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 could be availed on company loan. Greater the mortgage quantity, greater the probabilities getting low-value interest.
  • Loan Tenure – loans are short term loans and they are provided for the reduced period. Generally, these loans get for the tenure of just one to 5 years year.
  • Earnings Tax Returns (ITR) – A self employed could possibly get a company loan, only if it offers filed regular ITRs for the past several years. Banking institutions start thinking about borrowers that have filed ITRs of 2 years or maybe more as qualified to obtain company loan. Banking institutions assess your month-to-month income and payment ability according to details submitted into the ITRs.
  • Revenue / Turnover – Revenue may be the earnings that the continuing company has acquired through the purchase of products and services to clients. It’s also 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 at least turnover that is annual of 1 Cr to qualify for loans without security. But, you will find a few nbfcs and banking institutions which provide to companies or one-man shop with turnover of not as much as Rs. 10 lakh also. Read more