Business Loan Eligibility Criteria

Business Loan

You can take a business loan which is secured and also can take a business loan which is not secured. The financial institution gives loans as per your need. You can take a business loan for small business also for an established business. If you have matched all the eligibility criteria’s and you have all the documents you can get a business loan at any time.

Features of Business Loan

  • You can borrow a business loan from a minimum 1lakh to 1crore.
  • You only can use business loan money for your business related purpose only.
  • The repayment option is flexible for a business loan.
  • The repayment time of a business loan is from 6 months to 60 months.
  • There are so many options in business loan amount and tenure based on your company size for you to choose.
  • The interest rate is low for a business loan it starts from 13%
  • The documentation is minimum for business loan and if you apply online it is paperless too.
  • You can have co-applicant to get your home loan easily.

Business Loan Eligibility Criteria

  • Self-Employed Non-Professionals
  • Age limit- Minimum age limit for the business person will be 21 years and Maximum age limit is 65 years.
  • Applicant should have minimum 5 years of experience in the business.
  • Applicant must have minimum of 3 years of experience in the current business.
  • Business turnover should be a minimum of Rs. 40 lakhs.
  • The ITR report should be of a minimum of Rs. 1.5 lakhs per annum.
  • Last 2 year must experience profit to the business.
  • Following entities will be eligible for a business loan- Private Limited Companies, Partnerships, Limited liability partnership, closely held Limited Companies.

Self-Employed Professionals

The applicants are practicing professionals with proper qualification proof and under the categorization of CA, Doctor, architect etc.

Compulsory Testimonials for Business Loans

  • ID proof of the applicant- AADHAR card, PAN card, Voter ID card.
  • Residence proof- Utility Bills like Electricity bill, Gas bill.
  • PAN card of the company.
  • Bank Statement for the last 6 months.
  • An approved copy of the Partnership Deed.
  • Verified copy of Memorandum and Articles of Association.
  • Business continuation proof- Sales Tax Certificate, Trade License.
  • Copy of ITR file for last three years.
  • Balance Sheet, Computation of Income, Profit and Loss statement for the last 2 financial years.
  • Age limit- Minimum age limit for the business person will be 21 years and Maximum age limit is 65 years.

Self-Employed Professionals

The applicants are practicing professionals with proper qualification proof and under the categorization of CA, architect etc.

Bank/ NBFC Name Interest Rate Processing Fee
ICICI Bank 16.49% 0.99%-2.00%
Yes Bank 16.25% Up to 2.00% 
Indiabulls Bank 14.00% Up to 1.00%
Fullerton India 16.00% 2.00%
TATA Capital 18.00% 1.50%-2.50%
Yes Bank 16.25% Up to 2.00%
IDFC 16.00% Up to 2.00%
SBI Business Loan 11.20% 2.00%-3.00%
United Bank of India 13.00% 1.15%
PNB 12.65% 1.8%+ Tax

Apply Personal Loan Online at Lowest Interest Rate Upto Rs. 40 Lacs

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Loan Duration: 12 - 60 months*   T&C Apply*

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