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PERSONAL LOAN INTEREST RATES STARTING AT 10.99%
PERSONAL LOAN INTEREST RATES STARTING AT 13.50%
WEDDING LOAN FUNDING UP TO RS. 35 LAKHS
LOANS FOR MEDICAL NEEDS ON AN EMERGENCY BASIS
AVAIL TAX BENEFITS ON EDUCATION LOANS FOR HIGHER STUDIES
PERSONAL LOANS FOR ALL YOUR TRAVEL NEEDS
HOME RENOVATIONS LOANS FOR YOUR HOUSING NEEDS
HOME LOANS WITH INSTANT APPROVALS STARTING AT 8.95%
CUSTOMISED SOLUTIONS FOR HOME EXTENSION NEEDS WITH TENURE UP TO 30 YEARS
UNDER THE PRADHAN MANTRI AWAS YOJNA SCHEME, AVAIL INTEREST RATE SUBVENTION STARTING AT 4%
PERSONAL LOAN INTEREST RATES STARTING AT 10.99%
PERSONAL LOAN INTEREST RATES STARTING AT 13.50%
WEDDING LOAN FUNDING UP TO RS. 35 LAKHS
LOANS FOR MEDICAL NEEDS ON AN EMERGENCY BASIS
AVAIL TAX BENEFITS ON EDUCATION LOANS FOR HIGHER STUDIES
PERSONAL LOANS FOR ALL YOUR TRAVEL NEEDS
HOME RENOVATIONS LOANS FOR YOUR HOUSING NEEDS
HOME LOANS WITH INSTANT APPROVALS STARTING AT 8.95%
CUSTOMISED SOLUTIONS FOR HOME EXTENSION NEEDS WITH TENURE UP TO 30 YEARS
UNDER THE PRADHAN MANTRI AWAS YOJNA SCHEME, AVAIL INTEREST RATE SUBVENTION STARTING AT 4%
ONE STOP SHOP FOR BUSINESS FINANCING UP TO RS. 50 CRORES
LOAN AGAINST PROPERTY UP TO RS. 3 CRORES WITH FLEXIBLE LOAN TENURES
UNLOCK THE POWER OF YOUR INVESTMENTS WITH LOAN AGAINST SECURITIES UP TO RS. 20 CRORES
UNLOCK THE POWER OF YOUR INVESTMENTS WITH LOAN AGAINST SECURITIES UP TO RS. 20 CRORES
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Business Loan Eligibility And Documents
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Business loan eligibility criteria typically constitute age limit, income, business health, CIBIL score, balance sheet, and more. Financial institutions define the conditions to evaluate the customer's creditworthiness for availing and repaying the loan amount on time.
At Tata Capital, flexible business loan eligibility allows businesses to get loan amounts for extended tenures easily. Tata Capital business loan eligibility online by checking if they meet the following conditions.
Business Loan Eligibility for Self-Employed
Eligibility:
Your age should be between 25-65 years
Your business must be profitable for three consequent financial years
Your turnover must show an upward trend
Your balance sheet should be audited by a registered Chartered Accountant
Documents required for Business Loan
Photo Identity Proof
A duly filled business loan application with passport size photographs affixed, and a copy of your driving licenses/passport/Aadhar card/Voter ID.
Business Proof
A copy of your ownership papers, Establishment/ Trade License/Sales Tax Certificate, and a certified copy of Partnership Deed agreement or Sole Proprietorship declaration.
Income Proof
ITRs and computation for the last two years, balance sheet (audited by a registered CA), and P/L Profit/Loss statement for the past two years.
Bank Statements
A copy of company’s certified bank statements for the past six months
KYC Documents
A copy of your PAN Card, Registration of Incorporation, and Memorandum & Articles of Association documents.
How to Improve Business Loan Eligibility?
You can follow these tips and improve your Business Loan Eligibility –
Build a good CIBIL score: Try to manage a CIBIL score of more than 750.
Do away with past debts: Pay off any existing liabilities, loans, or pending credit card bills, on time. Try to maintain a spotless repayment history by avoiding defaulting on payments.
Try not to avail various loans simultaneously: Always apply for a business loan that is best suited to your financial requirements. Filing multiple loan applications affects your creditworthiness.
Opt for longer loan repayment tenure- Choose a longer loan tenure. It will enable you to repay comfortably over an extended period. Higher repayment tenure also reduces your EMI amounts.
What is the maximum Business Loan Amount you are eligible for?
The minimum and maximum business loan amounts depend on your business returns and eligibility. With Tata Capital, candidates can avail a maximum business loan amount up to Rs 75 lakhs. The minimum loan amount that candidates can apply for is Rs 5 lakhs.
EMI Calculator
A business loan EMI calculator allows you to understand the EMI amount you will be paying towards the interest payment and the principal payments over the entire business loan tenure. You can use the EMI calculator to figure out how much money you will pay monthly over a certain period to repay your loan completely. With the help of business loan EMI calculator, you can plan your monthly instalments and conveniently pay off the loan.
FAQ
What are the business loan eligibility criteria?
To avail a business loan, you must meet the following eligibility criteria –
You must be between 25 to 65 years of age
You must have a CIBIL score of 700 or above
You should own a business that must be profitable for three consecutive financial years
Your business turnover must show an upward trend
Your balance sheet must be audited by a registered Chartered Accountant
How does your income affect your business loan eligibility?
Before extending a business loan, lenders will want to ensure that your business is stable and growing, and brings you a steady flow of income. A positive cash inflow gives lenders the impression that you have a strong repayment capacity, making you a low-risk borrower.
Without a steady source of income, your business loan application might be turned down.
What is the minimum age required to apply for a business loan?
To meet business loan eligibility, an applicant’s age must be between 25 - 65 years.
What is the minimum salary required to apply for a business loan?
Since businessmen do not have a fixed salary, their loan eligibility is determined based on their enterprise’s turnover for the last three financial years.
What are the documents required for business loan?
The following business loan documents are required at the time of application -
Duly filled business loan application form with two passport-sized photographs
Copy of Photo Identity Proof documents – Voter ID/Passport/Driving License/Aadhaar Card
- Copy of certified bank statements for the last six months
- Documents of Business Proof – Trade License/Establishment/Sales Tax Certificate, Declaration of Sole Proprietorship or certified copy of the Partnership Deed, Income Tax Returns (ITR) with computation for the last two years, business ownership documents, P/L Profit/Loss statements and balance sheet for the last two years
How long do you have to have a business account to get a loan?
If you run a sole proprietorship, you can use a personal bank account for your business. However, for a corporation or limited liability company (LLC), you need to have a business account.
A business bank account is not mandatory for a loan. As per the business loan eligibility criteria, your business must be profitable for three consequent financial years.
Find the right loan for you
Are you an ambitious female entrepreneur with your sights set on financial independence? Spur business growth with Tata Capital’s Business Loans for Women. Designed exclusively for you, our loans are unsecured and available at competitive interest rates.
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Business Loan for Woman
Make an investment in your company’s future with updated and advanced machinery. Choose a Tata Capital Business Loan to buy machinery and experience enhanced productivity, improved quality, and an incredible ROI.
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Machinery Loan
Empower your business and nurture its growth with custom-built loans at Tata Capital. Our SME and MSME Loans offer timely and adequate financial support to your venture. Get a quick SME and MSME Loan at Tata Capital and propel your business to success.
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MSME Loan/SME Loan
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