Business Loan Eligibility Calculator

Determine the Eligibility on your business loan using Piramal Finance Business Loan Eligibility Calculator

It is no secret, but a business loan is an incredible opportunity that provides you with aid to build and grow your venture. And availing of a business loan is truly a remarkable way to meet your capital requirements which rise from time to time. Nevertheless, it’s important to evaluate your business loan eligibility before you can apply for a business loan.

And this is exactly how you can avoid the possibility of making an uninformed decision. When you have Piramal Finance’s business loan eligibility calculator at your disposal, you can easily find out if you're eligible. In fact, this effective tool can also be used as a commercial loan eligibility calculator. Thus, you can determine whether or not you are eligible for a business loan.

Your business loan eligibility is
Results generated by the calculator is indicative in nature. Piramal Capital Housing Finance Limited (“PCHFL”) does not guarantee accuracy, commitment, undertaking, completeness, or correct sequence of any the details provided therein and therefore no reliance should be placed by the user for any purpose whatsoever on the information contained / data generated herein or on its completeness/accuracy.

The calculator is only a tool that assists the users to arrive at results of various illustrative scenarios generated from the data input by the users. The user should exercise due care and caution (including if necessary, obtaining of advise of tax/legal/accounting/financial/other professionals) prior to taking of any decision, acting, or omitting to act, on the basis of the information contained/data generated herein.

PCHFL does not undertake any liability or responsibility to update any data. No claim (whether in contract, tort (including negligence) or otherwise) shall arise out of or in connection with the services against PCHFL. Neither PCHFL nor any of its agents or licensors or group companies shall be liable to user/any third party, for any direct, indirect, Incidental, special, or consequential loss or damages (including, without limitation for loss of profit, business opportunity or loss of goodwill) whatsoever, whether in contract, tort, misrepresentation or otherwise arising from the use of these tools/information contained/data generated herein.
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Fees & Charges for Business Loan

Features & FeesDetails
Business Loan Interest Rates16.49%* p.a. onwards
Loan Amount₹ 3,00,000 to ₹ 20,00,000
Processing FeesUp to 4% plus applicable taxes
Loan Tenure48 months tenure
Prepayment Charges5% of the Principal amount being repaid + applicable taxes
Pre-closure Charges5% of the Principal amount being repaid + applicable taxes
Stamp DutyAt actuals (as per state)
Cheque Bounce Charges₹ 500 plus applicable taxes
EMI Bounce Charges₹ 500 plus applicable taxes
EMI Pickup/Collection Charges₹ 250 per visit plus applicable taxes
Cash Collection Charges1% of collection amount of Rs. 50000 and above in cash + taxes
Change of Loan Repayment Mode₹ 500 plus applicable taxes

How to use Piramal Finance's Business Loan Eligibility Calculator?

You can check the business loan calculator of Piramal Finance on our website. This online calculator for business loan eligibility can help you acquire an instant estimate of your business loan eligibility. The calculator is extremely easy to use. You can follow these steps to acquire a quick estimate:

  • Select your desired location.
  • Enter your age. While applying for a business loan you must be more than 21 years of age. And during the time of your loan maturity, you cannot be more than 65 years of age.
  • Select your annual profit after making all the tax deductions in the following step.
  • Select the present monthly EMIs that you are paying. Remember that the calculation should provide an equal sum of all the EMIs that you are currently paying. Also, it must include the EMIs for credit cards too.

Once you have inserted all the above-mentioned information, you need to click on the ‘calculate’ button. The debt consolidation loan eligibility checker will automatically fetch you the business loan amount you are eligible for. You can see the figures on the right side of your screen.

Remember, you can also alter the rate of interest and the tenure of your business loan according to your preferences. You must also note that this online calculator only provides an estimate and an indicative figure.

Business loan eligibility in real terms depends on various other factors. Some of them include credit histories, employment details, and lots more. To better understand the exact figure, you can get in touch with your desired bank. They will provide you with all the additional information as requested.

How is Business Loan Eligibility Calculated?

The business and MSME loan eligibility criteria comprise of varied parameters and include your tax payment record, CIBIL score, credit utilization ratio, bank balance, and other things. So, in order to become eligible for a considerably high business loan amount, you must adhere to the following factors:

Maintaining and Ensuring a Good CIBIL Score

Your credit score plays a significant role in determining your eligibility criteria. Thus, a CIBIL score of less than 700 can typically impact your business and SME loan eligibility.

Paying Your EMIs and Taxes on Time

When you have a punctual and clean record of making payments, you might qualify for a larger loan. As a result, you may end up receiving a large number of business loans.
The Working Capital Loan eligibility calculator of Piramal Finance is immensely smart and simple. You can deliberately use this easy-to-use calculator to determine your eligibility for a business loan. Further, you can apply for the same and get instant online approval.
Remember that the business loan that you apply for is usually disbursed within 24 hours of application. However, there are certain terms and conditions associated with it.

How to Improve your Eligibility for a Business Loan?

If your eligibility for a business loan isn’t very promising, you can try certain ways to improve it. We've listed a few methods for increasing your business loan eligibility below. They include:

Pay Your Taxes Regularly

The most important thing of all is to pay your taxes on time. As your tax history is immensely crucial, it must be well maintained. And defaulting on tax payments can deliberately pave the way for loan rejections. That’s why making your tax payments at the right time is crucial.

Check Your Documents for Errors

In the majority of cases, loan applications are rejected because of fake or missing documents. Thus, you must ensure that all your listed documents are submitted with your application. But most importantly, those documents must be free from any significant error. And that is exactly how you can enjoy a smooth and seamless banking experience.

Consider Future Financial Prospects

We usually extend loans to those who are willing to stay stable and generate remarkable profits. So, if the business industry is volatile, the bank is very likely to reject the loan application. And if the loan gets approved, the interest rate automatically increases.

Increase Business Profits

Most lenders are comfortable with businesses that are actually doing well. So, banks and NBFCs typically reject businesses that suffer significant losses. Thus, it’s important for you to seek a secured loan, especially in the case of an unstable business record.

Frequently asked questions

How do I know if I qualify for a business loan?
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How much income do you need to get a business loan?
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Can a sole proprietor get a business loan?
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How can I get a business loan with bad credit?
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Can I get an MSME Loan for a New Business?
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How does your income affect your business loan eligibility?
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What is the minimum eligible age required to apply for a business loan?
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What are the documents required for a business loan?
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What is the minimum salary required to apply for a business loan?
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How do I check my eligibility for a business loan?
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