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Business Loan with Flexible Repayment Option.
Business Loan with Doorstep Service.
Business Loan Eligibility Criteria
The following factors are considered by lenders while going through your loan application.
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Business Tenure: Minimum 1 year or above
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Minimum Annual Turnover: Rs. 12 lakh or above for existing enterprises
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Credit Score: 750 or above
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Applicants with No past loan defaults
Eligible Entities
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Individuals, Business Owners, Entrepreneurs, Self-employed professionals, Startups and Micro, Small, and Medium Enterprises (MSMEs)
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Private and Public Limited Companies, Sole Proprietorship, Partnership Firms, Limited Liability Partnerships, and Large Enterprises engaged only in Manufacturing, Trading or Services sectors
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NGOs, Co-operative Societies, Trusts and professionals, such as CAs, Doctors, Architects, Company Secretaries, Designers, etc.
Documents Required for Business Loan
When applying for a business loan, you will need to submit the following documents:
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Duly filled application form along with passport-sized photographs
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KYC Documents of the applicant, including PAN card, Passport, Aadhar Card, Driving License, Voter ID card, Utility Bills (Water/Electricity Bills)
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IT return statement of last 3 years
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Last 1 years’ bank statement
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Copy of Non-Collateral Overdraft, if any
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Copy of Business Incorporation
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Any other document required by the lender
Business Loan Interest Rates
Business Loan Fees & Charges
How to Improve Chances of Getting a Business Loan
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In case of unsecured loans, each has its own set of policies. If the borrower does not fulfil the bank's eligibility criteria, the bank rejects his/her loan application. So, here are few tips which will help you to improve your chances of getting your loan application improved.
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Improve Credit Score - First of all, identify the factors that have resulted in a low credit score. Credit score can be adversely affected due to late payment of credit card or default in outstanding loan EMI payments. Defaulting and late payments, both result in bad credit score. It is extremely important to maintain healthy credit repayment track record and make all your payments on time. Always ensure that you have adequate balance in your bank account to make ECS transactions.
Avoid multiple loan applications - Sometimes, you apply for business loan with multiple banks in order to improve your chance of getting loan on time. However, applying for loan at multiple banks at the same time increases the chances of the loan being rejected as each query gets captured in your credit report. Customers are also unaware that any loan that is rejected by a bank, has a less chance of getting an approval at other banks as well. Banks tend to become more cautious in lending to customers who have been rejected by other banks.
Choose your Bank wisely - Research the banks which are offering best business loan interest rates. Opt for a bank which offers fast service with low interest rates. You must also calculate your loan eligibility using MyLoanCare Eligibility Calculator to get an estimate of your loan eligibility and your ability to service loan repayments from your monthly cash flows. You can apply for a quick business loan through MyLoanCare to get best deals on rates and processing fee from top banks in India.
Business Existence - Generally, banks give loan to businesses with minimum business existence of 3 years. For new businesses, start-ups and loss making businesses, chances of getting an unsecured business loan is low. In this case, you should explore options of secured business loans.
Apply for a loan amount based on your repayment capacity - Determine the loan amount that you can easily repay in future. If you apply for a loan amount which is higher than your eligibility, it can create doubt in the mind of lender and lead to rejection of your loan application. So, make sure you choose the correct loan amount that you can comfortably service.
Maintain proper accounts and financial information - As a business entity, it is extremely critical that you have your GST registration in place. Also, it is advisable to keep audited record of your financial statements, as the same are an important set of documents referred to by the bank at the time of calculating your eligibility. Regularly check your CIBIL Score: As a business entity which can need to borrow frequently from banks, it is advisable to access your credit score report on a regular basis and do regular timely corrections in your report.