Are you looking to manage some higher amount of money to refinance your small business? Are you looking to get some funds to establish new business startups?
The business loan may come to your mind, but most of the lenders may want your business to have some vintage or history.
Hence, unless your business is not old enough, you can’t apply for it. Another immediate loan that may appeal to you is the personal loan, but it may ask for a higher rate of interest.
In the same context, if you have a property in a major metro city in India, you can go ahead and apply for the loan against property (LAP).
The loan against property will help you get a higher amount of loan at a lower interest rate. It is because the lender will keep your property as collateral or security.
No matter what your wish may be, you can fulfil all with the loan against property. Also, the nature of the loan is like a personal loan. It is up to you to use the funds including business expansion or startup.
Entrepreneurs even looking to refinance their businesses can look up to the loan against property to help them.
Do you have the required loan against property eligibility? You can easily acquire up to ₹1 crore for salaried and ₹3.5 crore for self-employed.
The biggest benefit of the loan is that you need to manage a lower loan against property interest rate. Hence, you can easily manage the repayment and pay in smaller EMIs.
The Loan Against Property Benefits for Business Startup
The loan against property for business startup comes with so many benefits. Have a look:
Loan Amount of up to ₹3.5 crore
Lenders understand that when you are starting any business, you may need a higher loan amount. As a result, most of the leading banks and NBFCs let you grab as high as up to ₹3.5 crore at a lower interest rate. Be it your needs to manage working capital, buying machines and equipment or manage employees’ salaries; you can manage all.
Wider tenor to help your business grow
The LAP facility lets you concentrate on your business and not on the loan repayment and feel stressed. Yes, you get to enjoy a flexible loan tenor ranging between 2-20 years. This way, you can opt for a longer tenor and stretch the loan to pay off only a smaller amount as the loan EMIs. When you don’t need to pay a large amount as the EMIs per month, you can focus on your business and help it grow.
The loan against property eligibility and required documents are not hard to comply by. Do you have the standard eligibility and documents related to your personal and income profile, and property’s documents? You can get quick approval for the loan.
Online account access
Once you have availed the loan against property for business startup, you do not need not to visit the lender to know about its status from time to time. Reputed lenders provide with login credentials to access their digital customer portals. Hence, you can see all loan details, EMI paid, remaining EMIs and more easily 24/7 and anywhere.
The loan against property for business startup and other big financial goals in life can help you manage all aspects without issues. You should check your loan against property eligibility and evaluate your property to know how much you can borrow.
Once you have all the information, you can apply for LAP online and save your time.
Bajaj Finserv offers incredible pre-approved offers on loan against property, home loans, personal loans, business loans and beyond. It is to make the loan procedure easy, fast and hassle-free. You can share your basic personal details such as name, and mobile number and check out your pre-approved loan offers right away!