Business Loan Eligibility
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A Business Loan is an amount of money that the bank gives and an applicant repays the amount with interest within a given period of time. Business loans include various products such as Secured Loans, Unsecured Loans, Business cash advances, Structured Debt, Revolving credit facilities.
Eligibility Criteria: -
Criteria for business loans differs on the basis of Banks and Products
- The borrower’s age must be between 25 to 60 years of age.
- Business continuity should be minimum for 3 years.
- Positive cash flow in the organization.
- Business turnover should be audited by a registered Chartered Accountant (CA)
- An applicant should filed ITR for the last 1 year.
- An applicant can get a minimum of 1 lakh, and maximum 5 crore as a loan amount.
- Bank statements
- Payment history such as late payments, CCJs, etc.
- Trading history for more than 24 months.
- Make sure your business is in profit.
Things to be kept in mind before applying for a business loan:
Make sure:
- Your financial documents are arranged order-wise.
- Understand the requirements of the Banks or Lenders that what they need from you.
- Maintain good credit history
- Positive cash flow for securing loans.
- A quality business plan that seems your business attractive to the bankers.