Chennai is one of the metro cities and a major industrial hub. Some of the industries include automobile, tourism, hardware, software etc.
Moreover, this city also boasts of a growing small and medium enterprises sector due to factors like skilled and literate workforce, low cost of living and special economic zones.
Consequently, an individual can easily start his or her own venture by availing business loans in Chennai from the government or private lenders.
For instance, under the Credit Linked Capital Subsidy for Technology Upgradation scheme, individuals can avail 15% subsidy on amounts up to Rs.1 crore for technology upgradation for their business.
Similarly, the Standup India scheme was introduced to encourage women and member of SC/ST to start their own business, provided they satisfy the eligibility requirements.
With MUDRA loans, business owners can avail a loan up to Rs.10 lakh by applying with one of the designated financial institutions, NBFCs, etc.
Additionally, PSB Loans in 59 minutes was introduced so that entrepreneurs and business owners can get approved for credit within 59 minutes if the applicants meet all the eligibility requirements and submit the right documents.
Apart from the above financing facilities, individuals can also opt for business loans that enable them to access substantial funding at an affordable interest rate. Moreover, they can also apply for loans that meet their specific funding requirements.
