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5 Factors that Effect Your Business Loan Eligibility
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Business plan𖤓 Like a personal loan, you
will not get a loan when you ask for without stating your plan. A business loan will need a well proof plan to work you out. If the loan provider feels that the plan will work and will reap profits in the future, you are good to go.
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IncomeYour income will be considered. It is an important eligibility check done on borrowers. If your business is there in the market for a year, the loan provider will see the income earned. And in case you are starting, the business plan will be considered..
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Credit History
𖤓 Your credit score and credit history will be considered before approving your business loan. If you are having an impressive score, it proves your repayment ability.
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Age 𖤓 Age will be an important
eligibility check when you apply for a business loan. The minimum age for taking a business loan is stated as 25 years and higher. Anyone who is below that can be a little risky, during the repayment. Age is very important to understand the mentality and ability to repay the loan.
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Documentation 𖤓 You need to present every
document on the table. You cannot miss one as that can delay or reject your loan application.
Identity proofAddress Proof
Ownership proofBusiness continuity proof
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Contact Us Address: 901b, 9th Floor, Two
Horizon Centre, DLF Phase V, Gurgaon, Haryana, India – 122002
Telephone No: 1800 200 9898
Email: [email protected]
Website:https://www.clix.capital/business-loan/
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