Business loans are destined towards helping a small businesses to meet their capital & another requirements. Generally, the following categories of people can avail the business loan.
Self Employed Professionals:
This type of category include, Allopathic doctors, chartered accountants, company secretaries, & architects etc. This is subject to the applicants who have the proof of qualifications & are practicing their profession.
Self Employed Non Professionals:
This type of category includes traders & manufacturers.
Following entities can avail the business loan-
- Closely Held Limited Companies
- Private Limited Companies
- Limited Liability Partnerships
Applicants have to fulfil following criteria in order to be eligible for business loan-
- Min turnover will be Rs.40 Lakhs
- Min 3 years’ experience in the current business
- Min 5 yrs. of business experience
- Business should make profit for last 2 yrs.
- Min Annual Income is Rs.1.5 Lakhs per annum
- Min age of applicant is 21 yrs.
- Max age of applicant is 65 yrs. at a time of loan maturity