Mumbai City Financial Advisor

Business Loan

Business Loan

For a Secured Business loan, the borrower needs to pledge something as collateral or security against the loan amount taken. Be it raw material or finished products, land or machinery, anything can be kept as collateral in agreement with the lending party. The borrower can also offer cash advance as collateral as it offers more liquidity and the loan can be availed at lower interest rates and flexible repayment options.loan ka setting Business Loan

In case of unsecured business loans, there is no requirement of any collateral from the borrower. However, while availing an unsecured business loan, the borrower needs to pay a high interest rate. Moreover, the loan amount is taken for a smaller tenure when compared to a secured loan. According to the their tenure, business loans can be further diversified.

To meet the temporary needs of a business like short term working capital, a short term loan is most apt one, with the repayment time period of a year An Intermediate Loan is necessary for starting up business to buy inventory, equipment and also increase working capital A Long term is necessary for well established business houses who wish to expand, increase their fixed assets or related business acquisitions, with terms that runs for a period of 3-5 years.

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  • Charges
  • Criteria
  • Documents

The Rate of interest alone should not be judged before you finalise your application. Apart from the rate of interest, Personal Loan also constitutes other charges levied by the lender which affect the overall cost of your loan & should be considered while comparing it across banks. Following are the lists of charges

  • Banks charge borrowers with a fee when they pay the loan EMIs before the tenure which normally is between 2-5% of the outstanding loan amount.
  • When there is a delay in paying your monthly EMI of your loan, banks charge a late payment fee with your EMIs. They normally range from 2-3% of the EMI.
  • These are the charges for verifying the borrower’s documents to processing the loan application. These vary from Rs.500 – Rs.3000.You should note that the above charges vary across different banks. You should consider these charges before choosing personal loan as they will determine its real cost.
  • You should note that the above charges vary across different banks. You should consider these charges before choosing personal loan as they will determine its real cost.

TheBanks offer Personal Loan to borrowers depending on various factors such as income, employment, continuity of business so as to make sure that they repay the loan with interest before the due date. Loan Ka Setting Personal loan, The eligibility criteria of this type of a Loan is primarily based on the work profile of a loan seeker which is broadly divided into the following two classes

  • Self-employed
  • Salaried

In addition to the above factors banks also consider other aspects such as age, work experience, existing relationship with the bank, repayment capacity etc.To find your eligibility Criteria across various banks in accordance with the above parameters. Loan Ka Setting has brought in the Eligibility Criteria Check for Personal Loan seekers.

The documentation process in personal loan is very fast as against secured loans. Following documents are required by financial institutions to process the loan application

  • Passport size photograph
  • Copy of PAN Card
  • Copy of Adhar Card
  • Current Residence Proof
  • Permanent Address Proof
  • Latest 3 months Salary Slip
  • Latest 3 to 6 months Bank Statement of salaried Account

In case of self-employed banks require balance sheets, profit & loss account, partnership deed & other mandatory documents etc.

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