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Factoring Finance

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Factoring Finance
Bank Name Interest Rate Range (%) Processing Fee (%) Maximum Loan (Lacs) Maximum Tenure (Month)
Bank Name Min Interest Rate
₹ 10L
₹ 50L
₹ 1C
₹ 1.5C
₹ 2C
₹ 2.5C
₹ 3C
%
1%
5%
10%
15%
20%
25%
30%
1
10
20
30
40
50

Loan EMI

Total Interest

Total Payment

Eligibility Criteria

What you mean by Factoring Finance Eligibility Criteria?

Many of you have question, what is factoring in finance? Factoring & finance is a facility which you the accessibility of liquidity against your pending account receivable. It clears your blockage of working capital & aid to have a smooth cash flow.

Factoring Finance Eligibility Criteria

Eligibility Criteria depends on several factors like repayment history, business sales/turnover& Creditworthiness ...etc.

  • • Applicant age should in-between 25 – 55 years
  • • Minimum 3 year of business continuity
  • • At least latest 1 year of ITR filed
  • • Credit score must be above 750
  • • Resident of Indian

Note: - You can get minimum 10 lakh to maximum 1 Cr as a loan amount.

What are the factors generally affecting Factoring Finance Eligibility Criteria?

There are top factors that generally affects Factoring Finance eligibility criteria as given below: -

Low business ventage- Lender check years of business continuity as to measure the creditworthiness of company existing performance. Generally, for availing this type of facility 3 year of business continuity required. Due to low business ventage your chances get lowered.

NIL Collateral- If you have low credit score range, then collateral is the essential way to fulfil the requirements, in case you don’t own any collateral/assets to pledge then most probably lender won’t approve your application due to high risk in applicant profile.

What are the ways to increase Factoring Finance eligibility?

To increase eligibility, you need to consider Top points as given below, this will aid you in increasing your eligibility level.

Maintain proper credit report: - By maintaining credit report you can be able to enjoy benefits like negotiating interest rates, easy approval of credit & loan. Just you are required to pay bills on time as it aids to increase credit score as well as eligibility.

Clear existing debt before opting for new: - Lender look forward to your application whether you have any existing loan, paying interest for earlier loan will affect new loan application. Hence, try to clear it as much as possible

Documents Required

  • Individual
  • Prop Firm
  • Partnership Firm-LLP
  • PVT. LTD.
Frequently Asked Questions

Is Getting factoring finances from banks are good?

Yes, there are various NBFC's too providing factoring in finance but majorly compared to many terms government or private banks are far better to avail loan.

Does NBFC’s provide factoring finance?

Yes, Multiple NBFC’s provide loan for business expansion & for their management system through financial support.

What is factoring finance?

Boost your business liquidity through the help of factoring finance, it removes financial blockage & enhance working capital. Just transfer your receviables to get funded quickly.

Who are eligible for factoring finance?

To know your eligibility, you need to check the common eligibility criteria of factoring finances: -

  • Minimum 3 years of business vintage
  • LLP, Private Limited & LLP are eligible
  • You must be resident of Indian
  • Promoter should have good credit history

How much processing fee will be charged for factoring finance?

Usually, Lender impose an fee for processing loan applications which would be 0.50% - 2% of total loan amount vary from banks to banks.

How much Credit score required for factoring finances?

For getting factoring finances you must have credit score above 750 as much as the higher credit score is that much possibility of getting loan increase with that it also provides you the benefit to negotiate better rates & terms.

What are the mandatory documents required?

  • Company ROC as a proof of minimal 3 years business existence
  • 2 Passport sized photographs
  • Latest 1 year Bank Statement
  • Office address proof
  • Personal identity & residential proof

What is the major benefits of getting factoring finances?

This type of facility comes under unsecured category which give you the relaxation of not pledging collateral/assets to get loan not only that due to its a short-term loan it won’t give you the tense of more documentation with that online application is also available.

  • Faster fund disbursal
  • Simple & fast processing
  • Hassle free loan

What will be the maximum loan amount for factoring finance?

There are various factors that determine maximum loan amount, in case-to-case things get varied.

Related Topics

credit-report
business Credit Report
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CA Vikas Jain - Chief Advisor

Mr. Vikas Jain is a reputed Chartered Accountant possessing in-depth understand...

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CA Vikas Jain

CA Vikas Jain - Chief Advisor

Mr. Vikas Jain is a reputed Chartered Accountant possessing in-depth understand...

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