Posted On: 20-May-2023
Starting a business in Kakinada, Andhra Pradesh can be an excellent opportunity for entrepreneurs. Kakinada is a growing city that is attracting various industries, including pharmaceuticals, fisheries, and agriculture. However, starting a business requires significant capital investment, and securing funds can be challenging, especially for small and medium-sized enterprises (SMEs). To overcome this hurdle, SMEs can avail of business loans in Kakinada. In this blog post, we will explore the top business loans in Kakinada, Andhra Pradesh.
1. Eswari Capital
Eswari Capital is a popular lender in India, offering the best business loan options in Kakinada to entrepreneurs. The start-up business loans in Kakinada are designed to meet the financial needs of small and medium enterprises. This loan can be used for working capital requirements, purchasing machinery and equipment, expanding production capacity, or for any other business needs. The minimum loan amount one can avail for this loan is Rs. 10 lakhs with a maximum of Rs. 5 crores, and the interest rate ranges from 9.80% to 11.50%, depending on the loan amount and tenure.
2. HDFC Bank: Business Growth Loan
HDFC Bank is a leading private sector bank in India, offering top business loans in Vishakhapatnam for business growth. The HDFC Bank Business Growth Loan is designed for SMEs looking to expand their business or meet their working capital needs. The loan amount ranges from Rs. 1 lakh to Rs. 50 lakhs and the interest rate starts from 12.99% with flexible repayment periods ranging from 12 months to 48 months.
3. Axis Bank: Business Loan
The Axis Bank Business Loan is designed to cater to the diverse financial needs of SMEs, such as working capital requirements, equipment purchases, and business expansion. The loan amount can range from Rs. 50,000 to Rs. 50 lakhs and the interest rate ranges from 14.50% to 16.50%, depending on the loan amount and tenure.
4. ICICI Bank: Business Loan
ICICI Bank is a prominent bank in India that offers quick business loans in Kakinada for business growth. The ICICI Bank Business Loan is designed to provide financial assistance to SMEs for any business needs, such as capital expenditure, working capital requirements, and business expansion. The minimum amount of loan of this type given by ICICI bank is Rs. 50,000, with a maximum of up to Rs. 2 crores, and the interest rate starts from 16.49%, with flexible repayment periods ranging from 12 months to 60 months.
5. Bajaj Finserv: Business Loan
Bajaj Finserv is a popular non-banking financial company in India that offers various loan options for SMEs. The Bajaj Finserv Business Loan is designed to provide financial assistance for business expansion, working capital requirements, and other business needs. Bajaj Finserv gives a minimum loan amount of Rs. 1 lakh, with a maximum of up to Rs. 30 lakhs. The interest rate for this loan starts from 14%, with flexible repayment periods ranging from 12 months to 60 months.
6. Punjab National Bank: SME Loans
Punjab National Bank is a government-owned bank in India that offers various loan options for SMEs. The PNB SME Loans are designed to meet the financial needs of small and medium enterprises, such as working capital requirements, business expansion, or any other business needs. maximum of up to Rs. 1 crore, and the interest rate starts from 10.50%, with flexible repayment periods ranging from 12 months to 84 months.
7. Fullerton India: Business Loans
Fullerton India is a leading non-banking financial company in India that offers various loan options for business growth. The Fullerton India Business Loans are designed to provide financial assistance to SMEs for any business needs, such as working capital requirements, purchasing machinery, or expanding business operations. The loan amount can range from Rs. 50,000 to Rs. 50 lakhs and the interest rate starts from 17.99%, with flexible repayment periods ranging from 12 months to 48 months.
Conclusion
Securing funds for SMEs can be challenging, especially for those starting their business in a growing city like Kakinada. However, obtaining a business loan near me from a reputable lender can help SMEs overcome this hurdle and achieve their desired business growth. The lenders listed above provide various loan options with flexible repayment periods and competitive interest rates. It is essential to research and compares various lenders before choosing a loan to ensure that it suits your business needs and goals.