Easy Documentation & Eligibility Criteria for Business Loan

A company's ability to grow is vital, especially in today's competitive climate, where it is nearly impossible to survive without increasing sales and profit. There are several techniques to increase sales and profit, but each requires a large amount of capital. This is where Business Loans can help.

Unsecured Business Loans are provided in India from banks and Non-Banking Financial Corporations (NBFCs) to meet the instant capital requirements of a developing business.

With the Mangalam Industrial Finance Limited Business Loan, you can easily access speedy business financing. We provide a simple business loan with a variable term. To get started, business owners must first complete the basic eligibility requirements and submit the necessary documentation. The minimum documentation simplifies the Business Loan process and provides finance without fuss.

Business Loan Eligibility Criteria

Following are the basic eligibility criteria for the application of a Business Loan.

Criteria Requirement
Age To be eligible for this loan, you need to be between 24 to 65 years of age while applying.
Business Tenure Your business must be operational for at least two years.
Annual Turnover Your business must generate a minimum of ₹6 Lakh annually.

Please note: Above mentioned criteria are indicative and additional prerequisites may apply depending on the individual application.

Business Loan Documents Required

Document Category Requirement
KYC Documents
  • Director/Proprietor/ Partner PAN Card/Aadhaar Card/Driving Licence/Voter ID/Passport
  • Proprietor/Partner/Director PAN Card/Aadhaar Card/Driving Licence/Voter ID/Passport
  • Personal Docs - All Individual/Partner/Director - PAN Card/Aadhaar Card/Driving Licence/Voter ID/Passport & Officially Valid Documents + Proof of Address (If not as per Officially Valid Documents)
  • Business Docs - Business Registration Proof + Business Address Proof (if not as per Business Registration Proof)
Business Address Proof Utility bills/ Rent Agreement
Financial Documents Bank account statement of past 6 months

Note: Business owners must fulfil the following prerequisites documentation to apply for a business loan.

Frequently Asked Questions

To apply for a Mangalam Industrial Finance Limited Business Loan, you must be between 24 and 65 years old, have your business running for a minimum of 2 years, and have an annual turnover of ₹6 lakh or above. These basic Business Loan criteria make it an excellent credit option for business owners.

Yes, it is one of the most important Business Loan needs. To qualify, you must have a decent credit score. A loan application typically requires a Bureau score of at least 700. However, to secure the best credit terms, it is better to apply with a Bureau score of 750 or above.

Yes. The Mangalam Industrial Finance Limited Business Loan requires only a few simple documents, allowing you to get funding for your business quickly.

To meet Business Loan prerequisites, you must provide basic KYC, financial paperwork, and business documents. Please review the documents included on this page for reference.

Yes. Check the official website to know more. Note: The documents mentioned online are only guidelines, and you may need to provide additional documents during loan processing if necessary.

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