In case of newly incorporated companies without having past audited balance sheets, the rating will be done based on director’s/proprietor finances and CMA data with other parameters will be worked out in terms.

Any tangible security to the extent of 100% of the advance is required.

You must have a regular source of income to avail a personal loan whether you are a salaried individual, self-employed business person or a professional. A person’s eligibility is also affected by the company he/she is employed with, his/her credit history his/her residential location and other factors as per the lender’s criteria.

Yes. Though the exact amount of the minimum personal loan amount varies from one lending institution to another, most lenders have set their minimum personal loan principal amount at Rs. 20,00,000/-.

A few things that you should consider when applying for a personal loan are as follows:

Interest Rates: The interest rate charged for a personal loan can go from as low as 10% p.a. to as high as 24% p.a., based on the lender's terms and conditions and your credit score. The interest rate makes a substantial difference to the cumulative cost of the loan.

Repayment Flexibility: Make sure to check if the lender allows part-payments or pre-payments and if there is any penalty levied for making the payment.

Processing Fee: Even if you are offered a low interest rate, a high processing fee could bump up the cost of your loan.

It takes only 7 working days to get the Loan sanctioned from Rama Capital after submission of requisite documents and papers.

We will determine Personal Loan Eligibility largely by your income and repayment capacity. Other important factors include your age, continuity of occupation and Credit Information Bureau (CIBIL/Experian etc.) track record.

The steps are very easy to start with:

• Audited Balance Sheets for the previous three years along with the audit reports.
• CMA data for the next two years
• Sales Tax/ IT returns
• Credit Information on the company and its Directors For Term Loans
• Project Report
• Various clearances/approvals required & obtained for the project
• Profitability projections and the assumptions for the same

The lenders ask for a collateral before lending because: It is an asset that the borrower owns and uses this as a guarantee to the lender – until the loan is repaid. Collateral with the lender acts as a proof that the borrower will return the money. By keeping a collateral with the lender the borrower is bound to be regular in paying the interest because the borrower does not want to lose the collateral.