Posted On: 08-March-2023
Vishakapatnam, the city that is well known not just in Andhra Pradesh but in the entire country is located between the Bay Of Bengal and the Eastern Ghats and is one of the biggest and most populous cities in the country. Its contribution to the economy of India is huge. Vishakapatnam is also turning out to be of tourist city given the abundance of clean beaches around the eastern ghats, the naval museums, and the hilltops that are accessible.
Your needing a business loan near you will generate different ideas in the minds of different people. People are bound to have a variety of opinions but you must remind yourself that without these funds your business wouldn't be able to flourish and it might even end up collapsing. You can avail of top business loans in Vizag for as many reasons as these:
1. You might need these best business loans in Vishakapatnam to grow your business. Once you've been in business there comes a time when you realize that you need to expand it. When you see that your business is getting crowded with more people in a limited area you automatically understand that you need to expand it. So for the expansion of it, you might not always have the capital. To help you fund these expansions during these times you can reach out to the best loan provider company in Vishakhapatnam for a business loan.
2. Sometimes business loan is required to boost or increase the cash flow of your company. For a company to do well consistently there should be a continuous flow of cash or it'll move towards downfall.
3. Sometimes this is the case that the areas in which your company is not based are capable of generating more income just like they say the grass may be greener on the other side. Even if your business is doing well in the area it already is in, you still shouldn't give up on trying to expand your market in areas that attract a large number of customers. Ignoring it could cost you in a long term.
Best Loans In Vishakapatnam
1. Term Loan - A term loan comes with a fixed schedule for repayment which should strictly be followed. There are different varieties of term loans such as short-term loans, intermediate-term loans, and long-term loans. By the names themselves, you must have recognized the differences between each one of them. The tenure for repayment of these loans can be as short as a period of one year to as long as a period of 5 years.
2. Bills Discounting - Whether the lender would offer a loan at a discounted rate or not depends on his choice.
3. Letter of Credit - The banks or other financial institutions give a guarantee of the fund to different businesses that are involved in international commerce. This mainly happens in the trading sector.
Top 5 Banks Offering Business Loans In Visakhapatnam
1. ESWARI CAPITAL
ESWARI CAPITAL based in the city of Vishakhapatnam is a body of finances, as it provides long-term, short-term, and intermediate business loans to businessmen who need these funds to fund their businesses. Loans here come with a low rate of interest that doesn't consume much from your pocket. You are offered a flexible duration of loan repayment.
2. HDFC Bank
HDFC Bank provides a loan amount as huge as Rs 50 lakhs for commercial funding. There are different kinds of loans provided by HDFC Bank such as working capital loans, term loans, and many more. The interest rates for loans at HDFC Bank are between 10 to 22•50%. Credit limit of amount Rs 50 lakhs is available. The tenure period is from 1 to 2 years.
3. ICICI Bank
ICICI Bank is well known for providing commercial or business loans with extraordinary incentives. The minimum loan amount provided is as low as Rs 1 lakh and the maximum loan amount is about Rs 40 lakh. The interest rate charged every year is not less than 15.50%. These loans come with a processing fee that ranges from 0.99% to 2%.
4. Andhra Bank
Andhra Bank has recently merged with the Union Bank of India. Therefore the interest rate charged by it is the same as that of Union Bank of India. It lends an amount as low as Rs 50000 to an amount of up to Rs 100000. The tenure period for such loans extends from 1 to 5 years. The interest rate of these business loans ranges from 9.15% to 16%.
5. Dhanlaxmi Bank
Now getting a business loan to expand your business or to fund your existing business is really easy with the emergence of Dhanlaxmi Bank. To be eligible for these loans you must be at least 23 years old. You must be someone with a work experience of at least 5 years in the country itself.