eligibility and documents required for business loan

Business LoanEligibility & Documents Required

Loan up to 50 Lakh | Attractive Interest Rate

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 a Business Loan 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. We provide an easy 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 loan application 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 to apply for a loan for your business.

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Eligibility Criteria

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Business owners need to meet the following eligibility criteria to avail of funds for their businesses from Poonawalla Fincorp:

Criteria Requirement
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 eligibility criteria is indicative. Additional eligibility criteria may be required during loan processing by Poonawalla Fincorp.

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Documents Required

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Business owners need to submit the following documents required:

Documents Requirement
  • Director/Proprietor/ Partner PAN Card/Aadhaar Card/Driving License/Voter ID/Passport
  • Proprietor/Partner/Director PAN Card/Aadhaar Card/Driving License/Voter ID/Passport
  • Personal Docs - All Individual/Partner/Director - PAN Card/Aadhaar Card/Driving License/Voter ID/Passport & Officially Valid Documents + Proof of Address (If not as per Officially Valid Documents)
  • Business Docs - Business Registration Proof + Business Address Proof (if not as per Business Registration Proof)
Business Address Proof Utility bills/ Rent Agreement
Financial Documents Bank account statement of past 6 months.

Note: The above-mentioned list of documents is indicative. Additional documents may be required during loan processing.

What are the criteria to apply for a Business Loan?

To qualify for a Business Loan from Poonawalla Fincorp, 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. 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 get a loan for my business?

Yes, to qualify for a loan for your business, 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 provide funds with minimum documentation?

Yes. The Poonawalla Fincorp offers funds for your business with minimal and easy-to-meet documentation requirements. The essential documents may include KYC, business address proof, and financial documents.

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.

Can I access the documents list online for a loan for business?

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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