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Business Loan
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A business loan is one type of a loan that is applied for by people who aim to establish, expand or buy equipment for their businesses. Entrepreneurs who look for capital to begin their businesses also apply for business loans. These loans are perfect for small businesses in India. There are two types of small business loans in india:
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Secured Business Loans:
A secured business loan is when the individual provides collateral in the form of land, machinery, a house, etc, as security for the loan amount. This has the added benefit of a lower rate of interest.
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Unsecured Business Loans:
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An unsecured business loan is when the loan amount is given without any collateral. The interest rates for unsecured loans are generally higher as there is a risk factor involved for the lender.
Features and benefits of a Business Loan
Eligibility criteria for small Business Loans
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Good loan amounts
Business loan amounts can go up to Rs.5 crores or more based on the needs and requirements of the customer. The loan amount is generally given based on the size of the business and the amount needed for operations such as expansion, inventory, working capital and more.
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Flexible tenures
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Should be a self-employed individual, Proprietor, Private Ltd. Co or a Partnership Firm that is involved in the business of manufacturing, trading or services
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Should have a minimum of 2 to 3 years of business experience in the current business
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Should have a minimum turnover of Rs. 24 lakhs
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The applicant should be a minimum of 21 years and a maximum of 65 years.
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These criteria can vary from lender to lender and so it is best to check with your lender as to what their eligibility criteria are for their short-term loans.
Business loans have tenures that can extend up to 7 years based on the customer’s requirements.
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Minimal documentation
Most business loans have a very simple loan process that requires minimal documentation from the customer. Some lenders offer doorstep services to collect the few documents that are required so make the process more convenient for the customer.
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Speedy disbursal
Most lenders who provide business loans ensure that the loan amount is in your bank account in 3 working days or sooner. In some cases, it can take longer due to verification of documents and other formalities that are followed.
Documents needed for small Business Loans
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PAN card of the individual or the company or the firm
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ID proof (Aadhar card/passport/Voter’s ID/PAN Card/Driving license)
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Address proof (Aadhar card/passport/ Voter’s ID/ Rent agreement/Driving license)
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6 months bank statement
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Latest ITR with computation of income, balance sheet and profit and loss account for the last 2 years after being audited
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Proof of continuation of business
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These documents needed can vary from lender to lender and so it is best to check with your lender as to what documents are required for their short-term loans.
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Personal Loan
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Personal Loan
Eligibility Criteria
Interest rate Starting from 9.60% per annum
Loan Amount Up to Rs. 20 Lakhs
Income Eligibility Rs. 15,000 per month
Age Eligibility Minimum of 21 years, and up to 58 years at the time of loan maturity
Repayment Tenure Up to 72 months
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Documents Required
The basic documents remain the same for any kind of personal loan. However, there might be slight variations in the income documents required for salaried and self-employed individuals:
Salaried Individuals:
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Income Proof: Latest Income Tax Return, Bank Account Statement of last 6 months, Latest month Salary Slip
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2-passport size photographs
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KYC Documents: Proof of Identity & Proof of Address
Self-employed Individuals:
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KYC Documents: Proof of Identity / Address proof / DOB proof
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Address Proof: Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport
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Income proof: Audited financials for the last two years
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Latest 6 Months Bank statement
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Office address proof
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Proof of residence or office ownership
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Proof of continuity of business
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Home Loan
Home Loans are a type of credit offered by banks, NBFCs and HFCs for the purchase of a new house or land, construction of a new house or some kind of repair or renovation for your home.
Owning a home is a great pride for Indians. As they say, ‘Home is where the soul is!’. There is always a part of their monthly savings for house purchasing proceeds. Banks and financial institutions provide different home loan products in order to assist them in their dream of owning a home.
Your home loan needs may not be the same as the next person next to you. While you may be looking for a home loan to purchase a brand-new apartment, someone may be looking to renovate their ancestral property and someone else looking to create the extra space they’ve long desired. Therefore, banks and NBFCs offer highly customized home loan products to suit every need and requirement.
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What are the various kinds of home loans?
In India, most banks provide the following types of home loan
Home Purchase Loans
​Commonly known as a home loan or housing loan are provided for buying houses or apartments. Banks usually offer 80 to 85% of the market value of the property as a loan. They are available for various tenure periods and with fixed and floating interest rates. This can be used for purchasing new homes or old homes which have entered the real estate market as resale.
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Home Construction Loan
​This type of loan is provided for the purchase of land or an empty plot for residential activity, construction or investment purpose. This loan cannot be used for buying any agricultural plot of land. Unlike home loans where the loan amount provided is about 80 to 85% of the price of the property, land purchase loans are offered only up to 70% of the cost of the land.
