Usually, Lender impose an fee for processing loan applications which would be 0.50% – 2% of total loan amount vary from banks to banks.
Working Capital Loan @ 7.75% Onwards
• Collateral free loan is available
• Lowest processing fee
Calculator InformationThe Equipment Finance Calculator calculates the type of repayment required, at the frequency requested, in respect of the loan parameters entered, namely amount, term and interest rate. The Product selected determines the default interest rate for personal loan product. The Equipment Finance Calculator also calculates the time saved to pay off the loan and the amount of interest saved based on an additional input from the customer. This is if repayments are increased by the entered amount of extra contribution per repayment period. This feature is only enabled for the products that support an extra repayment. The calculations are done at the repayment frequency entered, in respect of the original loan parameters entered, namely amount, annual interest rate and term in years.
Length of MonthAll months are assumed to be of equal length. In reality, many loans accrue on a daily basis leading to a varying number of days interest dependent on the number of days in the particular month.
Number of Weeks or Fortnights in a YearOne year is assumed to contain exactly 52 weeks or 26 fortnights. This implicitly assumes that a year has 364 days rather than the actual 365 or 366.
Rounding of Amount of Each RepaymentIn practice, repayments are rounded to at least the nearer cent. However the calculator uses the unrounded repayment to derive the amount of interest payable at points along the graph and in total over the full term of the loan. This assumption allows for a smooth graph and equal repayment amounts. Note that the final repayment after the increase in repayment amount.
Rounding of Time SavedThe time saved is presented as a number of years and months, fortnights or weeks, based on the repayment frequency selected. It assumes the potential partial last repayment when calculating the savings.
Amount of Interest SavedThis amount can only be approximated from the amount of time saved and based on the original loan details.
Calculator DisclaimerThe results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for the product. Individual institutions apply different formulas. Information such as interest rates quoted and default figures used in the assumptions are subject to change.
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The repayment amount shown using this calculator is an estimate, based on information you have provided. It is provided for illustrative purposes only and actual repayment amounts may vary. To find out actual repayment amounts, contact us. This calculation does not constitute a quote, loan approval, agreement or advice by My Finance. It does not take into account your personal or financial circumstances.
What you mean by Working capital limit Eligibility Criteria?
Boost your business to next level of success through the aid of working capital limit facility offered by leading banks at attractive interest rate with flexible tenure. Even overdraft facility is offered, before applying ensure you meet specific eligibility criteria.
Working capital limit Eligibility Criteria
Working capital limit Eligibility Criteria depends on various factors like age of individual, business sales/turnover, total work experience & CIBIL Score ..etc.
Eligibility Criteria for Self-Employed Individuals
- • Age Limit of Self –Employed Individuals – 21 to 65
- • CIBIL Score should be above 750
- • Work experience of salaried Applicants – Minimum – 3- 5 Years
- • Business of nature must be involved trading & manufacturing
What are the factors generally affecting Working capital limit Eligibility Criteria?
There are top 4 factors that generally affects Working capital limit Eligibility Criteria as given below: –
Production process length: – If your organization is still practicing work by labour instead of machinery then, you will require more working capital which would lower your eligibility chance.
Business Nature of Company: – As stated above in eligibility criteria not every business is allowed to get working capital as only those business which are involved in trading & manufacturing will be able to enjoy this facility.
Past buyer history: – Lender will check your past buyer history whom & how regularly they utilize your services & make payments. If suppose any default found on past payment, then you will not be able to get more working capital.
Accessibility of Raw material: – If Accessibility of raw material unable to get easily then in this case you will look for more working capital which will not possible.
What are the ways to increase Working capital limit eligibility?
To increase Working capital limit eligibility, you need to consider Top points as given below, this will aid you in increasing your eligibility level.
Minimize your operating cycle: – Usually, operating cycle are measured from the date of purchasing raw materials for project to receive payment. Therefore, you required to complete this operating cycle by minimizing its time period.
Cut-Down unnecessary expenses: – Not only your credit affects your eligibility even you customer credit history needs to check properly before supplying goods & services ,know whether they can afford to pay bill on time or not. If your customer credit history seems to be bad then, avoid proceeding further with them, it would help you to increase eligibility.
Check well your customer credit: – Try to avoid unnecessary expenses spending in business, set a limit of rules & regulations upon business expenditure. Let utilize that money for business daily operational expenses.
