Bank loan

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Nesadhasan.N (Querist)

09 June 2014 term loan compution. if i have a 3lak of property... and i would like to start own business.my capital nearly 2lak..before that i am a salaried employee. i got salary rs 2.5 lac for asst year 2014 and rs 3.00lac asst year 2015. am i eligible term loan rs 5lac?

Rupesh Jain

Rupesh Jain (Expert)

09 June 2014 term loan depended on use of assets for you taken against loan. in starting term loan available for purchase of Machinery not for other due to your business income record not available. pls contact to bank due to every bank have diff-2 terms & condition for sanction of loan.

Jagga Rao Malipeddi

Jagga Rao Malipeddi (Expert)

09 June 2014 Term Loan is a facility to be extended by the Bank normally for purchase of fixed assets. Bank will consider the entire project, sources of funds for the project, capability of the proponent to conduct the activity. Then comes the financial capability - income, collateral security - properties; third party guarantee etc. Simply you have Rs.3 lakh property and have IT returns on hand, bank will not consider term loan. There are certain parameters for arriving the quantity of term loan to be extended basing the purpose. Hence you are advised to contact your bankers and ascertain the position.

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