Every business owner first checks his eligibility for a business loan before applying for a loan. The business loan eligibility criteria are different for every lender. It is the criteria upon which the lender judges the business owner – if he is credible enough to lend money. The lender determines if the businessman will be able to generate enough revenues from the business to repay the loan. With fewer chances of his repaying the loan, the loan application is rejected. However, if the businessman meets the eligibility criteria, his application for a business loan in Gurgaon is approved.
As said, the eligibility for a business loan in Gurgaon is different for every lender. Nevertheless, read on to know the common criteria of most lenders:
The business turnover in the last 12 months should be more than Rs. 10 lakhs. Business turnover shows that the business is earning well and will be able to repay the loan availed without any delay.
While the business turnover just tells about the revenue, the ITR tells about the profit and income earned by the business owner. Most business owners require the ITR to be more than Rs. 2.5 lakhs. ITR is the tax to be filed for the income earned in the current year.
The business owner who is availing a business loan should own a house or business premise. This is an important requirement for loan lenders offer unsecured business loans. Also, the business place should be separate from the residence.
The business vintage should be more than at least 2 years. If the business is running for more than last 2 or more years, it would be able to provide ITR, bank statement, and Profit and Loss Account. And all these documents will help the lender to verify your creditworthiness. If the business is new or a start-up, the lenders will not be able to verify your credibility.
How to calculate Eligibility for Business Loan?
You can also check your eligibility through the business loan eligibility calculator available on the lender’s website. All you have to do is fill in some basic information about your business. The following is the information that you have to enter:
- Business Vintage
- Last year’s sales
- Phone Number
Now that you know the eligibility for a business loan in Gurgaon and how to calculate eligibility for a business loan in less than 10 seconds, you can check and apply for a loan. You can avail a business loan in Gurgaon from ZipLoan at minimal documentation and the best loan interest rates.
Additionally, you can also register your business for free at the Connect App by ZipLoan to build your business network. Through the e-marketplace, you can create a business profile, list your product, find business, discover new business opportunities, and build connections.