Surly, In-principle / Pre-Approval letter can be issued to you based on your income. After receiving letter you can plan your budget for property.
- Home
- Business Loan
Business Loan
Loan given to self-employed, professionals or company without any collateral security is called a business loan.
The sanction of business loan is based largely on the creditworthiness of the borrower and the firm. The bank or the financial institutions will first take a look at your firm’s and your credit score and analyze your credit rating before offering loan. They will also look at your financial statements for the past 3 years, bank statements, Nature of business, its current and expected returns and the market trend.
The loan amount could be from Rs. 50000 to Rs. 75 lac and the tenure would be between 1 to 3 years.
At Earth Matrix Consultancy, we are the experts in helping you avail the best business loan with customer friendly terms.
Businesses need money for several reasons, right from working capital needs to expansion plans to opening up a new branch or for innovation in the existing business.
- Self Employed Individual
- Professional Individual
- Company
- Working Capital requirement
- To fill short term financial requirement
- Business Expansion
- To set up new business
- Launching a new Product
- Advertising & Marketing of Products & Services
- 50k to 75 Lac
- 1 to 3 yrs
Home Loan FAQ's
Can I get an in-principle / Pre-Approval Letter and actually avail of the loan later ?
What is the validity of this letter ?
Validity of an In-principle / Pre-Approval letter varies from 30 days to 90 days, depending upon bank to bank.
What are the time line to process a loan application ?
In Retail loans 7 working days once documentations are completed
Is it possible to apply jointly with spouse or other blood relative?
Surly joint application can be processed but decision varies bank to bank.
What security do I have to furnish?
Since this is a housing loan thus bank requires a mortgage of the property for which the loan is being taken.
What are the processing fees charged by the bank?
Processing fee in housing loan varies bank to bank, normally it’s start from 5000.00 to 0.50% of loan amount.?
What is EMI?
EMI stands for Equated Monthly Installments. This installment comprises both principal and interest components. EMI is based on the loan amount, rate of interest and the repayment period.
How much is the loan tenure?
In Home Loan bank do offer loan from 5 yrs to 30 yrs which varies bank to bank & age of the borrower.
Can I prepay the loan? Are there any penalties?
Surly Part-Payment & Prepayment in housing loan can be done at any stage. There is no Part-Payment & Prepayment penalty applicable if loan is on floating rate of interest. If loan is on fixed rate of interest then Part-Payment & Prepayment charges varies from 1.00% to 2.00% bank to bank.
What is the benefit of taking bank loan if even I have enough money to buy a property at my own ?
Taking a bank loan is always advisable as it gives you various benefits as below … 1. A Housing loan as it would enable you to get tax exemptions as per Income Tax rules. 2. A Housing Loan can be given by a bank only after all the due diligence of legalities of property so you are always secured in term of property. 3. A Good Loan track record makes bank more comfortable to fund you in case of big requirement in future
What is Unsecured Business Loan ?
The word Unsecured Business Loan means when a self-employed person apply for a loan based on his income not providing any kind of security against the loan.