Business loan eligibility: How can it be improved?
You can follow these tips and improve your business loan eligibility –
Try to maintain a CIBIL score over 750.
Pay off any pending credit card bills, loans, or obligations you have. Avoid defaulting on payments to maintain a spotless repayment history.
Avoid applying for multiple business loans at the same time: Choose a business loan that's best suited to your finances. This could hurt your credit score.
Consider a longer loan repayment term. This will make it easier to repay over time. Longer repayment terms also result in lower EMIs.
How does your income affect your business loan eligibility?
A lender will want to make sure you have a stable business that is growing and bringing in a steady stream of income before they extend a loan. You are considered a low-risk borrower if you have a positive cash flow.
Your business loan application might be turned down if you lack a reliable source of income.
What are the business loan documents applicant must submit to get a business loan?
To avail business loan from Ziploan, you need:
1) KYC documents such as PAN Card, Aadhaar Card, a driving license, passport, etc.
2) Proof of business ownership
3) Residential proof
5) Previous nine months' bank statement
What is the maximum business loan amount I can get from Ziploan?
You can avail up to Rs. 7.5 lakh business loan, it also depends on your banking history.
What is the age limit to get a business loan?
To apply for a Ziploan business loan, you must be between 20 and 70 years of age. Additionally, there are other eligibility that you must fufil to get a business loan.
What is the duration of the loan?
A loan may be for a period of up to 36 months.
Solving Real problems
I have been running my business for over twelve years but have not been able to undertake expansion activities. I applied to Ziploan and they cleared my loan application in a very short span of time.
I approached Ziploan for an equipment finance loan. Their eligibility criterion was easy to fulfill because it required only 2 years ITR and 10 lacs of annual banking credit.
I always thought that loans and credit facilities were only available to large businesses with significant turnover. I never thought I would be eligible to qualify for a business loan too. Ziploan is boon for small enterprises like me.
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