Eligibility Criteria & Documents Required

What is Business Loan Eligibility Criteria?

When it comes to applying for a business loan, there are a lot of factors that are strictly considered while analysing a business loan application. Generally, as business loans are unsecured and the lenders are not asking for any collateral guarantee, the loan applicant's credit score and documents stand as the pivotal grounds for further considerations.

In order to apply for a business loan in Our Partnered NBFCs, you need to have certain documents that play an imperative role in your loan application. The information given below will help you in understanding the general criteria for applying for a business loan in our NBFC partners.

Business Loan Eligibility Criteria

Eligibility Criteria – for Small Business Persons
  • Minimum Age - 21 Years
  • Proof of at least 1 year of Income Tax Returns
  • 1 Year Business Stability
Eligibility Criteria – for Audited Report Business Persons
  • Minimum Age - 21 Years
  • 1 Crore plus Yearly Turnover
  • Minimum 2 Years Audited Report

Documents Required for Business Loan

As discussed above, having certain documents are crucial in deciding the probability of your loan approval from any financial institution. If your documents are perfect, you can easily apply for a business loan in our partnered NBFCs and take the process forward.

The lenders, upon receiving the loan documents, look for certain documents without which the lenders would generally show less interest in that loan application. So, it's better to be prepared enough and present all the required documents before the lenders.

The following are the general documents required to apply for a business loan:

  • Business proof
  • KYC documents of the company and the business owner(s)
  • Identity Proof (Driving license/ Voter ID/ Passport/Aadhar card)
  • Last six months company bank statements
  • GST Certificate
  • Last two years' Income Tax Returns and Balance sheet and Profit & Loss accounts
  • Detailed information about the utilization of the business loan