Get Business Loan in Chennai
The ‘Gateway to South India’, Chennai is a major industrial hub and cultural center. It is also nicknamed as the ‘Detroit of India’ owing to the presence of one-third of India’s automobile industry.
Modern business infrastructure and a vast talent pool of human capital make Chennai a favorable destination for nurturing and growing businesses. Every business owner requires certain capital to operate and expand their business, and obtaining such funds is not always simple for business owners or managers. Thus, a Business Loan with low-interest rates is the way to get the necessary funding that will help you manage your firm.
Getting a loan for a company has become much easier these days, thanks to the government's interest in supporting the MSME sector. If you are a business owner or manager looking for a loan with a low-interest rate for your firm/ company, a Business Loan in Chennai offered by Poonawalla Fincorp is an ideal alternative.
Therefore, if you are looking for an Unsecured Business Loan in Chennai, Poonawalla Fincorp is here to help. You can avail of our customized Business Loans options, including MSME Loans and SME Loans in Chennai at competitive and low interest rates, flexible tenure, and hassle-free loan disbursal for all your business needs.
Business Loan EMI Calculator
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Business Loan Interest Rates in Chennai
Interest rate varies from lender to lender. Interest rate is influenced by the various factors such loan tenure, credit score, revenue of the business, etc. Poonawalla Fincorp offers attractive interest rate for business who want to thrive in their business. Your EMIs is heavily influenced by the interest rate offered by the lender. Hence, it is important to choose the best suitable interest rate for MSME/SME loans in Chennai. Interest rate for Business Loan starts at 15% p.a. onwards.
|Types of fee||Applicable Charges|
|Rate of interest||15% to 28% p.a.*|
|Processing fees||Up to 3% plus applicable taxes|
|Bounce charges||₹1,000 per bounce plus applicable taxes|
|Late Payment Charges||3% per month|
|Loan Amount||₹1 Lakh to ₹50 Lakhs|
|Lowest EMI per month||Starting from ₹3,467* per Lakh for 36 months|
|Loan Tenure||6 - 36 months|
|Prepayment/Foreclosure Charges||0%* If paid from own sources|
|Stamp Duty||At actuals (as per state)|
|Penal Interest||3% monthly on the defaulted EMI amount|
Eligibility Criteria of Business Loan in Chennai
Qualifying for a new Business Loan with Poonawalla Fincorp is simple. Our loan requirements are designed to save time for borrower when applying for loan. To ensure you have a smooth experience during loan processing, we offer Business Loans in Chennai with simple eligibility requirements.
Below are our eligibility criteria for Business Loans in Chennai:
22 to 65 years
(during loan maturity)
At least two years
More than ₹9 Lakh
- Age: 22 to 65 years (during loan maturity)
- Nationality: Indian
- Business Vintage*: At least two years
- Annual turnover: More than ₹9 Lakh
*Business vintage determines how long your business has been operating and when it was registered. It is a significant eligibility determinant for procuring an unsecure Business Loans.
*Note: The above-mentioned eligibility criteria are indicative in nature and more information can be asked by Poonawalla Fincorp team during loan processing as per policy.
Required Documents for Business Loan in Chennai
We require applicants to submit only basic documents. You don’t have to worry about time-consuming paperwork and running into funding delays because of it. With Poonawalla Fincorp, you can access quick financing for your business with minimum documentation.
Below is the list of required documents for availing Business Loan in Chennai:
PAN Card or Director/Proprietor PAN Card
Business Address Proof (Rent Agreement/Utility Bill)
Proof of Address (Aadhar Card/Voter ID Card/Passport)
Financial documents (Bank statements/IT Returns)
- PAN Card or Director/Proprietor PAN Card
- Proof of Address (Aadhar Card/Voter ID Card/Passport)
- Business Address Proof (Rent Agreement/Utility Bill)
- Financial documents (Bank statements/IT Returns)
Note: This list of documents is indicative. We may need some additional documents during loan processing.
Benefits of Taking a Business Loan in Chennai
Collateral-free unsecured loan of up to ₹50 Lakh
Attractive and competitive interest rate
Flexible repayment tenure option of up to 36 months
- Collateral-free unsecured loan of up to ₹50 Lakh - No collaterals are required for any loan of up to ₹50 Lakh. The intention behind this is to provide loans to businesses in Chennai to boost the city’s economy and entrepreneurship spirit.
- Attractive and competitive interest rate - At Poonawalla Fincorp, we provide low interest rates for Business Loans in Chennai; so, you don’t have to look anywhere else when you apply for a loan.
- Flexible repayment tenure option of up to 36 months - We provide a flexible repayment tenure option of up to 36 months, which gives you enough time to cover your expenses and pay us back in time.
- Minimal documentation - We provide loans with minimal documentation so you get a loan with hassle-free processing and quick disbursal. You can simply focus on the utilization of money for the growth of your small business through our Business Loan in Chennai.
Apply for Instant Business Loan In Chennai within 5 Minutes
Click on Apply Now and enter your contact details.
Enter your annual business turnover and other business details.
The application will then proceed for verification and assessment
Frequently Asked Questions
SME/MSME loan in Chennai is one of the popular business loans offered by the Poonawalla Fincorp. You can get SME/MSME loan in Chennai, by following the below steps:
- Step 1: Visit www.poonawallafincorp.com and go to the Business Loan section
- Step 2: Click on ‘Apply Now’
- Step 3: Fill up the loan application form
- Step 4: Enter basic details for KYC
- Step 5: Await verification and application assessment
- Step 6: Receive confirmation on successful loan approval
- Step 7: Approve and authorize loan amount disbursal
Poonawalla Fincorp Limited
Address: The Oval, 2nd Floor, Venkatanarayana Road, T . Nagar, Chennai: 600017, Tamilnadu
Contact Number: 1800-266-3201 (Toll Free)
Timing: 10 am – 6 pm
*Terms & Conditions Apply