Ans. Any credit score that is above 750 is considered good by financial institutions.

Ans. Ideally, if you avail short-term loan then the repayment tenure should not exceed 12 months. However, it may increase as per the desired loan amount. The maximum repayment period can be chosen up to 5 years.

Ans. GST plays an important role in getting business loans, as more the GST is paid, larger shall be the business volume. Therefore, it becomes easy for banks to rely on such applicants or borrowers that pay their GST.

Ans. The minimum annual turnover criteria is defined by the lender and varies from bank to bank. However, applicants shall apply online with minimum annual turnover of Rs. 10 lakh or above for existing enterprises or businesses.

Ans. Yes, any individual who is 21 years and above at the time of loan application is eligible to apply for business loan.

Ans. No, you are not required to submit any collateral to the bank or NBFC, only for few specific secured business loans, collateral is required.

Ans. The pre-closure and part-payment charges vary from lender to lender. It may be Nil from some banks and may exceed up to 4%-5% of the loan amount from others. Ensure to check the same with your lender.