| Topic : Key Business Loan Issues.... |
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Activity:
27 views;
last activity : 02 14 2011 06:46:04 +0000
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Specialty Lenders
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Surety given by a credit worthy person
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Local Banks/LEnders
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PROFITABLE PROJECT
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Some lenders actually specialize in loans for high-risk entrepreneurs. These loans generally have high interest rates with a provision for lowering the rate when the business shows positive cash flow and the borrower demonstrates ability to cover the debt. |
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Many of the Banks like SBI, Axis, IDBI have an Interanl Credit Rating system based on which the interest rate is fixed. This credit rating takes place annualy (during the renewal of the loan). Based on the annual rating the interest rate will vary (may go up, may go down or may call back the loan)
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A person with a poor credit history can get loan from any bank by introducing surety of a credit worthy person. Bank would definitely provide loan to a person with poor credit history, if a credit worthy person gives surety of loan to the bank on behalf of the borrower. If the borrower defaults, the person who has given surety to him has to clear the bank loan. |
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Community lenders and regional or local banks are more likely to consider other factors in addition to your personal credit score, such as your business credit score. |
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CHANCES OF GETTING LOAN IS BRIGHTER WHEN THE PROJECT IS DEFINITELY PROFITABLE. |
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