Mumbai is financial and commercial capital of India and a great place for individuals who wish to open their own businesses. The city provides big opportunities of pursuing different types of entrepreneurial ideas and potential to be successful. The city is experiencing growth at a very fast pace and many people come here to live from various parts India every year. To fulfil the requirement of growing population, good scope is there for undertaking the commercial activities in various sectors.
As a financial capital of the country, the city offers various avenues for securing business loans for funding people’s dream ventures. Be it organized or unorganized sector, approximately every business may avail funds for reasons like sustenance or expansion. Nearly all the private and public financial institutions offer business loans in the city for different entities that are engaged in the commercial activities.
To be eligible for business loan in Mumbai, one needs to own the business (completely or partially), and have a convincing financial profile. He/she must meet the age criteria and credit score needed. Eligibility factor differs from one financial institute to another.
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Business loans in Mumbai can be availed up to Rs. 5 crores and the amount depends on the scope and nature of the business. For approval of your Mumbai Business Loan, your business details such as operation years, accounts, profit and revenues will be considered. Most of the NBFCs or banks have strict criteria for approving business loans. The business loans rates in Mumbai depend on business turnover, profit, income of the applicant, financial condition of the company, loan amount and tenure etc.
The documentation needed to avail business loan in Mumbai include proof of address , IT return of last three years, audit report of company finances, bank statements, ID proof of the company etc.
Providers for Business loan in Navi Mumbai, Mumbai and Thane are as follows.