Business Loan Eligibility Criteria:Who is allowed to take a business loan?
- For a Private Limited or Limited Company For loans up to Rs. 15 Lakhs, the net annual income of the business should be more than Rs. 1.5 lakhs.
- For a Self Employed professional The professional should possess the required skills and qualifications to avail the loan. A list of qualifications can be found online. Doctors, engineers, chartered accountants and management consultants are required to produce a proof of qualification as well.
- For a Proprietorship firm or a limited liability partnership The company must have the profit and loss statements to meet the minimum criteria of the lender in question. We assess the repayment ability of the borrower before sanctioning the business loan.
Other Eligibility Criteria for a business loan:
- The borrower should be between the age of 21 and 65.
- The business should show cash profits in the past two financial years.
- A registered chartered accountant is required to audit the balance sheet of the business.
Business Loan Requirements Document:Photo ID Proof
- Passport sized photographs
- Valid Aadhaar card, Voter ID or Passport.
- Certified bank statements of the borrower for the past 6 months
- Trade license or sales tax certificate
- Ownership documents
- Sole proprietorship or partnership deed
- Income tax returns for the past 2 financial years
- Profit and loss statements for the past 2 financial years
- Balance sheets from previous years
Benefits of Applying for a Business Loan from Lendingkart:
- With fast processing – within 72 hours – you do not have to wait for days on end to know about loan eligibility and the consequent handling of the business loan
- Interest rates start at 1.25% per month for loans up to Rs. 30,00,000.
- Flexible payments for all customised business loans makes it convenient to pay back the amount.
- No collaterals are required to avail a business loan. Personal or business assets do not need to be put on the line.
- This simple and straight forward process can all be done online. Loans can be applied for with just the documents mentioned above.
Repayment of the Business Loan:
The loan can be paid off with EMIs or with bimonthly payments- whichever is deemed more convenient.
These EMIs can be paid through National Automated Clearing House (NACH) which are electronic and periodic in nature. The amount will be automatically debited from your account in the frequency chosen by you.