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Business Loans

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  • Features Check Loan Amount Eligibility

  • Features Know your Approval Chances

Business Loan Features & Benefits

The corpus for a business loan depends on numerous factors such as the amount of profit it makes annually, valuation of the business, and operating industry of the business in addition to the number of years it has been operational.

    • These loan applications usually get approved fairly quickly and sans any hassle during processing. Most banks and financial institutions provide their customers with the promise of secured lending solutions when it comes to business loans.
    • Since business loans carry flexible repayment options along with minimal documentation, they have become one of the most preferred ways for entrepreneurs to meet the financial needs of their businesses.
    • Unsecured business loans enable businesses to fund their exact exigencies and repay their loan amount in easy EMIs (equated monthly instalments). These loans can be availed for a variety of reasons, including but not limited to, business expansions, working capital, etc.
    • Banks and financial institutions offering business loans also provide their customers with the flexibility of doorstep service. Additionally, a number of business loan lenders in India usually don’t expect any collateral, guarantor or security from the applicant.
    • Some banks offer customers with the facility of business loan eligibility in 1 minute, either online or in any of their branches. These speedy approvals ensure that customers don’t waste any of their time waiting to hear from banks about the status of their loan application.
    • Business loans come with the added benefit of services such as SMS, Web Chat, Phone Banking, etc. Some banks even extend exclusive higher loan amounts to their self-employed customer base.
    • Thus, if you are in need of funds for business needs, make sure to compare your options and apply for a business loan at the earliest.

Business Loans 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.

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