Eligibility Criteria for Business Loan

• Minimum 25 years of age and maximum 65
• The business should have been in profit for atleast 3 years
• A minimum turnover of 40 Lakhs for proprietorship, partnership firm and Pvt Ltd companies.
• Income Tax return should be a minimum of 3 Lakhs
• Net worth should be positive.

Eligibility Criteria for Home Loan

As mentioned earlier, the home loan eligibility is determined by various factors including income, employment status, loan tenure and so on.

• Any Indian citizen in good standing who is salaried, self-employed or business person with regular source of income can apply for a home loan.
• The applicant should be above the age of 21 years
• Professional stability and savings history play a major role in approval of the loan
• Bad credit history would prove to be a put-off, especially anytime within 3 months prior to applying for home loan.
• For Business men and Self-employed individuals, the value of loan you are eligible for is majorly determined by the profits and turn over earned by you.

How is Loan Against Property Eligibility Calculated?

The loan amount that you can borrow against your property is calculated based on four factors:

• Market value of property – the approximate worth of the property that you are giving as security subject to eligibility criteria as described below. You may be eligible for a maximum of 75% of the value of the property.
• EMI that you can pay - the amount of money that you can pay every month towards loan repayment after meeting other expenses and paying your other EMI’s.
• Loan tenure - longer the loan tenure, higher the eligibility. Property loan tenure in India ranges from 5 years to 18 years.
• Interest rate - higher the rate of interest, lower the loan you will be eligible for.

Eligibility Criteria for Loan Against Property

The eligibility for Loan against property is determined by various factors including income, employment status, loan tenure and so on, and remains almost the same for professionals, self-employed professionals and businessmen.

• Any Indian citizen in good standing who is salaried, self-employed or business person with regular source of income can apply for a home loan.
• The applicant should be above the age of 24 years.
• Should be currently employed with existing organization or been involved in your business for a specific number of years
• Professional stability and savings history play a major role in approval of the loan, especially minimum required monthly salary and repaying capacity
• Bad credit history would prove to be a put-off, especially anytime within 3 months prior to applying for home loan. Hence, should have submitted EMIs for other loans on time, for the said amount of period.

Eligibility Criteria of Used Car Loan

• Any Indian citizen in good standing who is salaried, self-employed or business person with regular source of income can apply for a home loan
• The applicant should be above the age of 18 years if self-employed and 21 years if salaried, upto 65 years.
• Professional stability and savings history play a major role in approval of the loan. Minimum repayment capacity should be met.
• Must be in the current job for a period of minimum one year if salaried and minimum 2 years if self-employed/professional.
• For Business men and Self-employed individuals, the value of loan you are eligible for is majorly determined by the profit earned by you.

Documentation

• Valid identity proof: Any one of passport /voters ID card/ driving license/ PAN card
• Valid address proof: Any one of passport / voters ID card/ driving license/ telephone bill/electricity bill/ gas connection bills/ ration card/ LIC policy.
• Income proof: ITR / form 16 / pay slip / salary credit bank statement.
• Asset Proof: Latest land/building/house tax receipt
• Recent passport size photo.
• 2 Photographs

Eligibility Criteria for Credit Card Loan

• Any Indian citizen in good standing who is salaried, self-employed or business person with regular source of income can apply for a credit card
• The applicant should be above the age of 18 years
• Should have a regular source of income, with the amount varying and depending on the credit limit taken
• Should have an existing Savings Account in his/her name
• Bad Credit is not entertained