What Are The Conditions For Individual Business Loans?

Individual business loans vary from place to place.

In addition, the larger the loan amount, the more security or mortgage is required.

The general conditions are as follows:

Application conditions

The object of personal venture loan is the owner of the individual business, the partner of the partner enterprise and the sole proprietorship enterprise.

Borrowers who apply for individual business loans must also have the following conditions:

1. having full civil capacity, under the age of 50.

2. hold industrial and commercial business license, tax registration certificate and related business license issued by the administrative department for Industry and commerce.

3. engaged in legitimate production and operation activities, the project has development potential or market competitiveness, and has the ability to repay the loan principal and interest on time.

4. good credit, law-abiding, no bad credit and debt records, and can provide mortgage, pledge or guarantee recognized by Societe Generale.

5. there are fixed residence and business premises in the agency.

6. open a settlement account in Xingye Bank and handle the daily settlement through the industrial bank account.

7. other conditions stipulated by Xingye Bank.

Loan quota, time limit and interest rate

The maximum amount of loans for 1. business start-up loans is not higher than that of the borrower's normal production and operation activities, the purchase (installation or repair) of small equipment (machinery and equipment) and the total amount of funds required for franchised chain operations by 70%.

The duration of 2. business loans is usually 2 years, and the longest is not more than 3 years, of which the longest period is 1 years.

The loan interest rate issued by the people's Bank of China during the implementation of the 3. venture loan can fluctuate within the prescribed range.

Loan repayment method

1. the individual business loans with a term of one year (including one year) shall be paid at the expense of interest and interest.

2. the individual business loan with a loan term of over one year, the repayment method of the principal and interest of the loan can be made by the equal principal and interest repayment method or the equal principal repayment method, and it can also be reimbursed by other ways agreed by both parties.