When an operating business needs more funding, it applies for a corporate loan. The loan it receives can be useful for the following requirements:
Corporate loan can either be secured or unsecured. Secured loans require that you provide collateral. It helps the lender sell the asset you offered to repay the loan if you fail in this regard. Going for this loan enables you to get lower interest rates and more extended repayment periods.
Eligibility Criteria | Description |
Income Tax Return | Should have filed an income tax return for at least one year; banks may require you to provide two ITR files |
Financial stability | Your bank statements of the previous six months give the lender an idea of your track record |
Annual income | 10000000; certain lenders allow exemptions |
Business stability | The history and track record of your business |
Identity Proof | Passport/ driving license/PAN card/ Photo credit card (with embossed Signature and last two months statement)/ banker's sign verification |
Age Proof | PAN Card/ Passport/ Driving Licence/ School leaving certificate/ Voter's card/ Birth Certificate/ LIC policy (only for age Proof). |
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Address Proof | Passport/ Electricity bill/ Title deed of property/Rental agreement/ Driving license/ Election ID card/ Photo-credit card (with last two month statements) |
Income Proof | Bank statement of the previous 6 months |