What are the basic eligibility criteria for a startup business loan?

Startup business loans typically have some basic eligibility requirements that applicants must fulfil. Below are the basic eligibility criteria for a startup business loan:

• Type of business entity: Sole proprietorships, partnerships, private limited companies, public limited companies, and limited liability partnerships generally qualify to apply for startup business loans.
• Applicant's age: The age of the person applying for the loan is typically required to be between 21 and 70 years old. In some cases, the upper age limit applies based on when the loan will be fully repaid.
• Applicant's experience: Applicants commonly need to demonstrate a minimum of 3 years of experience operating their own business venture, which indicates business management skills.
• Applicant's occupation: Self-employed individuals, business owners, and proprietors who are actively involved in running daily operations can often qualify and apply.
• Documentation: Registration certificates, identity proof, address verification, financial statements, and income tax filings are usually required to be submitted by applicants.
• Repayment capacity: Banks or Non-banking Financial Companies (NBFCs) commonly evaluate factors like business income, cash flows, and existing debt to assess the startup's ability to repay the loan.