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What is a Business Loan?
business loan is a loan specifically intended for business purposes. As with all loans, it involves the creation of a debt, which will be repaid with added interest.
Eligibility Criteria for Business Loan
The following are the common eligibility criteria for a Business Loan:

  • The applicant or the promoters of the business should be in the age group between 21 years to 65 years.
  • Proprietorship/Partnership Firms and Pvt Ltd Companies, Self-employed individuals/professionals engaged either in Manufacturing, Services or Trading, are eligible for the loan.
  • A business vintage of a minimum of 3 years with a minimum experience of 5 years in the line of activity will be required.
  • A minimum business turnover and a minimum annual turnover as per the ITR will be required. The quantum of the requirement will vary from lender to lender.
  • The firm/company should be profit-making for at least a period of 2 years
Documents Required
The following are the common documents required for a Business Loan:

Type Documents Accepted
Proof of address of the promoters Aadhaar Card, Voter’s ID Card, Driving Licence, Utility Bills, etc.
Photo ID proof of the promoters PAN Card, Passport, Voter’s ID Card, Driving Licence, etc.
Proof of business GST Registration, Trade Licence, Registration under Shop Act, Drug Licence, etc.
Income proof Balance Sheet and Profit & Loss Account audited by an Auditor with Auditor’s report.
Other documents
  • Partnership Deed in the case of Partnership Firm
  • Articles of Association, Memorandum of Association, and Board Resolution as per the format provided by the lender in the case of a Company.
  • PAN Card of Partnership Firm/Company
  • National and State Permit if finance is availed for a commercial vehicle.

Top Business Loan Providers

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Bank of Baroda

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ICICI bank

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Syndicate bank

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HDFC bank

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State bank of india

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RBL bank

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Axis Bank

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DCB bank

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Aditya Birla

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