Business Loan
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Business Loan Eligibility
Eligibility criteria for business loans may vary by lender and the type of business. However, here are common eligibility requirements used by most lenders:
- Age: 21 to 65 years
- Business Vintage: Minimum 2 years of business operations
- Annual Turnover: At least Rs 10 lakh per year
- Credit Score: Preferably 650+; higher scores increase approval chances
- Profitability: The business should be profitable for the last 1-2 years
- Business Type: Applicable for sole proprietors, partnerships, LLPs, and private limited companies
- Location: Businesses must operate in India
Documents Required for Business Loan
The documents required for a business loan may vary by lender, but here are the common documents typically needed:
| Requirement | Sole Proprietorship | Partnership / LLP | Private Limited Company |
|---|---|---|---|
| Proof of Identity | Aadhar Card, PAN Card, Passport | Aadhar Card, PAN Card, Passport | Aadhar Card, PAN Card, Passport |
| Proof of Business Existence | GST Registration, Trade License | GST Registration, Partnership Deed, Trade License | GST Registration, Incorporation Certificate |
| Financial Documents | Bank Statements (6 months), Profit & Loss, Balance Sheet | Bank Statements (6 months), Profit & Loss, Balance Sheet | Bank Statements (6 months), Profit & Loss, Balance Sheet |
| Income Proof | ITR for the last 2 years | ITR for the last 2 years, Partnership Deed | ITR for the last 2 years, Board Resolution (for loans) |
| Business Turnover | Last 12 months’ Bank Statements | Last 12 months’ Bank Statements | Last 12 months’ Bank Statements |
| Business Plan (if required) | Business Overview, Growth Strategy | Business Overview, Growth Strategy | Business Overview, Growth Strategy |
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