While applying for a business loan, there are a few required eligibility criteria that you have to meet. The eligibility criteria vary for salaried and self-employed individuals.
If you are a salaried individual, you should be at least 21 years of age to apply for a business loan. As a government employee, you can apply for a business loan till you are 70 years old. You can only apply till 62 years of age if you work at a private company.
To meet the eligibility criteria, you will have to work at a government institution, a public sector undertaking company, partnership firms such as an LLC, public companies such as private limited companies or limited companies, proprietorship concerns such as an individual proprietorship or HUF, MNC, and institutions run by NGOs, societies, and trusts.
Make sure you keep two of your documents ready, including KYC documents, income tax returns for the past 2 years, Form 16, salary slips, bank statements of the last six months, and documentation related to your collateral property.
As a self-employed individual, you have to be a minimum of 23 and a maximum of 70 years of age.
If you are a CA, qualified doctor, or architect, you will be considered a self-employed professional. If you are a business owner, partner at a partnership firm, director of a company, or involved in a proprietorship, you will be considered a self-employed non-professional. However, directors of listed companies will be deemed as salaried applicants.
You have to submit your Form 16, KYC documents, bank statement for the past six months, ITR for the past two years with computation, CA audited financials and documents for your collateral.
Piramal Finance’s business loans in Mumbai are collateral-free, which means you won't have to risk your personal or corporate assets to acquire funding for your company. Piramal Finance allows you to apply for a loan online and receive pre-approved offers for a quick loan with no security.
Avail Piramal Finance quality service and business loan instantly in the top commercial and metropolitan cities of India to meet the needs of your growing business.