Business Loan Eligibility Criteria

Most banks and NBFCs offer collateral-free business loans to startups. Banks also extend loans to startups under various startup-specific schemes run by the Government.

Banks and NBFCs usually consider your business turnover, annual income, profit-making vintage, repayment capacity, overall financial health, etc, before deciding the loan amount.

You can apply for unsecured business loans at Paisabazaar through the web or app. Alternatively, you can visit Banks/NBFCs and apply directly by filling out a loan application form and submitting the required documents.

Multiple elements are used to calculate your business loan eligibility, including your credit profile, annual turnover, net profit, debt-to-income ratio, and more.

Yes, you can check your business loan eligibility online at Paisabazaar in simple and quick steps.

The minimum turnover required varies from bank to bank. To know the exact amount, you can visit Paisabazaar and check offers from top lenders along with the mentioned business loan eligibility criteria.

Lenders usually prefer a credit score of 700 and above for business loans.

Yes, startups can also check business loan eligibility. There’s no restriction on who can check their eligibility.

The higher the existing debt, the lower the capacity to repay new loans and vice versa. Lenders usually prefer a debt-to-income ratio of 50-55% for business loans.

Yes, most banks ask for your GST details before extending a business loan.

Yes, self-employed individuals can apply for a business loan. The eligibility might vary slightly. Check with your lender before applying.

P&L statement, GST return, ITR, annual turnover, credit score/rating and other pertinent business details.

No, checking business loan eligibility does not impact your credit score.

Yes, you can improve your business loan eligibility by improving your credit score/rating, maintaining a healthy cash flow, managing your business with stability, and keeping your documents and permits up-to-date and ready.