Business Loan Eligibility Calculator

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REG Number : DPIIT34198

Business Loan Eligibility Criteria

To avail a business loan, the following eligibility criteria needs to be fulfilled:

The Borrower should be between 25-65 years

The business should show cash profits in the past two financial years.

Income tax returns of at least 1 year is required for your business

You should be a self-employed individual

Who is Allowed to take a Business loan?

For a Private Limited or Limited Company: For loans up to Rs. 15 Lakhs, the net annual income of the business should be more than Rs. 1.5 lakhs. For loans over Rs. 15 Lakhs, the net annual income of the business should be more than Rs. 3 Lakhs.

For a Self Employed professional: The professional should possess the required skills and qualifications to avail the loan. A list of qualifications can be found online. Doctors, engineers, chartered accountants and management consultants are required to produce a proof of qualification as well.

For a Proprietorship firm or a limited liability partnership: The company must have the profit and loss statements to meet the minimum criteria of the lender in question. We assess the repayment ability of the borrower before sanctioning the business loan.

Business Loan Requirements Documents

    Photo ID Proof
  • Passport size photographs
  • Valid Aadhaar card, Voter ID or Passport.
  • Bank Statements
  • Certified bank statements of the borrower for the past 6 months
  • Proof of Business
  • Trade license or sales tax certificate
  • Ownership documents
  • Sole proprietorship or partnership deed
  • Income tax returns for the past 2 financial years
  • Profit and loss statements for the past 2 financial years
  • Balance sheets from previous years
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Benefits of EZO Business Loan

  • Superfast Processing (within 72 hrs)
  • No Collateral Required (No asset loss risk)
  • Fair Interest Rates (from 1.25% per month)
  • Flexible Repayments (As per convenience)

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What are the fees incurred upon applying for a business loan?

The processing fee for the business loan is set at 2% of the loan amount.

What is the duration of the loan?

The tenure of the loan can be from a period of 1 month up to 36 months.

How often can you make the repayments?

Payments can be made on a bi-weekly or a monthly basis. There are no foreclosure charges for the business loan.

Are there any pre-closure charges?

We at EZO do not levy any pre-closure on the business loans availed by owners.

What is the interest on the business loan, and how do I calculate it?

EZO offers business loan with interests that amount to 18% annually.The interest rate for the business loan be calculated using the formula: E = P x r x (1+r)n/(1+r)n-1, Where E is the EMI to be paid, P is the Principal loan amount, n is the loan tenure and, r is the rate of interest that is calculated on a monthly basis.

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