| Topic : Key Business Loan Issues.... |
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Activity:
70 views;
last activity : 09 23 2011 10:50:33 +0000
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Business plan
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Business profile
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Asset profile, Guaranteer,Insurance Papers , If you are already in business then turnover report
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Produce company's Financial statements & Loan repayment plan
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Depends on the type of loan
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PREPARED BY CAPABLE PERSON
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depends
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your detailed project report with Technical & Economical fesibility Reports
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A business plan is particularly important for new businesses, as they lack a track record for lenders to go by. Your plan should convey all important facts about your business in a concise manner. Your business plan may range anywhere from 5 to 20 pages, plus financial projections. |
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The project report or the techno feasibility & economic viability report of on the project is the first important document for a new loan proposal
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Project fesibility report, loan security/gurantee documents, loan agreement, Security valuation report, legal report of the Security etc....
Asset profile, Guaranteer,Insurance Papers , If you are already in business then turnover report
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I feel these are normal documents you require apart from your plan and profile as told by Rashmi. |
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Inorder to get business loan one has to provide his company's financial statements like Balance sheet, Profit & loss account & Cash flow statement along with Loan repayment plan. a)Balance Sheet: A balance sheet includes your company's assets, liability and capital (assets minus liability). b)Profit & Loss Account: Also known as an income statement, this includes your profits and losses for a specific period of time. It will include company expenses (such as advertising, insurance, etc), costs of goods sold, and sales. c)Cash Flow Statement: A cash flow statement details the monthly cash inflows and outflows, which can include when you expect to pay, or collect on, debts owed. d)Loan Repayment Plan: Your repayment plan should include how much you intend to borrow, what you intend to use it for and how you intend to repay it. e)Other Documents: Other documents you may need to include are projected cash flow sheets, business and personal tax returns, the collateral you intend to put up, leases, franchise agreements and resumes of management personnel. |
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Arun well explained. Company's account statements & repayment plan are very vital & gives the banks an assurity that the party is not a fraud. Thus it helps in gaining confidence of the bank & loan settlement becomes easy.
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Documents the banks wants will depends on the type of loan you want. Bank itself will give you a check list of documents they want based on your loan requirements, the type of account you hold with the bank and the purpose of the loan.
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.IN ADDITION TO ALL THE DOCS MENTIONED,THE MOST IMPORTANT REQUIREMENT IS THE PAPERS SHOULD BE PREPARED BY A COMPETENT,KNOWLEDGEABLE EXPERIENCED PERSON TO GET THE SANCTION SOON. |
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3 months salary slip, 6 months bank statement, last 2 years form-16, identity proof, passport photo, PAN card photocopy are reqd if u want to take loan (for employess only)
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detailed Peroject report
product or work statement
technical & economical feasibility reports
risk measurement and risk cover
your back up plan for sucess
your id , your address proof
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