Business Loan in Ludhiana

Ludhiana, situated in Punjab, India, presents a promising location for business due to its well-established industrial base, particularly in manufacturing and agriculture. It's often called the "Manchester of India" for its robust manufacturing sector, offering ample opportunities in textiles, machinery, and automotive components. The city's strategic location in Northern India facilitates logistics and trade, while its growing middle-class population drives demand for retail and consumer goods. Ludhiana's emerging IT sector, supportive startup ecosystem, and proximity to key markets make it an attractive destination for entrepreneurs and investors seeking growth and profitability.

IIFL Finance takes pride in providing tailored financial solutions designed to cater to the specific needs of entrepreneurs in Ludhiana. Our deep understanding of the local business landscape and unwavering dedication to supporting the growth of local enterprises enable us to offer personalized financial assistance.

Features and Benefits of a Business Loan in Ludhiana

In Ludhiana, business loans are tailored with a range of features and benefits to meet the specific needs of local entrepreneurs. Here are some key highlights of securing a business loan in the city:

Here's why opting for a business loan in Ludhiana from IIFL Finance can prove advantageous:

Quick Capital Access:

Business loans in Ludhiana are typically credited to the applicant's bank account within 48 hours of approval.

Streamlined Documentation:

Business loans in Ludhiana require only a handful of essential documents, making the application process hassle-free.

Quick Fund Disbursement:

Those seeking funds for their businesses in Ludhiana can easily secure up to Rs 50 lakhs in immediate capital through these loans.

Zero-Collateral:

Unlike traditional loans, entrepreneurs in Ludhiana are not required to pledge valuable assets as collateral.

Business Loan in Ludhiana EMI Calculator

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Eligibility Criteria for Business Loans in Ludhiana

Before you start your business loan application in Ludhiana, it's essential to ensure that you meet the specific business loan eligibility criteria. Take a close look at the following conditions before proceeding with your application:

  1. Established businesses operating for more than six months at the time of application.

  2. Minimum turnover of Rs 90,000 in the last three months from the time of application.

  3. The business does not fall under any category or list of blacklisted/excluded businesses.

  4. The office/business location is not on the negative location list.

  5. Charitable organisations, NGOs, and trusts are not eligible for a business loan.

Required Documents for a Business Loan in Ludhiana

To apply for a business loan in Ludhiana, ensure you have the necessary business-related documents ready.

  1. KYC records

  2. PAN Card

  3. Bank statements for the primary business account, covering 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. Evidence of company registration.

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

Business Loan Fees & Interest Rate

It's important to note that the business loan interest rate and fees associated with business loans in Ludhiana can fluctuate based on market conditions. However, rest assured, we customize them to align with your specific requirements and keep them at a reasonable level. This enables you to focus on your company's goals without the burden of excessive costs.

Why choose an unsecured business loan in Ludhiana?

Unsecured business loans in Ludhiana offer a number of benefits for businesses of all sizes. These include:

  • Enhance productivity
  • Upgrade infrastructure
  • Boost production capacity
  • Revamp business
  • Prompt business investments
  • Purchasing a rival company
  • Establishing a strong business credit profile

How to apply for a Business loan in Ludhiana?

IIFL Finance is one of Bhubaneshwar’s most sought-after business loan providers, offering seamless and easy application. Here’s how you can get startup loans in Bhubaneshwar or any other kind of business loan:

  • ‌‌

    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.

Boost your business in Bhubaneshwar! Apply now!

IIFL Business Loan Related Videos

Business Loan in Ludhiana FAQs

Yes, a good CIBIL score is required for a business loan in Ludhiana. A CIBIL score is a credit score that ranges from 300 to 900. A higher CIBIL score indicates that the borrower has a good credit history and is less likely to default on the loan. Lenders use CIBIL scores to assess the creditworthiness of borrowers and to determine the interest rates and loan terms that they will offer.

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An SME loan is a loan that is offered to small and medium-sized enterprises (SMEs). An MSME loan is a loan that is offered to micro, small, and medium-sized enterprises (MSMEs). MSMEs are businesses that have a turnover of up to ₹250 crore and an investment in plant and machinery of up to ₹100 crore. SMEs are businesses that have a turnover of up to ₹500 crore and an investment in plant and machinery of up to ₹250 crore.

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Yes, it is possible to get a business loan without collateral in Ludhiana. These loans are called unsecured business loans. However, unsecured business loans typically have higher interest rates and shorter repayment terms than secured business loans. Lenders also tend to be more selective when approving unsecured business loans, so it is important to have a good credit history and strong financial statements.

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