Before applying for a Business Loan, it's always beneficial to check your eligibility. Different banks have different requirements, so knowing your eligibility can help you understand if you're likely to get approved or not. Your chances depend on thinags like your financial history, credit score, repayment history and how stable your business is.
Most banks and NBFCs have specific criteria that applicants need to meet before getting a business loan approved. These criteria shall differ from one lender to another and are based on factors like the applicant's profile, type of business, its requirements, and various other related factors.
| Age Criteria | Min. 21 years at the time of loan application & Max. 65 years at the time of loan maturity |
| Credit Score | 750 or above (Preferred by most private and public sector banks) |
| Business Vintage | Min. 1 year or above |
| Business experience | Min. 1 year, business location to remain same |
| Annual Turnover | Shall be defined by the Bank/NBFC |
| Nationality | Indian citizens, should not have defaulted on any previous loan(s) with any lender |
| Additional Criteria | Applicant must own either a residence, office, shop, or godown |
| Eligible Entities | Startups, MSMEs, Sole Proprietorships, Individuals, Partnership Firms, Public and Private Limited Companies, Limited Liability Partnerships, retailers, traders, manufacturers, and other non-farm income-generating business entities engaged only in the services, trading, and manufacturing sectors |
Note: The eligibility criteria mentioned above are for guidance purposes only. The actual eligibility criteria set by Banks/NBFCs may vary at their discretion and will be specified at the time of submitting the loan application.
Business loan eligibility depends on several key factors:
Business loans can be a lifeline for individuals, business owners, startups, self-employed professionals, entrepreneurs, and MSMEs in need of extra funds for various purposes. These include meeting working capital needs, expanding the business, purchasing machinery/equipment, paying rent or salaries, managing debt, or maintaining cash flow. However, each lender sets specific eligibility criteria that applicants must meet to qualify for a business loan.
Customer's gold ornaments are securely stored in a safe room constructed in compliance with government regulations. These rooms are equipped with electronic surveillance to ensure the protection of the gold.
Shriram Finance provides insurance for the gold kept as collateral by you. This ensures that in the event of theft, the borrower doesn't need to worry about the security of the gold.
The interest rate starts from 11.4% per annum (*p.a.) and you can select a loan tenure ranging from 1 month up to 12 months.
Salaried individuals, self-employed professionals, business owners, and other individuals aged between 18 and 75 years can apply for Shriram Finance Gold Loan.
The minimum age requirement is 18 years, and the maximum age limit is 75 years at the time of loan maturity.