Requirements for personal/ business loan

Save Share

This query is : Resolved

madinashabana11 (Querist)

26 November 2011 Dear sir, i have a query regarding a bank loan.

My friend is running a smalll busines n for the purpose of extension of business he requires Rs. 6 Lakhs ( approx)

he is willing to approach a bank for loan.

Then my query is can he obtain a loan from bank for such purpose???

If so, for which type of loan shud he apply for, i mean Personal loan or Business loan ???

and plz mention what are the requirements need to apply for a Personal / Business Loan.

plzzz sir advise me regarding this............Thanks alot.

CA Satish Badve

CA Satish Badve (Expert)

26 November 2011 Your firend can approach the bank for Cash credit limit of Rs.6/-lacs if the money is needed for working capital to run the businness activity. The interest is applied on the no. of days the amount is utilised.
A personal loan is a term loan required for the purpose of prchase of Car, Furniure etc.The personal loan is sanctioned on the basis of average income of last three years. IN case of purchase of item mixxmum amount is restricted to 75% of the item value.

Message likes : 1 times

madinashabana11

madinashabana11 (Querist)

28 November 2011 Thank u so much sir...

madinashabana11

madinashabana11 (Querist)

28 November 2011 Thank u so much sir...

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now