Eligibility for Term Loan:
- Existing Business for minimum 3 years.
- ITR filing and other statutory compliances should be complete.
- Minimum Loan requirement above 50 Lakhs
- Bank acceptable collateral security is must. (Eg. sanctioned home/ flat, NA plot, industrial land, etc.)
Documents Required for Term Loan:
Banks and NBFCs need many documents depending on the proposal. Following are categories of the documents.
- Company and all directors/ partners/ owners KYC
- Company and all directors/ partners/ owners banking
- Company and all directors/ partners/ owners 3 year ITRs
- Collateral Property Documents
- Project Report & CMA Data
- Loan application, declarations, resolutions, undertakings, etc.
- Other documents & information required by the bank/ NBFC
Note: Accepting or rejecting loan application is at the sole discretion of the bank/ NBFC.
