Bihar, a state in eastern India, has been witnessing a gradual transformation in its economic landscape. With its rich cultural heritage and a growing entrepreneurial spirit, the state has been gradually becoming a hub for small and medium-sized enterprises (SMEs). The growth of businesses in Bihar often hinges on access to financial resources, particularly in the form of business loans. Bihar's business ecosystem is a vibrant amalgamation of traditional industries such as agriculture, handloom, and manufacturing alongside modern sectors like healthcare and education. The state's economy has diversified and experienced significant recent growth, necessitating substantial financial support for thriving businesses.
Access to appropriate financial resources through business loans is critical for the growth of enterprises in Bihar. The state's active business environment, along with government and banking support, presents a promising landscape for entrepreneurs. This page offers key insights to support your business aspirations through loans.
No Collateral Required: Our business loans are collateral-free, eliminating the need to use personal or business assets as security and simplifying the financing process for your small business.
Capital Service Assistance: We offer quick and convenient financing for small businesses, allowing you to access up to INR 75 lakhs* with competitive interest rates to keep your capital costs low.
Instant Funding Approval: You can receive funds in as little as 72 hours* with clear eligibility criteria and minimal documentation requirements, ensuring timely financial support.
Flexible Loan Repayment: You can repay your loan over 48 months*, aligning it with your cash flow, and make prepayments without extra charges using our foreclosure options*.
To become eligible for a business loan through SMFG India Credit, adherence to the following criteria is essential:
Business Type: Potential candidates encompass self-employed individuals overseeing their enterprises and individuals serving in capacities such as proprietors, partners, or directors within established companies.
Residential Requirement: Applicants are required to possess Indian residency.
Age Range: Your age bracket should fall within the range of 22 to 65 years.
Financial Viability: Your business should demonstrate a minimum annual turnover of INR 10 lakhs, coupled with an annual post-tax profit of INR 2 lakhs.
Business History: A business record of at least three years is obligatory, along with a consistent track record of income and profits over the past two years.
When applying for a business loan, the submission of specific documents is crucial for loan approval. The necessary documents include:
A current photograph of the applicant.
Valid Identity Proof
Acceptable documents for identity verification include your PAN card or Driver's License.
Valid Address Proof
You can provide an electricity bill or passport as proof of your address.
A complete set of your bank statements is crucial for assessing your financial history.
GST or ITR
Providing proof of your Goods and Services Tax (GST) registration or Income Tax Returns (ITR) is vital for financial verification.
The submission of documents substantiating your income and financial stability.
Proof of Business Existence
This category might include your Certificate of Incorporation or any relevant business-related documents.
For a more extensive document listing or tailored guidance, contact our dedicated customer service representatives.
Please refer to the table below to get a detailed breakdown of the business loan interest rates in Bihar:
The lowest and most competitive interest rates will be calculated based on several factors (location, net income, business stability, collateral, and existing monthly obligations)
Upto INR 75 lakhs*
Upto 48 months*
Lowest EMI Per Month
Starting from INR 1,341 for 48 months
Cheque Dishonoured Charges
Upto 6.5% of the Loan Amount
Proprietor / LLP/ Pvt Ltd / Partnership / Public Ltd
Delayed EMI Payment Interest
24% per annum on outstanding balances that are overdue, calculated on a day-to-day basis.
Here's a step-by-step breakdown of the application process:
Step 1: Go to SMFG India Credit's website and click the "Apply Now" button.
Step 2: Based on your specific financial requirements, select either a "business loan" or an "SME loan."
Step 3: Complete the necessary details and upload the requested documents.
Step 4: Specify your desired loan amount and choose a suitable repayment period that matches your needs.
Step 5: After submitting your information, you'll quickly receive an immediate decision on your application status and a reference number for future communication upon approval.
Step 6: During validation, SMFG India Credit might ask for information, including document verification and confirmation of your address, for your application.
Step 7: Upon successful verification, you'll receive a personalized offer detailing the approved loan amount and interest rate.
Step 8: Once approved, the loan amount will be directly credited to your bank account.
Business loans stand as integral tools for business owners, offering the necessary financial support crucial for growth and sustainability. In this pursuit, SMFG India Credit emerges as a dependable ally, providing accessible, tailored loan solutions designed to meet diverse business needs. With our swift processes, transparent terms, and customer-centric approach, SMFG India Credit stands poised as a trusted partner for every business owner in Bihar, offering the essential support required to thrive and succeed in the vibrant landscape of entrepreneurial ventures.
First Floor, H/O Md Salam, Machlipatti, Amour, PO+PS - Amour,Via Bayasi, Distt- Purnia, Bihar- 854315
Note: Call on (Toll free number) 1800 103 6001 for more information.Timings: 9:00 AM to 7:00 PM (except Sundays and public holidays).
Your location, income stability, bank balance, and credit score play a significant role in determining your eligibility for a business loan. Ensure that you have a credit score of 750 or above with all your outstanding dues cleared, demonstrating responsible credit behaviour.
With SMFG India Credit, you can gain control of your business loan account effortlessly. Our online service portals and mobile app ensure convenient tracking and management, empowering you to monitor your loan status and make timely decisions anytime, anywhere, across various devices. Simplify your loan management for smoother business operations.
Demonstrate reliability and expertise to lenders to secure favourable interest rates. Building trust through your competence and consistency increases the likelihood of accessing funds at lower interest rates. Showcasing reliability and expertise is pivotal in establishing lender confidence and securing beneficial borrowing terms for your business.
* Terms and conditions apply
** Subject to foreclosure charges. Terms and conditions applicable.
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