Overview
Kerala’s tourism and agriculture sectors make the largest contributions to its economy. If you are a business owner looking to access quick funds, avail a Business Loan in Kerala with Poonawalla Fincorp. Get a high loan amount at competitive interest rates with quick disbursal. Apply now!
Business Loan in Kerala EMI Calculator
Use the Business Loan EMI Calculator to compute EMI outgo. Enter the loan amount, interest rate and tenure and the calculator will instantly display the EMI amount.
-
EMI Amount = *
Interest Rates and Other Charges
Here is a detailed overview of the interest rate and other charges:
| Types of Fee | Applicable Charges |
| Business Loan Interest Rates | 15% p.a. onwards |
| Loan Amount | ₹5 lakh to ₹50 Lakh |
| Loan Processing Fees | Up to 3% plus applicable taxes |
| Lowest EMI per month | Starting from ₹2,783* per Lakh for 48 months |
| Loan Tenure | 6 - 48 months |
| Prepayment/Foreclosure Charges | 0%* If paid from own sources & 4% If paid from other sources |
| Default Interest | 2% per month |
| Repayment Instrument Dishonor Charges | ₹500 per bounce plus applicable taxes |
| Stamp Duty | At actuals (as per state) |
| No Other Hidden Charges | |
Business Loan in Kerala Eligibility Criteria and Required Documents
Business Loan in Kerala Eligibility Criteria
Here are the eligibility criteria for Business Loan in Kerala:
- Age: Applicant must be between 24 to 65 years.
- Business Vintage: The business must have been operational for at least 2 years.
- Financial Performance: The business must have a minimum annual turnover of ₹6 Lakh.
Note: The above-mentioned Business Loan eligibility list is indicative. Additional eligibility criteria may be required during loan processing by Poonawalla Fincorp.
Documents Required for a Business Loan in Kerala
Here are the necessary documents required::
| Document Category | Business Loan in Kerala Documents |
| KYC Documents |
|
| Financial Documents | Bank account statement for the last 6 months. |
| Business Address Proof | Utility bills/ Rent agreement. |
Note: The above-mentioned Business Loan documents list is indicative. Additional documents may be required during loan processing.
Features and Benefits of Business Loan in Kerala
-
Higher Loan Amount
-
Collateral-Free
-
Competitive Interest rates
-
Minimal Documentation
-
Flexible Loan Tenure
-
Online Application Process
- Higher Loan Amount: Get up to ₹50 Lakh.
- Collateral-Free: Avail the loan without pledging any collateral.
- Competitive Interest rates: Get interest starting at 15% p.a.
- Minimal Documentation: Provide business address proof, KYC and financial documents.
- Flexible Loan Tenure: Choose repayment tenure of up to 48 months.
- Online Application Process: Apply online on our website.
How to Apply for a Business Loan in Kerala
Apply for a Business Loan in Kerala in 3 simple steps:
- Step 1: Click on the ‘Apply Now’ button.
- Step 2: Fill in the required details on the loan application form.
- Step 3: Upload necessary documents.
On successful verification, the loan amount will be transferred to your bank account.
Frequently Asked Questions
No, a salaried individual is not eligible for a Business Loan. Business Loans are offered to business owners for fulfilling business-related obligations. However, you can check out our Personal Loan or Loan Against Property to avail the benefits of our financial services.
A credit score between 750 and 900 demonstrates your ability to properly manage debt, making it ideal for loan approval.
Many leading NBFCs or financial institutions offer Business Loan without any obligation of collateral. However, you must check out the eligibility criteria and adhere to the documentation process.
Foreclosing or preparing our Business Loan requires 0% charges if it is paid from your own income sources. However, a foreclosure or prepayment charge of 4% is levied on the outstanding principal amount along with applicable taxes when paid from other sources.
*Terms & Conditions Apply
