Personal Loan Guru

  Before applying for a business loan, it’s important to know if you qualify. Lenders carefully assess applicants based on financial history, business performance, and repayment capacity. A clear business loan eligibility checklist helps you avoid rejection and improves your chances of securing funds at favorable terms. Let’s go through the key criteria you should check before applying. 1. Business Vintage Lenders usually require your business to be at least 2–3 years old . Established businesses show stability and reliability, making them less risky for lenders. Startups can still apply, but mostly through unsecured business loans at higher interest rates. 2. Credit Score A strong credit profile is one of the most critical eligibility factors. Most lenders expect a CIBIL score of 700 or above . This indicates a good repayment history and financial discipline. Quick Tip: Regularly check your credit report for errors and pay off outstanding dues to maintain a healthy score. 3. An...

  Business loans provide entrepreneurs with the financial support they need to expand operations, manage working capital, or purchase new equipment. However, not every applicant gets approved easily. Lenders assess several factors before approving a loan, and understanding these can help improve your chances. Let’s look at the key elements that influence your business loan eligibility . 1. Credit Score and Credit History Your credit score is one of the first things lenders check. A score of 700 or above is considered good and increases the chances of approval. It reflects how responsibly you have managed previous debts. Tips: Pay EMIs and credit card bills on time. Avoid excessive borrowing. Regularly monitor your credit report for errors. 2. Age and Stability of the Business Lenders prefer businesses with proven stability. Generally, businesses that are at least 2–3 years old with consistent operations are more likely to qualify. Startups may still get funding but often through...

  In today’s digital era, getting funds for your business has become simpler than ever. Gone are the days of endless paperwork and long approval waits. With online applications, you can apply for a business loan in just a few clicks, and many lenders offer instant approval and fast disbursal. But before you proceed, it’s important to understand the step-by-step process to ensure a smooth and successful application. Why Apply for a Business Loan Online? Applying online saves time and provides better transparency. It allows business owners to: Compare different lenders instantly Check business loan eligibility in minutes Submit documents digitally without visiting branches Receive quick approvals and faster disbursal For small businesses and SMEs, this convenience can be a game-changer. Step 1: Check Your Business Loan Eligibility Before you begin the application process, make sure you qualify for the loan. Common eligibility criteria include: Business should be at least 2–3 years ol...

  When it comes to financing your business, choosing between a secured and an unsecured business loan is one of the most important decisions. Both options have unique benefits and drawbacks depending on your financial situation, credit profile, and business needs. Understanding the difference can help you make the right choice and avoid unnecessary costs in the long run. What is a Secured Business Loan? A secured business loan is backed by collateral such as property, machinery, vehicles, or other assets. Since the lender has security against the borrowed amount, interest rates are generally lower, and repayment terms are more flexible. Key Features of Secured Loans: Requires collateral or security Lower interest rates compared to unsecured loans Longer repayment tenure Higher loan amounts available Approval is easier if you have valuable assets What is an Unsecured Business Loan? An unsecured business loan is issued without any collateral. Lenders rely on your credit score, busi...