When you apply for a Business Loan, lenders check these 5 things before they approve or reject your business loan application. Watch the video to know what they are.
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As a self-employed individual, you have to note a few things before taking a business loan:
1. Income Tax returns
The applicant should have filed income tax returns for his/her business for at least the past 3 years.
2. Profitability
Your business returns help lenders check if you are credit worthy.
3. Business vintage
For availing a business loan, a self-employed individual requires a business to have a vintage of at least 3 years. The older a business is, more are the chances to receive a loan.
4. Audited turnover
The applicant should audit the turnover of his/her business of the last year by a CA and present the same for taking a business loan.
5. Credit score
As business loans are collateral-free, you need to have a good credit score that will vouch for your credibility. As a self-employed individual, if you have a credit score of 750 or you are perceived as a reliable borrower for a business loan.
6. Credit history
Your repayment history should be clear of any defaulted payments
Following these points, will help you get your business loan application approved easily and quickly.
Bajaj Finserv offers Business Loans of up to Rs.30 lakh to self-employed individuals that can be easily repaid within a tenor of 12 to 60 months. Apply for a business loan and get the loan within 24 hours. You can opt for a Flexi business loan, and you can lower your EMIs by more than 45%.
To know more, visit www.bajajfinserv.in/business-loan
Invest in your factory infrastructure, maintain an adequate inventory level, upgrade to the latest plant and machinery, expand your reach to new markets or increase working capital with a small Business Loan up to Rs.30 lakh with Bajaj Finserv. Quick, easy and hassle-free, these loans offer a suite of features and benefits like low interest rate, large unsecured capital, flexi loan facility, pre-approved offers, easy eligibility criteria and minimal documentation.
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