madinashabana11 (MBA) (1112 Points)
26 November 2011Hi friends, i have a query regarding a bank loan.
My friend is running a smalll busines n for the purpose of extension of business he requires Rs. 6 Lakhs ( approx)
he is willing to approach a bank for loan.
Then my query is can he obtain a loan from bank for such purpose???
If so, for which loan shud he apply, i mean Personal loan or Business loan ???
and plz mention what are the requirements need to apply for a Personal / Business Loan.
plzzz friends advise me regarding this............
* Krishna *
(CA Student)
(6149 Points)
Replied 26 November 2011
In my view, he can take Personal loan rather than taking business loan. Because taking business loan is difficult as he is only small trader. Personal loans given by various banks may range from 5-10lacs which have repayment period ranging from 3-5/7 years. Usually, the documents asked by banks are ID proof, 3 months bank statement, residence proof, guarantor (may be asked by some banks depending on banks criteria, which will be decided based on the amount of loan asked).
As he is self-employed, they may also ask balance sheet, PL a/c etc. After submitting these, banks will then evaluate the application based on the applicant's repayment capacity, relationship with the bank (if he already have a/c in that bank). They will also check the applicants credit history with the CIBIL. Hope your friend does not have any other loans pending or made default earlier. Check other details with SBI/HDFC/Citibank. Banks usually wont ask the application of borrowed money.
PARUL YADAV
(finance expet)
(93 Points)
Replied 25 June 2024
To apply for a personal loan with Kotak Mahindra Bank, you typically need to meet certain requirements. These may include having a stable income source, meeting the minimum age requirement (usually 21-58 years), and providing necessary documents such as ID proof, address proof, income proof, and bank statements. Credit score and employment stability are also important factors considered. It's advisable to check Kotak Mahindra Bank's specific criteria and interest rates before applying. Always ensure you have all required documents ready to expedite the application process smoothly.
Alan Levy
(2 Points)
Replied 24 August 2024
Applying for a personal loan typically involves meeting certain requirements set by lenders. Here are common requirements you might need to fulfill:
CAclubindia
