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.
|Loan Processing Charges||Up to 2.00% of the loan amount. However, NIL processing fees for loan facilities up to ₹ 5 lakh are available by micro & small enterprises subject to URC submission prior to disbursal.|
|Rack Interest Rate Range||Min 12.99% & Max 22.50%|
|Pre-payment Charges||Upto 5% of the Principal amount being repaid + applicable taxes.You should note NIL foreclosure/ prepayment charges for fixed rate loan facility up to ₹ 50 lakh can be availed by micro & small enterprises and closure from own source|
|Prepayment- Part or Full||No pre-payment in part or fully permitted until repayment of 6 EMIs. However, part-payment is allowed after 12 EMIs up to 25% of the principal outstanding. It is allowed only once in the financial year and twice during the loan tenure.|
|Duplicate Loan Closure Letter||NIL|
|Loan Closure Letter||NIL|
|Solvency Certificate||Not applicable|
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:
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.
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:
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.
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 कार्यशील पूंजी कर्ज 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.
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:
In order to know whether you will qualify for a business loan or not, you must determine the eligibility for a business loan first. The typically standard eligibility criteria for a business loan are stated below:
The new business loan eligibility states that you need to have a particular annual income to qualify for a business loan. So, as a business owner, you need to have a minimum annual income of ₹ 1.5 lakh; only then can you easily acquire a business loan for expanding and other amenities to your business.
Yes, a sole proprietor is also capable of getting a business loan. It’s primarily because business loans deliberately finance all kinds of businesses, including sole proprietorships. However, it is important for businesses to fulfil all the required eligibility criteria in order to acquire a business loan.
So, if you are a sole proprietor, you can easily avail of a business loan when you fulfil all the criteria. Further, you can commence your enterprise or use it for your working capital requirements. You can also get done with your loan eligibility check online from Piramal Finance’s website.
Even when you have a bad credit score, you can seamlessly get a business loan under certain circumstances. Here are a few ways through which you can get a business loan with bad credit:
If you are starting a new business, you can easily get an MSME Loan. However, you can use the MSME loan eligibility calculator to determine whether or not you are eligible for the loan amount.
You can seamlessly use MSME loans for your new businesses, so that you can obtain the maximum benefit from them. Besides, the MSME loans also provide funds for capital growth, and this can be used for any type of business requirement.
To apply for a business loan, you must be at least 21 years old and people above 65 years of age during loan maturity stand ineligible for business loans. You can check and calculate the business loan eligibility from Piramal Finance’s website.
If you plan to expand your business, you will need a business loan. And in order to be granted your business loan, you need to provide a multitude of documents. Some of them include the following:
Your business must have a minimum annual salary of ₹ 1.5 lakh per year. Also, as an applicant, you must be at least 21 years of age and not more than 65 during loan maturity.
If you plan to obtain a business loan, you must check your eligibility first. And in order to check business loan eligibility, you can use the business loan eligibility calculator. Once you open the website of Piramal Finance, there you will find the eligibility calculator.
Piramal Finance is a part of Piramal Group Enterprises Limited and is registered under National Housing Bank. It offers retail and wholesale funding opportunities to companies across different industries. It is also involved with financial service businesses. The business loan benefits offered by Piramal Finance enable companies of different sizes to fulfill their goals. But Piramal Finance also offers other kinds of loans, including housing and personal loans.