Who is eligible for Foreign Currency Term Loan?
The Foreign Currency Term Loan eligibility criteria depend on various factors like age of individual, repayment history, business sales/turnover& Creditworthiness, etc.
| Bank Name | Min Interest Rate | Processing Fee | Max Tenure (Months) | Prepayment | |
|---|---|---|---|---|---|
|
5.50%
|
1%
|
84
|
2.00%
|
|
|
6.00%
|
1%
|
84
|
2.00%
|
|
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|
5.75%
|
1%
|
84
|
2.00%
|
|
|
5.90%
|
1%
|
84
|
2.00%
|
|
|
5.85%
|
1%
|
84
|
2.00%
|
|
|
6.00%
|
1%
|
84
|
2.00%
|
|
|
5.85%
|
1%
|
120
|
2.00%
|
|
| Bank Name | Min Interest Rate | |
|---|---|---|
|
|
5.50% |
|
|
|
6.00% |
|
|
|
5.75% |
|
|
|
5.90% |
|
|
|
5.85% |
|
|
|
6.00% |
|
|
|
5.85% |
|
Companies can avail term loan for the purpose of importing raw materials, capital goods, purchase of machinery & to meet working capital requirements. This facility is easy to avail & repayment mode come with multiple features.
Eligibility Criteria depends on various factors like repayment history, business sales/turnover& Creditworthiness ...etc.
There are few factors that generally affects Eligibility Criteria as given below: -
None - collateral: - Lender check whether you own any collateral/assets on your name or not, if not then preferably your chances get lower due to none-collateral.
Financial Statement: - If you were unable to maintain & keep eye on financial statement, it would affect your eligibility as due to lack of professional maintenance you fall to miss payment which give a negative mark.
To increase eligibility, you need to consider Top points as given below, this will aid you in increasing your eligibility level.
Maintain good financial history: - Maintaining a good financial history is only possible when you do credit card & existing loan EMI payments on time without making any default, not applying for mulitple card with low usage of card with the ratio of 30
Boost your creditworthiness: - On regular basis check your credit creditworthiness by getting credit report & make sure whether all payments are taking place on time. This will help you to increase eligibility as well as creditworthiness.
Who is eligible for Foreign Currency Term Loan?
The Foreign Currency Term Loan eligibility criteria depend on various factors like age of individual, repayment history, business sales/turnover& Creditworthiness, etc.
Is Collateral security is required for Foreign Currency Term Loan?
Yes, Collateral security Is required in Foreign Currency Term Loan.
What is the step to get Foreign Currency Term Loan?
Firstly, choose your currency & amount then enter traveller details & delivery option after that make the payment online then wait for order conformation.
What is Foreign Currency Term Loan?
Foreign exchange Term Loan refers to the conversion of one country's currency into another.
How Foreign Currency works?
When you do foreign trade, you sell one currency and buy another.
What are the advantages of Foreign Currency Term Loan?
There are some advantages of Foreign Currency Term Loan: -
Which Banks allows Foreign Currency Term Loan?
The UCO bank allows loans in foreign currency to NRI against their Foreign Currency non-resident account.
What is Foreign Currency Term Loan risk?
If you sell goods and services out of India and received paid in a Foreign Currency, there’s a risk that exchange rates could change and you’ll receive less amount than originally expected.
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CA Vikas Jain - Chief Advisor
Mr. Vikas Jain is a reputed Chartered Accountant possessing in-depth understand...
Read MoreCA Vikas Jain - Chief Advisor
Mr. Vikas Jain is a reputed Chartered Accountant possessing in-depth understand...
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