Business Loan

Business Loan

For most people today paying the entire cost of the house at one go is impossible. Therein comes the home loan, a loan product that has helped millions realise their dreams of owning their own home at an early age. You apply to a bank or housing finance company (HFC) for a loan.

  • img
  • img

The lender pays the developer the cost of the house according to the payment plan. You in turn pay the bank/HFC equated monthly instalments (EMIs) spread over the tenure of the loan.



Advantages of Business Loan

Flexibility of use - The money can be used for a variety of purposes as against most of the other loans where the funding is extended for a specific purpose. This gives personal loan an edge over other credit instruments


Easy availability - Personal loan applications get processed very fast. Generally it does not rude harsh take more than a week-s time for the process to get completed and funds getting credited into account.


Less documentation - Unlike other loans, personal loan requires minimal documentation. One only needs to submit the income documents and KYC (photo identity proof and address proof) for getting the request processed. Ease of documentation is another factor that makes this loan highly popular to raise funds


No requirement of collateral - Personal loan is extended taking into account the overall profile of the borrower and there is no requirement of collateral being extended by the borrower.

Credit Score and Business Loan

Since the personal loan is extended primarily considering the profile of customers, credit scores and credit bureau report play a critical role in underwriting decisions. A small error or impairment on a credit report can result in the decline of the loan application.



A low score can also result in getting a far higher rate of interest getting charged that can lead to a very high EMI

Eligibility Criteria

The eligibility criteria while may vary from one lender to another, but for a salaried person lenders may look at a minimum of Rs 15,000 as net take home salary to consider an application for review. Other criteria like age, number of years in current job or a number of years at current residence among others also get considered differently by different lending institutions.


For self-employed applicants an income tax return of Rs 200,000 or above may be required. Again the requirement of income varies from one lender to another. Other criteria like turnover, number of years in business, age of the applicant, any existing relationship with bank arts play an important role in the underwriting process.

Documents required

The documentation is simple in the case of personal loans. In case of a salaried applicant the income proof and regular KYC (photo id and address proof) documents are required to be furnished.



In case of a self-employed applicant, income tax returns, balance sheets, profit and loss accounts apart from the regular KYC (photo id and address proof) documents need to be submitted for evaluation.

Home Loan at CreditPool is made for everyone who is eager to take the first step towards future. It is backed by a young and dynamic team of professionals working round the clock to make your process & experience a breeze!