Say yes to a hassle-free way of availing business loans

Higher Loan Amount | Attractive Interest Rates | Fast Loan Disbursal

Looking to expand your business? Want to give wings to your dream business venture? Planning to acquire a new business? Count on our easy and faster business loans that can help you take your dreams to newer heights. 

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Business Loan

 

Eligibility & Documentation


Below are the eligibility criteria that need to be fulfilled by a person looking to get a business from MyMudra

 

Age : The person’s age must be between 22 and 62 years

 

Work Experience : The person must have a business history of minimum 3 years.

 

Annual Turnover : The business must have a minimum annual turnover of ₹20 lakh.

 

Required Documents

 

The following documents are required to avail an SME Loan or a Business Loan. These documents need to be submitted by every application that wants to avail of a business loan in India from MyMudra Fincorp. It is quite easier to arrange these documents.

 

List of Documents

 

KYC : Company PAN Card, Director/Proprietor/ Partner PAN Card, Aadhaar Card, Passport. Proprietor/Partner/Director PAN Card, Electricity Bill/Rent Agreement/Passport.

 

Business Address Proof :  Electricity/Water bills/ Rent Agreement.

 

Financial Documents : Company’s Bank account statement for the past 6 months.

 

Please keep in mind the aforementioned documents are indicative. More documents may be asked for during the process of your business loan.

 

 

eligibility

How to improve your Business Loan Eligibility?

Follow these tips to improve your Business Loan Eligibility –

Get Rid of Debts

Maintain a good repayment history by paying off your existing loans and liabilities on time without defaulting

Maintain a good CIBIL Score

Try to build a CIBIL score above 750

Do not apply for multiple loans simultaneously

Apply for a loan that fits your needs, raising multiple loan applications can decrease your credit worthiness

Choose a longer loan tenure

Opt for a longer repayment tenure that will allow you to disburse the overall due amount over a longer time span. This will also help in reducing the EMI amount.

Add Co-applicants

A co-borrower (a spouse, or parent) with a good income and credit score will boost your eligibility for a bigger loan amount.

improve-eligibility

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