mahafinancialservice@gmail.com
18/525, Ground Floor, Jawahar Street, Kovai main
Road - 638 459
Businesses often need additional working capital to cover day-to-day expenses, such as inventory purchases, payroll, rent, and utilities. Sometimes, time-sensitive opportunities arise that require immediate funding, such as purchasing inventory at a discounted rate or acquiring a competitor. Plus, in today’s age there’s also the need to raise brand awareness by investing in marketing and advertising campaigns. Whatever the case, a business loan can help bridge gaps in cash flow and ensure smooth operations.
1. Eligibility criteria If you want to avail of a business loan you need to meet certain eligibility criteria or rules of business loans. The eligibility criteria for a business loan in India can vary depending on the lending institution. Let us see who is eligible for a business loan through the criteria at Maha Finance
• You should be self-employed. Professionals such as doctors and CAs, and proprietorship concerns can also apply
• You should have a credit score, or CIBIL of 700 and above
• Your business should be operating for at least 6 months at the time of applying for a loan.
• Your office location should not be on any negative list.
• Your business should not fall under any list of blacklisted businesses.
• Charitable organisations, NGOs, and trusts are not eligible for a business loan.
2. Documents required for Business Loan The following documents are required to apply for a Business Loan:
• Duly filled application form with Passport-sized Photographs
• KYC documents of applicants,partners and co-applicants:Passport,Adhaar card,Voters ID And PAN Card,Driving license,Utility Bills (Recent Water or Electricity Bills)
• PAN Card of borrower and all co-borrowers
• Income proof with last 6 months’ bank statements
• Last 1 years ITR for existing enterprises
• Business Incorporation/Establishment Certificate
• Business Vintage & Address Proofs
