Question 1

What is a business loan eligibility calculator?

Accepted Answer

A business loan eligibility calculator is a helpful tool that gives you an instant estimate of the loan amount you may qualify for. Our business loan calculator takes into account the following factors:

Your location and age
Net profit after taxes
Current monthly EMIs
Rate of interest
Loan tenure

Question 2

What is the business loan interest rate?

Accepted Answer

At SMFG India Credit, we offer minimal and competitive interest rates for business loans depending on various factors such as:

Location
Net income
Business stability
Collaterals
Existing monthly obligations

Feel free to contact us to learn more about our business loan products and interest rates.

Question 3

How to calculate business loan eligibility using a business loan eligibility calculator?

Accepted Answer

Here’s how you can easily use our business loan eligibility calculator:

Select your location.
Enter your age. You have to be at least 22 years old when you apply for a loan and a maximum of 65 years of age at the time of loan maturity.
Select your annual profit after all tax deductions.
Select your current monthly EMIs. This should be equal to the sum of all EMIs that you are currently paying, including any taken on your credit card.
Select the rate of interest and loan tenure.

This will give you an estimate of the loan amount you can be eligible for. Please note that the final loan eligibility and interest rate are at the discretion of SMFG India Credit.

Question 4

How do I know if I qualify for a business loan?

Accepted Answer

To know whether you qualify for a business loan or not, you can use the business loan eligibility calculator. It determines your eligibility for a business loan based on your city, age, business’s net profit after tax, monthly EMI, rate of interest, and loan tenure. The calculator will show you the maximum amount you may be able to get a business loan.

However, your final eligibility will also take into account other factors such as your credit score, business continuity plan, years of experience in the business, profitability of the business, steadiness of revenue, etc as well as SMFG India Credit's policy at the time of loan application. It is advised to check the business loan eligibility criteria before applying.

Question 5

How much loan can I get on business?

Accepted Answer

Based on the fulfilment of eligibility criteria of the unsecured business loan- you can get a loan of up to Rs 75 Lakhs* to meet a wide array of business expenses. Using an online business loan eligibility calculator, you can get an instant estimate of the loan amount that can be borrowed.

Question 6

How much income do you need to get a business loan?

Accepted Answer

The minimum annual turnover of your business should be Rs 10 lakh and the minimum annual income (ITR) should be Rs 2 lakh to secure a business loan. Also, the business should be making profits for the past two years.

Furthermore, the applicant should have a good credit score and the borrower should have a credit score of at least 750. He/she must be an Indian resident, have an overall business experience of at least 5 years (with at least 3 years in the current business), and must be between 22-65 years of age.

Please note that final eligibility will take into accounts several other parameters including SMFG India Credit's policy at the time of loan application.

Question 7

Can a sole proprietor get a business loan?

Accepted Answer

Yes, a sole proprietor is eligible to get a business loan, if he/she fulfils the following two eligibility criteria apart from meeting financial criteria.

Should be at least 22 years in age and less than 65 years at the time of maturity of the loan
Should be engaged in current business for at least three years and have a total of five years of business experience
Should match the criteria in terms of minimum turnover, profits earned, CIBIL score, etc.

Question 8

How can I get an unsecured business loan with bad credit?

Accepted Answer

It is difficult to get an unsecured business loan with a bad credit score and lenders also refrain from entertaining such business loan applications.

Instead, you should try to improve your credit score by paying off debts and settling with your old lenders. Once your credit score improves, you can apply for a loan and try to get it at the best possible terms.

Question 9

What are the eligibility criteria for a Business Loan?

Accepted Answer

To be eligible for a Business Loan, applicants typically need to meet specific criteria, such as being aged between 22 to 60 years old, having a business that has been operational for at least 3 years, and submitting previous years' income tax returns duly audited by a CA. Additionally, the business should have a profitable track record for the past 2 years and a minimum annual turnover of INR 10 lakhs to demonstrate its financial stability.

Question 10

How much credit score is required for a Business Loan?

Accepted Answer

A credit score of 750 and above is generally required for a Business Loan. Lenders consider credit scores as a crucial factor in assessing the creditworthiness of borrowers. A higher credit score signifies responsible credit behavior and increases the likelihood of loan approval with more favorable terms and interest rates.

Question 11

How does your income affect your business loan eligibility?

Accepted Answer

Lenders evaluate your income to assess your repayment capacity and financial stability. A steady and sufficient income stream from the business indicates that you can meet the loan obligations. A higher income may also qualify you for a larger loan amount, subject to meeting other eligibility criteria and creditworthiness factors.

Eligible Entities	Self-employed individuals, proprietors, private limited companies & partnership firms working in trading, manufacturing or the service sector.
Minimum Experience	Individuals should be associated with the current business for a minimum of 3 years (plus have a total of 5 years of business experience).
Age	Individuals should be at least 22 years of age while applying for the loan & less than 65 years of age at the time of maturity.
Profit	Enterprises should be making profits for the past 2 years.
Minimum Turnover	Enterprises should have a minimum turnover of INR 10 lakhs.
Minimum Annual Income	Enterprises should have a Minimum Annual Income (ITR) of INR 2 lakhs per year.

Business Loan Eligibility Calculator

Get your Business Loan Approved in Minutes

Calculate your eligibility with our smart business loan eligibility calculator

You are eligible for a loan amount of up to