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PERSONAL LOAN

Personal loans are an unsecured form of credit that is popular to meet immediate requirements. It is multi-purpose in nature and therefore can be used for various purposes including wedding, home renovation, travel purposes and more. Moreover, there is no restriction for the amount borrowed and can be used for any purpose they want. In fact, a personal loan can help you build your credit faster when compared with other forms of credit. This is because of the risk it carries due to being unsecured. 

All in all, a personal loan can offset any temporary financial crisis. 

DOCUMENTS REQUIRED FOR PERSONAL LOAN:

The common documents required for an online personal loan approval are given below: (for salaried individual) 

  1. Identity & Age Proof
  2. Completely filled personal loan application with photograph 
  3. PAN Card 
  4. Residence Proof – Passport, Driving License, Voter ID Card, Postpaid/Landline bill, Utility bills (electricity/water/gas) 
  5. Bank statements for the last 3 months (preferably your salary account) 
  6. Salary Slips of last 3 months 
  7. Form 16 or Income Tax Returns of last 3 years. 

BUSINESS LOAN

Business loans are fairly generic term used for different types of finance options that a business can access. In the current context, under Business loans we are largely referring to unsecured income-based loans for self-employed individuals or companies. 

Unsecured business loans have no requirement for a security or collateral to be submitted and are offered purely on the current financial strength and past credit record of the borrower. 

They are not as flexible as overdrafts and other credit lines that support day-to-day working capital requirements but given their unsecured nature, they are relatively easy to avail with simple paper work and speedy processing. However, that also means that Business loans are usually costlier than other forms of secured business finance. 

BUSINESS LOANDS MAY BE USED FOR

  • Business Expansion  
  • New Office Setup 
  • Marketing & Branding 
  • Business improvement 

HOW IS MY ELIGIBILITY DETERMINED

Your eligibility is determined after looking at the following: 

  • Last 2 or 3 years business financials. 
  • Years in business and current level of business activity. 
  • Nature of the industry the business operates in and how that industry has fared in recent times 
  • City of Business& Current obligations (Any existing EMI’s being paid , credit card outstanding & Credit limit available ) 
  • Your Financial history & track record including CIBIL scores if available 

HOME LOAN

Home Loan is a loan provided by a bank or a financial institution for the purchase of a residential property.  The loan can be used to purchase a new/ resale house, construct a house or to buy an under-construction house from a builder. The same property will serve as a security. 

The demand for home loans is very high in India.  Apart from fulfilling the dream of own house, it also helps in wealth creation in the long term. Property is proven to be an appreciating asset since the price of the house is expected to rise over a period of time. This makes financing of such a purchase by borrowing a smart method to own and create an asset without having all the funds for the purpose at the moment. 

ELIGIBILITY CRITERIA FOR HOME LOAN

  • Home loans are sanctioned after taking into consideration several factors. Some of the criteria are listed below: 

    • The Property Should Have A Clear And Marketable Title 
    • The Property To Be Funded Should Be Approved By Banks/Financial Institutions. 
    • The Applicant Should Have A Stable Source Of Income. 
    • The Applicant Must Be At Least 21 Years Of Age. 
    • Loan Tenor Is Determined By The Retirement Age Of A Person. 
    • The Maximum Tenor Of A Home Loan Is 20 Years. 
    • Previous Credit History Plays A Vital Role In Sanctioning Of Loan. 
    • Loan Eligibility Depends On The Net Earnings Of The Applicant And The Repayment Capacity. 
    • Eligibility Would Also Depend On Valuation Of The Property. 
    • Spouse’s Income Can Be Added for Enhancing Loan Eligibility. 

LOANS AGAINST PROPERTY

Loan against Property ( LAP ) is  very unique product which couples the feature of a personal loan and  a secured loan. This loan product helps in unlocking the value of the most precious asset: your Property. The end use of the loan is not monitored when compared to any other secured loan which generally comes with a specific purpose. In that sense, LAP is any purpose loan, but at the same time secured by collateral of property. 

This is one of the best tools for those looking at debt consolidation. There are several businesses which has obtained high cost funds like unsecured business loans and leveraged themselves to a greater extend, thereby putting pressure on higher interest cost and lower profit margins. LAP perfectly fits for such businesses to reduce their borrowing cost and consolidate debt at lower cost. The other advantage is the tenor for LAP loan is generally in the range of 7 to 15 years, thereby giving the borrower to plan business expansion among other things. Moreover with the appreciation of property, future requirements also can be taken care of. This allows the best use of the property that is owned and at the same time will enable the raising of funds required for various purposes. Also, a loan against property comes with a low interest rate compared to that of a personal loan or home loan. 

CHARACTERISTICS OF LAP

  • The Loan Is Secured In Nature. 
  • Only Those Who Own A Clear And Marketable Property Can Avail This Loan. 
  • Loan Is Long Term In Nature ,Usually Ranges Between 7 To 15 Years Depending On The Use Of Property.( Commercial Or Residential) 
  • Interest Rates Are Low When Compared To Unsecured Loan. 
  • Funds Can Be Used For Any Personal Or Business Purpose. 
  • Best Suited For People Looking For Debt Consolidation And Business Expansion 
  • Quantum Of Loan Is High Depending On The Value Of Property 
  • It Increases The Future Borrowing Capacity Along With Property Appreciation. 
  • The Loan Can Also Be Used As A Normal Overdraft Or A Drop line Overdraft (Depending On The Lender) 

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