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Tata Capital > Blog > Loan for Business > What is the Eligibility to Get GST Business Loan?

Loan for Business

What is the Eligibility to Get GST Business Loan?

What is the Eligibility to Get GST Business Loan?

It’s simple! If you wish to start or expand your business, you need funds. And, one of the most preferred ways of securing funds is by opting for a GST business loan.

Organisations avail of this type of business finance by showing their GST returns to the lending institution. Simply put, whether you are a micro, small, or medium enterprise, furnish your annual GST returns and voila, you receive funding for a variety of business operations.

GST business loan eligibility criteria

You must own any of the following business entities to apply for this type of loan:

  • Sole proprietorship firm
  • Partnership firm
  • Public limited company
  • Private limited company

In addition to these four categories, you can apply for GST business finance if you are a retailer, wholesaler, import or export trader, or a self-employed individual.

You also need to fulfil the following two conditions to be eligible for this business loan.

  • You must be running your business for at least one year before applying for the loan.
  • Your business must have total sales of Rs. 2,00,000.

Documents required for GST business finance

  • KYC documents such as PAN card, driving license, or Aadhar card.
  • Proof of residence: if you live in rented accommodation, then lease agreement otherwise property papers, driving license, voter ID card, Aadhar card, or passport.
  • Proof of business: GST registration certificate, business incorporation certificate, business PAN card.
  • Financial documents: Last 6 months bank account statements.

Additional Read: How to Submit Your Business Loan Documents like a Pro and Get Them Approved?

Why avail GST business finance?

You don’t need to pledge a collateral

Imagine receiving a substantial influx of capital without having to pledge any collateral. Since this type of loan is unsecured, it is not attached to any of your business assets, machinery or equipment. Besides, show your GST returns, and the lender will approve your loan depending on your turnover, creditworthiness, and repayment capability.

Comfortably meet your short and long-term business needs

If you want to gain cash flow for business expansion or daily operations, opt for GST business finance. You get a sizeable amount of funds for open-ended business purposes. What's more, you keep control of all your business decisions even after opting for GST business finance. This is not possible with Venture Capital or VC funding, where your investors have a say in the running of your business.

Additional Read: Short-Term Business Loans vs Long-Term Business Loans

Competitive interest rates

GST loans are available at attractive business loan interest rates. Besides, the rates are at an all-time low due to the ongoing pandemic. This means that now is perhaps the best time to get the loan to launch, expand, or keep your business running.

The bottom line

Are you looking to finance your business’s requirements with a trustworthy lender? If so, then your search ends at Tata Capital. A name to reckon with, we extend multifunction loans that further your business at lucrative interest rates, with relaxed business loan eligibility criteria, and flexible repayment terms.

To know more about your business finance offerings, visit our website or give us a call today!

Know your Eligibility
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