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.
Yes, it's possible to get your bike financed even as a student if you meet the specific eligibility criteria set by the lenders.
The best loan for financing your bike or scooter is the one with the lowest interest rate. This way, you'll have to pay less in monthly installments (EMIs) throughout your loan term.
To get financing for your motorcycle, bike, or scooter, you can easily apply for the loan online from home. Or, if you prefer, you can go directly to a bike shop and apply for the loan there by giving them the documents they need
You can check your loan status online through internet banking. Another option is to visit the closest branch of the bank or financial institution that's providing the loan.
Many lenders consider a credit score of 620 and above to be good when giving out loans for motorcycles, superbikes, or scooters. However, if your credit score is lower than 620, you can still find lenders who may be willing to give you a loan, although they might charge a higher interest rate.
Banks allow you to make prepayments after successfully paying 3-6 EMIs. Depending on the number of EMIs you've already paid, there might be a small fee applicable on the outstanding amount when you choose to prepay.