Business Loan Eligibility
Business loan plays a crucial role in the economy of Indian entrepreneurship. Finance is the bloodline of every business to run operation smoothly. There are varied type of business loan available in India to meet each unique requirement of businesses such as working capital, trade finance, revolving credit with bank, bank guarantees, letter of credit and more. Hence, getting the right type of financial support at the right time is key to the success of any business.
Business Loan Eligibility Most banks and financial institutions offer business loans and the government also offers various schemes for the MSME sector and these schemes are implemented by the banks and NBFCs for last-mile connectivity.
Let us have a look at the Eligibility Criteria to apply for a Business Loan!
- The minimum age of the applicant should be 21 and maximum age must be less than 65 years.
- At least the firm has generated an annual turnover of Rs.1.5 lakh every year.
- Minimum 3 years of business continuity required by the enterprises. Preferred last 2 years with same business continuity.
- Eligible enterprises are Sole Proprietorship, Limited Liability Partnership, Partnerships firms, Private Limited, Public Limited..etc.
Who are eligible to apply for a Business Loan?
The following entities are eligible to apply for a Business Loan
- Retailers
- Manufacturers
- Traders
- Sole Proprietorship Firms
- SMEs, MSMEs and Large Enterprises
- Partnership Firms involved only in Manufacturing, Trading or Service sectors
- Self-employed individuals/professionals - CAs, Doctors, etc.
- Private limited companies and closely held limited companies
