What is the elegibility criteria for business loan ?
- Minimum turnover should be INR 40 lakhs
-Minimum existence of 3+ years in business
-Business should have total 5+ years of working experience
-Business should be profit making business for last 2 consecutive years
- Annual income should be greater than 1.5 lakh
- Business owners should be minimum 21 years of age and should be less than 65+ years of age
What is process of applying for business loan ?
1) Check your eligibility before applying for the loan.
2)Research the bank that you are interested in getting the loan from.
3)Accumulate all the documents necessary to get the loan.
4)Fill out the application.
6)If your Eligiblity is right, and your application is without any error, you will get access to the business loan.
What are the required documents for business loan ?
- The PAN Card that belongs to the company, the firm or the individual.
-ID proofs that can either be Aadhar Card, Passport, Voter’s ID or driving License.
-Bank Statements of the last 6 months.
-Latest ITR to consists of the computation of income, balance sheets, and P&L account of the last 2 years,
-Proof of Continuation that can either be ITR/Trade License/establishment/Sales Tax Certificate
-Sole Proprietorship Declaration or a notarized copy of the partnership deed.
-True copy of MOA and AOA.