Know Business Loan Eligibility Criteria
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Money is one of the important parts to run business on the desired track. Business persons who have their established business may dream to carry their business to the ladder of success. It can be possible only with the help of the required amount of finance. When a business person needs additional funds Business Loan can surely help you to cater all of the business needs. Business Finance is a loan given to the business firm to expand the running or established business more.
There are various banks which are offering business loan at affordable interest rates. However, banks set some Business Loan Eligibility Criteria. Self employed people are eligible for availing business loan at affordable interest rates.
Business Loan Eligibility Criteria for Self Emplyed Individuals :
- Minimum Turnover in Business: Rs 40 Lacs per annum
- Minimum Income (annual):Rs. 1, 50,000.
- Minimum Experience in Business: Minimum 3 years experience in the current business and total 5 years business experience. Business must be continuously making a profit from last 2 years.
- Minimum Loan Amount available: Rs. 50,000
- Maximum Loan Amount available: Rs. 30 lacs
- Minimum Age: 21 Years & Maximum Age at loan maturity: 65 Years
Documents required for Self Employed Professionals:
- Identity Proof (Passport Copy/ Voters ID Card/ Driving License)
- Proof of Address (Ration Card/ Telephone Bill/ /Electricity Bill/ Passport)
- Bank Statements (latest 6 months bank statement /passbook)
- Latest ITR, along with computation of income
- Balance Sheet & P&L Account for the last 2 Yrs, certified by a CA
- Qualification Proof of the Highest Professional Degree
- Proof of Continuation (Trade license /Establishment /Sales Tax Certificate)
- Other Mandatory Documents (Sole Proprietorship – Declaration, Partnership – Copy of Partnership Deed, Apart from Copy of MOA, AOA & Board Resolution)
- Two passport size photographs
Special Note: Banks do not provide Business Loan to bad credit holder, but you can fulfill your money requirement with Gold Loan easily.
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