Loans

Loans

PERSONAL LOAN

Personal Loans are the best way to meet your expenses during an emergency or fund any unplanned situation in life.

Personal Loan Features & Benefits

  • No end-usage restriction
  • Loan amount of up to Rs. 75 lakh, which can exceed depending on lenders' discretion
  • Repayment tenure usually ranges between 1 year and 7 years, with some banks/NBFCs offering longer tenures
  • Minimal documentation
  • The interest rates usually start from 10.25% p.a. with some PSU banks offering lower interest rates
  • Quick disbursals
  • Applicants having excellent credit profiles may also qualify for preapproved/prequalified personal loans with instant disbursal

Personal Loan Eligibility

  • Age: 18 - 60 years
  • Income: Minimum Rs 15,000/month for salaried applicants
  • Credit Score: Preferably 700 and above as having higher credit scores increase the chances of your loan approval at lower interest rates

HOME LOAN

Home loans are one of the most preferred financial tools that enables an individual to purchase a plot of loan or a residential property instantly. These loans are provided by Banks and housing finance companies (HFCs), and they have designed special schemes wide range of customers, including farmers, women, doctors, CA, etc. Here are the required details of various home loans offered by various banks and financial institutions.

  • Special Home Loan Rates for Salaried & Self Employed: 8.50% to 9.15%* p.a.,
  • Standard Home Loan Rates for Salaried & Self Employed: 8.75% to 9.40%* p.a.
  • Processing fee - 0.35% onwards (min. Rs.2,000; max. Rs.10,000), currently NIL during the campaign period

Home Loan Eligibility

  • Age: Minimum Age: 18 years and Maximum Age: 70 years
  • Resident Type: Resident Indian, Non-Resident India (NRI), Person of Indian Origin (PIO)
  • Employment: The applicant can be (anyone): Salaried Self-employed
  • Net Annual Income: At least Rs.5-6 lakh depending on the type of employment
  • Credit Score: A good credit score of at least 700 or more obtained from a recognized credit bureau

CAR LOAN

Car Loans are available in India at attractive interest rates and a repayment tenure of up to 8 years.

  • Depending on the lender, up to 100% of the on-road price of car may be offered as a loan.
  • Loans for Luxury Cars
  • Effective interest rate is 8.95% p.a.
  • 100% financing of on-road price for select models
  • Maximum loan amount is up to Rs.10 crore
  • Designed for professionals and agriculturalists with no Income Proof
  • Low-Interest Rates for Used Cards and New Cars
  • Interest Rate (Monthly reducing balance) - Depends on the bank

Car Loan Eligibility

Eligibility Criteria and Documents Required

The car loan eligibility criteria can be different for different banks. The common criteria are as follows:

  • Age of the individual must be between 18 years and 75 years
  • Minimum net monthly income of Rs. 10,000.
  • At least one year of employment with the current employer.
  • Must be salaried or self-employed, working for a government establishment or a private company.

Loan Against Property

Features & Benefits of Loan Against Property

  • Lower interest rates - The secured nature of the loan reduces lending risk of banks and NBFCs considerably, thereby, allowing them to offer the loan at lower interest rates.
  • No end use restrictions - Loan proceeds can be used for any purpose such as for consolidating multiple high-interest debts, covering costs related to wedding, business expansion, etc.
  • Longer loan tenure - Banks and NBFCs offer tenures of up to 20 years on loan against property, resulting in more affordable EMIs.
  • Higher loan amount - Lenders usually finance up to 70% of the property value, resulting in higher loan amounts.
  • Overdraft facility - Borrowers can also avail overdraft facility on this loan, giving them higher liquidity at lower interest cost.

LOAN AGAINST PROPERTY Eligibility

  • Age: 21 - 60 years
  • Business Vintage: 1 year & above
  • Credit Score: A credit score of 675 & above increase the chances of loan approval and at lower interest rates

CREDIT CARDS

50+ Credit card issuers in India offer a variety of credit cards to cater to the varied needs and preferences of the users. Some of the popular types of credit cards available include the following:

  • Co-branded credit cards - offered by the credit card issuer in partnership with another company and come with a range of benefits.
  • Rewards credit cards - let you earn reward points for all your spends, and the ability to earn higher points for certain category of spends.
  • Travel credit cards - offer a variety of travel benefits such as complimentary airport lounge access.
  • Cashback credit cards - offer you cashback for all your spends, with certain spends offering the highest cashback.
  • Shopping credit cards - ideal for those who love to shop as they come with discounts and rewards at partner stores.
  • Fuel credit cards - these cards come with cashback or discounts on fuel spends.
  • Premium credit cards - offer exclusive privileges and perks to meet the distinct needs of the cardholders.
  • Lifestyle credit cards - to meet all your lifestyle related needs such as movies, dining, golfing etc.
  • Business credit cards - these cards are tailored to needs of professionals and business owners.

Credit Card Eligibility

  • Nationality: Indian
  • Age: 18 Years – 60 Years
  • Employment Status : Salaried or Self-employed
  • Income – Minimum: 15000 for salaried, Minimum 1.5 Lacs ITR for Self Employed
  • Credit Score: Good credit score (700 and above)

Business Loan

Business Loan Features & Benefits

  • Both secured & unsecured loans are available
  • Loan amount: Unsecured loan - Up to Rs 1 crore; Secured loans - Up to Rs 5 crore
  • Loan tenure: Unsecured loan – Up to 5 years; Secured loans - Up to 15 years
  • Unsecured loan facilities include term loans & working capital loans
  • Secured loan facilities include Cash Credit A/c & Working Capital Loans

Business Loan Eligibility

  • Age: 21 - 60 years
  • Business Vintage: 1 year & above
  • Credit Score: A credit score of 675 & above increase the chances of loan approval and at lower interest rates
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