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Business Loan Eligibility And Documents

Business loan eligibility criteria typically constitute age limit, income, business health, CIBIL score, balance sheet, and more. Financial institutions define the conditions to evaluate the customer's creditworthiness for availing and repaying the loan amount on time. 

At Tata Capital, flexible business loan eligibility allows businesses to get loan amounts for extended tenures easily. Tata Capital business loan eligibility online by checking if they meet the following conditions.

Business Loan Eligibility for Self-Employed


Eligibility:

  • Your age should be between 25-65 years

  • Your business must be profitable for three consequent financial years

  • Your turnover must show an upward trend

  • Your balance sheet should be audited by a registered Chartered Accountant



Documents required for Business Loan

Photo Identity Proof

A duly filled business loan application with passport size photographs affixed, and a copy of your driving licenses/passport/Aadhar card/Voter ID.

Business Proof

A copy of your ownership papers, Establishment/ Trade License/Sales Tax Certificate, and a certified copy of Partnership Deed agreement or Sole Proprietorship declaration.

Income Proof
ITRs and computation for the last two years, balance sheet (audited by a registered CA), and P/L Profit/Loss statement for the past two years.
Bank Statements

A copy of company’s certified bank statements for the past six months

KYC Documents

A copy of your PAN Card, Registration of Incorporation, and Memorandum & Articles of Association documents.

How to Improve Business Loan Eligibility?

You can follow these tips and improve your Business Loan Eligibility –

  • Build a good CIBIL score: Try to manage a CIBIL score of more than 750.

  • Do away with past debts: Pay off any existing liabilities, loans, or pending credit card bills, on time. Try to maintain a spotless repayment history by avoiding defaulting on payments.

  • Try not to avail various loans simultaneously: Always apply for a business loan that is best suited to your financial requirements. Filing multiple loan applications affects your creditworthiness.

  • Opt for longer loan repayment tenure- Choose a longer loan tenure. It will enable you to repay comfortably over an extended period. Higher repayment tenure also reduces your EMI amounts.

What is the maximum Business Loan Amount you are eligible for?

The minimum and maximum business loan amounts depend on your business returns and eligibility. With Tata Capital, candidates can avail a maximum business loan amount up to Rs 75 lakhs. The minimum loan amount that candidates can apply for is Rs 5 lakhs.