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 probabilities to have interest rate that is low.
- Loan Tenure – loans are quick unsecured loans consequently they are provided for the faster period. Generally speaking, these loans get for the tenure of just one 12 months to 5 years.
- Earnings Tax Returns (ITR) – A self used will get a company loan, only once 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 eligible to obtain company loan. Banks assess your income that is monthly and ability predicated on details submitted into the ITRs.
- Revenue / Turnover – Income may be the earnings that the continuing company has made through the purchase of products and solutions to clients. It’s also referred to as product sales or return. In the event of physicians, this product sales or profits is calculated when it comes to Gross Annual Receipts. Many banking institutions and NBFCs require the very least yearly turnover of ? 1 Cr to qualify for loans without collateral. Nevertheless, you can find A nbfcs that are few banking institutions which provide to organizations or one-man shop with return of not as much as Rs. 10 lakh too.