Famously known as the nation’s ‘IT Capital’, Bengaluru is one of the fastest-growing cities in India. The presence of extensive investment opportunities, economic stability and facilities in the city make it ideal for businesses to flourish.
As an entrepreneur, you might want to expand your business in this bustling metropolis. Whatever your requirements may be, business finance offers you the necessary financial assistance to ensure smooth operations. However, you must be aware of your eligibility before you apply for a loan.
Let’s take a look at the eligibility criteria for getting a business loan in Bangalore.
Business loan eligibility criteria
Business credit facilities are readily available for various kinds of companies, including partnership firms, closely-held public limited companies, trusts, sole proprietorship, private limited companies, societies, nursing homes, hospitals, pathological labs and diagnostic centres.
The eligibility criteria may slightly differ in the case of different lenders. Still, most of the conditions are similar. At Tata Capital, you must fulfil the business loan eligibility criteria given as under:
- Business turnover: Your business turnover must display an upward trend.
- Age limit: You must be between 21 and 65 years old to apply.
- Credit score: You must have a good CIBIL score of 700 or more.
- Profitability: You must own a business that has been profitable for at least three successive financial years.
- You need to furnish a balance sheet of your company audited by a registered Chartered Accountant (CA).
Additional Read: What is the Eligibility to Get GST Business Loan?
Documents required for business finance
In addition to satisfying the eligibility for business loan in Bengaluru, you need to submit the following documents for availing of a loan:
- Photo identity proof – a copy of your Voter ID/Aadhaar Card/Passport/Driving License
- A duly filed loan application with affixed passport-sized photographs
- KYC documents of the company – Memorandum and Articles of Association, Registration of Incorporation
- Bank statements – a copy of certified statements of your company for the past six months
- Business proof – a certified copy of sole proprietorship declaration or partnership deed agreement, sales tax/trade license/establishment certificate and ownership papers
- Your KYC documents (PAN Card)
- Income proof – balance sheet audited by a registered CA, Income Tax Returns (ITRs) and computation for the past two years, Profit/Loss (P/L) statement for the last two years
- A report with comprehensive information about how you will use the loan
Additional Read: How to Submit Your Business Loan Documents like a Pro and Get Them Approved?
Over to you
Well, now you know about loan eligibility and documentation formalities. Once you meet these prerequisites, you can apply for a loan with Tata Capital. Our tailor-made loans can help you infuse funds into your company to maintain inventory, install machinery and equipment, expansion, cultivating cash flow, etc.
With our business loan interest ratesstarting at just 19%, you can get a loan amount as high as Rs. 75 lakhs without pledging any security. Moreover, our structured EMI plans allow you to comfortably repay the loan for a tenure ranging from 12-36 months.