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Business Loan Eligibility Calculator

Determine the Eligibility on your business loan using Piramal Finance Business Loan Eligibility Calculator

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It is no secret, but a business loan is an incredible opportunity that provides you with aid to build and grow your venture. And availing of a business loan is truly a remarkable way to meet your capital requirements which rise from time to time. Nevertheless, it’s important to evaluate your business loan eligibility before you can apply for a business loan.

And this is exactly how you can avoid the possibility of making an uninformed decision. When you have Piramal Finance’s business loan eligibility calculator at your disposal, you can easily find out if you're eligible. In fact, this effective tool can also be used as a commercial loan eligibility calculator. Thus, you can determine whether or not you are eligible for a business loan.

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Fees & Charges for Business Loan

Features & Fees Details Business Loan Interest Rates 16.49%* p.a. onwards Loan Amount ₹ 3,00,000 to ₹ 20,00,000 Processing Fees Up to 4% plus applicable taxes Loan Tenure 48 months tenure Prepayment Charges 5% of the Principal amount being repaid + applicable taxes Pre-closure Charges 5% of the Principal amount being repaid + applicable taxes Stamp Duty At actuals (as per state) Cheque Bounce Charges ₹ 500 plus applicable taxes EMI Bounce Charges ₹ 500 plus applicable taxes EMI Pickup/Collection Charges ₹ 250 per visit plus applicable taxes Cash Collection Charges 1% of collection amount of Rs. 50000 and above in cash + taxes Change of Loan Repayment Mode ₹ 500 plus applicable taxes

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Fees & Charges for Business Loan

Row 1
- Features & Fees
- Details
Row 2
- Business Loan Interest Rates
- {blinterestrate}* p.a. onwards
Row 3
- Loan Amount
- ₹ 3,00,000 to ₹ 20,00,000
Row 4
- Processing Fees
- Up to 4% plus applicable taxes
Row 5
- Loan Tenure
- 48 months tenure
Row 6
- Prepayment Charges
- 5% of the Principal amount being repaid + applicable taxes
Row 7
- Pre-closure Charges
- 5% of the Principal amount being repaid + applicable taxes
Row 8
- Stamp Duty
- At actuals (as per state)
Row 9
- Cheque Bounce Charges
- ₹ 500 plus applicable taxes
Row 10
- EMI Pickup/Collection Charges
- ₹ 250 per visit plus applicable taxes
Row 11
- Cash Collection Charges
- 1% of collection amount of Rs. 50000 and above in cash + taxes
Row 12
- Change of Loan Repayment Mode
- ₹ 500 plus applicable taxes

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How to use Piramal Finance's Business Loan Eligibility Calculator?

You can check the business loan calculator of Piramal Finance on our website. This online calculator for business loan eligibility can help you acquire an instant estimate of your business loan eligibility. The calculator is extremely easy to use. You can follow these steps to acquire a quick estimate:

Select your desired location.
Enter your age. While applying for a business loan you must be more than 21 years of age. And during the time of your loan maturity, you cannot be more than 65 years of age.
Select your annual profit after making all the tax deductions in the following step.
Select the present monthly EMIs that you are paying. Remember that the calculation should provide an equal sum of all the EMIs that you are currently paying. Also, it must include the EMIs for credit cards too.

Once you have inserted all the above-mentioned information, you need to click on the ‘calculate’ button. The debt consolidation loan eligibility checker will automatically fetch you the business loan amount you are eligible for. You can see the figures on the right side of your screen.

Remember, you can also alter the rate of interest and the tenure of your business loan according to your preferences. You must also note that this online calculator only provides an estimate and an indicative figure.

Business loan eligibility in real terms depends on various other factors. Some of them include credit histories, employment details, and lots more. To better understand the exact figure, you can get in touch with your desired bank. They will provide you with all the additional information as requested.

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How is Business Loan Eligibility Calculated?

The business and MSME loan eligibility criteria comprise of varied parameters and include your tax payment record, CIBIL score, credit utilization ratio, bank balance, and other things. So, in order to become eligible for a considerably high business loan amount, you must adhere to the following factors:

Maintaining and Ensuring a Good CIBIL Score
- Your credit score plays a significant role in determining your eligibility criteria. Thus, a CIBIL score of less than 700 can typically impact your business and SME loan eligibility.

Paying Your EMIs and Taxes on Time
- When you have a punctual and clean record of making payments, you might qualify for a larger loan. As a result, you may end up receiving a large number of business loans.
  The Working Capital Loan eligibility calculator of Piramal Finance is immensely smart and simple. You can deliberately use this easy-to-use calculator to determine your eligibility for a business loan. Further, you can apply for the same and get instant online approval.
  Remember that the business loan that you apply for is usually disbursed within 24 hours of application. However, there are certain terms and conditions associated with it.

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How to Improve your Eligibility for a Business Loan?

If your eligibility for a business loan isn’t very promising, you can try certain ways to improve it. We've listed a few methods for increasing your business loan eligibility below. They include:

Pay Your Taxes Regularly

The most important thing of all is to pay your taxes on time. As your tax history is immensely crucial, it must be well maintained. And defaulting on tax payments can deliberately pave the way for loan rejections. That’s why making your tax payments at the right time is crucial.

