New factory establishment

KHUMESH (Querist) 01 October 2013 This query is : Resolved

We have owned new factory on partnership basis , for the factory we have purchased land and electrical connection done and purchased the machinery by paying own money , now we want to apply for loan in the bank for the company and whatever money we had incurred , can it be payable by loan amount because till now we had done expenses of own. so bank can sanction loan and refund the money and transfer all laon on company .
Regards,
K.K.Patle

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Rajendra K Goyal (Expert) 02 October 2013
Contact your Banker, they would assess your needs and the viability of the project, analyses all factors and may sanction loan subject to fulfillment of norms and completion of formalities. The investment in plant and machinery from you may be treated as margin for WC(Working Capital), TL(Term Loan) or otherwise subject to satisfaction of the Bankers.

Sri Vijayan.A (Expert) 02 October 2013
If you purchased all the machinery and plants, you can get loan for your working capital only.
You cannot avail loan for fixed capital.

So. contact your banker immediately along with your proposal.

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