Check Your Eligibility with ZipLoan Business Loan Eligibility Calculator
At ZipLoan, we understand that every business unit is different and therefore, the basis of measuring their creditworthiness should also be different. We do not only follow the CIBIL score norms but also have our own credit evaluation process, ZipScore. ZipScore checks the business loan eligibility in a holistic fashion and makes the eligibility criteria for small business loans broad ensuring every small business has access to a business loan without security.
We have used technology extensively to simplify the loan application process and turn-around time for the customers. You can check eligibility by our business loan eligibility calculator for commercial shop loan or other types of business loans. The documents required for business loan are very minimal and our business loan eligibility is easy to fulfill.
How to Increase Eligibility To Avail a Business Loan?
Many small business owners find it difficult to avail a business loan and often search on the internet on how to get a business loan? One of the most common reason why they cannot avail a business loan is their eligibility not meeting the lenders eligibility criteria. Take a look at the below-mentioned tips to improve your business loan eligibility.
- Ensure 700+ CIBIL Score: CIBIL Score plays an important role in availing a small business loan. It helps the lender to determine your financial ability to repay the loan. A CIBIL Score of more than 700 significantly enhances the chances of business loan instant approval. It also helps in getting the business loan at lowest interest rates.
- Pay Taxes & EMIs On Time: A high CIBIL Score is a must business loan eligibility criteria and it can significantly increase if you pay all your taxes and EMIs of the ongoing loan(s) on time. Paying due amounts on time shows your responsible behaviour which ultimately enhances your business loan eligibility.Before availing a business loan, with the help of EMI Calculator you can check the monthly loan EMIs and plan your payments easily.
- Maintain Bank Balance: Maintaining a healthy bank balance shows the financial stability to the lender. It further improves your CIBIL Score.
- Keep Credit Utilisation Ratio Low: If you have a credit card, make sure you do not utilize to its full limit. On an average, the utilisation limit is below 40%.
- Do Not Apply for Multiple Loans: Applying for multiple loans reduces your CIBIL score and brings down the eligibility for business loan. You can use our business loan eligibility calculator to check your eligibility.
- Do Not Settle A Loan : Entering into a loan settlement impacts negatively on the business loan eligibility. So, if you are foreclosing a loan, make sure you pay your dues in full amount.