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Unit
Development |
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Arranging Finance |
State Industrial Development Corporations /State Financial Corporation, are established with the basic object to promote and develop industrial growth, in the States & are the right place to meet the financial and mercantile needs
.
Here you will find not only an attractive rate of interest but can avail the benefit of many entrepreneur - friendly schemes.
Getting credit for a business can be a dilemma, because until you've developed a good track record with business credit, many commercial banks and other traditional lenders will be reluctant to extend credit to you.
The are at the sole discretion,
& consider your application on the basis of following
Capacity to repay is the most critical.
The prospective lender will want to know exactly how you intend to repay the loan. The lender will consider the viability of your project, the timing of the repayment, and the probability of successful repayment of the loan. Your own contribution
Your own contribution in the business and is an indication of how much you have at risk should the business fail. Prospective lenders and investors will expect you to have contributed from your own assets and to have undertaken personal financial risk to establish the business before asking them to commit any funding. Collateral Security or guarantees
Collateral Security or guarantees are additional forms of security you can provide the lender. Giving a lender collateral means that you pledge an asset you own, such as your home/ your piece of land , to the lender with the agreement that it will be the repayment source in case you can't repay the loan. A guarantee, on the other hand, is just that—someone else signs a guarantee document promising to repay the loan if you can't. Some lenders may require such a guarantee in addition to collateral as security for a loan.
Purpose of the loan, Purpose of the
loan, focus on the intended purpose of the loan.
Promoter profile Finally , the bank will look at the Promoter profile, educational background and experience in business, Payment history on existing credit relationships, if already a customer , from all above facts The lender will form a subjective opinion as to whether or not you are sufficiently trustworthy to repay the loan or generate a return on funds invested in your company.
Before you apply for financial assistance, well prepared for all the question you are likely to face all along with your
Apply for loan to State Industrial Development Corporations /State Financial Corporation/commercial banks on the application form term loan along with processing fee. (if any
). On the basis of viability of the project, (Adjudged for the Project Report) the financial institution decide, as to whether the project specific is to be taken up for term loan appraisal or not. Alternatively,
you may opt for Angel Funding, actually these are private investors who are using their own capital to finance a ventures’ need. However, these funding methods are
rare in India but gaining momentum. Register
free, to join our net working event,
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