Facets that determine eligibility for company loan are
- Eligible Age – Banks consider borrowers as we grow older of 21 years to 65 years
- Loan Amount – Loan quantity of ? 50,000 to ? 100 Cr is availed on company loan. Greater the loan quantity, greater the probabilities to have interest rate that is low.
- Loan Tenure – loans are quick unsecured loans and tend to be offered for a faster period. Generally speaking, these loans get for a tenure of just one to 5 years year.
- Earnings Tax Returns (ITR) – A self used could possibly get a small business loan, only once it offers filed regular ITRs for the past couple of years. Banking institutions start thinking about borrowers that have filed ITRs of 2 years or even more as qualified to get yourself business loan. Banks evaluate your income that is monthly and ability according to details submitted into the ITRs.
- Revenue / Turnover – Income may be the earnings that a corporation has made through the purchase of products and solutions to customers. Additionally, it is referred to as product sales or return. This sales or revenues is measured in terms of Gross Annual Receipts in case of doctors. Many banking institutions and NBFCs require the very least yearly return of ? 1 Cr to qualify for loans without security. But, you will find a few nbfcs and banking institutions which lend to companies or one-man shop with return of not as much as Rs. 10 lakh aswell.
- Company Vintage and Growth – Business classic and development is a factor that is important by banking institutions and NBFCs to just just take a determination to offer loan. Continua a leggere
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