To be qualified for the Contractor Loan, the candidate must be a contractor like civil contractor, mining contractor, engineering contractor, transport contractor or some other sort of contractor. The business can be set up as a proprietorship firm or partnership firm or private limited company, a company would be liked. Also, the contractor more likely been occupied with a similar business line for atleast three years and must have examined fiscal reports.
Collateral is a requirement for obtaining contractor loan and throughout the loan period, a collateral cover of 1.5 must be maintained. Also, the first charge of the unencumbered assets of the company, both current and fixed must be charged to the bank.
From employing laborers to including gear or just having money available, our loans for contractors can help give genuine steadiness to your activities. Maintaining a development or contracting business accompanies numerous difficulties that different organizations just don't need to confront. Everything from the climate to representative turnover can cause your development company's work to moderate, losing your company time and cash. Fortunately, you can help maintain a strategic distance from unexpected breaks in business and pay for the substantial gear, representatives and devices your company needs with development business loans.
For what reason are loans for contractors so imperative? This is on the grounds that for all intents and purposes all loans for contractors, for example, business plumbing, roofers, electrical contractors, stone work contractors, bond providers, window fabricators, fence contractors, exterior decorators, and the rundown of expert exchanges goes on — uneven and erratic income isn't the exemption: it's the standard.
Notwithstanding regular interest cycles, most contractors have 90-120 days net records receivable, and must make up the deficiency to keep extends in degree and on calendar.
What's more, with regards to winning proposition, contractors with adequate working capital frequently have a noteworthy bit of leeway over money poor contenders. Further, acquiring new gear and any redesigns requires adequate income well ahead of time of achievement installments.
- Photo id, address proof, pan card copy, (If you have ) election card
- Copy, license copy (A class / B class )
- New work order copy
- Old work order copy( main work done to show experience)
- Bank a/c details( one year)
- Loan Sanction letter
- Loan account statement
- GST registration copy
- Whether you have an office if yes office rental agreement
- License copy ( local body license )
- saral and balance sheet( 3years)
- GST return copy (2 years)
- Company memorandum and articles / Partnership deed/ trust deed
- Registration certificate
- pan card
- Three years ITR ,computation and Balance sheet
- One year bank statement (S B a/c, C A a/c, O D a/c )
- Local body licenses/ GST regi, MSME, Pollution, food and safety, export and import licence……etc (submit if you have)
- Business profile
- GST Annual return (2018 march - 2019 march)
- GST Monthly return (2019 Aril to till month)
- Two year ITR, Computation, one year bank statement(Directors/ partners/ trust)
- Directors: other loan details, loan track, loan closing letter
- Photo , Pan card ,election card , Driving License (directors/ partners/ trust)
- Loan sanction letter
- Term loan statements(starting to till date)
- Document of the property
- Prior documents
- Encumbrance certificate for last 30 years
- Possession and non attachment certificate
- land tax receipt
- Building tax receipt
- Location sketch and certificate
- Approved Building plan and permit