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You should also know these things about business loan?
Who can apply for business loan?
Entrepreneurs starting or expanding businesses.
Self-employed professionals or individuals.
Private limited companies and public limited companies.
Partnership firms.
NGOs, co-operative firms, and trusts.
What are the benefits of business loan?
- Enhanced Cash Flow: Helps manage daily expenses and improve liquidity.
- Financial Support: Covers operational and growth-related expenses.
- Flexible Use: Suitable for short-term needs like working capital and long-term investments.
What can a business loan be used for?
Expanding or growing your business.
Increasing cash flow and managing daily expenses.
Purchasing assets like land, equipment, or office space.
Supporting working capital requirements.

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Eligibility and Conditions for Applying for a Business Loan
To qualify for a business loan, applicants must meet the following criteria:
Citizenship: The applicant must be an Indian citizen.
Age Requirement: Applicants should be between 21 and 60 years old.
Business Age: The business must have been operational for at least 2 years.
Annual Turnover: The business should have a minimum annual turnover of ₹10 lakhs.
Credit Score: A credit score of 700 or higher is mandatory for eligibility.
Loan History: There should be no record of previous loan defaults by the applicant.
