Can i get a loan by giving my firm's bad debts or debts as collateral ?
3 years ago
Hi,
Can my firm take a loan from any individual, firm or bank by giving my firm's debt as collateral security . I sell goods & give emi option to my clients, i think, the installments which are to be received in future are my firm's debts,tell me, is it true ?
In what case, i can take loan by giving such debts as collateral ?
Can i take such loan- 1. from individual ?
2. From business firm ?
3. From bank ?
4. From co operative bank ?
#AyantikaMondal
Adv. Sarika Khude
Responded 3 years ago
A.you sell goods and also provide EMI options to your clients, the EMI's payable by clients are called Receivables.
You can approach any bank and ask for loan facility
You can approach any bank and ask for loan facility
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A.Hi
Since you sell goods and also provide EMI options to your clients, the EMI's payable by clients are called Receivables.
You can approach any bank and ask for loan facility ( discount of receivables or assignment of receivables. )
Discounting of Receivables: Means you will get up to 85% of receivables due from your client . Thereafter you collect the monies from clients and repay the bank. This is something like working capital which keeps refreshing itself as and when you collect monies and deposit the same with the bank
Assignment of Receivables: Means you sell all your receivables to your bank and bank will collect the same from your clients.Here it is one time activity and bank will pay you upto 80% of receivables and take responsibility for collection. Once you sell the receivables, then receivables become bank property.
Hope this information is useful.
Since you sell goods and also provide EMI options to your clients, the EMI's payable by clients are called Receivables.
You can approach any bank and ask for loan facility ( discount of receivables or assignment of receivables. )
Discounting of Receivables: Means you will get up to 85% of receivables due from your client . Thereafter you collect the monies from clients and repay the bank. This is something like working capital which keeps refreshing itself as and when you collect monies and deposit the same with the bank
Assignment of Receivables: Means you sell all your receivables to your bank and bank will collect the same from your clients.Here it is one time activity and bank will pay you upto 80% of receivables and take responsibility for collection. Once you sell the receivables, then receivables become bank property.
Hope this information is useful.
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A.1) Where are you located & what is your type of business?
2) You can get personal or business loans depending the type of your business, a firm's debt as collateral security cannot be considered as it, itself is a debt
3) If you want a business loan for business expansion you can get a business or project loan. Below are the list of documents required.
SELF EMPLOYED
1) ITR (Income-tax returns) of 4.50 lakhs & above of last 3 years & IT PAID challen / TDS Certificate ( Different dates on ITR with minimum gap of ONE year, Ward number, Machine number, Computation of Income, Profit & Loss A/c., Balance sheet & C.A. Certified with membership number on all pages )
2) Net worth statement ( Asset- Fixed / Floating & investment Details C.A. Certified )
3) Business continuity proof of minimum 6 years old is compulsory
4) Shop Establishment license /Trader Registered Certificate & GST Registeration Certificate
5) Letter from companies providing the orders & their monthly billing to you
6) Business profile on letterhead stating about your business functioning, Clients, billing cycle,material suppliers & market credits for payments to Vendor.( Names, Address & Mobile number of current Vendors, Material Suppliers)
7) 12 months ( CURRENT ACCOUNT IN FIRM/CO. NAME ) ( MINIMUM 10 ENTRIES via. CHEQUE/ NEFT/ RTGS/PER MONTH REQUIRED )
8) 12 months ( SAVINGS ACCOUNT ) LATEST bank statements
9) REGISTERED LEAVE & LICENSE AGREEMENT OF SHOP/OFFICE WITH 2 MONTHS PAID Electricity bill/Landline telephone bill
10) Rental Income from the above properties (IF ANY) & FAIR MARKET SELL VALUE OF ALL THE ABOVE PROPERTIES
11) GODOWN ADDRESS (IF ANY), (IF)- REGISTERED LEAVE & LICENSE AGREEMENT OF GODOWN WITH 2 MONTHS PAID Electricity bill/ Landline telephone bill (ESTIMATED CURRENT STOCK IN THE GODOWN)
NOTE: 1) For Business profile CURRENT ACCOUNT & Shop Establishment license / GOMASTA LICENSE minimum 1 YEAR OLD is compulsory
2) OFFICE / SHOP ie.BUSINESS PLACE & residence SHOULD NOT BE SAME & either SHOP OR RESIDENCE ANY ONE MUST BE OF OWNERSHIP.
