What are the conditions that a partnership firm has to fulfill to avail of a car loan?
A partnership firm should fulfil the following basic conditions – • The minimum turnover of the firm should be Rs. 4.5 lakh. • The minimum profits of the firm should be Rs. 60,000. • The minimum net worth should be Rs. 1.5 lakh. • It should have been in business for at least 3 years. e. It should have a telephone. • Post-dated cheques should be paid from the company.
