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Business Loan Eligibility And Documents

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

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

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.

To meet business loan eligibility, an applicant’s age must be between 25 - 65 years.

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. 

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 

 

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