Business Loan availability and eligibility criteria
- Business loans are available for an amount between Rs. 10 lakhs to Rs 5 crores for small business,
- Business loans are available for a limited repayment time from 3 years to 5 years.
- The unsecured loan can be from 10 lakhs to 35 lakhs.
- Business loans are available for self-employed persons that either want to start a new business or already have their own business or their own company; it depends on their company’s credibility and their yearly turnover.
- To obtain a business loan in India the person should be an Indian national only.
Eligibility Criteria: –
- Age of applicant should not be less than 21 years
- Age of applicant at loan maturity should not be more than 65 years
- Net Monthly Income should be at least Rs. 1,50,000 per year
- Minimum yearly turnover should be Rs 10 lakhs