The advent of small scale industries since 1991 fueled industrial development of Madurai. It is mostly known for its rubber-based industries such as mats, gloves, sporting goods, automobile components, utility products, tires, tubes, to name a few. To fuel this rapidly growing needs of local businesses leading NBFCs offer attractive unsecured business finance in Madurai
to SMEs of all shapes and sizes. But before you apply check for the eligibility criteria mentioned on the lender’s portal.
- Your business must have a vintage of at least 3 years.
- The business must have their Income Tax returns filed for at least the past one year.
- You must be between 25-55 years of age.
- Business entities which can apply for the loan are partnership, limited liability partnership, private limited and closely held companies. Other types depend on their profile and case to case basis.
While basic documents required to avail the loan are –
- KYC documents
- Passport-size photograph
- Certificate of business existence
- Relevant financial documents
- Bank account statements of previous month
At the time of approving your loan lenders will check your credit worthiness by looking into your credit history. A healthy score of 750+ or more will help you in availing a higher loan amount at affordable interest rate.