Have You Checked Your Business Loan Eligibility?

 To prevent being turned down for a business loan, whether for expansion, hiring more staff, or purchasing more equipment, one must first examine the loan eligibility.

As a result, you must meet certain criteria to assess your eligibility for a business loan and whether or not your company is capable of repaying the loan on time. Avoiding rejection will improve your CIBIL score as well.

Let's take a look at some of the basic eligibility criteria that banks and NBFCs require:

1. Business turnover:

The company's annual revenue should be in the range of Rs. 15 lakhs to Rs. 1 crore.

2. Applicant’s age:

When applying for a loan, the applicant must be at least 21 years old and no older than 65 when the loan matures.

3. The activity of the business:

Another crucial criterion is the number of years the company has been in existence. A company should have been in operation for at least three years, but some may consider a one-year-old company.

4. Credit score:

The importance of having a good credit score cannot be overstated. When asking for a loan, a poor credit score is useless. Some financial firms even have their own credit evaluation methods.

Other considerations include:

• Loan Amount
• Loan Purpose
• Business Plan
• Industry
• Entity Type (Proprietorship, LLP etc)
• Licenses and Permits for business
• Employer Identification Number (EIN)
• Proof of Collateral (if any)
• Annual Business Revenue and Profit
• Bank Statements (all accounts)
• Balance Sheet
• Personal and Business Tax Returns
• Ownership and Affiliations
• Legal Contracts and Agreements

Conclusion

We may operate in both existing and emerging markets at any time during the loan lifecycle. We are capable of handling both simple and complex large syndicate transactions. To find about the best pricing and deals, call our toll-free number +91-9477079053. They'll help you in every way they can. Please contact me at Business Loan Online Apply if you have any more