Rapid technological advancements, an expanding working population, rising incomes, and a growing desire for convenience have increased the demand for food deliveries and takeout meals. Food entrepreneurs are tapping into this opportunity by launching cloud kitchen businesses—virtual startups that require minimal investment. Unlike restaurants, cloud kitchens focus solely on delivery and takeout, with no physical dining area.
Anyone can start a cloud kitchen; even better, you can get a startup business loan to cover your expenses. Today’s article will spill the beans on cloud kitchen business loans. So, keep reading!
Understanding the financial aspect of starting a cloud kitchen
Before applying for a business loan for cloud kitchen business, you must assess your cloud kitchen setup costs. It will help you determine how much money you can pay from your pocket and how much additional funding you may need. Here is an overview of the several possible expenses you may need to start a cloud kitchen and streamline its operations:
- Kitchen infrastructure
- Electricity and gas connection
- Government licenses
- Rent and security deposit (if no home setup)
- Branding, marketing, and promotional materials
- Food raw materials
- Packaging materials
- Employees
- Delivery partners
Without proper funding in the initial stages of the business, you may face operational difficulties, quality control issues, poor brand visibility, staffing challenges, and even the possibility of shutting down. A startup business loan can mitigate risks and support early-stage growth, laying a strong foundation for future success.
Best loan for startup business in India
You can secure a startup loan for new businesses through traditional banks, government schemes, and non-banking financial companies (NBFCs). Every approach presents its pros and cons. However, NBFC loans stand out due to benefits such as easy eligibility criteria, minimal documentation, competitive interest rates, no collateral requirement, online application, quick approval and disbursal, repayment flexibility, and high loan amounts.
If you want a cloud kitchen business loan through an NBFC, Manba Finance is one of the best choices available. The Manba Vyapar Loan has funded several small businesses, including cloud kitchen startups, without significant hassles. We offer collateral-free startup business loans between 75,000 to 10 lakhs for a maximum loan tenure of 48 months. The entire process is a seamless digital journey from loan application to document submission to loan disbursal. Moreover, we evaluate applicants’ profiles to offer customized loan solutions that best meet their needs.
Cloud kitchen startup business loan eligibility
While NBFCs do not have stringent eligibility criteria for business loans, there are specific basic requirements you must meet to improve your chances of securing the desired loan:
- You must be at least 25 years old when taking the loan and a maximum of 68 years old when repaying it in full.
- You can be a self-employed individual.
- Your cloud kitchen business can be a sole proprietorship or partnership firm.
- Your credit report should be free from derogatory items.
- Your cloud kitchen should have been operational for a minimum of three years.
- You should be able to present banking and cash flow statements.
How to get a loan for a cloud kitchen business?: Step-by-step application process
NBFC loan applications are straightforward, requiring minimal steps as illustrated below:
Step 1: Visit the small business loan page
First and foremost, go to the Manba Finance website and get a clear idea of their business loan features, eligibility, documentation, and application process. If you have any queries, read the FAQs section or contact customer support for discussion. Remember to read client testimonials and case study blogs to get first-hand information about the NBFC.
Step 2: Collect the required documentation
Once you choose your lending partner and check your startup business loan eligibility, you can gather the documents needed for the application. Manba Finance asks for only five papers, including:
- Any one proof of identity
- Any one proof of address
- Last 6 months’ bank statement
- Business existence proof
- Property ownership proof
Tip: Keep physical and digital copies of all the relevant documents ready.
Step 3: Use the Business Loan EMI calculator
Use the Business Loan EMI calculator to determine the loan amount you can comfortably repay. The Manba Vyapar Loan EMI Calculator is 100% free on our website.
Tip: Before taking a startup loan for a new business, get help from an experienced family member, friend, or colleague to help you chart out a loan repayment strategy. Alternatively, you can also discuss this with Manba Finance representatives.
Step 4: Fill out the online application form
Finally, click ‘Apply Now’ and complete the quick online form to get your business loan for cloud kitchen business. Initially, you only need to provide basic information, including your name, contact details, location, and CIBIL score. After the 1-minute system approval, you must complete other onboarding formalities, including document submission, E-sign agreement, and E-mandate formalities. We will review your application and disburse the loan amount within 4 days.
Tip: Improve your credit score, as that can positively affect your loan application success. Additionally, have a proper business plan in place, as lenders will likely trust you more if you’re well-prepared.
Ready to make your dream cloud kitchen a reality? Get your startup business loan today!
Whether you want to improve your kitchen equipment, extend your menu, hire employees, or add a new location, you can achieve all your business goals through a loan. If you’re worried about extensive documentation, strict eligibility criteria, collateral requirements, or lengthy approval processes, set those concerns aside because, with Manba Finance, you won’t face any of these challenges. Review the Manba Vyapar Loan for startup business in India and apply now! If you want to clarify any doubts, don’t hesitate to contact us today.
