Business Loan Eligibility Calculator
The calculator is only a tool that assists the users to arrive at results of various illustrative scenarios generated from the data input by the users. The user should exercise due care and caution (including if necessary, obtaining of advise of tax/legal/accounting/financial/other professionals) prior to taking of any decision, acting, or omitting to act, on the basis of the information contained/data generated herein.
PCHFL does not undertake any liability or responsibility to update any data. No claim (whether in contract, tort (including negligence) or otherwise) shall arise out of or in connection with the services against PCHFL. Neither PCHFL nor any of its agents or licensors or group companies shall be liable to user/any third party, for any direct, indirect, Incidental, special, or consequential loss or damages (including, without limitation for loss of profit, business opportunity or loss of goodwill) whatsoever, whether in contract, tort, misrepresentation or otherwise arising from the use of these tools/information contained/data generated herein.
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.
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
Check Your Documents for Errors
Consider Future Financial Prospects
Increase Business Profits
Frequently asked questions
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:
When you fulfil the above-mentioned criteria, you will easily know whether you qualify for a business loan or not.
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.
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.
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:
However, certain business loans that can be obtained with bad credit include the following:
If you have bad credit and want to acquire a business loan, you can also make a request to your current lender.
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.
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.
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.
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:
Some of the standard documentation that is required for every business loan is:
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.
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.
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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