Capital First Business Loan Interest rates in Nagpur
| Up To 10,00,000 | 10,00,000 Above | |
|---|---|---|
| Manufacturer | 18.50% | 18.00% |
| Service Provider | 19.00% | 18.50% |
| Trader/Distributor | 19.50% | 19.00% |
Features of Capital First Business Loan Nagpur
| Type | Features |
|---|---|
| Processing Fee | 1.99% |
| Pre Closure Charges | 4.0% |
| Part Payment Charges | Allowed |
| Min Tenure | 1 Years |
| Max Tenure | 3 Years |
| Min Age | 24 Years |
| Max Age | 60 Years |
| Min Loan Amount | Rs.5,00,000/- |
| Max Loan Amount | Rs.30,00,000/- |
Capital First Business Loan Nagpur Charges
| Type | Charges |
|---|
Documentation For Business Loan
For Proprietorship Firm
- Filled Application form
- Identity Proof (PAN CARD)
- Address Proof
- Last 2 years of Income Tax Documents
- VAT/CST/ST Registration copies (if any)
- 1 Passport Size colour Photographs
- 6 months Bank Statements
- Latest year business performance related documents.
- Other loansanction letters and their Track (If existed)
For Partnership Firm
- Filled Application Form
- Partnership deed
- Firm PAN Card & Address Proof
- All Partners Identity Proof
- All Partners Address Proof
- Last 2 years of Income Tax Documents
- Last 6 months of Bank Statements
- VAT/CST/ST Registration copies (if any)
- 1 Passport Size colour Photograph for applicant
- 6 months Bank Statements
- Latest year business performance related documents
Private Limited And Limited Companies
- Filled Application Form
- MOA/AOA and Incorporation certificate
- Commencement of operation (if it is a Public Ltd Company)
- Company PAN Card & Address Proof
- All Directors Identity Proof
- Last 2 years of Income Tax Documents
- Last 6 months of Bank Statements
- VAT/CST/ST Registration copies (if any)
- 1 Passport Size colour Photograph for applicant
- 6 months Bank Statements
- Latest year business performance related documents
- Other loansanction letters and their Track (If existed)
Identity Proof Of Partners/Directors
- Passport
- Driving License
- PAN card
- Photo credit card (with embossed Signature and last two months statement)
- Banker's sign verification
Age Proof Of Partners/Directors
- PAN Card
- Passport
- License
- School leaving certificate
- Voter card
- Birth Certificate
- LIC policy (only for age Proof)
Address Proof For Personal Loan
- Latest salary slip
- Current dated salary Certificate with latest form 16.
- Latest year IT Returns with Tax Audit reports(For Self Employed applicants)
Income Proof Of Partners/Directors
- Latest year IT Returns with Tax Audit reports(For Self Employed applicants)
Banking History For Business Loan
- Bank statements of latest 2 months
- 3 months bank passbook
Capital First Business Loan FAQ's
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Why Business Loans?
Owning a business is an exciting journey. When starting off there are many odds and ends to be met, once the business is set things will begin to takeoff. However nothing is possible in the business world without the right financing. Many business owners will review the financing options available to them, Business Loans are the best suitable for kind of your requirements.
As a business owner, your most difficult task is finding the money to operate your business. Taking the necessary steps to prepare for a small business loan can minimize the difficulty.
Learn what you need to know to clinch the loan deal.
You can get a loan for your business by proper preparation. The main requirements of attaining a business loan are your credit history, business plan, experience, education, and feasibility of the business you are expanding.
The most important task to obtain a business loan is to improve the business. Your business plan must answer the questions, a lending institution would ask for following.
The factors which will affect your business loan eligibility and rate of interest:
Interest rates
Rate of Interest will be based on bank/financial Institutions internal policies and terms. Generally Bank account conduct, reputation of the entity, repayment capability, credit history, Promoters Back ground and other credit related factors which can be evolve for Business Loans.
Tenor: from min of 12 months to Max of 48 months.
Interest Rate: from min 16(percent) to 22 (percent) .
Age: Min of 24 years to max of 55 years.
Repayment: Monthly EMI to be paid till the loan closure.
Repayment mode: By way of PDC, ECS or Standing Instructions.
Pre-Closure Charges: Will be applicable as per bank norms.
