Personal loan is a 1-5 year unsecured loan given by banks, NBFC’s (Non Banking Finance Companies) or Person to Person lending platforms without asking for any collateral, guarantor or hypothecation of any assets. The ultimate usage of a personal loan is left to the discretion of the borrower. In our experience, the borrowers generally use a personal loan for debt consolidation, repaying high cost debt, meeting any family or medical emergency, wedding, vacations, home renovation, rental deposits, business needs for an SME, buying certain assets etc.
Loan eligibility is dependent on primarily the following factors:
- The company where you work. Every bank has a list of companies running into thousands which they have categorised into segments like A, B, C etc depending on the credentials and financials of your employer. The higher the category the higher is the loan eligibility chances.
- Quantum of loans and credit card outstanding that you already have. Typically a bank will not give a loan if the total EMI obligation (including the current personal loan that your are trying to apply for) exceeds 50-75% of your total net take home salary.
- Your gross/net salary
- Your credit score as reflected in your CIBIL or Equifax report. Having a good credit score is a necessary but not a sufficient criteria.
Generally, you need to have a credit score of 750+ to get approved for a personal loan. But, you may also get approved for a Low CIBIL up to 500 but in that case, you will be charged a bit higher interest rate than the applicant applying with good credit score.
We offer Business Loans to both professionals and non-professionals, who are self-employed. Among self-employed professionals, we have exclusive loans for doctors. These loans are approved quickly and are available at competitive interest rates. The customer segments covered under Business Loans are listed below:
- Sole Proprietorship
- Partnership Firm
- Private Limited Companies
- Closely held Public Limited Companies
- Hospitals, Nursing Homes, Diagnostic Centers, Pathological
We ask for minimal documents in order to process your Business Loan:
- Duly filled application form
- KYC documents of the company including PAN Card, Registration of Incorporation, Partnership deed, Memorandum & Articles of Association.
- KYC documents of the business owners
- Balance sheet and Profit & Loss accounts for the last two years
- Income Tax Returns for the last two years
- Company bank statements for the last six months
- GST returns for the last 6 months
- A report detailing how the Business Loan will be used.
Self-occupied residential property, commercial property (offices, shops etc.) and alternate property (Residential plots, schools, hospitals, Industrial property, hotels) can be considered as collaterals.
Whether you needed the funds to expand your business or have to meet your personal requirements, we work with you to make sure you have the funds you need. Here are some uses for Loan Against Property:
- Personal needs
- Meet Working Capital needs
- Renovation of property
- Asset acquisition
- Consolidation of debt
- Mortgage buyout
- Refinance of self-financed property