Mumbai, Maharashtra, India
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Get in touch with us for obtaining preeminent quality Personal Loan solutions! We are a trustworthy Personal Loan Services Provider in Maharashtra, India. God forbid, if in case you ever face an unexpected expense like school or college admission, home improvement, medical exigency, etc., you can simply contact us and get your immediate finance requirement on the spot. We make sure that the procedure stays simple, hassle-free and transparent. The rates of Personal Loans differ from lone bank to the other; therefore, we draw out a whole chart for easy and clear understandings in order to make smart decisions.
The Interest Rate : Since it's a form of insecure loan, the interest rate on Personal Loan is always the highest. But it can come in handy to meet sudden, unplanned needs, such as a child's education, wedding or medical expenses. Then again, Personal Loan interest rates depends largely on the borrower's past credit history. If you have a clean report, you may be able to negotiate one or 2 per cent less rate on your Personal Loan.
The Eligibility : You are eligible for a personal loan if you are a salaried individual, self-employed individual (own business), or a self-employed professional (doctor, lawyer, etc.). Other factors that are taken into consideration are your present income, a forecast of your future earning power, age, repayment capacity, past obligations. Employees with multi-national companies get these loans disbursed easier and faster – we know why!
How to Apply : You can expect some relaxation in the interest rate on personal loans, if you :
Equated Monthly Instalment : You can use Creditfina’s Personal Loan EMI Calculator to find out exactly how your EMI would get set.
The List of Documents :
In comparison to other loan kinds, personal loan requires least number of documents, except proof of :
The Sanctioning Process : It is very easy to get a personal loan as it requires a lot less paperwork and is the best option when you are in urgent need of money. Moreover, it is relatively hassle-free as it does not require any guarantor, security, or collateral. Once you have qualified for the loan it takes only about three days to get the loan amount disbursed to you.
We are a trusted Loan Against Property Services provider in Maharashtra, India. To bridge any financial need such as business expansion, or meet a personal requirement for example education for a son, daughter, self or spouse and many more, our LAP Service is an easy and economical way to do so. The Mortgage Loan that we render can be paid comfortably for over 15 years or longer. We offer it for both salaried and self-employed persons and against commercial as well as, residential property. And the best part is that only the papers are assured to the bank for raising capital. You are going to get it back intact, if the loan is paid within or on the promised time.
The Interest Rate : Loan against property is a most cost-effective loan product compared to others, mainly because you are offering collateral in the form of land. Loans issued against shares and jewellery are also costlier.
The Eligibility : LAP is a sensible route to take if you have some immediate fund requirement. The only condition is that the property you are pledging to the bank must have a clear title (in your name), the ownership is non-disputed and it must not be pre-mortgaged to another bank.
How to Apply : LAP for business purposes is usually availed by small and medium-scale manufacturers or traders to meet working capital needs and these products are offered by banks (national and multinational) and NBFCs. The banks rates of interest would always by lower than that charged by NBFCs. These business loans against property are generally taken for the purpose of working capital needs of the business. LAP can also be taken to meet capital expenditures such as plant construction or acquisition of new machinery. Sometimes, it's also used to retire a more expensive loan.
Equated Monthly Instalment : LAP for business purposes is usually availed by small and medium-scale manufacturers or traders to meet working capital needs and these products are offered by banks (national and multinational) and NBFCs. The banks rates of interest would always by lower than that charged by NBFCs. These business loans against property are generally taken for the purpose of working capital needs of the business. LAP can also be taken to meet capital expenditures such as plant construction or acquisition of new machinery. Sometimes, it's also used to retire a more expensive loan.
The List of Documents : The documents required while applying for loan against property are similar to those for Home Loans except for the bank's instance that the property be registered in the borrower's name. The lender may also ask for a declaration that the property has a clear title and is free of all litigations. Finally, the bank would need a third party valuation of your property.
The Sanctioning Process : Takes near about the same time as a Home Loan disbursement.
Getting a Home Loan from us is trouble-free and speedy. Our Home Loans come with higher eligibility and lower EMIs and that too at attractive interest rates. We have close and strong associations with the coveted public and private banks to offer the best range of Loan options available to you. We will hold your hand and walk down the whole hog with you, from applying the loan to even assisting you in the rescheduling or loan swapping, if needed. You just need to have a word with us, rest we will takeover!
The Interest Rate : The interest rate on home loans or any other loan is dependent on the apex bank’s prime lending rate to the banks also known as the repo rate. On an individual level, Home Loan interest rates are dependent on the amount sought, loan tenure and the credit rating of the borrower. Thirdly, the Home Loan interest rate can vary from lender to lender. Lenders like SBI offers a higher rate of interest rate to its new customers compared to its existing customers.
Further, Housing Loan interest rates are of two kinds : fixed rate and floating. When there is a liquidity crunch in the market, the rate of interest tend to be higher, so banks are often willing to lock the loan amount at a fixed rate of interest that prevails throughout the loan tenure. But when the prevailing rate is lower, and banks see it rising in the cyclic order to things, it will either offer floating rate to its new customers (that adjusts with the repo rate) or charge a substantial higher (2-3%) fixed rate of interest, after factoring in the forecasted rise, down the line.
The Eligibility : Every bank or lender follows a set of criteria in determining your ability to pay the loan throughout the tenure, before sanctioning you one. Their main interest is to be assured of a stable source of income, age and credit history, established over previous loans.
How to Apply :
Follow this step-by-step procedure :
Equated Monthly Instalment : The Home Loan EMI is set on the loan amount, the rate of interest and the loan tenure. Any one of these variables can inflate or deflate your EMI, so spend time in setting your EMI. Creditfina consultant would gladly help you make an informed decision here. Your EMI comprises an interest component and a principal component. A bank will first try to earn back its interest on the outstanding. As you proceed through the loan tenure, the interest component will decrease in favour of the principal component of your EMI.
The List of Documents :
Banks will require proof of :
Submit all supporting documents to get a quick disbursal.
The Sanctioning Process :
It is easy to get a personal loan sanctioned (because the margin for the bank there is high) but for home loan the documentation and due diligence may take longer, as this loan is also for a longer tenure. Disbursal takes barely two-three business days, once everything is in order.
Here are a few steps involved :
The sanction letter may either be an unconditional letter, or may mention certain terms and conditions that have to be fulfilled before the loan is disbursed.
