Eligibility Criteria for Small Business Loan Up to 10 Lakh
To apply for a Small Business Loan up to 10 Lakh, the following criteria must be met:
- Business Type: Must be a registered small business, startup, or self-employed professional. Businesses in sectors like retail, manufacturing, service, or e-commerce are eligible.
- Age of Business: The business should have been operating for at least 6 months to 1 year. New businesses with strong potential are also considered.
- Annual Turnover: The business should have an annual turnover of at least ₹5 lakh to ₹10 lakh.
- Credit Score: A minimum credit score of 600 or above is preferred. A good credit score ensures better loan terms and quick approval.
- Business Profits: Consistent business profitability in the last 6–12 months. Stable income sources and growth prospects are considered.
- Documents Required:
- KYC documents (Aadhaar, PAN, etc.)
- GST returns and bank statements (for the last 6 months)
- Income tax returns (if applicable)
- Age of Applicant: The applicant must be between 21 and 65 years of age at the time of application.
- Repayment Ability: The business should demonstrate the ability to repay the loan based on cash flow and profitability.
Meeting these eligibility criteria ensures a higher chance of instant loan approval and quicker processing. Apply today to get financial support for your business growth!
Documents Required for Small Business Loan Up to 10 Lakh
To apply for a Small Business Loan up to 10 Lakh, you will need to submit the following documents:
- Identity Proof (KYC Documents):
You need to provide government-issued ID proof such as:- Aadhaar Card
- PAN Card
- Passport
- Voter ID
- Address Proof:
Submit a valid address proof such as:- Utility Bill (Electricity, Water, etc.)
- Aadhaar Card
- Passport
- Voter ID
- Business Proof:
You must provide documents verifying your business existence, including:- GST Registration Certificate
- Business Incorporation Certificate (if applicable)
- Partnership Deed (if applicable)
- Trade License
- Financial Documents:
To prove the financial stability of your business, provide:- Last 12 months of business bank statements
- Last 1-2 years of Income Tax Returns (ITR) (if applicable)
- GST Returns for the last 6 months (if applicable)
- Profit & Loss Statement and Balance Sheet (if applicable)
- Credit Score:
While not a document, your credit score will be checked during the loan approval process. A score of 600 or higher is usually required. - Photograph:
A recent passport-sized photograph of the business owner or authorized signatory.
Ensure that all documents are clear, legible, and up-to-date to avoid delays in the loan application process.