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Business Loan in Chennai

Chennai is a prominent economic and industrial hub. It is now centre for entrepreneurial ventures. If you're a business owner in Chennai aiming for expansion and success, access to sufficient capital is critical. A Business Loan in Chennai from Shriram Finance can provide the necessary financial support to grow, modernise, or effectively manage your business operations. At Shriram Finance, we offer a variety of tailored loan solutions, featuring competitive interest rates starting from 10%* p.a., along with flexible repayment options designed to accommodate your individual business requirements. Whether you need funds for managing working capital, acquiring new equipment, or pursuing business expansion initiatives, we are here to assist.

Business Loan Types in Chennai

Shriram Finance offers a comprehensive range of secured and unsecured business loans tailored to meet the diverse needs of businesses in Chennai. These include:

Working Capital Loan
Working Capital Loan
Assists business owners in covering immediate operational needs, like purchasing hiring, inventory, and training personnel, acquiring equipment or supplies, managing tax obligations, handling payroll, and addressing other short-term operational expenses.
MSME Loan
MSME Loan
Provided to assist micro, small, and medium-scale entrepreneurs in meeting various business expenditures. These loans can be used to finance working capital, equipment purchases, and business expansion initiatives.
Supply Chain Finance
Supply Chain Finance
Provides flexible payment alternatives to both buyers and suppliers at competitive financing rates, ensuring efficient business operations.
Startup Business Loan
Startup Business Loan
Created to help raise capital and support business development. It can cover startup expenses such as purchasing resources and equipment, covering marketing costs, or developing new products. It's particularly helpful for startups that may not have an extensive credit history, with loan amounts, tenure, and interest rates determined based on the borrower's creditworthiness and turnover.
Trade Finance
Trade Finance
Facilitates trading activities and associated costs, encompassing a variety of financial instruments like letters of credit, invoice factoring, and export credit insurance.
GST Business Loan
GST Business Loan
Offered to business owners based on their GST returns, with the loan amount determined appropriately. This financing is specifically designed to help businesses manage their Goods and Services Tax (GST) payments effectively.
Shop Loan
Shop Loan
Tailored specifically to assist small retail businesses, such as shops, boutiques, and convenience stores, in financing their operations and facilitating growth. These loans can be used for working capital, inventory procurement, equipment upgrades, and marketing expenses.
Loan Without Financials
Loan Without Financials
Intended for businesses that face challenges in providing traditional financial documentation, such as startups, small businesses, or those with limited credit histories. It doesn't mandate the provision of detailed financial statements or documentation. Note that the availability of this loan may vary depending on the business location.
Loan Without Financials
Business Loan for Women
Specifically designed to assist women entrepreneurs in launching or expanding their businesses. These loans may be offered to women-owned businesses of all sizes and stages of development.

Features and Benefits of Business Loans in Chennai

If you need financial support to expand your business in Chennai, Shriram Finance is an excellent choice for a hassle-free business loan. Key benefits include:

Online EMI Calculator

Online EMI Calculator

Accurately calculate your monthly payments with our easy-to-use online EMI Calculator.
Loans starting from Rs. 1 lakh*

Loans starting from Rs. 1 lakh*

Manage your business expenses with loans starting from Rs. 1 lakh*.
Secured & Unsecured Loans

Secured & Unsecured Loans

Shriram Finance offers both secured and unsecured business loan options, depending on your business location. Get an unsecured business loan at an interest rate of 12%*p.a. and secured business loan at 10%* p.a.
Quick Loan & Approvals

Quick Loan & Approvals

Expect a fast loan approval process to ensure your business needs are met on time. The approval time is about 2- 3 business days, based on the reliability of the information provided, meeting the requirements, and submission of the necessary documents.
Flexible Loan Tenure

Flexible Loan Tenure

Choose from a range of flexible tenure options. Secured Loans start from 12 – 84 months, and unsecured business loans range from 12 to 48 months.
Hassle-free Online Process

Hassle-free Online Process

Apply for your loan and get it approved online in a few simple steps.

Business Loan Interest Rates and Charges in Chennai

Interest rates for Shriram Finance business loans in Chennai start from 10%* p.a. For detailed information on interest rates and all applicable fees and charges, please consult the details on our website or contact our branch representatives in Chennai.

Type of Fees Applicable Charges
Interest RateCustomised interest rates starting from 10%* p.a.
Processing FeesUp to 5%*
Late Payment Fees36%* p.a on the Overdue Amount
Foreclosure ChargesUp to 4%*

How to Use the Business Loan EMI Calculator

STEP 01

Required loan amount

₹

STEP 02

Interest rate

%

Min 10%

Max 30%

STEP 03

Loan tenure
months

Min 12 months

Max 84 months

Loan Summary

loangraph

Loan

Loan Amount

₹ 1,00,000

Interest Payable

₹ 39,450

Monthly EMI

₹ 1,660

Eligibility and Documentation Criteria for Business Loans in Chennai

Eligibility and Documentation Criteria for Business Loans in Chennai

  • Individual IconEligible Applicants:
    • Partnership firms
    • Sole Proprietorships
    • Private Limited Companies
    • Public Limited Companies
    • Limited Liability Partnerships (LLPs)
  • Individual IconEligibility Requirements:
    • Age: Applicants should be between 21 years to 65 years old (with loan maturity not exceeding 65 years).
    • Professional Profile: Self-employed individuals, business owners, or proprietors must demonstrate a minimum of 3 years of business experience.
  • Individual IconRequired Documents:
    • Six-month bank statement
    • Proof of business registration
    • Business PAN card
    • Applicant's PAN card
    • Recent photograph

