eligibility and documents required for business loan

Business Loan Eligibility & Documentation

Loan up to 30 Lakhs | Attractive Interest Rate | Zero Foreclosure Charges

A company's ability to grow is critical. In this competitive environment, a company cannot exist without increasing revenue and profit. There are numerous strategies to boost revenue, ranging from new solutions to performance marketing. However, all of this necessitates a significant amount of capital. Unsecured Business Loans are available in India from banks and non-banking financial corporations (NBFCs). The main objective is to address the urgent needs of a growing business. To satisfy a company's commercial demands, most financial institutions offer term and Flexi-loans. Business Loans are also known as Commercial Loans. Sole proprietors, privately held corporations, partnership firms, self-employed individuals, and shopkeepers can apply for these loans.

Accessing quick business finance is easy with Poonawalla Fincorp Business Loan. We provide you with an easy loan with maximum tenure. Business owners need to meet the easy Business Loan eligibility criteria and submit the basic documents required to get started. Minimum documentation required greatly simplifies the Business Loan procedure and offers financing without any hassles.

To ensure a smooth experience, be sure to meet all the Business Loan eligibility criteria and submit all the documents required for SME Loan. This will prevent discrepancies in the loan application and will ensure you get approval on your application without any delay and get the maximum tenure for Business Loan. There are different requirements which need to be met to fulfil the unsecured Business Loan eligibility.

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Business Loan Eligibility Criteria

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The following are the Business Loan eligibility criteria that need to be met for a person to avail loan.

Criteria Requirement
Age Applicants must be between 22 and 62 years of age.
Work Experience Applicants must have a business vintage of at least 3 years.
Annual Turnover The applicant’s business must have a minimum annual turnover of ₹20 lakh.
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Business Loan Documents Required

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The following are the documents required for SME loan or a Business Loan which need to be submitted by every individual looking for getting a loan from Poonawalla Fincorp. As already mentioned above, these documents are very easy to gather.

Documents Requirement
KYC
  • Company PAN Card, Director/Proprietor/ Partner PAN Card, Aadhaar Card, Passport.
  • Proprietor/Partner/Director PAN Card, Aadhaar Card, Electricity Bill/Rent Agreement/Passport.
Business Address Proof
  • Utility bills/ Rent Agreement.
Financial Documents Bank account statement for the past 6 months.

Do note the above-mentioned Business Loan documents list is indicative. Additional documents may be required during loan processing.

What are the Business Loan criteria?
To qualify for a Poonawalla Fincorp Business Loan, you must be between ages 22 and 62, have a business vintage of at least 3 years, and your business must have an annual turnover of at least ₹20 lakh. These simple Business Loan criteria make this an ideal credit solution for business owners.

Do I need a good credit score to avail a Business Loan?
Yes, it is one of the essential Business Loan requirements. To qualify, you must maintain a good CIBIL score. Usually, the Bureau score required for a loan application is at least 650. But, to get the best terms on your loan, it is recommended to apply with a Bureau score of 750 or higher.

Does Poonawalla Fincorp offer a Business Loan with minimum documentation?
Yes. The Poonawalla Fincorp Business Loan has minimal and easy-to-meet documents required for Business Loan, allowing you to avail capital for business expenses without delay or hassle.

What are the documents required for Business Loan?
To fulfil your Business Loan eligibility criteria, you must submit basic KYC, financial documents, and business-related documents. Check the official webpage to know the specific documents required for Business Loan.

Can I access the Business Loan documents list online?
Yes. To access this list, simply visit the official webpage. Do note that the Business Loan documents required mentioned online are indicative and you may be required to furnish additional documents during loan processing if needed.

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