Check your Business Loan eligibility using an Eligibility Calculator
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To apply for a business loan, you must meet the eligibility criteria that the lender has set.
You must be a self-employed individual in a partnership, trading, service, or manufacturing.
You must be between the age group of 25-65 years
The enterprise must have a stable profit record in the last two years
The enterprise must have a minimum turnover of ₹10 Lakhs
You should possess Income tax returns for at least one year
Business Loan Eligibility Calculator
The unsecured business loan eligibility is calculated after evaluating different parameters that include your business record, CIBIL score, credit utilisation ratio, and tax payment record. To be eligible for a new business loan, you must ensure:
A good CIBIL score that ranges above 700 as it plays a major role in determining your eligibility
A clear tax record; having a good tax filing history will ensure that you get a high loan amount
A clear debt repayment record assures the lender of your financial discipline
FAQs on Business Loan Eligibility
A promising and stable income assures the lender of your strong repayment capacity. This is why it has a heavy influence on your eligibility.
The minimum age required to apply for a business loan is 22 years.
The documents required for a business loan include identity proofs, duly filled application form, certified bank statements, and business proof.
No minimum salary is required when applying for a business loan as business persons do not have a fixed salary.
