Business Loan

Business loans are designed to help small businesses and entrepreneurs meet their capital requirements. There are over 20 financial institutions in the country offering tailored business loans at attractive interest rate to suit your financial needs.

Business Loan Eligibility

To avail a business loan from a lender, you will need to check if you meet the eligibility criteria listed by the lender. Listed below are the general eligibility criteria to avail business loans:

1. The loan can be availed by self-employed professionals, self-employed non-professionals, & entities.
2. Self-employed professionals usually include doctors, chartered accountants, company secretaries, architects, etc. This is subject to the applicants who have proof of qualifications and also are practicing their profession.
3. Self-employed non-professionals include traders, manufacturers, etc.
4. Entities include partnerships, limited liability partnerships, private limited companies, closely held limited companies, etc.
5. The business may be required to have a minimum turnover of Rs.40 lakh
6. Minimum of 3 years’ experience in the current business is required.
7. Minimum 5 years of total business experience is required.
8. The business should be making a profit for the last 2 years.
9. Minimum Annual Income (ITR) of Rs.1.5 lakh per annum is required.
10. Applicants should be between the ages of 25 years and 55 years.
11. The IT returns for the last 1 year should have been filed.
12. Lenders may offer business loans to only certain cities and towns.