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Business Loan Eligibility And Documents

  • Overview
  • Eligibility & Documentation
  • Fees & Charges
  • Calculators
  • EMI Options
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  • FAQs
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    • 1

    Business Loan Eligibility


    Eligibility:

    • You are eligible for the Business Loan if you are between 25-65 years of age

    • You should have a business that must be profitable for three consecutive financial years

    • Your turnover needs to show an upward trend

    • Your balance sheet must be audited by a registered Chartered Accountant


    Documentation:

    • These are the documents you will need to submit in order to apply for a Business Loan:

    • Duly filled application form
    • Company bank statements for the last six months

    • Income Tax Returns for the last two years
    • Balance sheet and Profit & Loss accounts for the last two years

    • KYC documents of the company including PAN Card, Registration of Incorporation, Partnership deed, Memorandum & Articles of Association

    • KYC documents of the business owners

    • A report detailing how the Business Loan will be used

    Documents required for Business Loan

    Photo Identity Proof

    Your Business Loan application form with passport size photographs along with a copy of your Voter ID /Passport/Driving License/ Aadhaar card

    Bank Statements

    A copy of your certified bank statements for the last six months

    Business Proof
    Trade License/Establishment/Sales Tax Certificate
    Ownership documents
    Sole Proprietorship Declaration or certified copy of Partnership Deed
    Income Tax Returns along with computation for the last two years
    P/L Profit/Loss statement and balance sheet for the last two years
     

    What’s the maximum amount of Business Loan you can avail?

    The maximum amount of a Business Loan depends on your eligibility and your business returns. You can get up to ₹ 75 lakhs.  

    EMI Calculator

    An EMI calculator for a Business Loan helps you to understand the EMI that you will pay towards the principal payments and interest payment over the loan tenure. Use the EMI calculator to know how much money you can pay monthly over a course of time to repay your loan. With the help of EMI calculator, you can plan your monthly instalments and conveniently pay off the loan.

    Foreclosure Calculator

    Business loan foreclosure calculator helps you to calculate your foreclosure amount for your business loan. Calculate your interest saved by using business loan foreclosure calculator at Tata Capital.

    Pre-Payment Calculator

    Pre-payment of a Business loan involves repaying a large instalment of your loan before the due date. The Business Loan pre-payment calculator allows you to assess the effect of such early loan repayments on your finances including your resultant EMI, tenor etc.

    GST Calculator

    Calculate your GST amount with GST calculator by Tata Capital. Check the GST amount payable at Tata Capital and apply for a business loan now.
    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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