Citi Bank Business Loan Interest rates in Bhopal
| Up To 10,00,000 | 10,00,000 Above | |
|---|---|---|
| Manufacturer | 17.00% | 16.50% |
| Service Provider | 17.50% | 17.00% |
| Trader/Distributor | 17.50% | 17.00% |
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
Citi Bank Business Loan FAQ's
About Citi Bank
Citi bank offers broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management.
Citi Bank Highlights
About Other Banks
Bajaj Finserv
ICICI Bank
Axis Bank
HDFC Bank
Magma Fincorp
DHFL
Dcb Bank
IDBI Bank
IndusInd Bank
Kotak Mahindra Bank
RBL Bank
State Bank of India
Standard Chartered Bank
Avanse
LIC Housing Finance
Fullerton
TATA Capital
Credila
HDFC Limited
Aditya Birla Housing Finance
Capital First
Edelweiss
Indiabulls Housing Finance
Religare Finvest
Yes Bank
Canara Bank
Bank of Baroda
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 Bhopal
Bhopal is the capital of Indian state of Madhya pradesh. The city was the capital of the former Bhopal state. Bhopal is known as the city of lakes for its various natural as well as artificial lakes and is also one of the greenest cities in India. It is 17th largest city in the country. It is one of the important various institutions and installations in national level, and so many manufacturing industries are located.
The third Begum, Nawab Sultan Jahan, was one of the most able rulers of the state. Her son Nawab Hamidullah ascended the masnad (throne) in A.D. 1926, and was deeply involved in the political developments of his time. He had believed it imperative for the princes to remain united during Partition and advocated this strongly in his capacity as Chancellor of the Chamber of Princes.
Other Cities Loan Offers
Places To Be Visited In Bhopal
Moti Masjid
Moti Masjid of Bhopal bears a prominent resemblance to the Jama Masjid of New Delhi. Built by Sikandar Jahan, the daughter of Kudsia Begum, in 1860, this staggering mosque brilliantly displays the heights attained by Islamic art and architecture during the Nawabi era. Fabricated with red sandstone, the highly stylized structure of the mosque is typical of Muslim architecture. It has an arresting marble façade, with two red minarets crowned by golden spikes.
Upper and Lower Lakes
These lakes highly contribute towards beautifying the landscape of Bhopal and are credited as the artwork of Raja Bhoj. The Upper Lake is 6 sq. km. in area and is divided from the Lower Lake by an over bridge.
Laxmi Narayan Temple
Also known as Birla Temple, Laxmi Narayan temple was built by the Birlas and is commemorated to the Hindu deities, Laxmi & Vishnu. This sandy-yellow edifice, embellished with idols of many Hindu Gods and Goddesses, poses a magnificent sight. Birla Museum, adjoined to its precinct, is a storehouse of art and artifacts that date back to the 12th century.
Taj-ul Masjid
One of the largest and most beautiful mosques in India, Taj-ul-Masjid literally means 'The Crown of Mosques' and is an imposing landmark of Bhopal. Its pink façade, coroneted with white-domed minarets, soars to the skyline and stands as a stunning ovation to the rule of Begums in Bhopal. Its construction began under the regime of Shah Jehan Begum, but saw completion after her death. This striking monument is also used as a religious school (madarsa) during the day.
Shaukat Mahal
Shaukat Mahal exhibits Gothic and post-Renaissance architectural patterns and is a beautiful amalgamation of both oriental and occidental architectural styles. Thought to be designed by a Frenchman, it is strikingly different from the other Muslim monuments in its vicinity, especially with the triangular arches that adorn its roof. The white exterior of the building, carved with exquisite floral patterns, makes it stand out amongst all the antique monuments of Bhopal.
Sadar Manzil
Sadar Manzil is located near Shaukat Mahal and is an equally attractive site. Even today, the place highlights the bygone grandeur of the Nawabi era of Bhopal. It served as the hall of public audience of the erstwhile rulers of the place. Sultan Kaikhusrau Jahan Begum, daughter of Shah Jahan Begum, also used it as her private palace. Today, the building houses the headquarters of Bhopal Municipal Corporation.