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Check Your Business Credit Health

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  • Get a free rating and credit analysis of your business.
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Check Your Business Credit Health

Have you ever taken loans in the name of your business?

How many times have you applied for a loan in the last 6 months?

Have you taken a loan in the last 6 months?

Have you ever missed an EMI payment. If so, when?

Have you restructured your loan in the last 2 years?

Do you have enough cash reserves to meet the business expenses for the next 3 months?

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We cannot provide you an analysis based on the information given.

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Our Analysis

  • Business Health Status

Based on the information given, you may not be eligible for a business loan.

However, you can explore the below products for which you may be eligible as an individual.

HDFC Bank Personal Loan

Check eligibility

ICICI Bank Personal Loan

Check eligibility

Fullerton Personal Loan

Check eligibility

Shriram city union personal loan

Check eligibility

PNB Housing Finance Ltd Loan Against Property

Check eligibility

Sundaram BNP Paribas Loan Against Property

Check eligibility

SHUBHAM Loan Against Property

Check eligibility

Edelweiss loan against property

Check eligibility

Suggested products based on your business credit status

Lending Kart Business Loan

Check eligibility

RBL Business Loan

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Janalakshmi Financial Services Ltd Business Loan

Check eligibility

Vistaar Finance Business Loan

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Edelweiss Business Loan

Check eligibility

Edelweiss Emillion Business Loan

Check eligibility

What Is a Business Credit Health Check?

It is very important for business owners to monitor their businesses and keep track of it regularly. Keeping track of loans already availed for buying equipment or expanding the business. A Business credit health check helps in evaluating financial health of a business. A Business credit health takes into account your past credit behaviour i.e how you have performed on previous loans and how it affects your creditworthiness.

Lenders submit the individual/self-employed credit activities to the credit bureaus who calculate the business credit score. Default in payments, high credit utilisation ratio on your business credit card, applying for multiple loans at a time will affect your credit score.

Good Credit Health for Better Business Loans

Any person wanting to start a business or any individual wanting to expand their business need funds to do so. This is where individuals and entrepreneurs take loans at a previously agreed rate of interest and time. Without this working, capital businesses cannot run smoothly. There are 2 types of business loans

1. Secured loans – This is the case where individuals and entrepreneurs provide collateral like inventory, land, machinery etc. Here the interest rate will be less

2. Unsecured loans – This is the case where businesses take a loan without any collateral. The interest rates are high as the risk for the banks are high

The business loan could be for multiple reasons such as

  • Expanding operations
  • Purchase Equipment
  • Purchase of inventory
  • To improve working capital
  • And finally, to improve your credit score

The eligibility for business loans for self employed professionals are as follows

  • Type of business: Proprietorship, Partnership, Private Limited or Public Limited
  • Turnover of the business
  • Profit made by the business
  • Cash flow of the business
  • Track record of business

Benefits of Business Credit Health Check

A business credit health check is more than getting business credit score and company credit report. It provides following benefits to the business owners.

  • Useful in developing strategies
  • Building good customer relationship
  • By knowing the credit reports, it is helpful to stay ahead in the competition.
  • Keep track of past and present loans
  • Helpful in analysing the business risks and controlling them

Importance of Business Credit Health Check

A business credit health check credit report contains the business journey of any company. When business people apply for a loan to expand the business, the creditworthiness of the individual is assessed by the business credit report. Hence it is highly important to do a regular business credit health check to analyse the promoter’ credit standing to be eligible for future credit. Moreover, it can help the business people find out credit problems in case there are any and solve them at the earliest.

What Is a Credit Score?

A credit score is a three-digit numerical expression which is derived based on the information available on your credit report. It is computed using your credit and payment history, type of borrowings, credit utilisation etc.

The lenders report their customer’s credit information to the credit bureaus who compute the credit scores based on the credit behaviour.

A credit report gives a snapshot of an individual’s credit accounts, repayment history and various other financial dealings. The credit score is calculated based on the above factors. Creditors check the credit score before taking a decision to extend credit to their customers.

The credit score in the case of self-employed individuals also gives a picture of how well that individual manages the business. A business credit health report gives the lender an idea at glance as to how a business functions. A business credit health check is vital for managing the business efficiently and keeping track of the credit related activities.

How a Credit Score Is Calculated?

A credit score is calculated based on the factors such as length of the credit record, payment history, credit utilisation ratio and credit exposure. Any defaults and negative issues can lower the credit score immensely.

Why Credit Score is Very Important?

When an individual applies for a loan or any other credits, the lenders refer to the credit score to evaluate the creditworthiness and eligibility. It becomes a decisive factor for the banks to grant credit to their consumers. A good credit score not only helps in getting a loan but also favours in terms of interest rate.

Periodically checking the credit score gives the individual an idea about their credit worthiness, in case of past defaults and if they have applied for credit improvement services, the progress of which can be tracked from time to time.

It is also wise to check your credit score before applying for any kind of credit, be it the credit cards for your shopping needs to the all-important home loan which fulfils your dream of a bigger house. Knowing your credit score before applying for credit and in the case of a good credit score puts you in an advantageous position with respect to negotiations on interest rates and loan tenure.

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