Business Loan In India
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| 2022-04-12 12:14 – 12:15 | r1 – r18 | |
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+ Business Loan In India
+ Business Loan In India
+ Every bank and financial body need their borrower to fulfill their certain eligibility criteria while applying for a business loan. Eligibility criteria differ from bank to bank and depend on the profile of the individual. Given below are some eligibility criteria.
+ Eligibility criteria for a business loan
+ Eligibility criteria for a business loan depend on several factors such as repayment history, age of the individual, creditworthiness, total work experience, monthly salary, CIBIL Score, business income, etc.
+ The minimum age limit of the individual is 18 years, and the maximum is 60 years at the time of maturity of the loan.
+ The existence of a business should be a minimum of at least 3 years.
+ CIBIL Score must be 750 or above.
+ The criteria for non-individuals such as limited liability partnership, sole proprietorship, public and private companies, partnership firms are eligible for a business loan.
+ The annual turnover of the existing units is Rs. 10 lakhs and above.
+ Business should be generating profit for the previous 2 years.
+ Factors affecting business loan eligibility
+ Low CIBIL Score: - Banks verify the credit score of the individual as it shows your repayment capacity that you pay bills on time or not. And the CIBIL Score must be 750.
+ Borrower's age: - Lenders are anxious about the age of the borrower as it is a primary factor to be considered while applying for the loan. Therefore, the age of the borrower must be ranging from 18 to 60 years of age.
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| 2022-04-12 12:14 | r0 | |
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