Business Loan in Patna

Patna, the capital city of Bihar, is witnessing a transformative wave of business opportunities. Its strategic location in the fertile Gangetic plains and growing urbanization are fueling economic growth. Patna's economy thrives in sectors such as agriculture, education, healthcare, and emerging industries like IT and renewable energy. With improved infrastructure, expanding connectivity, and a young, educated population, the city is ripe for entrepreneurship. Whether you're considering agribusiness, education ventures, or technology startups, Patna's untapped potential offers a promising landscape for those looking to make their mark in diverse industries.

IIFL Finance's business loan is a top choice in Patna because of its competitive interest rates, seamless application process, and rapid approval turnaround. With a strong local presence and a focus on supporting businesses in Patna, IIFL Finance offers customized financial solutions that align with the city's entrepreneurial spirit. Their commitment to assisting local enterprises makes them a preferred partner for business development in Patna.

Features and Benefits of a Business Loan in Patna

A business loan in Patna can offer substantial benefits to entrepreneurs in multiple ways. It stands as a vital resource for business owners to harness growth opportunities, effectively manage financial aspects, and confidently steer through the dynamic terrain of business.

Here are the key advantages of getting a business loan in Patna from IIFL Finance:

Instant Capital Access:

You can get up to Rs 50 lakhs in funding quickly and easily, with a simple online application process.

Streamlined Documentation:

The documentation requirements are minimal, so you won't have to spend time gathering paperwork.

Quick Fund Disbursement:

If your application is approved, funds can be disbursed to your account within 48 hours.

Zero-Collateral:

You don't need to pledge any assets as collateral, so you can keep your business assets safe.

Business Loan in Patna EMI Calculator

Calculate your EMI and choose the most suitable product for you

Eligibility Criteria for Unsecured Business Loans in Patna

You must satisfy the following requirements to be qualified for an unsecured business loan in Indore:

  1. Your business should have a track record of operating for at least 6 months.

  2. The minimum turnover of your business over the past 3 months should be Rs. 90,000.

  3. Your business should not be categorized as blacklisted or excluded from lending opportunities.

  4. The geographical location of your business should not be on any negative location list.

  5. Your business entity should not function as a charitable organization, NGO, or trust.

Required Documents for a Business Loan in Patna

The following are the essential documents typically required when you  apply for a business loan in Patna:

  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

The interest rates and charges for business loans in Patna can vary depending on a number of factors, such as the lender, the type of loan, the amount of money borrowed, and the borrower's credit score. However, you can rest assured that the interest rates and charges are strategically designed to be competitive and affordable. This means that you can focus on growing your business without being weighed down by excessive costs.

Why choose an unsecured business loan in Patna?

Unsecured business loans offer a number of benefits for businesses in Patna, including:

  1. Quick and easy approval process:The approval process for unsecured business loans is typically faster than for secured loans, as the lender does not need to assess the value of any collateral.

  2. Flexible repayment terms:Unsecured business loans typically offer more flexible repayment terms than secured loans, giving you more options to fit your budget.

  3. Competitive interest rates:Unsecured business loans can offer competitive interest rates, especially if you have a good credit score.

  4. No collateral required:As mentioned earlier, unsecured business loans do not require you to pledge any assets as security. This means that you can keep your business assets safe in case of default.

How to apply for a Business loan in Patna?

IIFL Finance provides a streamlined application process for those seeking business loans in Patna. Here are the steps to follow

  • ‌‌

    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.

Ready to take your business to new heights? Apply for a loan today!

IIFL Business Loan Related Videos

Business Loan in Patna FAQs

The main difference is in the scope:

- SME (Small and Medium Enterprise) loan can encompass a broader range of businesses, including both small and medium-sized enterprises.

- MSME (Micro, Small, and Medium Enterprises) loan specifically targets micro, small, and medium-sized enterprises, with a focus on smaller businesses.

Yes, unsecured business loans are indeed available in Patna, as in many other locations. These loans, also known as collateral-free business loans, do not require assets as security. However, the terms and availability of such loans may vary depending on factors such as the lending institution, your company's financial standing, creditworthiness, and individual circumstances.

Yes, typically a CIBIL score or an equivalent credit score is a requirement when applying for a business loan. This score is used by lenders to gauge the creditworthiness of the company, its owners, or its guarantors.

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