Step-by-Step Application Process for Business Loans in Chennai

Applying for a Shriram Business Loan in Chennai is a 5-step process:

How To Apply

  • Step 1

    Register using your mobile number

  • Step 2

    Enter loan details

  • Step 3

    Enter business details

  • Step 4

    Receive a verification call from us

  • Step 5

    Get your loan disbursed

Unsecured Business Loans in Chennai

Shriram Finance has come up with an ideal solution for young and growing businesses in Chennai with our unsecured business loan that requires no collateral. An unsecured business loan does not require you to pledge any of your assets to get financing. With Shriram Finance, you can get an unsecured business loan starting from Rs. 1 lakh. Shriram Finance offers unsecured business loans with flexible repayment tenures and affordable interest rates. Applying for an unsecured business loan with Shriram Finance is a hassle-free and easy online process. These loans are beneficial because no collateral is required, the approval process is quicker and easier, and they come with better credit terms. To be eligible for an unsecured business loan from Shriram Finance, your business should have been operational for at least 3 years, and you must provide all the required documentation. An unsecured business loan is offered to business owners based on the fulfilment of eligibility criteria.

Our Business Loan Branches in Chennai

Shriram Finance has multiple branches across Chennai, making it convenient for customers to apply and manage their loans. Key locations include:

Locate Us

or

  • ANDAMAN AND NICOBAR ISLANDS
  • ANDHRA PRADESH
  • ASSAM
  • BIHAR
  • CHANDIGARH
  • CHHATTISGARH
  • DADRA AND NAGAR HAVELI
  • DELHI
  • GOA
  • GUJARAT
  • HARYANA
  • HIMACHAL PRADESH
  • JAMMU AND KASHMIR
  • JHARKHAND
  • KARNATAKA
  • KERALA
  • Karnataka
  • MADHYA PRADESH
  • MAHARASHTRA
  • MANIPUR
  • MEGHALAYA
  • Madhya Pradesh
  • Maharashtra
  • ODISHA
  • PUDUCHERRY
  • PUNJAB
  • RAJASTHAN
  • SIKKIM
  • TAMIL NADU
  • TELANGANA
  • TRIPURA
  • Tamil Nadu
  • Telangana
  • UTTAR PRADESH
  • UTTARAKHAND
  • WEST BENGAL

Business Loan Customer Care in Chennai

For any inquiries or assistance regarding a business loan in Chennai, Shriram Finance offers dedicated customer care services. You can reach out via phone or visit any branch for personalised support. Contact details and branch addresses can be found on our website.

Toll Free

Business Loan Status in Chennai

To check the status of your business loan application in Chennai, visit our website and enter your application reference number. You can also contact customer care for real-time updates on your loan processing status.

Business Loans in Major Cities

Business Loan in Chennai
Business Loan in Mumbai
Business Loan in Pune
Business Loan in Indore

Business Loan FAQs

Who is eligible for a business loan in Chennai?

Partnership firms, Proprietorship firms, Pvt Ltd companies, Public Ltd companies, and LLPs are eligible to apply for a business loan. The applicant should be between 21 years to 65 years old (with age at loan maturity not exceeding 65 years). Self-employed individuals, business owners, or proprietors with a minimum of 3 years of business experience are also eligible.

What is the interest rate on a business loan in Chennai?

The interest rate for Shriram Business Loan starts from 10%* p.a. For detailed information on interest rates and applicable fees/charges, please refer to their interest rate and charges section above.

How much loan can I get for my business in Chennai?

Shriram Finance provides business loans starting from Rs.1 lakh*. The maximum loan amount depends on your business's needs and eligibility

Can I apply for a business loan in Chennai?

Yes, you can apply for a business loan in Chennai. Applying for a business loan with Shriram Finance is very easy. You can apply online or visit a branch.

What is the maximum loan tenure for a business loan in Chennai?

You can choose a loan tenure from 12 to 48 months for unsecured business loans and 12 – 84 months for secured business loans.

What is the processing time for a business loan in Chennai?

The loan approval time is approximately 2- 3 business days. This is dependent on the credibility of the information furnished, fulfilment of the eligibility criteria, and submission of relevant documents.

What is the eligibility for a startup business loan in Chennai?

For a startup business loan in Chennai from Shriram Finance, the eligibility criteria are generally the same as for a regular business loan.

What is the minimum interest rate for a business loan in Chennai?

The minimum interest rate starts from 10%* p.a.

Disclaimer

The information provided in this guide is for educational purposes only and should not be considered financial advice. Always consult with a financial advisor before making investment decisions related to fixed deposits or any other financial products.