Types of business loans

Types of business loans

  • There are business loans for women who are looking for a way out to enhance and boost their working capital and expand their areas of operation
  • MSME/SME loans as the name suggests, are short and long-term loans that help to meet the requirements where there is a need for steady cash flow.
  • If you wish to expand technology for your business and upgrade to an excellent level of machinery, machinery loans for business are also available.

 

Eligibility and documents required to apply for a business loan

 

You need to match the eligibility criteria and have certain kinds of documentation if you wish to apply for a business loan for varied business expansion needs. The eligibility and documents required are stated as follows:

 

  • Age of the individual applying for the loan - 25-65 years
  • CIBIL Score - minimum 700 or above
  • Business status - profitable for successive 3 years or more
  • Upward trend related to the business turnover
  • Auditing of the businesses’ balance sheet with a registered and practicing CA