Business Loan Eligibility Calculator
Business Loan Eligibility Calculator is a very helpful financial tool. Before you go for Business Loan Apply Online you should know what your Business Loan Eligibility Criteria is. To use Business Loan Eligibility Calculator you have to put some key information like your company name, your yearly turnover, monthly income etc. Even to make your Business Loan Eligibility high your CIBIL Score must be at least 750. Your Business Loan application will be sanctioned if you have all the Business Loan Eligibility criteria. The Business Loan Eligibility Calculator is completely free of cost so you can check your Business Loan Eligibility from anywhere at any time. As every financial institution has different Business Loan Eligibility Criteria but you should know the basic Business Loan Eligibility Criteria.
Factors which affects Business Loan Eligibility Calculator
Business Loan is an unsecured loan, so you don’t have to mortgage anything, so if you fail to pay your Business Loan amount the lender can’t ask for you anything. So the Business Loan Eligibility is high compared to home loan or car loan. Your Business Loan eligibility based on your inputs it will change if your inputs are wrong. Here are the factors which affects Business Loan eligibility Calculator.
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Applicant’s Age
The applicant’s age is also important on Business Loan eligibility. To avail a Business Loan you need to be in the age group from 21 to 65 years old. The younger you are there are more chance that your Business Loan eligibility is high and you will get a loan in lowest interest rate. You will even avail offers as you are younger.
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CIBIL Score
Your CIBIL Score matters a lot on your Business Loan eligibility. If you have high CIBIL Score that means your Business Loan Eligibility is high and if you have low CIBIL Score your Business Loan Eligibility is low. Your CIBIL Score depends on how you pay your Business Loan. To make your CIBIL Score high you need to repay your Business loan on time.
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Debt
If you have existing debts which means if you are currently paying any kind of EMI for Credit card, home loan or Business Loan your Business Loan Eligibility will be lower but if you don’t have any kind of debts your Business Loan eligibility will be high.
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Geographic Location
Geographical locations matters a lot on your Business Loan Eligibility as if you are from metro city you have higher Business Loan Eligibility is higher than someone from rural areas. Some financial institutions have red marked on some places so if you are from one of those places your Business Loan Eligibility can be lower.
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Housing Situation
If you have your own house there are maximum chances that your Business Loan Eligibility is high and your business loan will be approved but if you are living in a rental house your Business Loan Eligibility is low as your monthly income gets lower for that.
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Business Stability
If you need to take a business loan your business loan eligibility should be higher and for that you should have higher Business Loan Eligibility. Your financial institution will ask you if your income from business is stable or not and if the profit of your business is marginal your business loan eligibility will be lower and that financial institution may ask you for collateral to approve your business loan.
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ITR & Banking
Business Loan is only sanctioned only after your applied financial institution checked your your income tax return and bank statements. To match Business Loan Eligibility Criteria you need to submit your ITR details of 12 months (which can vary) and they also require the bank statements of past six months.
