Business Loan
Business loan is a credit facility offered by Banks and NBFCs to meet the financial requirements
of self-employed customers and enterprises. It can be availed by individuals, MSMEs, business
owners, entrepreneurs, professionals (CAs/Doctors), and several other business entities.
Business loans are majorly classified into two types, such as secured loans and unsecured loans.
Secured loans are types of loans that require collateral/security, that a borrower needs to
deposit with the lender to avail a business loan. However, in the case of unsecured loans,
there is no need to submit any collateral/security with the bank, NBFC, or any other lender.
Credit score plays a significant role in the loan approval process. It represents your credit
history along with the repayment timeline of availed funding products. Generally, any credit
score of 750 or more is considered good by the financial institutions. However, if your credit
score is bit low of 650 or above, there are still chances of loan approval from some NBFCs,
Small Finance Banks and Micro Finance Institutions.
*Business Tenure: Minimum 1 year or above
*Minimum Annual Turnover: Rs. 12 lakh or above for existing enterprises
*Credit Score: 750 or above
*Applicants with No past loan defaults
Personal Loan
A personal loan is an amount of money you can borrow to use for a variety of purposes. For
instance, you may use a personal loan to consolidate debt, pay for home renovations, or plan a
dream wedding. Personal loans can be offered by banks, credit unions, or online lenders.
PERSONAL LOAN ELIGIBILTY
*Age- Minimum 18 years & Maximum up to 60 years
*Credit Score - 750 or above
*Income - Min. Rs. 5 lakh annual for self-employed customers
*Salary - Min. Rs. 25,000 per month for salaried customers
Employment Type - Salaried employees working with reputed organizations, MNCs, Private and
Public Limited Companies, Govt. organizations, PSUs, and large enterprises
Housing Loan
Almost all scheduled banks and scores of Housing Finance Companies (HFCs) offer home loans to
finance the purchase of home properties. Currently, the home loan interest rate starts from 7.40%
p.a. for tenures of up to 30 years based on the applicant’s credit score, monthly income,
loan amount, LTV ratio, job profile, employer’s profile, etc.
The home loan amount can go up to 75% to 90% of the home property’s value depending on the
credit profile of the loan applicant and the caps on the LTV ratios set by the lenders. At
Paisabazaar.com, we help you compare the home loan interest rates and other features offered by
top banks and HFCs and make online applications for the best home loan options.
Types of Home Loans -
Home Purchase LoanComposite Loan
Home Construction Loan
Home Renovation/Improvement Loan
Home Extension Loan
Loan Against Property
Also known as mortgage loan, is sanctioned against an asset, which remains with a lender until
the loan is repaid. This asset can be a residential, commercial or industrial property.
Flexible End Use- Like personal loan, loan against property can be used for both personal and
business purposes other than any speculative use
High Quantum of Loan - Mortgage loan is secured against a high value asset, which gives you
access to high loan amount.
Low Interest Rate - The interest rate on a secured loan is lower than the interest rate on an
unsecured loan.
Flexible Tenure - The tenure of loan against property usually extends till 20 years, giving you
the benefit of lower EMIs and greater flexibility of repayment
Tax Benefits - Interest paid for the loan against property provides tax benefits under
Section 37 (1) of the Income Tax Act.
Vehicle Loan
An auto loan allows someone to borrow money to purchase a car or truck. Auto loans are usually
simple-interest loans that are to be paid back over a period of typically three or five years.
An auto loan is a loan that allows you to buy a desired four wheeler, and pay the vehicle off in
equated monthly installments for a set tenure instead of having to pay the full price upfront.
The terms of an auto loan depend on various factors, including your income and credit history.
Eligibility Criteria to Avail a Vehicle Loan -
*You should be a salaried or self-employed individual having a good repaying ability.*The applicant should fall under the age limit set by the lender, the general range is usually between 18 years to 65 years.
* The income level varies for salaried, self-employed and companies based on the loan amount.
* All the documents required for the loan should be furnished with clear proof