(LATE PAYMENT FEE /LAPSED / RETRIEVED POLICY NOT ALLOWED / CHEQUE RETURNED CHARGE / ECS RETURNED CHARGE / OVERDUE / SURCHARGE AMOUNT PAID / RECONNECTION FEE / INTEREST CHARGES ON PREVIOUS UNPAID BALANCE / BILL PAID AFTER DUE DATE / IMMEDIATE PAYMENT NOT ACCEPTED in ANY RECEIPTS & BANK STATEMENTS)
If you realize my professional skills, the time & efforts put in by me needs to be truly appreciated, and then Please “CLICK MY LIKES/ THUMBS UP/GIFT” button shown below this reply format & also CLICK/ WRITE a “REVIEW” in 5 star as I have answered your query in detail. Do show me the entire set of documents & I shall be able to guide you more into this matter.
Your query is answered in detail. We can help you in getting done the same & Complete Legal Documentation works. Hope this information is useful
ADV. ANISH PALKAR (High Court)
2) You can get personal or business loans depending the type of your business, a firm's debt as collateral security cannot be considered as it, itself is a debt
3) If you want a business loan for business expansion you can get a business or project loan. Below are the list of documents required.
SELF EMPLOYED
1) ITR (Income-tax returns) of 4.50 lakhs & above of last 3 years & IT PAID challen / TDS Certificate ( Different dates on ITR with minimum gap of ONE year, Ward number, Machine number, Computation of Income, Profit & Loss A/c., Balance sheet & C.A. Certified with membership number on all pages )
2) Net worth statement ( Asset- Fixed / Floating & investment Details C.A. Certified )
3) Business continuity proof of minimum 6 years old is compulsory
4) Shop Establishment license /Trader Registered Certificate & GST Registeration Certificate
5) Letter from companies providing the orders & their monthly billing to you
6) Business profile on letterhead stating about your business functioning, Clients, billing cycle,material suppliers & market credits for payments to Vendor.( Names, Address & Mobile number of current Vendors, Material Suppliers)
7) 12 months ( CURRENT ACCOUNT IN FIRM/CO. NAME ) ( MINIMUM 10 ENTRIES via. CHEQUE/ NEFT/ RTGS/PER MONTH REQUIRED )
8) 12 months ( SAVINGS ACCOUNT ) LATEST bank statements
9) REGISTERED LEAVE & LICENSE AGREEMENT OF SHOP/OFFICE WITH 2 MONTHS PAID Electricity bill/Landline telephone bill
10) Rental Income from the above properties (IF ANY) & FAIR MARKET SELL VALUE OF ALL THE ABOVE PROPERTIES
11) GODOWN ADDRESS (IF ANY), (IF)- REGISTERED LEAVE & LICENSE AGREEMENT OF GODOWN WITH 2 MONTHS PAID Electricity bill/ Landline telephone bill (ESTIMATED CURRENT STOCK IN THE GODOWN)
NOTE: 1) For Business profile CURRENT ACCOUNT & Shop Establishment license / GOMASTA LICENSE minimum 1 YEAR OLD is compulsory
2) OFFICE / SHOP ie.BUSINESS PLACE & residence SHOULD NOT BE SAME & either SHOP OR RESIDENCE ANY ONE MUST BE OF OWNERSHIP.
(LATE PAYMENT FEE /LAPSED / RETRIEVED POLICY NOT ALLOWED / CHEQUE RETURNED CHARGE / ECS RETURNED CHARGE / OVERDUE / SURCHARGE AMOUNT PAID / RECONNECTION FEE / INTEREST CHARGES ON PREVIOUS UNPAID BALANCE / BILL PAID AFTER DUE DATE / IMMEDIATE PAYMENT NOT ACCEPTED in ANY RECEIPTS & BANK STATEMENTS)
If you realize my professional skills, the time & efforts put in by me needs to be truly appreciated, and then Please “CLICK MY LIKES/ THUMBS UP/GIFT” button shown below this reply format & also CLICK/ WRITE a “REVIEW” in 5 star as I have answered your query in detail. Do show me the entire set of documents & I shall be able to guide you more into this matter.
Your query is answered in detail. We can help you in getting done the same & Complete Legal Documentation works. Hope this information is useful
ADV. ANISH PALKAR (High Court)
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A.You can take loan from one or all the four and enjoy the only condition is that they must ready to give loan. Please give me Rank 5 if you feel my answer helped you.
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Ayantika Mondal @ Prime Legal
Responded 3 years ago
A.Hi,
Request to contact the lender/s (individual, firm, or bank ).
EMI of your customer may not eligible for collateral security.
Request to contact the lender/s (individual, firm, or bank ).
EMI of your customer may not eligible for collateral security.
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