What you mean by Construction equipment loan Eligibility Criteria?
Get up to 100% funding for construction equipment whether for a new, used, top-
up on existing loan nor take over existing loan. Avail loan at competitive interest
rate with maximum repayment period of 60 months.
Construction loan Eligibility Criteria
Eligibility Criteria depends on various factors like age of individual, repayment
history, business sales/turnover, total work experience & Creditworthiness ...etc.
- • Age Limit of Self –Employed Individuals - 22 to 60
- • Individuals, Proprietary concerns, Partnership firms, Companies (Private &
Public), Trusts (Private Trusts), Limited Liability Partnerships
- • Minimum 2 years of business continuity
- • Minimum 2 years of audit by registered chartered accountant
Note: - It would range from minimum 5 Lakh to maximum 5 Cr.
What are the factors generally affecting Construction equipment loan Eligibility
There are top factors that generally affects construction loan eligibility criteria as
given below: -
Stability of business: - Lenders want to know about your business stability level
whether its high or low, if in recent years business unable to generate sales, then
your repaying capacity become low as well as the eligibility too.
Poor credit rating: - Credit rating considered to be main factor in evaluating
creditworthiness of an applicant, where if you have ever failed to pay EMI on
times, paying bill after due date led to poor rating & bad impression Infront of
lender where eligibility chances get lower.
What are the ways to increase Construction equipment loan eligibility?
To increase eligibility, you need to consider Top points as given below, this will aid
you in increasing your eligibility level.
Reduce unnecessary spending: - When you avoid spending over unnecessary
expenses, you can utilize money on improving & generating sales of your
company as it will improve repayment capacity.
Opt for a longer tenure: - Longer tenure indicate an affordable monthly EMI to
pay & make you able to do payment without making any default.