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
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)