Can the applicant request for deferred loan payment? For example, defer by 1 year or when revenues reach a certain pre-agreed level?
If you go for a loan to the mainstream financial institutions and request for deferment period of one month, unquestionably, they would not allow you any deferment. Undoubtedly, they give loan on purpose. They have staffs, office and various other expenditures and they cannot afford any deferment.
Logically, you go to these companies, when you have insufficient fund and you have a better business plan for the investment. Moreover, you also have some of your own resources such as premises, cash and existing business structure.
Therefore, you do not need to ask for deferment of one month or more. You have a great hope that you would succeed in your business and in a few years would return the borrowed loan. However, not all that glitters is gold. Sometimes, people have to face significant losses and they have to face bankruptcy.
Nonetheless, the MicroCredit Business Scheme is different from all other such schemes and loans. The creators of this Scheme are the philanthropists and think about the betterment of the society. This is the only loan that offers you deferment.
However, the deferment period for the repayment is six months. Naturally, this is sufficient to establish and stabilize your business. However, if you ask for one year of deferment, your request will be rejected, humbly.
Moreover, there are greater chances of success in business because the committee will not approve your loan unless you have a very sound business plan. In addition, they will observe your skills and determination.
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