Highlights of the Checklist
- Get a Fund Ready proposal which can be submitted with the financial institution for a business loan.
- Get assistance in the documentation required for business loan application.
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Margin money is the owner’s or the promoter’s contribution which is calculated as a percentage of the total project cost. In case of a loan, the applicant has to gather this margin money amount before sanctioning the loan. Generally, financial institutions demand a minimum of 25% of the total project cost as margin money.
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CIBIL (Credit Information Bureau (India) Limited) score is a three-digit numeric summary of your credit history. The score is derived by using details found in the accounts and enquiries section on Credit Information Report (CIR). CIR includes details of credit availed by individuals such as home loan, automobile loan, credit card, personal loan, overdraft facilities over a period of time. CIBIL score is one of the first checks that a lender does when they are evaluating your loan proposal.
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A Guarantor is an individual who guarantees to repay the loan and interest amount in case the borrower is unable or does not repay the same on the due date
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Collateral is a security which is created in the name of the lender to secure the loan amount. It can be seized by the lender in case of any defaults in repayment of the loan.