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Check the eligibility criteria and list of documents required for a business loan
You can get a business loan easily if you meet the eligibility criteria and have the required documents ready. These factors are usually considered by lenders to evaluate your application to decide on the acceptance or rejection of your loan application.
Fulfilling these requirements well is essential to ensure that you get the loan at favourable terms. Furthermore, the eligibility criteria and documentation requirements may differ from one lender to another. Using a business loan eligibility calculator can help you better understand your chances before applying.
Here are some common business loan criteria you may have to fulfil to get a business loan on Bajaj Markets:
| Criteria | Typical Requirement |
|---|---|
Age |
21 to approx. 65 years (age at maturity can vary) |
CIBIL Score |
700 or above |
Annual Turnover |
At least ₹2 Lakhs |
Business Type |
Self-employed individuals, proprietors, partnerships, LLPs, and private limited companies engaged in trading, manufacturing, or services |
Disclaimer : Eligibility conditions may differ based on the lender’s internal credit policy. Always review the complete criteria applicable to your selected lender before applying.
When applying for a business loan, you have to present a set of documents to support your application. Some of the business loan documents required include:
Application Form: Fill out the loan application form with the necessary details
Proof of Identity:
Passport
PAN card
Voter ID
Driving licence
Market Participant Identification Number (MAPIN) card
Proof of Business:
Income tax return filings
Udyam certificate
Trade licence
GST certificate, etc.
Address Proof:
Aadhaar card
Voter ID
Ration card
Telephone bill
Lease agreement
Electricity bill
Proof of Age:
Passport
PAN card
Voter ID
Financial Documents:
I-T returns of the last 3 years
Bank account statements of the last 6 months
P&L and balance sheet of the last 2 years, audited by a chartered accountant (CA)
Sales tax return documents
Copy of periodic stock and creditors-statement of the last 3 months
Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.
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You can apply for a business loan by following these steps:
Click on the ‘Apply Now’ option on this page
Provide your personal and professional details
Select the lender of your choice from the list provided
Provide your preferred tenure and loan amount
Submit the application
After this, your loan application is verified. Once approved, the loan amount is disbursed to your bank account.
No, most financial institutions will not approve your business loan application without ITR. However, the requirements may vary depending on the lender. Ensure to check the complete list of documents required prior to applying for the loan.
A higher and steady income assures the lender of your repayment capabilities. Thus, enhancing your eligibility for the business loan.
Usually, a score of 650 or more is required to be eligible for a business loan. However, this requirement may vary depending on the lender’s policies. You can check your CIBIL score on the Bajaj Markets website or app.
Here are some factors which may have an impact on your eligibility for a business loan:
Applicant’s age
Credit score
Business type
Income source
Financial history
Business vintage
Turnover and profitability of the business
Details of any loan defaults or repayment history
Details of collateral or security (if any)
To apply for a business loan, lenders typically require identity proof, address proof, business ownership documents, GST or trade licence, recent bank statements, and income tax returns. In some cases, audited financial statements and proof of business vintage may also be requested.
The minimum turnover required for a business loan generally starts from about ₹2 Lakhs p.a..However, this threshold can vary based on the lender, loan amount, and business profile. Smaller loans or specific schemes may have lower turnover requirements.
Most lenders in India prefer a minimum CIBIL score of 650 for business loan approval. A higher score improves approval chances and loan terms. That said, some lenders may consider scores slightly below this, usually at higher interest rates.
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