Business Loan in Kerala

Kerala, owing to its strategic location, has its own unique business landscape and prospects. From tourism, and hospitality, to Ayurveda and healthcare to IT and IT-enabled services, the state is experiencing steady growth. The Government is also actively promoting various initiatives to encourage entrepreneurship. Therefore getting a business loan in Kerala is not much of a hassle after all.

IIFL Finance is one of the frontrunners to avail the best of business loans in Kerala. Many businesses are flourishing, all thanks to their quick processing times and faster disbursals. Plus, the business loan interest rates offered by IIFL Finance are affordable and competitive.

Features and Benefits of a Business Loan in Kerala

Kerala has a high literacy rate and a strong education system, thus fostering a skilled workforce. To boost the confidence of various businesses across the state, many banks and NBFCs offer customised business loans in Kerala. If you are looking to apply for a business loan in Kerala, here’s what you can expect:

Instant Capital

Be it an established or a startup, business loans in Kerala can be raised up to Rs. 50 lakhs.

Minimal Paperwork

These business loans just need a few crucial documents, as opposed to typical loans, which require many copies.

Quick Payment

The business loan in Kerala is deposited into the applicant's bank account within 48 hours of the application.

No need for Collateral

A business owner is not obliged to put up a valuable as security while applying for a business loan in Kerala.

Business Loan in Kerala EMI Calculator

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Eligibility Criteria for Business Loans in Kerala

You must meet certain qualifying requirements if you want to apply for a business loan. It is essential to carefully go over everything before submitting an application for an MSME loan in Kerala.

  1. The company must have been operational for at least six months before applying.

  2. At the time of application, the last three months' turnover should have totaled at least Rs. 90,000.

  3. The company shouldn't be placed on a blacklist or list of excluded businesses.

  4. The office or business location shouldn't be on the list of undesirable locations.

  5. The company shouldn't be a charity, non-governmental organisation, or trust.

Documents required for a Business Loan in Kerala

You must provide a few crucial business-related documents if you are an entrepreneur looking for a business loan in Kerala without any security.

  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 Rate

Depending on the state of the market and other monetary circumstances, the interest rate and fees are always changing. However, rest assured that the business loan interest rate in Kerala is tailored to your needs and kept reasonable so you can concentrate on accomplishing your company's objectives without worrying about the cost.

Why choose an unsecured business loan in Kerala?

When you need to maintain efficient business operations during tough times or when cash flow is insufficient, a business loan comes in helpful. Kerala has become a desirable business destination thanks to the availability of qualified individuals in numerous fields. A business loan in Kerala may be the best option for financing growth strategies, the introduction of new product lines or service offerings, or capital expenditures needed to buy equipment, cars, or real estate. It can assist with growth prospects and assist the company in realising its full potential.

In Kerala, an unsecured business loan might be useful for:
  1. Increasing efficiency

  2. Infrastructure improvement

  3. Improving production capability

  4. Business reorganisation

  5. Immediate investments in business

  6. Purchasing a rival

  7. Building credit for businesses

How to apply for a Business loan in Kerala?

IIFL Finance provides a simple application process for startup loans in Kerala What you must do is as follows:

  • ‌‌

    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 Kerala, Look no further and apply now!

IIFL Business Loan Related Videos

Business Loan in Kerala FAQs

Yes, unsecured business loans do not need security or collateral. Almost all banking and financial institutions offer this service at affordable interest rates. Without putting up any assets or collateral as security, you are eligible to borrow up to Rs 50 lakhs.

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MSME loans in India meet the financial needs of micro, small, and medium-sized enterprises, offering working capital, machinery purchase, infrastructure development, and other requirements. SME loans encompass both MSMEs and larger small and medium-sized enterprises, catering to a wider range of businesses with working capital, expansion, equipment purchase, and funding needs. Additionally, unlike a typical SME business loan, MSME loans are collateral-free and available for relatively new enterprises as well.

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Yes, CIBIT score is absolutely crucial for the lender to evaluate your creditworthiness. A score above 650 will work in your favour while applying for a business loan in Kerala.

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