Check your Business Loan eligibility using the calculator available on Bajaj Markets
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Calculate Your Business Loan Eligibility
To calculate the eligibility of your business loan you simply need to enter two essential details. These are:
Net Monthly Income - This is your earnings after the deduction of tax, provident fund contributions, etc.
Monthly Expenses - This includes all your existing loan EMIs, credit card dues, etc.
These details help calculate your debt-to-income ratio, which is the basis for your loan eligibility. The calculator uses a simple algorithm to compute the amount you can borrow with a business loan, which is then displayed on the screen.
Here are some things you can do to enhance your eligibility for a business loan:
Provide Error-free Documentation: Most times, loan pleas are rejected due to missing or fake documents. You must ensure that you submit all the listed documents at the time of application, and this will ensure that you enjoy a smooth borrowing experience.
Make Regular Tax Payments: Your tax history is important, and defaulting on tax payments can lead to loan rejections. This makes it essential for you to make your tax payments on time.
Ensure Business Profitability: Lenders are more comfortable with businesses that are profitable and have a high turnover. The lender is likely to reject the loan application if the business suffers losses. You should seek a secured loan in case of an unstable business record.
Plan Future Financial Prospects: Lenders extend loans to businesses that are likely to remain stable and generate profits. Thus, it is essential to submit a complete business plan which consists of the revenue forecasts and the financial trajectory of the firm. This assures the lender of a stable income in the future, leading to regular repayments. If the business is volatile, the lender may reject the loan application. However, in this case, if the application is approved, the interest rate may be higher.
Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.
Frequently Asked Questions
How does your income affect your business loan eligibility?
High income assures the lender of your strong repayment capacity. This is why it has a heavy influence on your loan eligibility.
What is the minimum eligible age required to apply for a business loan?
The minimum age required to apply for a business loan is 21 years.
What is the minimum salary required to apply for a business loan?
Instead of the salary, the turnover of the business is considered by lenders when assessing your eligibility for a business loan. Usually, loan providers require the annual turnover of your business to be about ₹12 Lakhs per annum. However, this requirement may vary depending on the lender you choose. So, ensure to check the income requirements with your lender prior to applying for the loan.
How accurate is the business loan eligibility calculator?
The calculator uses a simple algorithm which generates the required results instantly, depending on the values you enter. Thus, the accuracy of the calculator depends on the details you enter. However, these are rough estimates as several other factors like your credit history, age, credit score, business vintage, etc. affect your loan eligibility. The answers from this tool can be used as a rough estimate to plan and assess your finances. Reach out to your lender and get a complete understanding of your loan eligibility as per their specific criteria before applying for the loan.
