Often known as the “Global City of the Future”, the city of Vijayawada has been seeing great economic growth. It ranks third among the world’s largest and most populous cities. It also is one of India’s most rapidly growing markets. Since it is located at the heart of the upstate, Vijayawada is also of significant geographic importance to Andhra Pradesh. Its location has been very beneficial to the booming businesses. The city also happens to be one of the fastest-growing economies in the country. The city's economy is fueled by a variety of various industries, including construction, education, food processing, tourism, and hospitality. What benefits can you expect from starting your own business? The high population and diverse industry make Vijayawada one of the top locations for trade and business. Vijayawada has won numerous awards for serving as Andhra Pradesh's media, political, and economic hub.
Why should you start a business in Vijayawada?
1. Export and Trade
Vijayawada is a great place for export and trade. In Vijayawada, there is a lot of potential for exporting and selling both industrial and agricultural items. One of the biggest mango markets in Asia is the Nunna Mango Market. Therefore, you have the option of exporting mangoes to other Indian cities. You can set your trade or export business and expand it by opting for business loans.
2. Real Estate
A growing population and an economy make way for a successful real estate enterprise. Just by mastering a few strategies, you can become wealthy in the industry. Therefore, a city like Vijayawada is a good location for booming businesses.
In a city like Vijayawada, you can easily plan for any business as there is a great opportunity to make revenue with a small investment. Because of the high density of the city’s population, there will always be a demand for certain goods and services. Therefore, in order to find the right loan to grow your business, there are various unsecured loans in Andhra Pradesh including Vijayawada.
Who is eligible for a Business Loans in Vijayawada?
Businesses that plan on expanding and creating more revenue for themselves should consider an unsecured business loan. There are various unsecured loans in Andhra Pradesh including Vijayawada. You may choose to avail a loan from banks or financial institutions such as NBFCs to apply for a loan. In order to do so, you must meet the following criteria:
• Applicants must be between the ages of 25 and 55
• Applicants' businesses must be older than three years
• They must have submitted income tax returns for the business for at least one year.
• Applicants must have a credit score of 750 or higher
• The applicant must not have any past record of loan default in their or the business name.
Many financial lenders provide hassle-free and quick unsecured business loans in Andhra Pradesh. Depending upon your needs, you may choose a business loan that suits you the best. If you qualify for the above-mentioned criteria, you qualify for business loans in Vijayawada.
The next step is to have all the necessary documents ready to apply for unsecured loans in Andhra Pradesh. Depending on which financial institution you go to, the list of documents may vary. For NBFCs such as HFS, the list of documents is not a lot and it makes the process quick and convenient.
Documents Required for Business Loans in Vijayawada
● ID Proof - PAN, Aadhaar
● Address Proof - Ration Card, Electricity bill
● Proof of Continuity of Business
● Bank statements for the last six months
● Board Resolution
● ITR & Statement of Computation of Income for the last 2 years
● CA Certified or Audited profit and loss account statement and for greater than 40 Lakhs cases audit report along with schedules of profit and loss sheet and balance sheet for last 2 years
● Latest ITR of Co-Applicants – For the last 2 years
● Ownership Proof of Residence or Office
How to apply for a business loan?
There are many ways to apply for business loans in Vijayawada, depending upon the lender you choose to visit. With lenders such as HFS, the process is simplified. You can apply online and fill in the required details about your business. Once you run a credit score check, you will know if you are eligible for a loan. The higher the credit score, the better the chances of you landing a loan. You can receive loans up to 25 Lakh quickly and hassle-free. To avail business loans in Vijayawada you also do not need to pledge securities or provide collateral. You can track your application progress on the website to keep up with your loan.
Apply for Business Loan .