Home construction loans are provided for the sole purpose of constructing a home on an already available piece of land. The land can be an empty plot or demolishing an existing house and building a new one in its place. The loan amount provided for this is normally 85% to 90% of the construction cost.
Home Improvement Loans
These loans help the borrower with all home renovation or improvement work. They are extended towards all construction and renovation work. This could include paint job, new flooring work, plumbing or exterior elevation works are all covered under home improvement loans.
Home expansion loans
These are loans provided to the borrower for expanding their existing home. This includes expanding a single room, adding additional rooms to building a new floor above the existing house. These projects could vary from Rs. 20,000 to more than Rs.10 lakhs based on the project.
Eligibility criteria for Home Loans
Documents needed for
Home Loans
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Since home loans are availed for huge amounts and long repayment tenures, banks have strict eligibility criteria to sanction a home loan. The basic requirements are:
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You need to be a salaried individual, or
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A self-employed individual/ professional
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You must satisfy the age and income requirements and be able to demonstrate a stable income.
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​If your spouse is salaried, then you can add him/her as a co-applicant and this income will be considered while determining your eligibility for the loan.
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The documents required for a home loan could include (among others): all the legal documents pertaining to the home that is to be purchased like the title deed, all the necessary legal approvals etc.; identity proof, residence proof, age proof, salary slip of the past few months; past income tax returns; and bank statements. The documents required will vary based on the lender requirements.
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Everyone must have dreamed about owning a car since our childhood. Movies and games have kindled that interest in cars for many of us. A car could be used for many purposes – going on a family trip, going on a long trip with friends, saving you from the rain or the hot sun when commuting to office or for those car lovers who would like to take the car for a drive just as a stress reliever. A single car could mean different things to different people. India is also a growing market for automobiles, the passenger car market has showed growth double digit growth over the years. The growth is seen across car categories which include compact car, sedan and utility leading to the breaking of a long-held belief that India is an economic and small car market place. International car manufacturers have also made their presence felt by creating cars for the Indian soil.
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From a period, where owning a car itself was difficult, we have moved to what type of car and brand should we choose. Not everyone can choose the car they want and pay in a single check. This is where a car loan from banks can help you.
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On discovering that many people are interested in buying a car for either comfort, safety or any other reason will not be able to buy their dream car on their own. They should either go for a car that they don’t want because it is cheaper or wait and save to buy the car which will take time and the car model might change.
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Banks provide funding for the purchase of all kinds of cars. The borrower can pay back the lender through equated monthly instalments or EMI(s). Banks and NBFCs believe in providing car loans to the right applicants and thereby helping them purchase a car which is also cost-effective.
Car Loan
Banks Car Loan
Interest Rates and
OtherCharges
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The interest rate is fixed at the sole discretion of the banks. Generally, it starts from 8.99% onwards and it can go up to 14%.
Processing fees:
Processing fees may vary from bank to bank and some lenders do not charge anything as processing fee
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Pre-Owned Car Loans
Many banks provide loans for pre-owned cars for up to 85% of the car value or in some cases insurance value. Insurance value is nothing but the value at which your car is insured for. There are some banks who do provide 100%
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finance for used cars but 70% to 85% is the norm.
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The interest rate will be similar to the rate offered for new cars or slightly higher ranging between 0.05% to 2%. The processing fee also varies from bank to bank and is based on the bank policy.
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The tenure for the used car loan will be lesser than that of the tenure for new car loans. The norm for new car loans is 7 years with it being a maximum of 5 years for used car loans.
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All the other charges that come with a loan are similar to that of a new car loan.
Documents needed for Car Loans
Eligibility criteria for Car Loans
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The borrower must have following eligibility criteria to get car loans for the purchase of new and used cars.
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The following are the documents required to apply for a car loan
Age The age eligibility is determined by the income and repaying capacity of the borrower.
Salary
Requirement
For salaried and self-employed individuals, the minimum monthly income should be at least INR 20,000 per month.
Employment
status
Should be in the current employment for a consistent period
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Age proof
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ID proof
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Application form
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Photograph
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Residence proof
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Income proof
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Bank statement
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Signature verification proof
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Pro-forma Invoice or Rate List
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Aadhar card copy
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Aadhar card copy
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The following documents are further required in case of pre-owned cars loans
Residential
Stability
You should have proof of residence to show whether you live in a rented or owned or parental accommodation.
Loan Amount: Different banks have different criteria in determining the loan amount. Some banks do provide 100% of financing to purchase a new vehicle and some lenders provide less than that.
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Tenure: The repayment period could range between 12 months to 84 months.
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Margin: For purchase of new cars, the minimum margin starts from 10% and for old vehicles, it starts from 25%.
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Signature verification proof
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Car Valuation report
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RC copy in case of refinance
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Insurance copy