Eligibility Criteria
What you mean by Project loan Eligibility Criteria?
Project loan is one such loan dedicatedly provided to corporate borrowers for their business & capital expenditure like setting up new project or growing up existing business project. Before applying for loan, make sure that you meet specific eligibility criteria as required like you need to prepare project report for bank loan & CMA earlier while availing project loan.
Project loan Eligibility Criteria
Project loan Eligibility Criteria depends on various factors like age of individual, repayment history, business sales/turnover, total work experience & Creditworthiness ...etc.
Eligibility Criteria for Self-Employed Individuals
• Age Limit of Self –Employed Individuals - 21 to 65
• Public & private both sector companies are eligible
• Minimum Years of Business continuity –3 Years with profit in last audited financial year.
There are top factors that generally affects Project loan Eligibility Criteria as given below: -
Avoid applying multiple loan & credit card: - It is one of the key factor you should consider that avoid applying for multiple loan & credit card as it will harm your credit score & reduces your eligibility level.
Past Credit History: - Do you know, your past credit history can impact your present & future loan appearing chances. Due to lack of score you fail to avail a project loan.
Newly existing business: - Usually, not every business is eligible to get loan, as lenders have some fix terms & policies, one of them was newly existing business are ineligible as they don’t know your past performance on business.
To increase Project loan eligibility, you need to consider Top points as given below, this will aid you in increasing your eligibility level.
Build a high credit score: - This is one of the best way to increase eligibility of project loan, because lenders generally check your credit score as much as higher the score, your chances of loan approval increases.
Include all sources of income: - Your regular source of income plays a critical role in evaluating loan application, if it seems as low then probably your chances of rejection increase but if you add all your possible income sources then it will help you to increase your eligibility.
Documents Required
IndividualProp FirmPartnership Firm-LLPPVT. LTD.
PAN CARD COPY
AADHAR CARD + PASSPORT
ADDRESS PROOF IF RENTED ALSO REQUIRED PERMANENT ADDRESS PROOF
LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE
LAST 1 YEAR BANK STATEMENT - SALARY ACCOUNT
LOAN SCHEDULE & SANCTION LETTER (IF RUNNING)
COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS
