IndusInd Bank Business Loan Eligibility
IndusInd Bank Business Loan Eligibility Calculator is a user-friendly tool to check your IndusInd Bank Business Loan Eligibility online. If you want to expand your business or want to buy advanced machinery for your business, then you can opt for IndusInd Bank Business Loan apply online. But before that, you need to check your IndusInd Bank Business Loan Eligibility. In order to use IndusInd Bank Business Loan Eligibility Calculator, you need to input details like- your monthly income, existing liabilities, yearly turnover, profit, etc. For higher IndusInd Bank Business Loan Eligibility you need to maintain your credit score at a minimum point of 750 or above. You can use IndusInd Bank Business Loan Eligibility Calculator to check your IndusInd Bank Business Loan Eligibility for a multiple number of times that too at free of cost.
Factors that affect IndusInd Bank Business Loan Eligibility Calculator
It is always advisable to check your Business Loan Eligibility in IndusInd Bank using IndusInd Bank Business Loan Eligibility Calculator when you are planning for IndusInd Bank Business Loan apply online. IndusInd Bank Business Loan are of various kinds namely- Export Finance, Working Capital Finance, Trade, Term Loan and Unsecured Business Loan. If you opt for IndusInd Bank Unsecured Business Loan, you do not have to keep any security with the bank. IndusInd Bank Business Loan Eligibility for an unsecured business loan is very high and so is the interest rate as there is a high chance of defaulting the loan.
Following factors that affect IndusInd Bank Business Loan Eligibility Calculator are explained below-
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Age
The age of an applicant affects your IndusInd Bank Business Loan Eligibility. Your age must be within the slab of 25 to 65 years for a higher IndusInd Bank Business Loan Eligibility. Going for IndusInd Bank Business Loan apply online at a young age will increase your IndusInd Bank Business Loan Eligibility and will lower the interest rate. But for an older applicant, the repaying capacity is lower which brings down your IndusInd Bank Business Loan Eligibility criteria.
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Existing Debt
If you need to pay your financial liabilities of EMI or credit card bill payment, then your IndusInd Bank Business Loan Eligibility will be low because of your reduced repaying capacity. So, for a higher IndusInd Bank Business Loan Eligibility, you need to pay off your existing debts before you go for IndusInd Bank Business Loan apply online.
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Business Stability
You must have a stable business track record with an experience of minimum 24 months. For a higher IndusInd Bank Business Loan Eligibility, the profit of your business must be marginal or more. Or else, you need to keep security to the bank for loan approval.
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ITR
IndusInd Bank Business Loan Eligibility gets really affected by your ITR file. You need to produce ITR copy for a minimum of 24 months and updated bank statement of last 6 months which will improve your IndusInd Bank Business Loan Eligibility criteria.
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Geographic Location
IndusInd Bank Business Loan Eligibility is highly affected by the geographical location of your stay. If you reside in a rural area, your IndusInd Bank Business Loan Eligibility will be low. But if you reside in a metropolitan city, then your IndusInd Bank Business Loan Eligibility will be high. You need to remember that there are some areas which are red marked by the financial institutions. So, your IndusInd Bank Business Loan Eligibility will be low if you stay in those places.
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Housing Situation
If you stay in a rented house, then your Business Loan Eligibility in IndusInd Bank will be low as your repaying capacity gets reduced. But if you stay in your own house, your IndusInd Bank Business Loan Eligibility will be high. So, if you opt for IndusInd Bank Business Loan apply online, you need to have a higher IndusInd Bank Business Loan Eligibility for which you need to reside in your own house.
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CIBIL Score
IndusInd Bank Business Loan Eligibility is hugely affected by your CIBIL score. For a higher IndusInd Bank Business Loan Eligibility, your CIBIL score must be high. But if you have a low credit score, your IndusInd Bank Business Loan Eligibility will be low. A disciplined repayment will lead to high CIBIL score and higher Business Loan Eligibility in IndusInd Bank.
IndusInd Bank Business Loan Eligibility Criteria
| Parameters | IndusInd Bank Business Loan Eligibility Criteria |
| Eligible Entities | Self employed and non-professionals – Sole proprietors, partnership firms, private limited companies, public limited companies involved in the business of manufacturing, services, and trading Self employed professionals – Doctors, CA, CS, Architects. |
| Age | 25-65 years |
| Loan Amount | Up to Rs. 15 lakhs |
| Interest Rate | Starting from 14%* |
| 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 | 750 or above |
| Other Eligibility Conditions | Borrower should have their own house or workplace |
*Interest rates change time to time.
