OVERVIEW
Project Loan is given by the lending institution or banks to the borrower for the purpose of business expansion, reconstruction etc. Project loan is also available to acquire the fixed assets like land & building, plant & machinery etc. Project Loans are available to the existing business or industrial houses for growth purpose and equally available to the new business entrants in form of seed or startup capital.
Projects loans are generally mid or long term period loans but lending institutions may consider the short term loan applications depending upon the feasibility of the project. The short term Project Loan can be availed for one year whereas the mid and long term project loans can be obtained for up to 10 years.
The rate of interest is quite competitive as the loan term is longer and may be affected by the periodic changes made by the lending institutes. Construction & Infrastructure, Engineering, Automobile, Power, Gas & Petrochemical industries are some of the business domains generally leverage on the Project Loans
The aspirants should have the detailed project report ready as it is the very basis of getting project loan sanctioned. The lending institutions seek good credit, strong solvency ratio, strong management systems, technology penetration etc. as granting criteria for project loans.
The present market scenario has led to an intense increase in the growth and development sector of the market. The policy of Project Finance India is of a great opportunity to the investors demanding for funds required to start a new business or for the further development of their projects. The nature and scope of the project involved makes the applicant eligible for the approval of their loan in order to recover the loan in time.
We raise finance and capital for already existing and new and upcoming business entities, who want to expand their field of operations. We offer reliable assistance to our esteemed clients for preparation of project report & Liasoning with financial institutions, bankers and many others.
Free bird Advisors Pvt Ltd give you best platform to get offers from many banks and NBFC. By applying here you will get value of your profile and banks come to your doorsteps to give syou best. Here you can take decision as per your choice, your loan amount, interest rate and in touch with as many banks as possible and get them to make loan offers to him. Then he can then try to negotiate with them and select the most cost effective option for him. The borrower will also have to take into consideration the processing fee and prepayment charges while finalizing the lender
Project loan is always done timely if you are perfect with your documentation for project loan. Always go for loan with perfect and total documentation so that you will get login timely, perfect communication with bank and result between the expected times. If you not provide complete document timely or delay it then because of part documents you will not get to login in bank and if get logged in bank then does not get perfect result.
If you are not getting surety for rate of offer or approval of project loan then always goes for multiple option at the time so you can get best out of them without wasting your time.
The necessary documents required for project loan are as below. When you submit it then first verify your agent that particular proof is valid or not. Always provide documents as per below or as per current requirement because bank changes in their policy anytime as per then internal policy.
DOCUMENTS FOR PROJECT LOANS
GENERAL DOCUMENTS
- Id Proof
- Address Proof
- Income Proof of the applicant & co-applicant
- Last 6 months bank A/C statement
- Passport size photograph of the applicant & co-applicant
- Project Report (If project is ready)