TYPES OF LOANS
HOME LOANS
PERSONAL LOANS
BUSINESS LOANS
VEHICLE LOANS
AGRI LOANS
GOLD LOANS
MSME LOANS
OD / CC LOANS
TAKE OVER LOANS
HOME LOAN – OVERVIEW
Obtain home loans up to Rs.10 crore at attractive interest rates starting from 6.50% p.a. Benefit from additional advantages including extended loan terms and flexible repayment options. With simplified documentation, speedy processing, and outstanding customer service with a response time of 30-45 minutes, it becomes the ideal destination for all your housing loan requirements.
Eligibility Criteria for Home Loans
- Must be an Indian resident
- Should be a salaried individual
- Age range: 25 to 62 years
PERSONAL LOAN – OVERVIEW
Whether it’s a family vacation, purchasing household appliances, or funding your child’s education, you always aspire to provide the best for your family. Our Personal Loan products* ensure that you are always prepared to fulfill your dreams.
Eligibility for Personal Loan
- Age: 18 to 60 years
- Minimum Income: Salaried applicants should have a monthly income of at least Rs 15,000
- Credit Score: Ideally 750 and above. A higher credit score increases the likelihood of loan approval at lower interest rates.
PERSONAL LOAN – OVERVIEW
Whether it’s a family vacation, purchasing household appliances, or funding your child’s education, you always aspire to provide the best for your family. Our Personal Loan products* ensure that you are always prepared to fulfill your dreams.
Eligibility for Personal Loan
- Age: 18 to 60 years
- Minimum Income: Salaried applicants should have a monthly income of at least Rs 15,000
- Credit Score: Ideally 750 and above. A higher credit score increases the likelihood of loan approval at lower interest rates.
BUSINESS LOANS – OVERVIEW
Banks and NBFCs provide business loans that cater to business owners, self-employed professionals, MSMEs, and various business entities. These loans are primarily utilized for purposes like expanding the business, meeting working capital requirements, improving cash flow, purchasing equipment/machinery, stocking inventory, paying rent, and hiring/training staff.
Required Documents for Business Loan
- KYC documents of the entity and promoters.
- Bank statements for the past 6 months.
- Income Tax Returns (ITR) for the last year for loan amounts exceeding 10 lakhs.
VEHICLE LOAN – OVERVIEW
The loan can be availed by individuals for personal use and companies can also avail the loan for professional use.
Eligibility
- Resident Indian citizens and Non-Resident Indians (NRIs).
- Minimum age requirement: 18 years.
- Maximum age limit: 75 years.
- The loan can be taken by an individual, either individually or jointly with family members.
- Companies and firms can avail the loan for the purchase of vehicles to be used by their directors or employees.
VEHICLE LOAN – OVERVIEW
The loan can be availed by individuals for personal use and companies can also avail the loan for professional use.
Eligibility
- Resident Indian citizens and Non-Resident Indians (NRIs).
- Minimum age requirement: 18 years.
- Maximum age limit: 75 years.
- The loan can be taken by an individual, either individually or jointly with family members.
- Companies and firms can avail the loan for the purchase of vehicles to be used by their directors or employees.
AGRICULTURE LOAN – OVERVIEW
Farmers can obtain agricultural loans to finance seasonal agricultural operations and related activities such as animal farming, land purchases, and agricultural tool acquisitions. These loans also assist in purchasing inputs like fertilizers, seeds, insecticides, as well as hiring labor for crop cultivation and harvesting.
Different Types of Agricultural Loans
Crop Loan, Agricultural Term Loan, Solar Pump Set Loan, Allied Agricultural Activities
Required Documents for Agriculture Loans
- Duly-filled application form
- KYC documents
- Land/asset documents
- Security PDC
- Any other document mandated by the lender
GOLD LOAN – OVERVIEW
Gold loans are a type of secured loan that allows you to utilize your gold jewellery as collateral. The loan amount you can avail is determined based on the value of the gold provided. When availing a gold loan, you are required to submit your gold jewellery to the lender, which will be held as security until the loan is fully repaid. Upon repayment, the gold jewellery will be returned to you.
Documents Required
- Application Form for Gold Loan
- KYC Documents including Address Proof and Identity Proof
- Income Proof. Submit any one of the documents: Latest salary slip, Form 16 or bank statement
- Post disbursement documents (if any)
GOLD LOAN – OVERVIEW
Gold loans are a type of secured loan that allows you to utilize your gold jewellery as collateral. The loan amount you can avail is determined based on the value of the gold provided. When availing a gold loan, you are required to submit your gold jewellery to the lender, which will be held as security until the loan is fully repaid. Upon repayment, the gold jewellery will be returned to you.
Documents Required
- Application Form for Gold Loan
- KYC Documents including Address Proof and Identity Proof
- Income Proof. Submit any one of the documents: Latest salary slip, Form 16 or bank statement
- Post disbursement documents (if any)
MSME LOAN – OVERVIEW
An MSME loan provides financial support to a wide range of entities, including MSMEs, individuals, startups, business owners, entrepreneurs, self-employed professionals, and other business entities. It serves the dual purpose of facilitating business growth and addressing everyday operational needs.
Eligibility Requirements
1. Applicants must be at least 21 years old when applying for the loan and no older than 65 when the loan matures.
2. The business must have a minimum operational history of one year.
3. The annual business turnover requirement may vary depending on the specific lender’s criteria.
4. A positive repayment track record with financial stability is essential.
5. No prior defaults on loans with any financial institution.
6. Lenders will evaluate the applicant’s credit score and overall creditworthiness as part of the eligibility assessment.
OD / CC LOAN – OVERVIEW
When considering a business loan, a business owner faces two choices: opting for extended financing options such as Loan against Property (LAP) for a lower interest rate or selecting flexible funding solutions like Cash Credit (CC) or Overdraft (OD). Long-term funding typically comes with a reduced interest rate, whereas flexible funding provides the opportunity to reduce interest expenses by depositing surplus funds into the account, allowing for interest payments on the required amount only.
Commonalities between Cash Credit and Overdraft
- The interest rate offered by the lender for Cash Credit and Overdraft is charged on the amount of money utilized and not on the sanctioned amount or limit
- Cash Credit limit and Overdraft amount are repayable on demand
- Both of these financial tools are offered against the security of current assets
OD / CC LOAN – OVERVIEW
When considering a business loan, a business owner faces two choices: opting for extended financing options such as Loan against Property (LAP) for a lower interest rate or selecting flexible funding solutions like Cash Credit (CC) or Overdraft (OD). Long-term funding typically comes with a reduced interest rate, whereas flexible funding provides the opportunity to reduce interest expenses by depositing surplus funds into the account, allowing for interest payments on the required amount only.
Commonalities between Cash Credit and Overdraft
- The interest rate offered by the lender for Cash Credit and Overdraft is charged on the amount of money utilized and not on the sanctioned amount or limit
- Cash Credit limit and Overdraft amount are repayable on demand
- Both of these financial tools are offered against the security of current assets
TAKE OVER LOAN – OVERVIEW
Takeover loan enables the borrower to move an existing loan from one lender to another. This can be motivated by various factors, including securing a reduced interest rate on a home loan, consolidating multiple home loans into a single payment, or transitioning to a lender offering more favorable terms.
Benefits of taking over loans:
Lower Interest Rates: One of the primary advantages is the potential for lower interest rates. Transferring your loan to another lender with a better interest rate can significantly reduce your overall interest expenses, making your loan more affordable.
Cost Savings: With lower interest rates, you can save a substantial amount of money over the life of the loan. This can lead to reduced monthly payments or a shorter loan tenure, depending on your preference
