Mumbai is the city of dreams where thousands of ordinary people have moved into and made their life in this Maximum City. Mumbai is the entertainment, commercial and financial capital of India. It is also host to major business houses and is also headquarters of many multinational companies for their India operations.
Mumbai has a special place among the world’s leading cities. Its total wealth of USD 950 billion puts it at the 12th place in the world. The city boasts the largest number of billionaires and millionaires in India with as many as 28 billionaires residing in Mumbai. Its contribution to India’s GDP is over 6%.
Being the financial and commercial capital of India, it is natural that finance plays a vital role especially the availability of loans in Mumbai to pursue business aspirations for MSMEs and SMEs and big business and industrial houses.
Business Loan Opportunities
The business loan space in Mumbai is a veritable beehive of activity. You can avail business loans of all types and you have innumerable choices. With the progress made in financial technologies, there are many Fintech companies extending products such as the loan for business to small, medium and large enterprises vying with traditional financial institutions. These have enabled the loan process to become simpler, quicker and easier to avail. Tata Capital also extends loan for business.
You can follow the steps detailed below to avail a business loan in Mumbai.
Assess Business Loan Requirement
Before you rush to Tata Capital, you make an assessment of the amount of loan you require, why you require the loan and most importantly whether you have the future income to service the loan along with the interest you are liable to pay. You may also want to check your Company Credit Report (CCR) from a credit bureau to ascertain that you have a high rating (a high rating helps you to bargain for good terms with the lender).
Search for Lender
Then you proceed to look for a lender. You can do this online. You can visit the website and study the business loan section which gives all the information required to avail a business loan. You can check the following
- Business loan eligibility amount
- Business loan interest rates
- Business loan tenure
- Repayment options
- Documents required to be submitted
- Processing fees, other fees and charges
- Charges for foreclosing or prepayment
- Penalties for late payment or default in repayment
Apply for Business Loan
Based on the information available on the website you can check for the business loan eligibility and then use the convenient tools such as the Business Loan EMI Calculator to check out various combinations of business loan amount, interest rate and tenure and how these affect the EMI. This would help you to arrive at an optimal combination.
Besides, you can check the other terms and conditions of the loan for business and understand them thoroughly.
Once you are convinced only then you must apply for the business loan. The next step is to gather all the documents required and then approach the institution either through its website for an online application or through its branches in Mumbai.
