capital

Assam-based businesses can easily raise immediate capital of up to Rs 50 lakhs with a business loan.

Collateral-Free Options

When requesting a loan for a business in Assam, the owner is not obligated to provide valuable assets as security.

Very little documentation

Unlike traditional loans, which require multiple copies of documentation, business loans in Assam only require a few essential documents.

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Eligibility Criteria for Business Loans in Assam

To apply for a business loan in Assam, there are specific qualifying requirements that must be met. It is crucial to thoroughly review all the details before submitting an application. Here are the criteria:

  1. The company must have been in operation for a minimum of six months before applying.

  2. At the time of application, the total turnover for the last three months should amount to at least Rs. 90,000.

  3. The company must not be included in any blacklist or list of excluded businesses.

  4. The office or business location should not be listed as an undesirable location.

  5. The company must not be a charity, non-governmental organization, or trust.

Documents required for a Business Loan in Assam

If you are an entrepreneur looking for business or loans in Assam, here are a few essential documents related to your business that needs to be submitted while applying for a loan:

  1. KYC records - Identity and address proof of you and your co-borrower

  2. PAN is mandatory for the borrower and all co-borrowers

  3. Main business account’s bank statement for the most recent six to twelve months.

  4. Standard terms (term loan facility) signed copy

  5. Additional document(s) for credit evaluation and loan request processing

  6. GST Registration

  7. A copy of the proprietor(s)' Aadhar card and PAN card

  8. Bank statements from the previous 12 months

  9. Evidence of company registration.

  10. Copy of the partnership agreement and the company's PAN card

Business Loan Fees & Interest Rates

The interest rate and fees for business loans in Assam may vary depending on the market conditions and other financial factors. However, you can have peace of mind knowing that the business loan interest rate in Assam is specifically designed to meet your requirements and is maintained at a reasonable level. This ensures that you can focus on accomplishing your company's goals without being burdened by excessive costs.

Why choose an unsecured business loan in Assam?

Opting for an unsecured business loan in Assam offers several advantages:

  1. No Collateral Required

  2. Reduced Risk for Borrowers

  3. Streamlined Application Process

  4. Quick Approval and Disbursement

  5. Smoother Cash Flow Management

Overall, opting for an unsecured business loan in Assam offers the advantages of reduced risk, streamlined processes, quick approval and disbursement, flexibility in fund utilization, improved cash flow management, and access to capital for small businesses. Entrepreneurs can leverage these benefits to propel their business growth and achieve their goals.

How to apply for a Business loan in Assam?

IIFL Finance offers a seamless process to apply for new business loans in Assam. Here's what you need to do:

  • ‌‌

    Go to the business loan section of the IIFL Finance website.

  • ‌‌

    Click "Apply Now" and complete the form.

  • Submit all the necessary paperwork to complete KYC.

  • ‌‌

    Click the "Submit" button.

  • ‌‌

    Following evaluation, IIFL Finance will grant the loan in under 30 minutes and deposit the money into your bank account within 48 hours.

So if you are actively looking for a business loan in Assam, Do not hesitate and apply now!

IIFL Business Loan Related Videos

Business Loan in Assam FAQs

Various individuals and entities can apply for a business loan in Assam, including sole proprietors, partnership firms, private limited companies, public limited companies, and limited liability partnerships (LLPs). Each category of the applicant must fulfill specific criteria set by the lender, such as business vintage, turnover, profitability, and creditworthiness.

Yes, it is possible to get a business loan without collateral in Assam. Several financial institutions, including banks and non-banking financial companies (NBFCs), offer unsecured business loans in the state. Unsecured business loans do not require borrowers to pledge collateral such as property, inventory, or assets to secure the loan.

Instead of relying on collateral, lenders assess the creditworthiness of the borrower based on factors such as business turnover, profitability, cash flow, credit history, and the overall financial health of the business. These loans are typically evaluated based on the borrower's ability to repay the loan through their business operations and cash flow.

While the specific requirements may vary among lenders, most financial institutions in Assam consider the CIBIL score as an important factor in the loan approval process. A higher CIBIL score indicates a better credit profile and demonstrates a track record of responsible borrowing and timely repayments.

A good CIBIL score helps establish the borrower's creditworthiness and can positively influence the lender's decision to approve a business loan. It also plays a role in determining the loan amount, interest rate, and repayment terms offered by the lender.

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