Expert Advice
Best Practices for Business Loan
Things not to do for Business Loan
Important points to be remember for Business Loans
Business Loans Vs Working Capital Facilities
| Business Loans | Working Capital Facilities |
|---|---|
| Generally Business Loan are small tenor unsecured loans offered by the bank based on the requirement, conduct and credit history of the entity. | Working Capital loans are related to business day to day operations, there is no limitation for the working capital facilities as per the entities financial performance and collateral capacity. |
| Business Loans are by nature it is a loan and need to repay the regular instalment till the loan will be cleared. | Working capital Facility is a facility you can avail the regular day to day transactions for your business purpose, generally WCF will be sanctioned for 12 months tenor. |
| Business Loans can be used for any related works, and there is no restriction for usage of funds. | WCF will be used only for business and business related purpose, there is a restriction on usage for facilities. |
| Business Loans will be only provide the fund based limits. | Working capital facilities can be sanctioned for fund based or non fund based requirement. |
| Only one type of facility can be availed from the Business Loans from the bank | Various types of facilities can be offered by the bank under WCF facilities. |
| Business Loans can be availed by small business owners. | WCF facilities can be availed by small business owner to big corporate. |
| Maximum tenor of loan is 48 months offered by the banks. | Maximum tenor will be 12 months based on the facility requirement. |
| Business Loans are costly than the WCF loans. Generally interest rates will be very from 18% to 21%. | WCF are relatively cheaper than the Business Loans. Generally interest rates will be vary 13% to 15% as per bank internal policy. |
| Minimum of 3 years vintage will be required for the business loans. | Min of 1 year vintage for calculation of eligibility will require for WCF. |
| Generally Business Loans will be used for unexpected requirement in business.. | WCF will be used for regular activities of business. |
| Loan disbursement will be max 7-15 days from the date of application. | Min of 15 days to max of 90 days will require for process the WCF request from the date of application. |
| Banks/Financial Institutions will prefer to provide the business loans to WCF customers. | Banks will prefer to take more collateral to fund the WCF. |
| Interest will be on total loan outstanding and will be calculated on monthly basis. | Interest will be calculated on daily basis outstanding and will be debited in account on monthly basis. |
About Nagpur
Nagpur is the winter capital and the third largest city of the Indian state of Maharashtra and largest city of central India. It has one of the highest literacy rate of 91.92% among all the urban agglomerations in India, and one of the proposed Smart Cities from Maharashtra. The main languages spoken here are Hindi and Marathi.
The present city was founded in the early 18th century by Bhakt Buland, a Gond prince of the kingdom of Deogad in the Chhindwara district. Seeing the advantage of civilized life in Delhi, he started to build Nagpur as his new capital. His successor Chand Sultan continued the work. On Chand Sultan's death in 1739, disputes regarding succession arose and Raghuji Bhonsle, the Maratha governor of Berar, helped to restore the elder son to the throne. As the dissentions continued, Raghuji Bhonsle again intervened in 1743, and the control of Nagpur slowly passed on from the Gonds to the Marathas. It became the capital of the Bhonsles.
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Places To Be Visited In Nagpur
Ramtek Fort Temple
Away from the city crowd, situated inside a fort on a hilltop, this temple is a source of rich mythological history. It is believed that Lord Rama took rest in this temple before leaving to conquer Lanka therefore making Lord Rama the main deity to be worshipped here.
The Seminary Hill
Seminary Hill is in Nagpur, and it is 6km away from the city. The hill is named after St. Charles’s seminary. The Japanese garden at the foothills and the Satpura Botanical garden
Maharajbagh Zoo
Maharajbagh Zoo is situated in the city’s center. Built on the gardens of the rulers of the 18th century. The zoo houses rare wild animals that are hardly found in other parts of the country. The botanical garden here is equally impressive. So is the herbal garden that gives you an insight into the curative powers of herbs.
Lonar Lake
Lonar Lake is the third largest natural salt-water lake in the world. The lake has also a dam of 1800 m. It comes after Bosmatvi Lake in Ghana, which has a diameter of 10000 m and New Cubec in Canada with a Dai of 3500 m.
Dragon palace Buddhist Temple
Dragon palace Buddhist Temple, which is also called as the ‘Lotus Temple of Nagpur’, would be a great source of inspiration for those who have a keen eye for architecture. Covering a sprawling 10 acre of land, the temple attracts you on your first sight.
Ambazari lake
The largest one of the 11 lakes in Nagpur, the Ambazari lake is situated near the southwest border of the city. This lake is the point from where the Nag river originates. The lake is surrounded by mango trees.