| Bank Name | Min Interest Rate | Processing Fee | Max Tenure (Month) | Prepayment | Chances of Loan Approval | |
|---|---|---|---|---|---|---|
Axis Bank Ltd.
|
5.50% | 1% | 84 | 2.00% |
|
|
HDFC Bank Ltd
|
6.00% | 1% | 84 | 2.00% |
|
|
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ICICI Bank Ltd.
|
5.75% | 1% | 84 | 2.00% |
|
|
IndusInd Bank
|
5.90% | 1% | 84 | 2.00% |
|
|
Kotak Mahindra Bank
|
5.85% | 1% | 84 | 2.00% |
|
|
Small Industries Development Bank of India (SIDBI)
|
6.00% | 1% | 84 | 2.00% |
|
|
EXIM Bank
|
5.85% | 1% | 120 | 2.00% |
|
|
Companies can avail term loan for the purpose of importing raw materials, capital goods, purchase of machinery & to meet working capital requirements. This Foreign currency term loan Eligibility Criteria
Eligibility Criteria depends on various factors like repayment history, business sales/turnover& Creditworthiness ...etc.
Eligibility Criteria
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.
What are the ways to increase foreign currency term loan eligibility?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.
PHOTOGRAPHS 2
PAN CARD COPY
AADHAR CARD + PASSPORT
ADDRESS PROOF IF RENTED ALSO REQUIRED PERMANENT ADDRESS PROOF
LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE
LAST 1 YEAR BANK STATEMENT - SALARY ACCOUNT
LOAN SCHEDULE & SANCTION LETTER (IF RUNNING)
COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS
PROCESSING FEE CHEQUE IN FAVOUR OF BANK
LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER
PHOTOGRAPH BOTH
PAN CARD CLEAR COPY PROPRIETOR
ADDRESS PROOF (PASS PORT, VOTER ID CARD) PROPRIETOR
OFFICE ADDRESS PROOF LATEST (ELECTRICITY BILL, TELEPHONE BILL)
FIRM REGISTRATION CERTIFICATES & GST REGISTRATION COPY
LAST 1 YEAR GST RETURN COPY
FIRM 3 YEARS ITR COMPUTATION, PROFIT LOSS A/C, BALANCE-SHEET, TAX AUDIT REPORT, ALL SCHEDULED & ANNEXURE
PROVISIONAL FINANCIAL AY 2019-20
BANK ACCOUNTS (CURRENT ACCOUNT, CC ACCOUNT, OD ACCOUNT LAST 1 YEAR UPDATED)
6 MONTH SAVING ACCOUNT STATEMENT UPDATED (PROPRIETOR)
IF RUNNING ANY LOAN PLEASE PROVIDE SANCTION LETTER AND REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS WITH CHAIN SANCTION MAP
PHOTOGRAPH PARTNERS
PAN CARD - COMPANY, ALL PARTNERS
ADDRESS PROOF - ALL PARTNERS (PASS PORT, VOTER I PAN CARD, ADHAAR)
FIRM ADDRESS PROOF- LATEST ANY UTILITY BILL.
PARTNERSHIP DEED COPY
GST CERTIFICATE
GST RETURN LAST 1 YEARS
3 YEAR COMPANY ITR COI P/L A/C BALANCESHEET + AUDIT REPORT 3CB 3CD, ALL ANNEXXURS, SCHEDULED WITH C.A.CERTIFIED
PROVISIONAL FINANCIAL AY 2019-20
3 YEAR ALL PARTNER INDIVIDUALS ITR + COMPUTATION
FIRM ALL A/C BANK STATEMENT 1 YEAR UPDATED
ALL PARTNER SAVING A/C STATEMENT 6 MONTH
IF RUNNING ANY LOAN – LATEST SANCTION LETTER + TRACK RECORDS OR REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS COMPLETE CHAIN WITH MAP
ALL DIRECTORS PHOTOGRAPH
CLEAR PAN CARD - COMPANY AND ALL DIRECTORS
ADDRESS PROOF – COMPANY AND DIRECTORS
LIST OF DIRECTOR& SHARE HOLDER WITH CA CERTIFIED AS ON DATE
MEMORANDOM ORDER IN HAND AND COMPLETE COPY (IF APPLICABLE)
GST, SALE, VAT AND SSI REGISTRATION CERTIFICATE
1 YEAR GST RETURNS
ALL DIRECTORS INDIVIDUALS ITR & COMPUTATION LAST 3 YEARS
LAST 3 YEARS COMPLETE FINANCIAL WITH TAX AUDIT REPORT AND ANNEXURE
PROVISIONAL FINANCIAL FY 2019-20 OR MONTH WISE SALE FIGURE LAST 1 YEAR
COMPANY ALL BANK ACCOUNT STATEMENT 1 YEAR UPDATED
ALL DIRECTORS SAVING A/C STATEMENT 6 MONTH
IF RUNNING ANY LOAN – LATEST SANCTION LETTER AND REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS COMPLETE CHAIN WITH SANCTION MAP
Frequently asked questions (FAQ) pages are Q&A-style pages that most brands build to answer queries that slip through the cracks. FAQs are targeted to give a complete sense of query satisfaction to the client.
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The Foreign Currency Term Loan eligibility criteria depend on various factors like age of individual, repayment history, business sales/turnover& Creditworthiness, etc.
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Yes, Collateral security Is required in Foreign Currency Term Loan.
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Firstly, choose your currency & amount then enter traveller details & delivery option after that make the payment online then wait for order conformation.
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Foreign exchange Term Loan refers to the conversion of one country's currency into another.
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When you do foreign trade, you sell one currency and buy another.
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There are some advantages of Foreign Currency Term Loan: -
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The UCO bank allows loans in foreign currency to NRI against their Foreign Currency non-resident account.
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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.
CA Vikas Jain - Our Mentor
9863-02-02-02