Business Loan Eligibility Criteria

Business Loan Eligibility Depends Upon Various Factors Which Are As Follows:

1. Income – Your income determines the amount of business loan you are eligible for. Banks generally keep the EMI to income ratio at 0.45% to 0.60% of your monthly income.
2. Tenure – The longer tenure you opt for, the more is your business loan eligibility and the lesser is your EMI. Maximum tenure is 3 years to 5 years
3. Age – Your Age will determine your business loan tenure and hence your eligibility. Maximum age to be considered is 60 years
4. Interest Rate Offered – Lower The interest rate more is the business loan eligibity and higher the interest rate less is the business loan eligibity.
5. CIBIL Score – Your credit report tells the bank about your repayment capacity and hence determines if you’re eligible for a loan.(credit score must be above 700).

Bank wise Rates of Interest for Business Loan :

Documents Required For Individual Business Loan:

1. Application Form:Signed with Photograph Pasted (Applicant And Co applicant)
2. Identity Proof: Pan Card, Passport, Driving License, Aadhar Card, Voter Id, (Applicant And Co applicant) (Any One)
3. Address Proof: Aadhar Card, Passport, Driving License, Election Id Card, Rent Agreement, Electricity/ Telephone/ Mobile Bill/ Bank Statement (Not More Than 3 Months Old) (Applicant And Co applicant) (Any One)
4. Income Proof: Form 16, Latest 6 Months Salary Slip, Last 6 Months Bank Statement
5. Stability Proof: Job Stability Proof must be of 2 Years.

Documents Required For Firm/Partnership Loan:

1. Application Form: Signed with Photograph Pasted (Applicant And Co applicant)
2. Identity Proof: Pan Card, Passport, Driving License, Aadhar Card, Voter Id,(Applicant And Co applicant) (Any One)
3. Address Proof: Aadhar Card, Passport, Driving License, Election Id Card, Rent Agreement, Electricity/ Telephone/ Mobile Bill/ Bank Statement (Not More Than 3 Months Old)(Applicant And Co applicant) (Any One)
4. Business Address Proof: Address On Current Account, Rent Agreement, Ghumasta License, Adhar Udyog, Electricity Bill (Any One)
5. Business License: Ghumasta License, GST Certificate, Government License,
6. Income Proof: Last 3 Years ITR with CA Attested, 1 Year Bank Statement of Current And Saving Account
7. Stability: Business Stability Proof must be of 5 Years
8. Business Firm Documents: PAN of Firm Or Company, Copy of Partnership Deed, TAN of Firm Or Company, Company Registration Certificate.