Things to Ponder Upon While Taking a Personal Loan for Self-Employed
- Annual business revenue: It is one of the factors which would be considered by lenders to decide how much to offer you, and whether you’ll be able to repay it. Simply put, your business’ annual revenue would decide your borrowing eligibility and your repayment ability.
- Tax returns: A business has to have ITR receipts of at least two previous years from the date of application. If the receipts are not available, the lender might create issues in approving the application of business loan.
- Type and potential of business: The last but not least, the type of business you own and its growth potential will help the lender determine the risk associated with approving your loan application. So, business owners applying for the said scheme should carry their business growth plans and growth potential charts while visiting the lender for loan.
May 17th, 2019