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Project Loan and Eligibility criteria

In simple words, a project loan is a type of loan issued to the owner by a recognized bank or financial institution for growing an existing business. It is a type of financial aid proved to business owners and entrepreneurs.

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Project Loan and Eligibility criteria

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  1. Project Loan and Eligibility criteria

  2. What Is a Project Loan? In simple words, a project loan is a type of what is project loan issued to the owner by a recognized bank or financial institution for growing an existing business. It is a type of financial aid proved to business owners and entrepreneurs. Let's talk about some basic requirements needed for a project loan Eligibility Criteria for A Project Loan • You must be a citizen of India • Minimum age should be 21 years • Business should be profitable for at least a year • Repayment history • A good CIBIL score Documents Needed at Hand • Letter of request for a project loan • CMA report • Certificate of liabilities and assets • Promoters income tax report copies • Promoters bank statement • Collateral property valuation • Collateral property legal opinion Factors Causing Loan Denial • Avoid applying for multiple loans • Negative Past credit history- it affects your chances of future loan approvals • Keep in mind that not every new business is eligible for project loan

  3. Documents Required for a Project Loan • Application form • Assests of the promoters and liabilities • Income tax details from last 3 years • Registration certificate as SME • Registration from the concerned department e.g., a license for a cafe is obtained from hotel industry • Memorandum of articles of associates and certificate of incorporation. • Permission from competent authority • Details of power requirement and tie up from state electricity board • Permission from pollution control board Ways To Increase Your Project Loan Eligibility • Build a high credit score- banks and creditors generally check your credit score, as the higher the credit score, loan approval chances increase • Show all your sources of income- a regular source of income plays a vital role while evaluating the loan application. The higher the flow of income, your chances of getting a loan approved increase. • If you are interested in getting a project load to expand your business, don’t worry, we are here to help you. Contact us to avail the online services at Financeseva.com

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