Business Loan Eligibility Criteria
| Parameters | Business Loan Eligibility Criteria |
| Eligible Entities |
Self employed non professionals – Sole proprietors, partnership firms, private limited companies, public limited companies involved in the business of manufacturing, trading and services
Self employed professionals – Doctors, CA, CS, Architects. |
| Age | 21 – 65 years |
| Loan Amount | Rs. 50,000 to Rs. 100 Cr |
| Interest Rate | 13.50% – 22.00%* |
| Loan Tenure | Up to 5 years |
| Business Vintage |
For self employed professional – 3 years For self employed businessmen – 5 years |
| Annual Turnover | Rs. 1 Cr and above |
| Banking Stability | 6 months and above |
| CIBIL Score | 650 or above |
| Other Eligibility Conditions | Borrower should have a self owned house or work place |
Business Loan Eligibility Criteria, All Banks in India
| Bank | Eligible Business Loan Amount for Max Tenure | Age of the borrower | Minimum Work Experience |
| Business Loan Eligibility SBI | Rs. 15 Lakh for 48 Months | 21 to 58 Years | 24 Months |
| Business Loan Eligibility HDFC Bank | Rs. 50 Lakh for 60 Months | 21 to 60 Years | 24 Months |
| Business Loan Eligibility ICICI Bank | Rs. 30 Lakh for 60 Months | 23 to 58 Years | 24 Months |
| Business Loan Eligibility Bajaj Finserv | Rs. 25 Lakh for 60 Months | 27 to 58 Years | 36 Months |
| Business Loan Eligibility Citibank | Rs. 30 Lakh for 60 Months | 23 to 60 Years | 36 Months |
| Business Loan Eligibility IDFC First Bank | Rs. 25 Lakh for 60 Months | 23 to 58 Years | 12 Months |
| Business Loan Eligibility Axis Bank | Rs. 15 Lakh for 60 Months | 21 to 60 Years | 12 Months |
| Business Loan Eligibility Tata Capital | Rs. 20 Lakh for 60 Months | 21 to 58 Years | 24 Months |
| Business Loan Eligibility Fullerton India | Rs. 20 Lakh for 48 Months | 21 to 58 Years | 36 Months |
| Business Loan Eligibility IndusInd Bank | Rs. 25 Lakh for 60 Months | 21 to 60 Years | 24 Months |
| Business Loan Eligibility Kotak Bank | Rs. 15 Lakh for 60 Months | 21 to 58 Years | 24 Months |
| Business Loan Eligibility RBL Bank | Rs. 20 Lakh for 60 Months | 25 to 60 Years | 36 Months |
| Business Loan Eligibility IIFL | Rs. 25 Lakh for 60 Months | 25 to 60 Years | 36 Months |
| Business Loan Eligibility HDB Financial | Rs. 20 Lakh for 60 Months | 21 to 60 Years | 24 Months |
| Business Loan Eligibility Standard Chartered Bank | Rs. 30 Lakh for 60 Months | 23 to 58 Years | 36 Months |
| Business Loan Eligibility Union Bank of India | Rs. 5 Lakh for 60 Months | 21 to 58 Years | N/A |
| Business Loan Eligibility Canara Bank | Rs. 3 Lakh for 48 Months | 21 to 60 Years | 36 Months |
| Business Loan Eligibility Yes Bank | Rs. 20 Lakh for 60 Months | 21 to 60 Years | 24 Months |
| Business Loan Eligibility Indian Overseas Bank | Rs. 15 Lakh for 60 Months | 21 to 58 Years | 36 Months |
| Business Loan Eligibility Corporation Bank | Rs. 2.50 Lakh for 36 Months | 21 to 58 Years | N/A |
| Business Loan Eligibility PNB | Rs. 15 Lakh for 60 Months | 21 to 58 Years | N/A |
| Business Loan Eligibility Syndicate Bank | Rs. 2 Lakh for 60 Months | 21 to 58 Years | N/A |
| Business Loan Eligibility IDBI Bank | Rs. 10 Lakh for 60 Months | 22 to 60 Years | 36 Months |
| Business Loan Eligibility Allahabad Bank | Rs. 7.50 Lakh for 60 Months | 21 to 58 Years | 24 Months |
| Business Loan Eligibility Bank of Baroda | Rs. 2 Lakh for 36 Months | 21 to 60 Years | 36 Months |
| Business Loan Eligibility Andhra Bank | Rs. 5 Lakh for 60 Months | 21 to 55 Years | N/A |
| Business Loan Eligibility Indian Bank | Rs. 5 Lakh for 36 Months | 21 to 58 Years | N/A |
| Business Loan Eligibility Federal Bank | Rs. 10 Lakh for 48 Months | 21 to 55 Years | 36 Months |
| Business Loan Eligibility Bank of Maharashtra | Rs. 1.50 Lakh for 36 Months | 21 to 60 Years | 36 Months |
| Business Loan Eligibility Karur Vysya Bank | Rs. 10 Lakh for 36 Months | 25 to 60 Years | 24 Months |
