The following people are eligible to apply for a Business Loan:
Self employed individuals, Proprietors, Private Ltd. Co. and Partnership Firms involved in the business of Manufacturing, Trading or Services.
The business should have a minimum turnover of Rs. 40 lakhs
Individuals who have been in the current business for a minimum of 3 years, with 5 years total business experience.
Those whose business has been profit making for the previous 2 years
The business should have a Minimal Annual Income (ITR) of Rs. 1.5 lakhs per annum
The applicant should be at least 21 years at the time of applying for the loan, and should be no older than 65 years at the time of loan maturity