Fullerton India Credit Co. Ltd. is Now SMFG India Credit Co. Ltd.
Disclaimer : The above business loan eligibility calculator is merely an indicative tool to check eligibility ... Read More
Our business finance solutions are carefully designed for a host of needs. Whether you are looking to set up a new enterprise, grow your business, or increase working capital, we have customised solutions can help your growth at every step.
Our business loans are offered at competitive interest rates along with several other benefits that support you in reaching your business goals. With our online account offering, you can also track and manage a range of tasks on any device, anywhere.
We understand that each business has its unique needs. That's why, we identify the potential of your business based on relevant parameters. We look at your CIBIL credit score to determine the loan amount along with our own processes for precise evaluation. With SMFG India Credit’s 360-degree approach, we make sure that every small business can access unsecured loans to fulfil their business needs. With seamless use of technology, we have completely simplified the small business loan application procedure. So, go ahead and try our business loan eligibility calculator for a quick understanding!
If you are thinking of availing a business loan, you need to meet certain criteria for the same.
These business loan eligibility criteria are mentioned below -
Business loan eligibility criteria consists of varied parameters including your CIBIL score, your tax payment record, bank balance, credit utilisation ratio, and more. In order to be eligible for a higher loan amount, you should keep the following factors in mind:
With SMFG India Credit’s smart and simple business loan eligibility calculator, you can quickly estimate the amount of business loan that you can avail and also get instant approval online. The loan amount is disbursed within 72 hours!*
*Terms and Conditions apply
Our online business loan calculator is a helpful tool that gives you an instant estimate of your business loan eligibility.
Follow the steps below for a quick estimate:
You will be able to see the business loan amount you are eligible for on the right side. You can also change the rate of interest and tenure as per your preference.
Please note that this calculator only gives you an indicative figure. Actual business loan eligibility depends on many more factors, including employment details, credit history and more. To know the exact figure, you can “Apply now” and help us with some additional information as requested.
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.
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.
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.
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.
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.
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.
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.
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.
* Terms and conditions apply
** Subject to foreclosure charges. Terms and conditions applicable.