Business Loan

1

Get high Business Loan Eligibility

Before applying for the loan, prepare a business plan, know your credit score, decide the loan amount, do some market research on available business loan options, and keep the documents ready.

2

Common Documents Required

Proof of address & photo identity proof of the promoters, business proof, income proof, partnership deed for partnership firm, articles of association, memorandum of association, board resolution, PAN card, etc.

3

Criteria for Business Loan Approval

Applicants should be aged between 21 to 65 years, having business vintage of a minimum of 1-2 years. The minimum business turnover and a minimum annual turnover as per the ITR will be required. The business should be profit-making for at least the last 1 year.

Features and Benefits of our Business Loans

A vast array of institutions offer you the best home loan rates at the most competitive rates and affordable EMIs.

  • Term Loans
  • Working Capital Loans
  • Business Expansion Loans
  • Equipment Financing Loans
  • Invoice Financing & Bill Discounting
  • Machinery Loans

Business Loan Eligibility and Documents

Read on to know the criteria required to apply for our Business Loan.

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Eligibility Criteria & Eligible Entities

  • Business Type: Most lenders provide loans to various types of businesses, including sole proprietorships, partnerships, limited liability companies (LLCs), corporations, and more.
  • Credit Score: A good credit score is often required to qualify for a business loan. Lenders use your credit history to assess your ability to repay the loan.
  • Business Age: Some lenders require a minimum operational history for your business, usually ranging from a few months to a year or more.
  • Annual Revenue: Lenders may have a minimum annual revenue requirement to ensure your business has a stable income.
  • Collateral: Secured loans might require assets as collateral to secure the loan. Collateral can be real estate, equipment, inventory, or other valuable assets.
  • Cash Flow: Lenders often evaluate your business's cash flow to determine your ability to repay the loan.

Business Loan​​​​​​​ FAQs

A business loan is a type of financing provided to businesses for various purposes, such as starting a new business, expanding operations, purchasing equipment, or managing cash flow. The amount one can borrow depends on several factors, including the lender's policies, the borrower's creditworthiness, the purpose of the loan, and the financial health of the business. Typically, business loans can range from a few thousands to several Lakhs. Lenders assess the borrower's ability to repay the loan based on factors such as credit score, business revenue, and profitability.

Business loans are available to various entities, including sole proprietorships, partnerships, LLCs, corporations, non-profit organizations, and startups. Eligibility is typically based on factors like the business's creditworthiness, revenue, profitability, and the borrower's personal credit history. Each lender may have specific criteria, so it's advisable to check with them for exact requirements.

To get a business loan, you typically need to provide a business plan, demonstrate a good personal and business credit score, submit financial statements and tax returns for your business, and possibly offer collateral. Additional requirements may include legal documents, bank statements, and personal identification. Requirements can vary, so it's best to check with the lender for the specific documentation needed for your loan application.

Minimum Cibil score required for acquiring a business loan is generally 650+ but it also depends on various lenders.

To qualify for an instant business loan, you typically need a good credit score, stable revenue, and a low debt-to-income ratio. Lenders may also require your business to have been operational for a certain period. Meeting these criteria increases your chances of qualifying for an instant business loan, which can provide quick access to funds for your business needs.

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