Personal Loan

Eligibility & Criteria

Let's study the eligible criteria

» Business Loans can be availed by self-employed individuals, self-employed professionals, sole proprietorships, partnership firms, and private limited companies (including closely-held public limited companies), with a profitable business for the past 3 years
» Applicant's age should be minimum of 27 years at the time of application and maximum of 65 years at loan maturity
» Minimum 5 years of experience required in the same line of business with at least 3 years of business establishment & operation in the same city. For self-employed professionals, minimum 4 years of post-qualification experience is required
» The minimum business turnover required is & Rs.1 Crore and for the Professional / Service Sector, the applicant's gross receipts should be at least 60 Lakhs
» Applicant must own either residence or office in his name or jointly with family members or resides in a residence owned by an immediate family member

List of Documents Required

» PAN Card - For Individual / Partnership Firm / Company
» Identity Proof - Anyone (e.g. Voter ID / Driving License / Passport / Aadhar Card)
» Address Proof - Anyone (e.g. Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement)
» Ownership proof of either residence or office either in the name of the applicant or jointly with family members
» Business Continuity Proof - Any one document dated 5 years old (Bank Statement / Sales Tax Challans / IT Returns / Shops & Est. Certificate / Certificate of Incorporation / Partnership Deed)
» Letter certifying end use of the business loan funds on Business Letterhead
» Passport Size Photographs of all applicants and co-applicants