What paperwork and KYC process is involved?
Kinara offers the flexibility to substitute certain documents for others, subject to availability. The basic requirement is your PAN. Other than that, you will be required to provide certain personal and business details and documents to complete the KYC process. Some documents that would be required are your Aadhaar Card, Udyam registration number, Business registration proof, GST certificate and 12 months’ bank statements.
Will my machine be hypothecated if I apply for a machinery loan?
Yes, the machine is hypothecated for the issuance of an asset purchase loan. This means that while the machine will be entirely under your ownership, and Kinara will not collect any ownership documents for it, in case of a default, your machine might be seized.
Why should I apply for an asset purchase loan?
The asset purchase loan is a form of business loan that assists business owners in obtaining the necessary equipment finance to purchase the machinery/equipment needed to streamline their operations and scale up production. Increased production will result in better performance, which will boost sales and revenue.
Are there special documents required for HerVikas business loans for women?
Documentation requirements for women entrepreneurs’ loans are the same as our loan process for other loans, we don’t require any additional documentation. There are a few criteria that you will have to fit into to apply for a collateral free loan for women-owned businesses from Kinara capital. Check your eligibility here
Can I apply for a second working capital loan if I need funds again?
Once you successfully repay nine months of the repayment cycle of your existing loan, you can apply again. When you need funds, you can apply online for new loans and receive funds in your bank account within 24 hours.
How have Kinara customers grown?
Our customers report a 20-25% income growth with the help of the unsecured loans issued to them. They have also created and sustained jobs, and fortified local economies.
Is Kinara Capital registered with/regulated by the RBI?
Like all NBFCs, Kinara Capital is regulated by the Reserve Bank of India (RBI) under the Reserve Bank of India Act. The RBI recognizes Kinara Capital as a Systemically Important NBFC.
Why Should MSMEs take a loan from Kinara Capital?
With a fully digital process, we can disburse loans within 24-hours. We have a hassle free and transparent process to provide you support in your regional language during the entire process. Kinara Capital is an RBI registered company and we have successfully disbursed more than 35,000 business loans to various MSMEs.
What is the tenure and interest rate?
Kinara Capital offers working capital term loan for business growth with a tenure ranging from 12 months to 60 months. The interest rate you can expect on a working capital loan is 21-28% PA on a reducing rate basis.
What does reducing rate of interest mean?
A reducing rate of interest means that the repayments made for a loan are taken into consideration when calculating the amount of interest to be paid on each installment. The interest amount you will pay will be calculated based on the outstanding loan amount, rather than the principal amount that was disbursed. So your interest amount will steadily reduce as you keep making repayments on your loan.’