Business loans in Rajasthan!

The word Rajasthan stands for “The Abode of Rajas” which was previously known as Rajputana. The state consists of a rich heritage embellished with the beauty of the forts and palaces.

Indeed, every city of this immensely important state receives mass tourist attraction from around the world.

Recently, the automobile industry has expanded quickly, making Rajasthan the nation's main centre for auto production. Alwar, Bhiwadi, and Jaipur districts operate nearly 100 units and a unique Auto & Engineering Zone has also been created in Bhiwadi.

India's largest cement manufacturer is located in Rajasthan. Rajasthan produces nearly 15% of India's cement, with an annual capacity of around 13 million tons.

Moreover, the agriculture sector is the mainstay of the economy of Rajasthan with 20 million hectares of cultivable land. In this article you will learn more about the business opportunities in Rajasthan and where you can acquire credit to commence a business.

Why do you need a business loan?

Commencing a new business might take a lot of work for some people. One of the initial tasks is to apply for a business loan. Small business loans are becoming widespread and frequently seen as the first step in launching a new company.

The business loan is the most common financing in the contemporary corporate environment. These loans are simple to obtain and offer many advantages that make them the ideal choice for most firms, including flexible repayment choices, low-interest rates, and more.

Also the latest developments in business landscape of the country are making way to hassle free lending to the borrower. With protocols like OCEN (Open Credit Enablement Network), it is easier than ever for MSME borrowers to have credit access. Learn more about OCEN and how it is changing the finance game here.

Given the selection, selecting the appropriate loan for your company might be challenging. As a result, you must see a financial counsellor for assistance to help you establish how much capital you need and what kind.

This content will guide you through the various banks and NBFCs available in Rajasthan to commence your business.

Reasons you should take a business loan in Rajasthan:

There are numerous reasons why individuals can opt for a business loan in Rajasthan. Let’s list all the reasons below:

Currently 58 out of 79 varieties of minerals are being exploited in Rajasthan. As it is a mineral rich state, if you are looking to commence business in this sector or expand the current one then you can opt for a business loan.

In the Pathredi Industrial Area, a special Auto & Engineering Zone has been created, and a second special zone is in the works. So, commencing a business in the Automobile sector is a lucrative option.

Being the largest producer of cement in India, you can opt for a business loan while starting business in the cement industry.

Rajasthan is the largest producer of seed spices, oilseeds, gram, pulses, soybean, and so on. So, if you commence or expand business in the agriculture sector opting for a business credit is a good option.

Being a popular tourist destination, starting a tourism business is one of the most profitable options in Rajasthan. Hence, individuals can take a business loan for it.

Top 5 Banks and NBFCs offering loan in Rajasthan:

Axis Bank:

For any manufacturer, retailer, trader, or business owner, liquidity is essential to operating any business. Meeting escalating corporate demands, however, also isn't a given. The bank offers simple EMI-based repayment solutions for secured credits without collateral.

Major highlights:

Loan eligibility: Business must have a work history of three years.

Loan amount: Loan ranging from INR 50,000 to INR 50 Lac.

Loan tenure: The maximum repayment period is 15 years.

IDFC First Bank:

It is a reputable bank that offers loans for companies, enabling you to purchase equipment, enhance operations, or satisfy any other requirements your firm may have. You should be informed that if you borrow money from IDFC Bank, you'll have to pay it back in a certain number of equal monthly instalments.

A cibil score of at least 750 is also necessary for business loans, just like it is for most other types of loans, and it is one of the most important factors in ensuring IDFC First Bank approval.

Major highlights:

Loan eligibility: The Business Instalment Loans program, which is open to businesses, professionals, and non-professionals.

Loan amount: You can take a loan of 1 Lac to 9 Lac.

Loan tenure: The loan repayment period is a maximum of four years.

By now if you are inspired to take action and start your own business then we suggest this article on MSMEs, covering each and every aspect of it. Get ahead of the game. Click here to read.

IndusInd Bank:

Mumbai serves as the country's financial services provider, IndusInd Bank Limited (Maharashtra). The bank provides goods and services for transactional, commercial, and electronic banking. The Bank is a firm believer in using technology to advance its operations.

It has clearing bank credentials for the country's two biggest stock exchanges, the BSE and NSE, as well as the three biggest commodity exchanges, MCX, NCDEX, and NMCE. On April 1, 2013, IndusInd Bank was added to the NIFTY 50 benchmark index.

Major highlights:

Loan eligibility: Rs.1 crore in the most recent fiscal year and 3 years' worth of audited financials.

Loan amount: A maximum loan amount of 50 Lakhs.

Loan tenure: Repayment period of 60 months is available.

HDFC Bank:

Indian banking and financial services provider HDFC Bank Limited, often known as HDB, is based in Mumbai. As of April 2021, it was the largest private sector bank in India by assets and the tenth largest bank in the world by market capitalization.

With a $127.16 billion market capitalization on the Indian stock exchanges, it is the third-largest firm overall. With little under 150,000 workers, it ranks as India's fifteenth largest employer.

Major highlights:

Loan eligibility: Work history of three years is required.

Loan amount: A maximum loan amount of 40 lakhs can be disbursed.

Loan tenure: It offers a repayment period of 12 months to 48 months.

SBI Bank:

With more than 24000 bank branches and more than 59000 ATMs spread out over the nation, SBI is one of India's largest public sector banks. Their main motive for offering business loans in West Bengal is to support all small businesses. SBI wants all small businesses to create their current and fixed assets.

Major highlights:

Loan eligibility: Self-employed people, professionals, and business owners are eligible for this loan.

Loan amount: A loan of 10 lakhs to 52 lakhs to MSMEs.

Loan tenure: The repayment period of loan varies from five to fifteen years.

Thus, to commence or either to expand your business you can take credit from the aforementioned banks and NBFCs. However, we put forth OneNDF, which is one of the best credit lending marketplaces for Small and medium businesses connecting SMEs to the leading banks for their credit requirements. Just like OneNDF, a revolution in the financial landscapevhas been quietly brewing over the last two years; Account Aggregator Framework. Click here to know more the next game-changing financial technology solution.

FAQs:

Name some of the major businesses of Rajasthan?

Textile, Tourism, Automobiles and so on.

What is the repayment tenure for an SME loan by SBI Bank?

60 months is the repayment period.