Best Business Loans in Kochi
As a historical commercial town and a port city, Kochi has a strong business ethic and a background of commerce and trade. Along with traditional heavy industries like shipping, oil refining and chemicals, modern times have seen the rise of the software sector, electronics, retail and seafood sectors. These form the basis of the new business ventures in the city undertaken by ambitious individuals and enterprises. Given this, finance is most required to fuel the business plans of these undertakings. Banks and NBFCs are the source of such funds especially with respect to business loans. There is also another source of credit available through private financers which the commercial sector can depend on to fructify their plans.
All major banks and NBFCs are ready to extend business loans to eligible entrepreneurs and companies. They look at criteria like business vintage, revenues per year and income or profitability etc in deciding whether to extend business loans. While these criteria in most cases are quite strict, some of the NBFCs are lenient in the case of revenue and profitability. Basically these financial institutions are looking for stability and an ability to pay back the loan. As proof documents like ITR and balance sheet as well as registration papers are required which you must ensure you have before applying for a business loan in Kochi.
Some of the documents required are a business loan in Kochi are company ID proof, IT returns for 3 years, your bank statements, audited financials, address proof, Board resolution, etc.
As a different channel, there are also many private lenders or private financers who give out short-term business loans in Kochi. They might be lenient in their criteria as compared to banks or other financial institutions while considering your eligibility. The private sector banks/NBFCs which extend business loans include HDFC, ICICI, Axis, Kotak, Bajaj Finserv, Tata Capital and Fullerton. Contact us for more information on getting a business loan in Kochi.
Banks and NBFCs offering business loans in Kochi
ICICI Bank - is the second largest private sector bank in India which has approximately about 32 full and part service branches in the district of Ernakulam
HDFC Bank - is the largest private sector bank in the country and operates in Ernakulam from approximately about 40 branches
Axis Bank - is the third largest bank in the country in the private sector and operates about 16 branches in the district of Ernakulam
Kotak Bank - is a large bank in the private sector which works in about 10 branches in the district
Citibank - is operating out of about 1 branch in the city of Kochi
Bajaj Finserv - is one of the largest NBFCs in India with 1 branch in Kochi city
Tata Capital - is again a well-known NBFC with about 1 branch in Kochi
Fullerton - services the entire city of Kochi through their 1 branch