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Business Loan Eligibility And Documents
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Business Loan Eligibility and Documents
Qualifying for a business loan from ZipLoan is effortless. You just need to fill an online loan application form available on our website and submit the documents required for a business loan.
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Business Loan Eligibility
The following is the eligibility criteria for a business loan:
The business should have a vintage of at least two years.
Your business should have its Income Tax Returns filed for at least past two years.
You must either own a house or a business premise.
Minimum Turnover of Rs. 10 Lakh in the last 12 months.
The business place should be separate from the residence.
You need to submit all the relevant personal and financial documents at the time of document verification. You will be informed of the further loan application process and other requirements.
Based on your meeting our loan eligibility criteria, you can get business loans up to Rs. 7.5 lakh. Here’s the list of cities where we provide our services:
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
4) ITR
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
Ram Yadav
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.
Kanchan Lata
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.
Babu Lal
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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