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.

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Eligibility Table

FeesMaximum Tenor
Loan Processing ChargesUp 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 RangeMin 12.99% & Max 22.50%
Pre-payment ChargesUpto 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 FullNo 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 LetterNIL
Loan Closure LetterNIL
Solvency CertificateNot applicable

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 loan type.
  • Fill in details of your gross monthly income.
  • Provide details of other loan EMIs, if any.
  • Fill in the rate of interest per annum.
  • Provide the loan tenure you want to opt for.
  • Your business loan eligibility will appear on 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 பணி மூலதனக் கடன் 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.

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About Piramal Finance

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.