Loan EMI Calculator
Total Down Payment (TDP)
(TDP = D + P)
Loan EMI (LE)
(PLA= A – D)
(PLA = Principal Loan Amount)
(LE = [PLA x R x (1+R)^T]/[(1+R)^T-1] )
Total Interest Payable (TIP)
(TIP = LE * T)
Total Payment (TP)
(TP = LA + TIP + P)
Getting a business loan is an important step for individual proprietors or entrepreneurs. Whenever taking a business loan is uncertain if you don’t know the eligibility criteria. To make it simple, the business owner uses a business loan eligibility calculator tool.
24hr Loan has a simplified tool with unsecured business loans up to 1 crore. Before going for a loan, use our online business loan calculator and learn about EMI and other details.
Business Loan Eligibility Criteria
Business owners should be aware of business loan eligibility. The eligibility criteria are given below:
- Business owners should be Indian region
- Individuals aged 23 to 60 years are applicable
- Borrower CIBIL score 700+ must required
- The Average Bank Balance should be 10,000 or above
- Individual business vintage proof minimum 2 years old
- ITR File should be a minimum of 2 years old (Annual ITR file 2.5 Lakh above required)
Benefit of Using Business Loan Eligibility Calculator
Quick to Access: This tool provides quick and easy access. Without the paperwork, business owners use a loan eligibility calculator with a single click.
Transparent Result: Individual proprietors get transparent results with the use of a business loan eligibility calculator. Business owners will understand the details criteria of the business and what to improve if required.
Customization: You may customize a loan eligibility calculator such as loan amount, tenure, and rate of interest. Business owners come to a simple conclusion after using this tool.
Time-Saving: Save your time using a business loan eligibility calculator. Access instant results and details of EMI, interest rate, and principal amount that will save borrowers time.
Documents List for Business Loan
Business loan eligibility documents are one of the important parts when we talk about business loans. The below-mentioned business loan list is important:
- KYC Documents: Pan Card / Aadhaar Card / Voter Card
- 2 years Trade License
- 2 years Income Tax file with balance sheet and profit & loss
- Residential proof documents (Utility bill, Water bill)
- Individual selfie photo
How to use 24hr Loan’s Business Loan Eligibility Calculator
Use 24hr Loan EMI Calculator to check the lender’s monthly EMI, interest, etc. Also, the business loan eligibility calculator provides transparent results within one click.
The following steps need to be used for quicker results:
- Enter the Loan amount that you want to take
- The interest rate that the lender decided
- Tenure of repayment
- Processing fee which is lender taking at loan disburse time
- Keep blank of down payment which will be ‘0’
After mentioning all the details now click on the “Calculate” tab. 24hr Loan business loan eligibility calculates fletch the result. Now, you can understand all in-depth calculations and decide after that.
FAQs
How much credit score is perfect for a business loan?
Individual business owners with zero or 700+ credit scores are perfect to apply for business loans. Some lenders provide business loans at 685+ CIBIL scores like LendingKart, FT Cash, etc.
What are the business loan eligibility criteria?
As a business owner, you should follow the minimum eligibility criteria. The list of following criteria lender must require:
1) Good Credit record
2) Vintage proof documents
3) Maintain good ABB on bank statement
4) Residential proof documents
These above lists must be required for proprietor’s business owner. Most banks will prefer this list to get the business loan eligibility.
May I be eligible for a business loan with a trade license?
Yes, 24hr Loan preferred lender provides business with just a trade license copy. Lenders such as Lendingkart, IIFL, Tata Capital, Aditya Birla, FT Cash & Chola Finance provide business loans with trade license copies.
What are the minimum age criteria for a business loan?
The minimum age criteria are 23 years preferred for business loans and the highest age 60 years is most eligible.