Unsecured Business Loan @ 13.50% Onwards
What you mean by Unsecured business loan Eligibility Criteria?
Don’t have any collateral or assets to pledge, no worries while this type of facility allow you to get loan without providing any collateral. Get loan at attractive interest rates with flexible tenure, As well as the process is easier to obtain. You just need to check eligibility before proceeding further.
Unsecured business loans Eligibility Criteria
There are some eligibility criteria you are required to have a look before applying for loan –
• Applicant age should be in-between 25 to65 years
• Your business should have minimum 3 years of continuity
• You must filed ITR at least for the last 1 year
• Positive cash flow out of operations in the organization
• Business turnover must be audited by registered chartered accountant
Note: – You can get minimum 1 Lakh to maximum 5 Cr as a loan amount.
What are the factors generally affecting Unsecured business loan Eligibility Criteria?
There are Top factors that generally affects loan Eligibility Criteria as given below-
Bad cash flow of company: – Usually, lender check your business liability & outstanding as it reflects the creditworthiness of company, if it seems like bad cash flow having then probably chances get lower.
Low credit rating: – Credit rating indicate company repayment capability as it consists of your past financial history of doing payments, have you recently missed any payment to do or made after the due date are the reason behind lowering credit rating which present a bad repayment capability & reduces the chances of getting loan.
What are the ways to increase unsecured business loan eligibility?
To increase business loan eligibility, you need to consider points as given below, this will aid you in increasing your eligibility level.
Business profitability:- Lenders want to know whether business gone through profit or loss in recent year to make sure your repayment stability as if your business generates sales & getting better revenue in past recent year, then it would be the plus point to fund you as the risk level seems NIL.
Good background of promoters:- In approving a business loan application, promoter background plays an important role in evaluating his/her past history, is there any criminal black mark having or not, If not then your chances increase her itself to be eligible.
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