Facets that determine eligibility for company loan are

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 may be availed on company loan. Greater the mortgage quantity, greater the possibilities to have interest rate that is low.
  • Loan Tenure – loans are short term loans and are also offered for the smaller period. Generally speaking, these loans get for a tenure of just one to 5 years year.
  • Earnings Tax Returns (ITR) – A self used will get a small business loan, only if this has filed regular ITRs when it comes to previous couple of years. Banking institutions give consideration to borrowers who possess filed ITRs of 2 years or maybe more as entitled to obtain company loan. Banking institutions assess your income that is monthly and capability centered on details submitted when you look at the ITRs.
  • Revenue / Turnover – Income may be the earnings that a company has received through the purchase of products and solutions to clients. It’s also known as product product sales or return. In case there is medical practioners, this product sales or profits is calculated when it comes to Gross Annual Receipts. Read more