Checking the Feasibility of the Project:
First, the bank sees to it that whether the person applying for the loan is new in the field or experienced, and accordingly the procedure ahead is decided.
If the applicant is new, then his family background, educational qualification, work experience is checked. When a new person applies, it takes more time to complete the formalities.
If the applicant is requiring the loan for expansion, modernization, etc. then his company’s balance sheet of last 3 year’s, profit and loss account, cash flows statement, etc. is demanded to see to his business trend.
Details about the orders in hand are gathered. Whether the orders are repetitive or not? The credit worthiness of the buyer, etc. is checked.
The industrial profile, the orders in hand are gathered. Whether the orders are repetitive or not? The credit worthiness of the buyer, etc. is checked.
The industrial profile, trends in the industry, upcoming opportunities in the industry, government policies relating to that particular industry are looked into.
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