Business Loan
Business demand capital for startup expenses. For that companies take out business loans to gain the financial support they need. Business loans are unsecured financial compensation provided by banks and NBFCs aims to support the urgent requirements of the growing business. Most financial organizations offer term loans and Flexi loans to cater to the business needs of a company. All types of businesses such as a sole proprietorship, Limited liability partnership registration, privately held company, Nidhi company, partnership firms, self-employed individuals and retailers can avail of these loans. A bank loan for business is extended up to Rs. 50 lakh. Be mindful that the loan depends on the profile of the borrower. However, credit history is also crucial while the loan application is processed. If you own a decent credit score, it will be more comfortable for you to get a greater amount at an attractive rate of interest.
Home Loan
A Home loan simply means money acquired from a financial organization such as a bank or anyone to buy a new house or construct a house or renovates the existing home. it consists of adjustable/fixed rates or payment systems. A home loan is typically paid back over a term of 10, 15 or 30 years.
Home loans make purchasing a place a reality for people who want to own property. Getting a home loan often takes a large investment (closing costs, down payment, time to apply), but these upfront costs can be recovered by a homeowner over time if their property value increases. Purchasing a home is a dream for many and it involves a lot of financial preparation.startup Suvidha Centers makes it simpler for those who want to realize this dream and have a home loan.
Mudra Loan
It’s a financial initiative for helping micro-units and equipping them with sufficient funds to provide funding to the non-corporate, non-farm sector income-generating activities to help them grow or improve their business. Medium and small businesses are often ineffective in availing loans from banking organizations due to a lack of security and incompetent funds for paying off the interest.
Shishu : covering loans up to 50,000
Kishore : covering loans above 50,000 and up to 5,00,000
Tarun : covering loans above 5,00,000 and up to 10,00,000
Personal Loan
A personal loan is that money that is borrowed from a bank, credit union or online lender and is paid back in fixed monthly payments, or installments. It is the loan provided on the basis of key criteria such as income level, credit and employment history, repayment capacity, etc.
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Reasons To Go For A Personal Loan
Fund a holiday
Buy a gadget
Pay for medical treatment
Use on home renovation
Spend on a wedding
finance your children’s education
Benefits Of Choosing This Kind Of Loan
You can use it for any reason.
One can use it to cover practical expenses.
You get the money faster.
Lower interest rates than credit cards.
A good alternative to credit card debts.
Types Of Personal Loans
Unsecured personal loans : this loan isn’t backed by collateral, such as your home or car, making them riskier for lenders. Approval and the rate you receive on an unsecured personal loan are mainly based on your credit score.
Secured personal loans : These loans are backed by collateral, which can be seized by the lender if you default on the loan. Rates are typically lower than unsecured loans.
Fixed-rate loans- your rate and monthly payments stay the same for the life of the loan. Having a fixed rate makes it easier to budget, as you don’t have to worry about your payments changing
Variable-rate loans : Interest rates on variable-rate loans are tied to a benchmark rate set by banks. A variable-rate loan can make sense if your loan carries a short repayment term, as rates may rise but are unlikely to surge in the short-term.
Debt consolidation loans : This type of personal loan rolls multiple debts into a single new loan. Consolidating also simplifies your debt payments by combining all debts into one fixed, monthly payment.
Co-sign loans : This loan is for borrowers with thin or no credit histories who may not qualify for a loan on their own. A co-signer promises to repay the loan if the borrower doesn’t, and acts as a form of insurance for the lender.
A personal line of credit- A personal line of credit works best when you need to borrow for ongoing expenses or emergencies, rather than a one-time expense.
Eligibility Criteria
The general criteria include your age, occupation, income, capacity to repay the loan and place of residence.
To avail of a personal loan, one must have a regular income source, whether you are a salaried individual, a self-employed business person or a professional. An individual’s eligibility is also affected by the company he is employed with, his credit history, etc.
Documents Required
Income proof
Address proof documents
Identity proof documents
Certified copies of degree/license (in case of self-employed individuals)
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