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Business Loan in Salem
Salem continues to witness remarkable business growth across sectors. Shriram Finance empowers local businesses with comprehensive loan solutions designed for various business needs. Access to timely capital proves essential for business growth, operational efficiency, and expansion plans. Shriram Finance offers business loans starting from Rs.1 lakh*, with competitive interest rates beginning at 10%* p.a.. The loan amounts are customised to match diverse business requirements, from working capital management to business expansion. With minimal documentation requirements and swift processing, Shriram Finance provides both secured and unsecured business loans. The flexible repayment terms extend up to 84 months, ensuring comfortable financial management for businesses.
Business Loan Types in Salem
Shriram Finance offers an extensive portfolio of secured and unsecured business loans tailored to diverse business requirements. The comprehensive range includes:
Features and Benefits of Business Loans in Salem
If you need financial aid to expand and grow your business, Shriram Finance is an ideal choice for availing a hassle-free business loan. Benefits include:
Online EMI Calculator
Loans starting from Rs. 1 lakh*
Secured & Unsecured Loans
Quick Loan & Approvals
Flexible Loan Tenure
Hassle-free Online Process
Business Loan Interest Rates and Charges in Salem
Interest rates for Shriram Finance business loans start from 10%* p.a. For detailed information on interest rates and applicable fees/charges, refer to the details below.
| Type of Fees | Applicable Charges |
|---|---|
| Interest Rate | Customised interest rates starting from 10%* p.a. |
| Processing Fees | Up to 5%* |
| Late Payment Fees | 36%* p.a on the Overdue Amount |
| Foreclosure Charges | Up 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
Min 12 months
Max 84 months
Loan Summary
Loan
Loan Amount
₹ 1,00,000
Interest Payable
₹ 39,450
Monthly EMI
₹ 1,660
Eligibility and Documentation Criteria for Business Loans in Salem
Eligibility and Documentation Criteria for Business Loans in Salem
Who can apply?- Partnership firms
- Proprietorship firms
- Pvt ltd companies
- Public Ltd companies
- LLPs
Eligibility Criteria- Age: 21 years to 65 years (Age at loan maturity should not exceed 65 years)
- Occupation: Self-employed individuals, business owners, or proprietors with a minimum of 3 years of business experience.
Documents Required:- Bank statement (6 months)
- Business registration proof
- Business PAN
- Applicant PAN
- Selfie Photograph
Step-by-Step Application Process for Business Loans in Salem
Applying for Shriram Business Loan is a 5-step process:
Step 1
Register using your mobile numberStep 2
Enter loan detailsStep 3
Enter business detailsStep 4
Receive a verification call from usStep 5
Get your loan disbursed
Unsecured Business Loans in Salem
For emerging enterprises in Salem, Shriram Finance extends unsecured business loans that eliminate the need for asset collateral. Starting at Rs. 1 lakh*, these loans support business growth without requiring property or assets as security. The straightforward online application process makes accessing funds convenient for qualified businesses. To qualify, enterprises must demonstrate a minimum of 3 years of operation and submit the necessary documentation. The loan approval process is expedited compared to traditional secured loans, featuring competitive interest rates and adaptable repayment schedules. Business owners should note that loan availability depends on location-specific criteria and eligibility requirements.
Our Business Loan Branches in Salem
Shriram Finance provides business loan services through its branch network in Salem, making it convenient for customers to apply and manage their loans. Key locations include:
Locate Us
Business Loan Customer Care in Salem
For business loan queries in Salem, you can connect with Shriram Finance's customer support team through phone assistance or visit a branch for detailed guidance.
Business Loan Status in Salem
Loan application status can be checked through the Shriram Finance website using the application reference number. The customer care team remains available for immediate updates regarding loan processing. Shriram Finance delivers a streamlined borrowing experience aligned with local business requirements in Salem.
Business Loans in Major Cities
Business Loan FAQs
Who is eligible for a business loan in Salem?
Eligible entities encompass Partnership firms, Proprietorship firms, Pvt Ltd companies, Public Ltd companies, and LLPs. Applicants' age should range between 21 years to 65 years (not exceeding 65 years at loan maturity). Self-employed individuals, business owners, and proprietors with minimum 3 years of business experience qualify.
What is the interest rate on a business loan in Salem?
Shriram Business Loan rates begin at 10%* p.a. Full details regarding interest rates and applicable fees/charges are available in the interest rate and charges section above.
How much loan can I get for my business in Salem?
Business loans from Shriram Finance start at Rs.1 lakh*. The maximum amount depends on business requirements and eligibility assessment.
Can I apply for a business loan in Salem?
Business loan applications in Salem are accepted through online channels or branch visits at Shriram Finance.
What is the maximum loan tenure for a business loan in Salem?
Loan tenure ranges 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 Salem?
Loan approval takes approximately 2- 3 business days, subject to information credibility, eligibility criteria fulfilment, and document submission.
What is the eligibility for a startup business loan in Salem?
Startup business loan eligibility through Shriram Finance follows standard business loan criteria.
What is the minimum interest rate for a business loan in Salem?
Interest rates commence at 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.