There are many entrepreneurs who have started their business at a small scale and gradually by hard work and careful planning, they successfully expand their business. Many such success stories are there, but it is also true that in spite of the fact that small and medium scale enterprises play a big role in the nation’s economy, it is very hard to get finance to grow the same. This holds true for people who are not having a very good financial background but desire to expand their own small business venture. SMEFinancemart offers its valuable advice and easy Loans against Property to such determined entrepreneurs.
The online platform is launched by experienced professionals with profound knowledge of the financing solutions for such enterprises. According to these professionals, Loans against Property can be ideal for these enterprises if the balance sheet is weak. Property as is well known is always considered a valuable asset and financial problems can be solved aptly by Loans against Property. It can work as collateral to get the much needed funding. SMEFinancemart understand the requirement and business stage due its expertise and briefed the eligibility criteria for applying for Loans against Property to its clients.
Eligibility for Applying Loans Against Property
There are a couple of criteria that one must full fill before applying for Loans Against Property and these are the following ones.
A property free from any creditor claims with an obvious title
The age of the applicant should be minimum 23 years
At loan maturity time, applicant’s age should be no more than 65 years
According to the income tax returns filed by the applicant, the income should be minimum
The business should be at least two years old
Evidence to show EMI repayment capability
The applicant must not have a history of loan defaulter
A set of documents comprising of the following ones
KYC documents of applicant and company
Bank statements pertaining to the last three months
Balance sheet, income tax return and P&L statement of the last 2 year financials
Documents like address proof, vote card or driving license that establish identity
Documents related to the property that will be kept as a collateral
Latest sanction letter and good track record of repayment
Documents of guarantor if necessary
Thus, by clearly stating the eligibility, the professions of the online platform paves the way to apply for Loans Against Property. The loan thus obtained can be used for purchasing equipments or as a working capital. If there is still any query regarding Loans Against Property, it is best to mail the requirements to email@example.com and be ready to avail the desired Loans Against Property.
For more information please visit http://www.smefinancemart.com