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Who is Eligible for a Business Loan?
Posted on Thursday, June 8th, 2023 | By IndusInd Bank
A business loan can be a great help to start-up and scale-up enterprises. IndusInd Bank offers quick and hassle-free business funding. You must fulfil a set of simple financial and non-financial eligibility criteria to apply for a business loan.
For any business owner, their business is not merely an enterprise or company but a dream long cherished and nurtured. While a great strategy, a clear vision, and a passionate team are all vital for setting up and growing your business, there is yet another factor of undeniable importance – funds. Nearly every component of a business, from hiring an office space to upskilling staff and purchasing inventory, requires capital. Funding is particularly a concern for start-ups and scale-ups. A business loan is often the only way for such enterprises to meet working capital shortages and to gain financial strength to weather lean periods and fulfil unforeseen expenses.
Fulfil your Business Needs with IndusInd Bank
Getting a business loan is not simple, especially for small businesses. IndusInd Bank understands and appreciates entrepreneurship, offering specially devised financing solutions to help enterprises develop.
In order to help burgeoning businesses meet their needs, IndusInd Bank offers business instalment loans i.e. unsecured loans given on the basis of 3 years’ audited financials and business vintage.
It is meant to fulfil immediate requirements such as:
Ø Short-term cash needs
Ø Finance for business expansion or for acquisition of a new business
Ø Working capital requirements
Ø New inventory
Ø Timely vendor payment
Ø Staff Salary
Ø Bridge financing
IndusInd Bank Business Loan Eligibility
In order to get a business loan from IndusInd Bank, you need to meet the eligibility criteria detailed in the table below:
| FINANCIAL CRITERIA | NON-FINANCIAL CRITERIA | ||
| Minimum Turnover | INR 1 crore in the latest financial year with audited financial statements of 2 years | Age | 25 years-70 years (21 years in case of second generation businessman) |
| Profitability | Positive Profit Before Depreciation and Tax (PBDT) in the last 3 years | Business Vintage | Minimum of 3 years |
| Paid-Up Capital | Greater than or equal to INR 10 lakhs | Ownership | Ownership of property is mandatory |
| Past Payment History | 12 months’ clean record for a minimum loan of INR 4 lakhs | ||
Why Choose IndusInd Bank?
With fairly simple eligibility criteria and an easy application process, IndusInd Bank promises complete support with quick, hassle-free business loans. Here are some of the key benefits of getting a business loan from IndusInd Bank:
1) High Loan Amount: Get a higher loan amount up to INR 50 lakhs
2) Can be Used for Multiple Business Purposes: Utilise the loan amount to meet a multitude of business needs, from expanding operations to launching a campaign and fulfilling working capital requirements.
3) Flexible Repayment Tenure: With repayment tenures of up to 48 months, you are free to choose a tenure that suits your budget and repayment capacity.
4) Easy Documentation & Quick Processing: The documentation is straightforward and the subsequent approval and processing, speedy and hassle-free.
5) Doorstep Services: Enjoy the convenience of doorstep banking assistance.
Last but not least, IndusInd Bank business loans are provided without collateral, making sure they are easily accessible to emerging businesses that struggle with putting up a collateral against loans.
Do not let the lack of funds stand between your business and its growth. Apply for a business loan from IndusInd Bank today!
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
