Business Loan in Chennai

Chennai is the capital of Tamil Nadu and has a massive GDP OF $78.6 billion. Chennai is an economic behemoth with automobile manufacturing, software services, medical tourism, hardware manufacturing, and financial services as the main contributors to its staggering economy. Chennai has rightfully earned the name “Detroit of India” due to the overwhelming presence of automobile manufacturing units and related industries. That said, the demand to support these businesses has seen the graph for business loans in Chennai also rise. And to fulfil the need, Fullerton India offers a range of Business loans for the small, medium and large scale enterprises in Chennai.

The city houses 30% of the automobile industry and 40% of the auto components industry in India. Chennai propelled Tamil Nadu to join the elite list of top 10 automobile hubs in the world. Chennai is also the second-largest exporter of software in India. Chennai is also billed to be one of the fastest-growing cities in the world from 2019-2035. Chennai’s population currently stands at 70.6 lakhs and is expected to maintain its steady incline. Hence, the burgeoning population, the staggering economy, the entrenched manufacturing sector, the mushrooming IT offices, and the expected exponential growth make Chennai the ideal destination to do business.

Fullerton India understands that businesses are built with a lot of passion and hardwork. We know that every business is unique, and solutions need to be customised and fine-tuned to the specific needs of the company. “A one size fits all” philosophy may not alway deliver your desired results ultimately undermining the particular needs of your business and will be detrimental to the growth and success of the organisation.

Hence we offer customised solutions based on the specific need of the business, whether it is starting a new business, expanding the existing business, boosting the cash flow, piling up inventory, or meeting working capital requirements. If there is a need for your business, we have a solution. Fullerton India offers unsecured business loans in Chennai up to a sum of Rs 50 lakhs*.

Documents Required for Business Loan

To get a business loan in Chennai, the documentation is very minimal and hassle free. Here are a list of required documents to get a business loan from Fullerton India:

Proof of identity, and PAN card for a company, firm or an individual
Proof of residence such as Voter ID card, Ration Card, Passport, or Driving License.
Income documents including the latest Income Tax returns along with the income statement, profit and loss account and balance sheet of the last two years
Proof of continuation such as Income Tax Returns, Trade License, Establishment or Sales Tax Certificate
Other documents may include a Sole proprietorship declaration or Certified copy of the Partnership deed and the certified copy of the Memorandum and Articles of Association and the Board Resolution.

The above list is not exhaustive. The actual list of documents will depend on your financial profile, risk assessment by Fullerton India, your loan requirement, and Fullerton’s policy at the time of application.

Business Loan Eligibility Criteria

Fullerton India wants to be part of Chennai’s growth story. We believe in the business acumen and the entrepreneurship spirit of Chennai and want to provide all budding businesses with customised growth solutions. Thus, if you own a business in Chennai and are looking for a business loan, apply with us today. We would love the opportunity to partner with you and be a witness to your growth story.

Our eligibility criteria for a small business loan in Chennai are as follows:

Self-employed individuals, proprietors, individuals engaged in private limited companies and partnership firms working in manufacturing, trading, or services in Chennai
Individuals working in the current business for a minimum of 3 years with a minimum of 5 years of total business experience
Individuals with a minimum age of 22 years at the time of application of the loan and a maximum of 65 years at the time of maturity of the loan
Enterprises must have a minimum turnover of Rs 10 lakhs
Enterprises which make profits in the previous two years
Enterprises must have a minimal annual income of 2 lakhs per year

The above list is the list for small business loans in Chennai up to Rs 50 lakhs*. Please note that the above list is merely indicative and not comprehensive. The number of documents required may vary based on the purpose of the business loan, credit history, financial health of the company, etc.

If you require a loan above Rs 50 lakhs, we offer loans upto INR 12.5 Cr* secured against property. The eligibility criteria, in this case, will be different. Please have a look at our loan against property for SMEs page for more details.

We have loans customised for people belonging to different professions or industries. Certain customer profiles may include:

Self-employed professionals such as chartered accountant, company secretaries, architects, and allopathic doctors
Self-employed non-professionals such as retailers, proprietors, service providers, traders and manufacturers
Any entities like a private limited company, sole proprietorship, limited liability partnership are eligible for business loans.

To check your eligibility, you can use the business loan eligibility calculator.

Interest Rates

Fullerton India offers the most competitive rates among business loan providers in Chennai so that every business need is taken care of. We provide the best possible interest rates based on the nature of your business, your eligibility, credit history, financial health of the business, the availability and validity of documents and Fullerton India’s policy at the time of application of the loan.

There are two types of Business Loan interest rates – diminishing and flat. The diminishing rate of interest is where you pay a contracting amount of EMI’s every month as the interest is charged only on the outstanding loan amount. On the other hand, a flat rate is where a predetermined amount of EMI needs to be paid every month.

Business loan interest rates range from 17-21%* based on several factors, including age, location, pre-existing EMI obligation, disposable income, the time the individual is engaged in the concerned business, market environment, business stability, etc. There is also a processing fee that is charged at 6.5 %* of the total loan amount and is required to be paid upfront. For more details on fees and charges, please visit our business loan interest rates page.

How to Apply for a Fullerton India Business Loan

We at Fullerton India strive to break the stereotype of the business loan application procedure which typically brings to mind long prolonged queues, and the endless waiting to hear about the status of your loan application. We have made the loan application process quick, easy and customer-friendly

Apply Online

Click on the Apply Now button online on the Fullerton India website
This will guide you to a page where you need to provide necessary details about you and your enterprise
Enter your required loan amount and your preferred tenure.
Based on the information provided, you get instant feedback or approval in case things go forward.
You’ll be provided with a reference number, and a Fullerton representative will contact you as your first point of contact.
Your application will go through a series of verification processes where the details provided will be verified against the documents presented as evidence or proof
After the loan verification is successful, you will be provided with a customised loan offer.
Post your approval; the funds will be disbursed in your account.

Visit Your Nearest Branch

In case you prefer a direct conversation , you can walk into your nearest Fullerton India branch. Our friendly branch executives will be happy to assist you with any queries or to help you fill out your application form.

ChatBot Dia

You can apply for a Fullerton India business loan using our friendly Chatbot Dia, which is available 24x7 on our website.

Contact Us

If you would like to speak to us and have a detailed discussion, please feel free to call us at our toll free line 1800 103 6001 anytime between 9:00 AM and 7:00 PM on all days (except Sundays and public holidays). Our team would be happy to assist you.