You can choose to apply for a business loan through the traditional channel of visiting a bank branch or through a DSA. However, if you are looking for quick business loans without collateral, you can simply apply online at growfinacial.in. You can compare loan interest rates online . Once you fill your basic personal, business and income details, you will get a list of best bank business loan offers.
Yes, you can apply business loan online in your city provided you have sufficient turnover, business stability and have good credit history. You can also compare business loan offers for different cities at growfinacial.in
Business Loan Eligibility
Banks use multiple factors to calculate the loan amount elibility of its borrowers. MyLoanCare Business Loan Eligibility Calculator uses the following factors to give you an estimate about your loan eligibility, amount of loan and best interest rate offer.
Business Loan Eligibility Calculator
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Parameters |
Business Loan Eligibility Criteria |
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Eligible Entities |
Self employed non professionals – Sole proprietors, partnership firms, private limited companies, public limited companies involved in the business of manufacturing, trading and services |
|
Age |
21 - 65 years |
|
Loan Amount |
₹ 50,000 to ₹ 100 Cr |
|
Interest Rate |
13.50% - 22.00% |
|
Loan Tenure |
Up to 5 years |
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Business Vintage |
For self employed professional - 3 years |
|
Annual Turnover |
₹ 1 Cr and above |
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Banking Stability |
6 months and above |
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CIBIL Score |
650 or above |
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Other Eligibility Conditions |
Borrower should have a self owned house or work place |
Documents required for Business Loan
- Signed Application Form
- Identity Proof (PAN)
- Residential Address Proof
- Last 3 years ITR (self and business), profit and loss account, balance sheets certified/audited by a CA.
- Last 12 months bank account statement (self and business)
- Certificate and Proof of Business Existence
- Business Profile
- Office address - ownership/ lease / rent agreement/ utility bill
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Individuals |
Firms, Partnerships |
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|---|---|---|
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Identity Proof |
PAN card, Passport, Driving License, Aadhar Card, Voter id, Govt issued i-card |
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Certificate and Proof of Business Existence |
PAN , sales tax/ excise/ VAT/ service tax registration, Copy of partnership deed, Trade license, certificate of practice, registration certificate issued by RBI, SEBI |
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Address Proof |
Passport, Driving License, Election ID card, Electricity/ Telephone/ Mobile bill/ bank statement (not more than 3 months old) |
Bank statement, utility bill, Registry copy, lease or rent agreement, TAN allotment letter |