Lenders usually set their business loan eligibility criteria based on the following factors:
- Age: 21 years at the time of loan application and 65 years at the time of loan maturity (may vary across lenders)
- Minimum Business Vintage: 3 years (may be 5 years for some lenders)
- Minimum Business Turnover: Rs 50 Lakhs to more than Rs 250 crore
- Credit Score: 700 or above (some lenders may offer business loans to applicants having lower credit scores)
- Minimum Income: Rs 3.5 lakh P.A.
- Eligible Entities: MSMEs, Proprietors, Limited Liability Partnership firms, Private Limited Companies, self-employed individuals, self-employed professionals (doctors, CA, CS, architect, etc.) individual corporations, etc.
Documents Required for OD/CD LIMITS
- ID Proof: Aadhar Card, Passport, Voter ID Driving License.
- Address Proof: Telephone/electricity bill.
- Ownership proof of residence or office
- Business continuity proof
- Business registration proof
- Bank statement for last 12 months
- Latest ITR along with income computation, B/S, P&L account for last 2 years certified by a CA
