Business Loan - Eligibility & Documents
What is Business Loan Eligibility Criteria?
Our business loan eligibility criteria are simple and aimed at small and medium sized companies. We have categorized the businesses into self employed and self employed professionals. The eligibility criteria are as follows:
- Aged between 25 and 65 years
- Profitable business for three years
- At least Rs 40 lakhs turnover per year
- Growing turnover
- ITR for at least Rs 3 lakhs
- CA audited financials
- Business Loan amount up to Rs 50 lakhs
- Loan for business - period up to 3 years
- Any form of ownership
What documents are needed to avail a business loan?
The documents required for availing business loan are basic and include:
- Application form with passport-sized photographs
- KYC documents
- ITR returns for two years
- P/L statement and balance sheet for two years
- 6-month bank certified bank statement
- Ownership documents
- Proof of business loan documents issued by statutory authorities
What is the maximum business loan you are eligible for?
The maximum loan under business loans is Rs 50 lakhs.
If you are planning to apply, check your EMI using a business loan EMI calculator.