Check Out the Easy Eligibility Criteria & Documentation for Business Loan
A business’s ability to grow is critical, especially in the current competitive environment, where it is virtually impossible for a business to exist without increasing revenue and profit. There are numerous strategies to boost revenue and profit, but all of these necessitates a significant amount of capital. This is where Business Loans can provide much-needed assistance.
Unsecured Business Loans are available in India from banks and Non-Banking Financial Corporations (NBFCs) to address the urgent needs of capital for a growing business.
Accessing quick business finance is easy with the Poonawalla Fincorp Business Loan. We provide an easy business loan with flexible tenure. Business owners need to meet the basic eligibility criteria and submit the required documents to get started. Minimum documentation greatly simplifies the Business Loan process and offers financing without any hassle.
To ensure a smooth experience, business owners need to make sure they meet the Business Loan eligibility criteria and submit all the documents required during the loan application process. There are different requirements that should be met to become eligible for an unsecured Business Loan.
Business Loan Eligibility Criteria
Business owners need to meet the following eligibility criteria to secure a Business Loan.
|Age||Applicants must be between 24 and 65 years of age (at loan maturity).|
|Business Vintage||Applicants must have a business vintage of at least 2 years.|
|Annual Turnover||The applicant’s business must have a minimum annual turnover of ₹6 Lakh.|
Note: The above-mentioned Business Loan eligibility list is indicative. Additional eligibility criteria may be required during loan processing by Poonawalla Fincorp.
Business Loan Documents Required
Business owners need to submit the following documents required for a Business Loan. These are basic requirements that should be easy to gather and provide for loan consideration:
|Business Address Proof||Utility bills/ Rent Agreement|
|Financial Documents||Bank account statement of past 6 months.|
Note: The above-mentioned Business Loan documents list is indicative. Additional documents may be required during loan processing.
Frequently Asked Questions
What are the criteria to apply for a Business Loan?
To qualify for a Poonawalla Fincorp Business Loan, you must be at least 24 years of age at the time of loan application and at the most 65 years of age at the time of loan maturity, have a business vintage of at least 2 years, and your business must have an annual turnover of at least ₹6 Lakh. These simple Business Loan criteria make this an ideal credit solution for business owners. Also note, additional criteria may be required during loan processing based on Poonawalla Fincorp’s internal policy.
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 credit score. Usually, the Bureau score required for a loan application is at least 700. 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 Loans, allowing you to avail capital for business need without any 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. Please check the documents required mentioned on this page for reference.
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.