Calculate Your Business Loan Eligibility Amount Online
Business setups and their expansions can be very expensive and that is one of the reasons why business owners hold themselves back. With a loan from Poonawalla Fincorp, you may empower your business and take it to new heights. Our Business Loans have been tailored to meet your specific requirements, ensuring that money is never an issue in growth of the business.
Every step of the route has been optimized to ensure a hassle-free and time-saving experience. You may apply for a Business Loan entirely online in a matter of minutes, receive quick approval, and have the funds disbursed in a short time. You may count on the Poonawalla Fincorp Business Loan in an emergency and never worry about running out of cash.
Disclaimer : The Business Loan eligibility calculator is used for calculating the estimated loan amount that you will be eligible for. There are various factors that determine the loan eligibility amount of the applicant. Please note that the above amount calculated from the Business Loan eligibility calculator is just an indicative amount and should not be taken as the final one. Poonawalla Fincorp or any of its employees, group entities, agents, or licensors are not responsible for any decision and consequences arising from the use of this information.
How is Business Loan Eligibility Calculated?
You can calculate Business Loan eligibility with Poonawalla Fincorp by following the below steps:
Step 1: Visit the official website of Poonawalla Fincorp
Step 2: Go to the Business Loan Eligibility Calculator section
Step 3: Enter the information demanded in the various fields.
Step 4: Press the “Calculate” button
And the Business Loan amount you are eligible for gets displayed in an instant! Please note that this is an indicative amount and actual amount could vary slightly depending on other factors such as credit score, Poonawalla Fincorp’s internal policies, etc.
Also, make sure you fulfil other eligibility criteria related to age (between 22 and 65 years of age), business vintage (minimum 2 years) and annual turnover (Minimum ₹6 Lakh).
How to Use Poonawalla Fincorp’s Business Loan Eligibility Calculator?
Our online Business Loan calculator is a helpful tool that quickly estimates your loan eligibility.
For a rapid estimate, follow the steps below:
- Date of Birth: Enter Your Date of Birth
- Business Vintage: Enter the number of years the business has been operating
- Net Profit (Annually) (₹): Insert the net profit of the company after taxes
- Depreciation (Annually) (₹): Insert annual depreciation value
- Current obligation (₹): Insert the business’s current EMIs
- Business Loan Tenure (Months): Select the tenure of the loan in months (6 to 48 months)
Once you key in the required values, click the “Calculate” button. You'll find the Business Loan amount you're eligible for on the right side. You can also adjust the duration of the loan to suit your needs.
Please keep in mind that this calculator just provides an estimate and is only indicative. The actual eligibility for a company loan is determined by a variety of elements and will be decided once all the required documents are provided. To get your Business Loan eligibility checked use this calculator to and find out your indicative eligibility.
What are the Eligibility Criteria for a Business Loan?
It's simple and effortless to apply for a new Business Loan with Poonawalla Fincorp. Our loan requirements are designed to save you time and put you in the best possible position to succeed. The following are the basic minimum conditions to be eligible to avail a business loan with us.
- Age: Must be between 22 and 65 years
- Annual turnover: Minimum annual turnover of ₹6 Lakh
- Work experience: Minimum business vintage of 2 years
Kindly check our Business Loan eligibility criteria to get more details about other factors which may affect your Business Loan eligibility amount.
Factors Affecting the Business Loan Eligibility Amount
The Credit score, tax payment history (Income Tax Returns - ITR & Goods and Service Tax -GST), bank balance etc. are used to determine whether you are eligible for a Business Loan. In addition, you should consider the following elements to qualify for a larger loan:
- Maintain a decent Credit score: Your credit score is essential in assessing eligibility. A credit score of less than 750 may affect your ability to obtain a Business Loan.
- Pay your taxes and EMIs on time: If you have a good track record of paying your taxes and EMIs, you may be eligible for a larger loan amount.
How to Improve your Eligibility for a Business Loan?
As a business owner, you should be aware of the steps to be taken to improve your eligibility for a Business Loan. Prior to your Business Loan approval, lenders ensure that you meet the required eligibility criteria set by the lender. This ensures the lender that the borrower will repay the loan without any delay or default. Moreover, you should always focus on the improvement of your Business Loan eligibility. Here are a few factors to improve your eligibility for a Business Loan:
- Credit Rating: You are already aware of the importance of credit rating. It provides confidence to the lender about the repayment of the loan. You should always have a good credit rating by following good credit habits and ensuring timely loan repayment. It helps you get your desired loan amount at a good interest rate.
- Business Stability: While approving a Business Loan, lenders are concerned about the stability of the business. Financial stability ensures that there is enough capital with the business owner to repay the loan.
- Avoid missing credit card bill payments: As a business owner, if you are using a credit card for any business transaction, you should avoid any delay or default in paying credit card bills. Missing credit card bill payment impacts your credit score and reduces your chance of getting a loan.
- Avoid late payment: You should always plan your loan prior to applying for a loan. This helps you in repaying EMIs on time. Any late payment or default impacts your credit rating.
Frequently Asked Questions on Business Loan Eligibility Calculator
1. What are the eligibility criteria for a Business Loan?
If you are applying for a Business Loan, your age should be between 22 years and 65 years. According to Poonawalla Fincorp’s policies, your business vintage should be at least 2 years, with a turnover of more than ₹6 Lakh.
2. How to calculate Business Loan eligibility?
At Poonawalla Fincorp, we have developed a simple and user-friendly Business Loan eligibility calculator to help customers determine the estimated loan amount that they are eligible for. You simply have to input some information (mentioned above) and you get your estimated Business Loan eligibility amount in an instant. Please bear in mind that this is an indicative amount.
3. How much credit score is required for a Business Loan?
Credit score is one of the more crucial factors that determine your eligibility for any type of loan. Generally, you should always maintain a good credit score to avoid being rejected for a loan. If you have a credit score of 750 or above, the chances of getting your Business Loan approved will be higher.
4. How accurate is the Business Loan eligibility calculator?
The Business Loan eligibility calculator is easy to use. However, the amount indicated in the same is tentative and is subject to various other factors. The calculator can give you an approximate amount to give you an idea of how much you can borrow.
5. Why should I choose Poonawalla Fincorp’s Business Loan?
Poonawalla Fincorp has created a Business Loan offering keeping the requirements of today’s fast-moving entrepreneurs’ needs in mind. Our Business Loans are available at competitive interest rates, with flexible repayment tenure and higher loan amounts. We keep our customer’s trust and faith in us paramount, hence, there are absolutely no hidden charges. The loan application process is digital and very simple, with minimal documentation and quick disbursal.
6. How do I know If I qualify for a Business Loan?
There are three major factors that help you to qualify for a Business Loan:
Age: You should be between 22 and 65 years of age.
Business Vintage: You should have a business vintage of at least 2 years.
Annual Turnover: The business must have a minimum annual turnover of ₹6 Lakhs.
