Business Loan Eligibility
An unsecured business loan is a line of credit between a customer and a financial body that begins with a maximum business loan eligibility balance that the bank allows the individual to manage the applicant might draw onto the accessible line of credit, which provides the limit that does not exceed the amount. The borrower doesn’t need to pledge any security or collateral for the loan. It is offered by many lenders and financial institutions.
To qualify for a business loan to fulfill their business expenses. As a borrower, you need to meet the basic business loan requirements as specified by the lender. However, from bank to bank the eligibility shall vary. This is essentially used to assess borrower's eligibility and repayment capacity.
Eligibility criteria for an unsecured business loan
- The minimum age of the borrower should be 24 years and the maximum age will be 70 years at the time of maturity.
- The borrower should be self-employed.
- CIBIL Score must be 750 or above.
- Business vintage should be a minimum of three years.
- Nationality of the individual must be the resident if India.
- Bank statement for the last 6 months.
- Balance sheet, profit and loss account, audit report, tax computation, and reports of the directors for the previous 2 years.