Main Object
A term loan is a loan given by a bank or a financial institution for a certain period of time. It can be repaid at the end of the period or in instalments at specified intervals. For procuring term loans, either a security is required or there is a margin requirement.
Requirements of Term Loan
- Application Form: Complete loan application form with one passport size photograph
- Valid Proof of Applicant's Identity: Passport, Photo PAN card, Voter’s identity card , Driving license and MAPIN card
- Proof of Residence: Ration card Tel/ Lease agreement/ Electricity Bill/ Passport/Trade license /Sales Tax certificate
- Proof of Age: Passport, Photo PAN card, Voter’s identity card
- Financial Documents: Copies of IT returns for the last two years along with the latest Bank statements for 6 months and P & L and balance sheet for last two years audited by a C.A.
- Self Employed (Private Ltd. Co. and Partnership Firms): P & L Copies of IT returns for the last two years and P & L and balance sheet for last two years audited by a chartered accountant.
- Self Employed Individuals- Professionals:
Copies of IT returns for the last two years and Bank statements for last 6 months
Professionals:
P & L and balance sheet for last two years audited by a chartered accountant
- Self Employed Individuals - Non Professionals:
P & L and balance sheet for last two years audited by a chartered accountant and Copies of IT returns for the last two years and Bank statements