Business Loan Eligibility and Documents
Documents Required for Business Loans Application.
1. Minimum age of Applicant 25 years
2.Maximum age at loan Maturity65 years
Minimum period in current business3 year
Maximum period in current business5 year
Minimum income in current business INR 1.5 lakh
Eligibility requirement to apply for business loans
While banks may approve your loan as long as you’re a creditworthy customer, there are a few eligibility and documentation requirements you need to qualify-
The eligibility criteria for a small business loan is that the self-employed individual should be 25 years old or more. The loan maturity can span not more than 65 years. Your monthly income should be INR 1.5 lakh, and you need to have an experience of 3-5 years in running your current business.
A couple of documents required for business loan need to be provided as well. The ITR copy with computational information for the past two years is required. Along with that a stability proof is required, a certificate of incorporation such as service tax copy or business continuity proof.
You also need to submit your current account statement for the previous year, savings account statements for the past six months, Form 16 for the past two years, and business and residence ownership proof. Apart from that you need to provide copies of attested pan card, Aadhar card, voter card and your utility bill as well.
Once you qualify for the eligibility requirement and possess all the required documentation, CreditNation will provide the best business loan options based on your business requirement. Many banks have a few limitations and criteria for individuals to avail their loan options; however we will filter out the most relevant one for you.
While some banks have a limit of 1 million, but their interest rates on business loan are low, while some have no limit, but have higher interest rates. Some banks require collateral, some provide unsecured loans, and we know how to get the right ones to you. Each bank has their own merits and demerits, and we know how to spot one that suits your needs best.