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Mudra loan for new business & existing business, you can avail this type of loan for development of infrastructure, to meet day to day operational capital, purchasing new equipment & machinery. The best part of the loan is you don’t require to pledge any collateral or assets.
Eligibility Criteria depends on various factors like age of individual, repayment history, business sales/turnover, total work experience & Creditworthiness ...etc.
Note: - You can avail up to 10 Lakh as a maximum loan amount.
There are top factors that generally affects e mudra loan eligibility criteria as given below: -
Lack of good credit report: - Your past financial behavior going to determine your future financial stability. Therefore, if in past years missed to do payments on timely manner, then probably you will looser the chances of getting loan.
Bad cash flow: - Lender want to check know about your company cash flow management, whether you are managing well or not, if it seems to be bad cash flow then possibility of chances gets lower.
To increase eligibility, you need to consider Top points as given below, this will aid you in increasing your eligibility level.
Maintain good record credit: - Lender usually check whether you are maintaining good credit by making payments on time & avoiding having multiple credit cards, if you are practicing these methods to maintain good record of credit, it will enhance your eligibility towards getting a loan.
Do paying tax on time: - This is one of the major methods to increase eligibility, take initiate to do paying tax on time to build credit score improve as well as lender confidence level increases.
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