Surrogate banking scheme is to provide Personal or Unsecured Business loan, for self employed individuals who own a property (house) in their name and are not filing any Income tax returns but with their good banking transcation and healthy bank balance
Personal loans and Unsecured loans are being provided to the customers without knowing the income proof of the customer. Surrogates are loan against Property owned by them, loan against loan track record etc. in these cases, the loan is provided to the customer without their income proof..
Surrogate banking scheme helps people who are not filing ITR buy have house in their name.
Surrogate banking or banking surrogates is one so the best ways come up to help people getting small loan amounts. It can be used not only for loans but for multiple purposes.Apply Now
Most of the NBFCs and banks in the race of capturing market shares gave loans to customers based on surrogates which resulted in over leveraging. This is where customer takes undue advantage. Under this the customer approaches not only to one bank and takes money on the basis of surrogates thus defaulting in many cases.
But the scenario is changed completely. Surrogates would be helpful to a customer only once and if multiple applications of a customer will be seen then it may result into rejection of their accounts.
Business loan eligibility depends upon various factors which differ from bank to bank. The main factor of course, is your ability to repay the loan. Banks that offer business loans will run extensive checks on your business, profits, financial statements and scope of success. For example banks will assess your repayment capacity with the kind of organisation you have built.
For your benefit, we have put down some of the main things to take care of to ensure you are eligible for a business loan. Keep the following points in mind to ensure your application goes through. Age
Business owners that are typically between the ages of : 24 to 65 years
Minimum Net Monthly Income: Rs 40,000
Applicant should have the bank specified credit score.
The following documents are required along with your Personal Loan application:
The lending institution will assess the risk of every loan application against a set of guidelines:
*Service Tax and other Government taxes, levies etc. applicable as per prevailing rate will be charged over and above the Fees and ChargesApply For Loan
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The bank will levy certain ECS bounce charges or penalties. Additionally, that will also get reported in your credit report. Depending upon the severity and the regularity of the miss, it may have a serious impact on your future credit possibilities like in obtaining a home loan, car loan, etc. Additionally, banks may also take legal action against the borrower.
My Business Loan will work with the concerned bank and get you the loan within 5-7 working days of your submitting the completed documents.
Business Loan eligibility depends on the following factors: Credit score of the loan applicant/co-applicant The last two years financials of the borrowing entity Information about the Debt Service Coverage Ratio: This information tells the lender whether the borrower will be able to service the EMI for the current loan.
The minimum turnover requirement is INR 4 million and the maximum turnover requirement is INR 300 million for the business loan.
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