Business Loans India : Business Credit from HSBC
With the better chance to grow much more, a number of people prefer doing business. Now that you may need a good sum at such affairs, getting financial helps can be a good way to sail across the success route. Business Credit are easily available for such kind of purposes, where you can find any kind of your financial solution required by your business.
Business Credit help you find the solution at both either you have to foray into a new business or to back up the existing one. The received amount is free to be invested anywhere required by your business. The common expenses attached with a business are normally dispensing the purchasing of machinery and plants, buying raw materials, paying wages or salary, acquisition of land or office premises or even to consolidate the debts attached with your business.
Business credit from HSBC
‘Business Credit’, a unique lending facility for Small and Medium Businesses with minimal security to be provided.
Eligibility
Business Credit is offered to the following type of concernsBusiness Credit is offered to the following type of concerns
* Sole Proprietorships
* Partnerships
* Private Limited Companies
Income requirementsIncome requirements
* Net Income of the concern should be greater than Rs. 150,000 p. a. for Business Credit upto Rs. 15 Lakhs and greater than Rs.300,000 p.a. for Business Credit above Rs. 15 lakhs and upto Rs. 35 lakhs
* A maximum of two incomes of the partners / directors holding a minimum of 25% stake each can be clubbed to the income of the concern
Age of the guarantor (wherever personal guarantee is applicable)Age of the guarantor (wherever personal guarantee is applicable)
* Minimum age of the guarantor to be 21 years
* Maximum age of the guarantor to be 65 years at the time of the loan maturity
Apply Now for Business Credit
Sole Proprietorship
Proof of identity of the Sole Proprietorship Firm Proof of identity of the Sole Proprietorship Firm (any one of the following):
* Sales tax / VAT /Service tax / Excise registration OR
* Registration under Shops and Establishment Act OR
* PAN ID / IT return of the concern OR
* Water / Electricity / Municipal tax bill in the name of the concern OR
* MAPIN card in the name of the concern
Proof of individual identityProof of individual identity to be submitted for the Sole Proprietor (any one of the following):
* Passport OR
* Voter’s identity card OR
* Photo PAN card OR
* Driving license OR
* MAPIN card
Proof of residence addressProof of residence address to be submitted for the Sole Proprietor (any one of the following):
* Passport OR
* Voter’s identity card OR
* Driving license OR
* Ration card OR
* Society outgoing bill OR
* Life Insurance Policy OR
* Electricity bill OR
* Telephone bill (land / mobile)
PAN ID / PAN allotment letter / Form 60 of the concernPAN ID / PAN allotment letter / Form 60 of the concern
Financial documentsFinancial documents (all of the following):
* P & L and balance sheet for last two years audited by a C.A. AND
* Copies of IT returns for the last two years AND
* Bank statements for last 6 months for Business Credit upto Rs. 15 Lakhs and last 12 months for Business Credit above Rs. 15 Lakhs
Features:
a. Credit Amount From Rs. 201,000 to Rs.3,500,000.
b. Period of facility One year. The facility can be renewed subject to HSBC’s discretion.
c. Margin required No Margin required for Business Credit upto Rs. 15 lakh. 25% Margin in the form of HSBC Fixed Deposits required for Business Credit above Rs. 15 lakh.
d. Interest Rate For the interest rate applicable, contact the nearest HSBC branch.
e. Interest Calculation Method The interest is calculated on daily balances and charged on monthly basis on the actual amount utili
f. Minimum Amount Due 5% of outstanding balance as on the date specified in the sanction letter or Rs. 1000 whichever is h -
g. Processing fee 2% plus applicable taxes.
h. Late Payment Charges Rs. 300 plus applicable taxes.
i. Annual Renewal Fee 1% plus applicable taxes.
j. Prepayment No Prepayment charges applicable.
k. Guarantor Personal Guarantee of partners in partnership firm or Directors in private limited company. Not applicable to Sole Proprietors.
Sources : http://www.hsbc.co.in