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Business Loan Eligibility

If you own any business, running it on the desired track is not an easy task. One can face difficulties in maintaining the right pace of the business. A successful company requires sufficient manpower, technology, good infrastructure, and financial resources. Capital is always needed to run business on the desired track. You can avail a Loan for your business from Banks or NBFCs. Business Loan is a scheme that provides you the required funds to cater all the needs of your company. Business Loan can be used for multiple business purposes like buying new machinery, new technology, making payments and many more. You can get the required finance by availing this scheme. It is unsecured Business Loan. There is no need of any collateral. If you are having a small scale industry, you can also avail this SME (Small Medium Enterprises) Loan.

Business Loan Eligibility

• Minimum age of the applicant: 23 years
• Maximum age of the applicant: 60 years
• Minimum Turnover: 30 lakhs(varies according to the cities)
• Years in the Business: Minimum 3 Years
• ITR Filed: Minimum of 3 years
• Minimum Loan Amount: Rs. 1,00,000
• Maximum Loan Amount: Rs. 10 Crs.

Documents Required

For Salaried Employees

• KYC Documents (Photos/PAN Card)
• Proof of Identity (Passport Copy/Voters ID card/ Driving License).
• Address Proof (Ration card Tel/Elect. Bill/ Rental agreement / Passport copy)
• Bank Statements(latest 6 months bank statement /Passbook)
• Latest salary slip or current dated salary certificate with latest Form 16

For Self - Employed

• KYC Documents (Photos/PAN Card)
• Proof of Identity (Passport Copy/Voters ID card/ Driving License)
• Address Proof (Ration card Tel/Elect. Bill/ Rental agreement / Passport copy)
• Bank Statements(Last 1 Year bank statement /Passbook)
• Last 3 Years ITR File with Balance Sheet and PL Statement.
• Last 5 Years Business Proof(Est.Registration/Tax Receipts)

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