What are the eligibility criteria for short term loan?
The eligibility criteria for these loans changes for each loan. It is different when it comes to bridge loans and personal loans. With SME Loans too, the eligibility criteria will differ since they can be taken by companies rather than individuals. A general criteria for these loans could be:
The applicants need to be salaried or self-employed.
They will need to have a monthly income that is above a certain amount. A rough estimate could be Rs. 8,000 per month but this figure is subject to the lender’s policies.
They will be also need to be between the ages of 21 years and 60 years, again subject to the policies set forth by the lender.
The approval of the loan may also depend on the ability of the individual to provide all supporting documents.
They may need a past relationship with the lender.
They will need to be in a position where the business is making money or has been doing so in the past 2 or more years.
They may also have to be in operation for a specified period of time and have a specified annual revenue to qualify for the loans.
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