Eligibility Criteria & Documents Required

Eligibility Criteria For A Working Capital Loan For Businesses In India

The eligibility criteria for a working capital loan may differ from lender to lender. However, there are a few basic requirements listed below that the borrower has to fulfil to be eligible for the working capital loans for startups, new businesses, and small businesses.

• The loan applicant should be a minimum of 21 years of age
• The age limit of the applicant should not exceed over 64 years of age
• The applicant should be an Indian citizen
• The business vintage should be a minimum of 2 years
• The business must also have a positive financial history, meaning it should have had no major losses in the past
• Some form of collateral, generally assets from the business are required as security

Documents Required For Working Capital Loan Application

• Application form; filled and signed by all the borrowers
• Passport-sized photo of all borrowers
• Valid ID proof such as a Pan card, Aadhar card, Passport, Voter’s ID card, & Driving licence etc.
• Identity proof and valid documentation of the business
• Bank statements