Check Your Documents for Errors

In the majority of cases, loan applications are rejected because of fake or missing documents. Thus, you must ensure that all your listed documents are submitted with your application. But most importantly, those documents must be free from any significant error. And that is exactly how you can enjoy a smooth and seamless banking experience.

Consider Future Financial Prospects

We usually extend loans to those who are willing to stay stable and generate remarkable profits. So, if the business industry is volatile, the bank is very likely to reject the loan application. And if the loan gets approved, the interest rate automatically increases.

Increase Business Profits

Most lenders are comfortable with businesses that are actually doing well. So, banks and NBFCs typically reject businesses that suffer significant losses. Thus, it’s important for you to seek a secured loan, especially in the case of an unstable business record.

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Frequently asked questions

How do I know if I qualify for a business loan?

In order to know whether you will qualify for a business loan or not, you must determine the eligibility for a business loan first. The typically standard eligibility criteria for a business loan are stated below:

All businesses that seek loans must make a credible profit for the past two years.
The businesses must also have a minimum annual income of ₹ 1.5 lakh per annum.
The business owner or the applicant must be at least 21 years old while applying for a business loan.
The business loan applicant or the owner should not be older than 65 years during the time of loan maturity.

When you fulfil the above-mentioned criteria, you will easily know whether you qualify for a business loan or not.

How much income do you need to get a business loan?

The new business loan eligibility states that you need to have a particular annual income to qualify for a business loan. So, as a business owner, you need to have a minimum annual income of ₹ 1.5 lakh; only then can you easily acquire a business loan for expanding and other amenities to your business.

Can a sole proprietor get a business loan?

Yes, a sole proprietor is also capable of getting a business loan. It’s primarily because business loans deliberately finance all kinds of businesses, including sole proprietorships. However, it is important for businesses to fulfil all the required eligibility criteria in order to acquire a business loan.

So, if you are a sole proprietor, you can easily avail of a business loan when you fulfil all the criteria. Further, you can commence your enterprise or use it for your working capital requirements. You can also get done with your loan eligibility check online from Piramal Finance’s website.

How can I get a business loan with bad credit?

Even when you have a bad credit score, you can seamlessly get a business loan under certain circumstances. Here are a few ways through which you can get a business loan with bad credit:

Consider a few other business funding options
Apply for a business credit card
Apply for SBA loans
Obtain help from friends and family
Improve credit and reapply for a business loan

However, certain business loans that can be obtained with bad credit include the following:

Secured Business Loans
Unsecured business loans

If you have bad credit and want to acquire a business loan, you can also make a request to your current lender.

Can I get an MSME Loan for a New Business?

If you are starting a new business, you can easily get an MSME Loan. However, you can use the MSME loan eligibility calculator to determine whether or not you are eligible for the loan amount.

You can seamlessly use MSME loans for your new businesses, so that you can obtain the maximum benefit from them. Besides, the MSME loans also provide funds for capital growth, and this can be used for any type of business requirement.

How does your income affect your business loan eligibility?

If you are planning to establish a start-up of your own, you should know a few things first. Most importantly, your income deliberately affects your start-up business loan eligibility. This is because your business loan amount is typically determined by considering your annual income from the business.

So, if you are planning to obtain a high loan amount for the long term, then you must have an incredibly high turnover. Thus, your annual turnover is truly responsible for your granted loan amount. Further, it will typically affect your eligibility for acquiring the business loan.

What is the minimum eligible age required to apply for a business loan?

To apply for a business loan, you must be at least 21 years old and people above 65 years of age during loan maturity stand ineligible for business loans. You can check and calculate the business loan eligibility from Piramal Finance's website.

What are the documents required for a business loan?

If you plan to expand your business, you will need a business loan. And in order to be granted your business loan, you need to provide a multitude of documents. Some of them include the following:

Aadhaar Card
PAN Card
Driving Licence
Voters ID Card
Residential Address Proof
Ration Card
Utility Bills, including electricity or telephone bills (of last 3 months)
Passport
Sales Tax Certificate
Trade License
Proof of Business Continuation
Lease Agreement
Proof of Financial Income
Proof of Business Ownership

Some of the standard documentation that is required for every business loan is:

Duly filled and signed application form
Passport size photograph
Valid residential proof of the applicant
Valid proof of identity of the applicant
Credible financial documents
Valid proof of age

You should note that these are generic documents; only the original copies must be submitted. Also, remember that you must submit them to your respective banks from where you are acquiring your business loan.

What is the minimum salary required to apply for a business loan?

Your business must have a minimum annual salary of ₹ 1.5 lakh per year. Also, as an applicant, you must be at least 21 years of age and not more than 65 during loan maturity.

How do I check my eligibility for a business loan?

If you plan to obtain a business loan, you must check your eligibility first. And in order to check business loan eligibility, you can use the business loan eligibility calculator. Once you open the website of Piramal Finance, there you will find the eligibility calculator.

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