When it comes to running a business, big or small, you need funds or capital. Even though you may have a business idea, you may not have the required cash in your bank account to support it financially. Hence, what’s the way out to materialize your dream of having an own business?
When it comes to seeking financial help, many loan options may be available to help you. Some of the popular loan options may be personal loans and borrowing from friends or relatives. However, such options may not give you a higher value loan and may cough a high rate of interest.
In the same context, you can avail a loan against Property for your business facility and grab a higher loan at a lower interest.
If you are unsure of it, let’s explore the business startup loan so that you can make your mind and apply for it.
What is the Loan Against Property?
The loan against property India facility can help you avail the required funds to meet many needs. As the name suggests, you get to borrow funds while keeping your property as the collateral with a lender.
As a result, you get to enjoy a lower loan against property interest rate. This way, you can get access to the higher value while repaying the loan over a longer tenor and in lower EMIs.
If you have the required loan against property eligibility, you can grab up to 3.5 crore to run your business and so much more.
Loan Against Property Eligibility
Here is the loan against property eligibility that you need to prove to get access to funds:
- Your age should be between 25-70 years
- You should be a self-employed individual with a regular source of income
- You should be a resident of India in major cities as specified by your lender
Loan Against Property Documents Required
The loan against property documents required is easy to submit such as:
- KYC details
- Address proofs
- Last 6 months bank account statements
- Copy of the property that you wish to mortgage
Loan Against Property Benefits for Business
The loan against property for business startup can support your new venture as it comes loaded with benefits such as:
- A higher value of Loans
Self-employed individuals can seize up to Rs.3.5 crore to fund various business needs. You can use the amount towards working capital, giving salaries to employees, getting equipment, renting a workspace, marketing and beyond.
- Uncomplicated Loan Disbursal
Are you applying for the loan against property for business startup with a leading bank or non-banking finance company (NBFC)? It can help you get quick loan disbursal. The entire process can take up to 3 days and doorstep documents pickup feature.
- Flexible Loan Tenor
The repayment of the loan against property need not be taxing on your expenses. You can opt for a tenor as long as up to 18 years to repay the loan in smaller EMIs.
- Lower Interest Rates
The mortgage loan interest rates is lower compared to personal loans and other financial services. As a result, you can pay a smaller EMI and manage your budget with elan.
You are now aware of some key aspects of the loan against property for business startup facility. Applying for the loan can surely help you cherish your many dreams.
Bajaj Finserv offers you pre-approved offers on loan against property, business loans, personal loans, housing finance and a lot more products. The motive of the facility is to assist you to undergo the loan process easier and faster.