Loan Amount
Up to ₹75 Lakh
Interest Rate
Starting at 15%* p.a.
Loan Tenure
6-48 Months

Effortlessly Avail a Business Loan in Chennai

Chennai, the cultural capital of Tamil Nadu, is a thriving metropolitan city with a rich heritage and a booming industrial sector. A vast business infrastructure makes it a favourable city for growing a business.

Poonawalla Fincorp offers Business Loan financing options to entrepreneurs for business expansion, inventory, software or equipment purchase, hiring, managing cash flow, etc in Chennai. Get a Business Loan amount of up to ₹75 Lakhs at an attractive interest rate, minimal documentation, quick approval, and flexible repayment tenure. Apply now!

 

Why Choose Poonawalla Fincorp

High Loan
Amount
Collateral-free
Loan
Competitive
Interest Rate
Minimal
Documentation
Quick
Approval
Flexible Repayment
Tenure

Business Loan EMI Calculator

Plan your monthly repayment hassle-free with our online Business Loan EMI calculator. Just enter loan tenure, amount, and Business Loan interest rate. Try Now!

Optimise Your Business Loan Experience
With Monthly Budget Planning

Monthly Payable Amount₹8,791
Principal Amount
₹100000
Interest Payable
₹5,493

Loan Amount

Interest Rate

%
15%
30%

Tenure

Months
6 Months
48 Months

Apply for a Business Loan Online in Just 3 Steps

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Click on "Apply Now”

Tap the "Apply Now" button to initiate your application.

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Enter Details

Enter your DOB, PAN card number, monthly income, and residential details.

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Upload Documents

Upload the necessary documents for quicker approval.

On successful verification, the loan amount will be disbursed into your bank account instantly.

Get exclusive offers thoughtfully customised just for you

Eligibility Criteria for a Business Loan in Chennai

Meet our simple eligibility criteria:

  • Age: Between 24 and 65 years.
  • Citizenship: Indian.
  • Business Vintage: At least 2 years.
  • Annual Turnover: Minimum of ₹6 Lakh.

Documents Required for Business Loan in Chennai

Submit the essential documents while applying:

  • KYC Documents
  • Business Address Proof
  • Financial Documents

Click to know more about the documentation in detail.

Interest Rate and Charges for Business Loan in Chennai

We offer Business Loan with affordable interest rate and nominal charges:

Interest Rate
15%* p.a. onwards
Loan Amount
₹5 Lakh to ₹75 Lakh
Loan Processing Fees
Up to 3.5%
Lowest EMI Per Month
Starting from ₹13,915* per Lakh for 48 months
Loan Tenure
6-48 months
Prepayment/Foreclosure Charges
Up to First 6 EMIs: 6% on principal outstanding + taxes

After 6 EMIs: 5% on principal outstanding + taxes
Default Charges
24% p.a. + taxes
Repayment Instrument Dishonour Charges
₹500/- Per Bounce
Stamp Duty
At actuals (as per state)
Hidden Charges
Nil

Default Charges: Penalty will be charged for nonpayment of EMI amount and for non-compliance of material terms and conditions, as more particularly specified at Default Charges.pdf

*T&C Apply

Different Uses of a Business Loan in Chennai

A Business Loan can help to meet business expenses such as:

  • Expanding business premises
  • Launching new products or services
  • Replenishing inventory
  • Purchasing equipment and tools
  • Paying off debts
  • Funding a marketing campaign
  • Managing working capital
  • Meeting financial constraints

Who Can Get a Business Loan in Chennai

In Chennai, Business Loan can be availed by the following:

  • Women entrepreneurs 
  • Sole proprietors 
  • Small business owners 
  • Retail shop owners 
  • Partnership firms 
  • Trusts

Tips for a Successful Business Loan Application

Here are some tips for a successful Business Loan application:

  • Understand your business needs
  • Check credit history
  • Have a detailed business plan
  • Organise your financial statements
  • Ensure you meet the eligibility criteria

Poonawalla Fincorp Branch Address in Chennai

Poonawalla Fincorp Limited

Address: 2nd Floor, The Oval Tower, Venkatanarayana Road, T.Nagar, Chennai Tamil Nadu-600017

Contact Number: 1800-266-3201 (Toll Free)

Timing: 10 am – 6:30 pm (Weekly off on first and second Saturdays and all Sundays)

Get Funds Quickly With
Minimal
Documentation

1

Click 'Apply Now' Fill out the online form to start your loan application.

2

Upload Documents Provide your KYC documents to complete the verification.

3

Get Funds Get the loan amount
disbursed to your bank account.

Happy Customers, Happy Us

Get exclusive access to simplified
Personal Finance
Information at
Poonawalla Fincorp’s FinHub

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Frequently Asked Questions

What are the benefits of getting a Business Loan in Chennai?

Here are the benefits of a Chennai business loan, particularly for small and medium businesses:

  • Competitive interest rate
  • Collateral-free loan
  • Hassle-free online application process
  • Minimal documentation
  • Flexible loan tenure
  • No hidden charges

 

How can I get a Business Loan in Chennai?

Get a Business Loan in Chennai in three easy steps:

Step 1: Click on “Apply Now”.

Step 2: Fill out the application form.

Step 3: Upload the required documents.

Upon successful verification, the loan amount will be credited to your bank account.

 

What is the use of an EMI calculator for a Business Loan application?

With our EMI calculator, you can efficiently plan your monthly repayments. To do so, you just have to enter the business loan amount, rate of interest, and tenure. Hit the ‘Calculate’ button to check the payable EMIs.

What is the main advantage of taking an unsecured loan?

Unsecured loans provide fast access to funds without needing high asset values. These loans are best suited for individuals who don’t want to risk assets or go through lengthy approval steps. They also involve minimal paperwork and flexible usage, making them convenient for quick needs.

How can a Business Loan support day-to-day operational expenses?

Small businesses often face short-term gaps between income and expenses, especially during off-seasons or delayed payments. A Business Loan can help maintain working capital and cash flow for regular operational costs. It ensures timely payments for salaries, rent, inventory, and utilities without disrupting daily operations.

Why do people prefer secured loans to unsecured ones?

People often opt for secured loans when they want better loan terms or access to larger amounts by pledging collateral. Secured loans typically have a lower rate of interest than unsecured loans.
This makes them appealing for long-term needs, such as purchasing property or funding major expenses.

Why do lenders charge higher interest rates on unsecured business loans?

Unsecured Business Loans usually attract a higher rate of interest due to the higher risk for lenders. This compensates for the increased chances of default compared to secured lending options. Since there's no collateral involved, lending institutions rely heavily on the borrower’s credit profile and repayment history.

What is the difference between secured business loans and unsecured business loans?

The key distinction lies in the need for assets; secured loans are backed by property or equipment as collateral, which is attractive to existing customers. As a result, secured business loans often come with lower rates and higher borrowing limits than their unsecured business loans.

Can I adjust my loan tenure based on the cash flow projections?

Yes, you can customise your loan tenure based on your projected flow of income.

Are Business Loans considered collateral-free loans?

Yes, the business loans offered by some financial institutions are considered unsecured or collateral-free business loans.

What is a good CIBIL score for getting a Business Loan?

A CIBIL score of 750 and above is considered a good score for availing of a Business Loan.

Can I get flexible tenure when I apply for a Business Loan?

Yes, some NBFCs like Poonawalla Fincorp offer flexible repayment tenure.

How is Business Loan interest rate calculated?

Business loan interest rates are calculated based on several factors, primarily including the applicant's creditworthiness, the loan type, the loan amount, and the loan term. Lenders also consider the business's financial health, industry risk, and market conditions when setting the rate.