What is the best way to choose an affordable business loan in Chennai? - Letsdiskuss
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Posted 02 Jan, 2019 |

What is the best way to choose an affordable business loan in Chennai?

Ashish Gupta

Finance | Posted 21 Jan, 2020

Chennai is the largest industrial and commercial hub in South India. Therefore, the requirement of a business loan in Chennai is high. When an entrepreneur plans to take a loan, he has many things on his mind one of which is the affordability of the loan. Looking at the major requirement of an affordable business loan in Chennai, Lendingkart provides fair Interest rates with no collateral as security.

The best thing about opting for a business loan from Lendingkart is that they require minimal documentation. There can be no better service than Lendingkart for finance seekers. 

Anuj Pandey

@letsuser/financialadvisor | |Updated 02 Jan, 2019

By ‘affordable’, if you are referring to a lower rate of interest for the loan, then the best way to choose such a Business Loan in Chennai is to look at the offerings of banks as well as Non-Banking Financial Companies (NBFCs). While doing so, make sure to consider the eligibility criteria of every bank or NBFC you are looking at and tally the same with your profile.

When looking at loan options, you should compare the interest rate offered by the lending institution, along with the additional benefits and features offered, like- flexible repayment tenure, collateral free loan, no requirement of guarantor or co-applicant, faster approval, line of credit feature, versatile utilities and minimal documentation.

Based on the eligibility criteria and the extent to which you fulfill them, your chosen lending institution will decide on a rate of interest and lending terms (amount to be granted, tenure etc.) for you. Chances of getting a low interest rate for your loan become less when your chosen lender has stringent eligibility criteria and lending terms. This is the reason why a lot of people opt for business loans from NBFCs.