Eligibility criteria
Corporate loans are a vital tool for business growth. Businesses and entrepreneurs use business loans to meet their demands. Before applying, it is crucial to understand business loans and the prerequisites for applying and being authorised for one. It is vital to comprehend the diverse categories of corporation loans and their associated advantages.
- Age of applicant: 21 to 65 is the typical lender's eligibility range.
- ITR filing: The applicant is required to file their prior year's ITR. Based on the filed ITR, an applicant's credit repayment capacity and monthly income are assessed.
- Banking stability: Lenders often review bank statements for at least six months before approving a loan.
- Stability of the company: To determine the development and stability of the company, lenders also review the company's past.
- Annual income: Different lenders have different requirements for loan eligibility based on an applicant's annual income.
Documents required
Below are the documents required for completing your application process
- KYC documents (Aadhar card / Voter's ID / Passport / PAN card).
- 6-month bank statement.
- ITR, Trade License, Establishment Certificate, or Sales Tax Certificate.
- A declaration of a partnership deed or sole proprietorship.
- A certified copy of the MOA (Memorandum of Association), An AOA (Articles of Association) & Board resolution.