- PHOTOGRAPHS 2
- PAN CARD COPY
- AADHAR CARD + PASSPORT
- ADDRESS PROOF IF RENTED ALSO REQUIRED PERMANENT ADDRESS PROOF
- LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE
- LAST 1 YEAR BANK STATEMENT – SALARY ACCOUNT
- LOAN SCHEDULE & SANCTION LETTER (IF RUNNING)
- COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS
- PROCESSING FEE CHEQUE IN FAVOUR OF BANK
- LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER
- LAST 1 YEAR GST RETURN COPY
- FIRM 3 YEARS ITR COMPUTATION, PROFIT LOSS A/C, BALANCE-SHEET, TAX AUDIT REPORT, ALL SCHEDULED & ANNEXURE
- PROVISIONAL FINANCIAL AY 2019-20
- BANK ACCOUNTS (CURRENT ACCOUNT, CC ACCOUNT, OD ACCOUNT LAST 1 YEAR UPDATED)
- 6 MONTH SAVING ACCOUNT STATEMENT UPDATED (PROPRIETOR)
- IF RUNNING ANY LOAN PLEASE PROVIDE SANCTION LETTER AND REPAYMENT SCHEDULED
- AGREEMENT TO SELL COPY
- PROPERTY PAPERS WITH CHAIN SANCTION MAP
- PHOTOGRAPH PARTNERS
- PAN CARD – COMPANY, ALL PARTNERS
- ADDRESS PROOF – ALL PARTNERS (PASS PORT, VOTER I CARD ,PAN ,ADHAAR)
- FIRM ADDRESS PROOF- LATEST ANY UTILITY BILL
- PARTNERSHIP DEED COPY
- GST CERTIFICATE
- GST RETURN LAST 1 YEARS
- 3 YEAR COMPANY ITR COI P/L A/C BALANCESHEET + AUDIT REPORT 3CB 3CD, ALL ANNEXXURS, SCHEDULED WITH C.A.CERTIFIED
- PROVISIONAL FINANCIAL AY 2019-20
- 3 YEAR.ALL PARTNER INDIVIDUALS ITR + COMPUTATION
- FIRM ALL A/C BANK STATEMENT 1 YEAR UPDATED
- ALL PARTNER SAVING A/C STATEMENT 6 MONTH
- IF RUNNING ANY LOAN – LATEST SANCTION LETTER + TRACK RECORDS OR REPAYMENT SCHEDULED
- AGREEMENT TO SELL COPY
- PROPERTY PAPERS COMPLETE CHAIN WITH MAP\
- ALL DIRECTORS PHOTOGRAPH
- CLEAR PAN CARD – COMPANY AND ALL DIRECTORS
- ADDRESS PROOF – COMPANY AND DIRECTORS
- LIST OF DIRECTOR & SHARE HOLDER WITH CA CERTIFIED AS ON DATE
- MEMORANDOM ORDER IN HAND AND COMPLETE COPY (IF APPLICABLE)
- GST, SALE, VAT AND SSI REGISTRATION CERTIFICATE
- 1 YEAR GST RETURNS
- ALL DIRECTORS INDIVIDUALS ITR & COMPUTATION LAST 3 YEARS
- LAST 3 YEARS COMPLETE FINANCIAL WITH TAX AUDIT REPORT AND ANNEXURE
- PROVISIONAL FINANCIAL FY 2019-20 OR MONTH WISE SALE FIGURE LAST 1 YEAR
- COMPANY ALL BANK ACCOUNT STATEMENT 1 YEAR UPDATED
- ALL DIRECTORS SAVING A/C STATEMENT 6 MONTH
Frequently Asked Questions
- Company ROC as a proof of minimal 3 years business existence
- 2 Passport sized photographs
- Latest 1 year Bank Statement
- Office address proof
- Personal identity & residential proof
For getting Capital Loans you must have Credit Score above 750 as much as the higher Credit Score is that much possibility of getting loan increase with that it also provides you the benefit to negotiate better rates & terms.
There are various factors that determine maximum loan amount ,in case to case things get varied.
Yes, Multiple NBFC’s provide loan for business expansion & for their management system through financial support.
To know your eligibility, you need to check the common eligibility criteria of Capital Loans: –
- Minimum 3 years of business vintage
- LLP, Private Limited & LLP are eligible
- You must be resident of Indian
- Promoter should have good credit history
This type of facility comes under Unsecured category which give you the relaxation of not pledging Collateral/Assets to get loan not only that due to its a short-term loan it won’t give you the tense of more documentation with that online application is also available.
Working Capital are generally borrowed to cover day to day business operational costs which include management, purchase of goods, rental expenses, employee salary or wages & other office related expenses.
Yes, there would be various NBFC’s too providing Capital Loans but majorly compared to many terms Government or Private Banks are far better to avail loan.