Q. What is the eligibility for a Business Loan?
All kinds of enterprises are provided Business loans, be it a sole proprietorship, a partnership or a private limited company. Although the income, requirements of the concerned differs from bank to the bank but normally net income of the concern, should be more than Rs. 200,000 per Annum for business loan up to Rs. 15 lakh and over Rs.3 lakh for business loan above Rs. 15 lakh. A maximum of two incomes of the partners or directors holding a minimum of 25% stake each can be clubbed to the income of the concern.