When planning to grow your business or manage cash flow, a business loan can be an ideal solution. However, before applying, it’s crucial to understand the eligibility for a business loan. Financial institutions evaluate several factors before approving your application. These include your credit score, business vintage, annual turnover, repayment history, and the nature of the business. Most lenders prefer businesses that have been operational for at least 2-3 years with stable revenue. A good credit score (typically 700 and above) boosts your chances of approval. Additionally, some lenders may require collateral for higher loan amounts. In this blog, we dive deep into each criterion, explaining what lenders look for and how you can improve your eligibility. We also share tips on preparing the necessary documentation, avoiding common mistakes, and choosing the right lender. Whether you’re a small business owner or a growing enterprise, understanding the eligibility for business loan criteria can help you apply confidently and increase the chances of approval.

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