Bengaluru, as it is now called from the old Bangalore, has earned many epithets – the Garden City of India and the Indian Silicon Valley, to name a few. But the latest in the pantheon is the Startup Capital of India. Little known, this capital city of the state of Karnataka in south India has also emerged as the education hub of the country. All these have drawn professionals, entrepreneurs, and students to the city, which has transformed the city into a cosmopolitan cauldron with business opportunities galore. With the rapid rise of entrepreneurship, the avenues for a business loan in Bangalore is wide open for the enterprising.
What makes Bangalore a destination for business?
The salubrious pleasant climate, ease of doing business and the enterprise of qualified professionals who throng to the city have transformed it into the biggest software exporters and the largest out-sourcing destination in the country. No wonder it is also the vibrant startup hub making India the third-largest country in terms of startup numbers. Economic stability and an encouraging eco-system facilitate extensive business and investment opportunities in the city. One of the fastest-growing cities in the country, Bangalore is home to highly profitable businesses that specialize in R&D, Software Production and Electronics.
Reasons for startups thriving in Bangalore:
Riding on several factors that have made Bangalore conducive to the business fraternity, it is the city which first put India on the global map due to its thriving software companies. Let us check the driving forces:
Business loan in Bangalore:
It is quite evident that Bangalore is a commercially vibrant city that offers a rich breeding ground for business opportunities. It is true either way for the borrowers, and the lenders as the relationship are symbiotic. The biggest force driving this transformation has been the software industry which has given rise to related enterprises like malls, recreational facilities, food options, to name a few. Thus, a business loan in Bangalore is a lucrative option for the lenders, right from Banks, NBFC. Fintech companies, Venture Capitalists and Angel Investors.
Features and benefits of Business Loan in Bangalore:
Every lender has its set norms for startup loans in Bangalore. Yet the ease, innovative, tailored products and customer friendly approach of Fintechs make them eminently attractive as lenders. Let us check out the features and benefits accrued from such a Fintech business loan.
Eligibility criteria for a business loan in Bangalore:
Seeking loans from a Fintech has many pros as compared to traditional Banks. For one, Fintechs are precise and time-bound while banks indulge in longer elaborate processes. Let us check out what Fintech looks for in the borrower.
|Term Loan||Manufacturer||3 years of operations|
|Trader||Annual turnover Rs.1C|
|Online Seller Finance||E-commerce||6 months partnership|
|Quarterly sales Rs.75K|
|B2C||12 months of operation|
|Quarterly sales Rs.75K|
|Merchant Cash Advance||Merchant||12 months of operation|
|Retail Store||Annual turnover Rs.20L|
|Restaurant||Card acceptance 6 months|
|Supply Chain finance||Manufacturer||2 Years operations|
|3 months customer vintage|
|Enterprises||Annual turnover Rs.1C|
The ownership pattern of enterprises needs to be any of the following for being eligible for a business loan in Bangalore:
Documents required for Business Loan in Bangalore:
As understood, Fintech companies seek only bare essential documents as they also rely on data analysis for evaluating loan proposals. Accordingly, the summary of documents:
As a city, Bengaluru has a lot going for it. Rightly considered to be the startup hub of the country due to its many acquired characteristics, it lives up to its status in more ways than one. You also stand the best chance for a startup loan in Bangalore because of the eco-system that feeds enterprise in the city. Several measures like a renewal of licenses every ten years, online registration of startups, vibrant IT clusters and skilled labor pool makes Bengaluru the Mecca of startups in India.
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