Business Loan Eligibility

1. Business Loan Eligibility

2. Business loan are often provided to individuals, SMEs, MSMEs, business owners and other business entities. Moreover, it includes partnership firms, public or private limited companies, trust, sole proprietorship..etc. To qualify for a business loan, borrowers to requried to meet the basic eligibility criteria as defined by the specified lenders. However, the eligibility criteria vary from bank to bank. Below are some of the common eligibility requirements asked by lenders that need to be fulfilled before proceeding loan applications. Business turnover: Your business turnover must reflect positive growth and profit margin – minimum turnover should be Crore.  Age limit: You must be between 21 and 65 years old to apply. Credit score: You must have a good CIBIL score of 700 or more.  Profitability: You must own a business that has been profitable for at least three successive financial years.

3. Business Status: Minimum years of business history in the current work area. Additional Requirements: You need to furnish a balance sheet of your company audited by a reputable Chartered Accountant (CA). Well, now you know about loan eligibility requirements that need to be fulfilled. Once you meet these criteria, you can apply for a business loan through financeseva to make your loan approval easier.  With our business loan interest rates starting at just 14.50% you can get loan amounts as high as Rs. 75 lakhs without pledging any security. Moreover, our structured EMI plans allow you to comfortably repay the loan for a tenure ranging from 12-36 months.