Before applying for a loan, you should consider the following eligibility criteria:

• This service is available to individuals and groups of individuals
• Private limited companies, sole proprietorships, and partnerships are all eligible
• For new projects, the feasibility report must be submitted to the bank
• For existing projects, proof of profitability for the previous three fiscal years is required
• Storage capacity should not exceed 500MT
• The promoter's background should be solid

The variables influencing Eligibility Criteria?

The following are the top elements that commonly influence loan eligibility criteria:

• CIBIL Score: Lenders assess your CIBIL Score to evaluate your past financial behavior. A score below 750 reduces your chances of getting a Home Loan, while a score above 750 increases eligibility and offers better interest rates.
• Previous Loan Defaults: If you've had a loan application rejected by another financial institution due to defaults or poor credit history, your current loan eligibility will likely be affected.
• Recent Business Losses: Lenders review your business performance over the past three years. If your business has been consistently loss-making, your chances of loan approval decrease significantly.