5 Points to Consider Before Applying For Personal Loan

Since Personal Loans are given to individuals without any security for their personal use, its demand is quite high in India. Not only are they easily available but you will have complete freedom over its usage as the lender won’t be monitoring it.

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Though the advantages offered by personal loan are numerous, applying for it just because you can fulfill all its eligibility criteria is a strict no-no. If you think that repaying the money will affect your finances, you better think twice before borrowing. As a borrower, you should not only compare the loan before applying but also ask yourself few vital questions.

Applying For a Personal Loan? Few Vital Points to Consider

  • “How Important Is It?”

If you are applying for the mortgage to buy something expensive, think whether it’s just a luxury or a necessity. Using your credit cards for daily transactions is a cool idea and you can earn reward points as well. You can even repay the outstanding amount before the due date. But taking a mortgage to buy something expensive which is actually not necessary is never recommended. The best you can do is save your money and buy it later.

  • “Is The EMI Affordable?”

EMI or Equated Money Installment is the fixed amount you have to pay to your lender every month. The date is specified and the EMI comprises of both the principal amount and the interest. When you take a personal mortgage, you have to follow a strict repayment schedule. If you are not sure about your capability of paying the EMI, its better you rethink.

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  • “Is It Fine To Borrow For A Vacation”

Though everyone needs a break at frequent intervals, applying for a mortgage just because you don’t have sufficient cash for all the expenses is not a cool idea. The main objective of a vacation is to relax. Since you have to repay the money after your return, you can’t have complete peace of mind even during your vacation. Even if you are taking the mortgage, think how you will repay it before starting the tour.

  • “When Should I Apply For The Loan”

If you have numerous credit card debts, taking a mortgage to repay those is a cool idea. Consider the repayment tenure and decide whether the shorter or longer tenure is more suitable for you. Whatever be the time you are applying for the loan, look for a consultant who can help you with Loan Application and comparison in India.

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  • “What Will Be The Consequence If I Can’t Repay On Time?”

Considering the long-term effort of the mortgage before applying is a must. You need to think of the situation you might face if you can’t pay the EMI on time. If you accidentally lose your source of income in the future, you might have to face extra pressure. Every late payment will have a negative impact on your credit score.

This being said, make sure to consider all the points stated above & myths for opting loan application so that you can compare and choose the best loan!

5 Benefits Of Obtaining Unsecured Personal Business Loans In India

Are you in immediate need of working capital for your company? Do you need the money in cash? Looking for loans with minimal paperwork, no collateral and easy approvals? Trust us; opting for an unsecured business loan can undoubtedly be one of your best decisions for your company!

Unsecured Personal Business Loans

No matter whether you require the money for your proprietorship, partnership or a limited company, applying for a mortgage which is supported by your creditworthiness can undoubtedly be an informed choice. These are funds which are obtained without using a property as collateral for the advance. Be it your need for a start-up company or expanding the present organisation, you are free from pledging any of your assets or properties. It is these factors which make this type of mortgage ideal for all your business needs!

Still wondering what makes this loan so advantageous? Then take a look below to get your answers!

Top Benefits Of Choosing Unsecured Personal Business Loans In India

  1. Does Not Depend Upon The Worth Of Any Collateral

One of the greatest benefits you can avail by obtaining this type of funding is that it does not depend upon any collateral of asset or property. As compared to the traditional secured mortgage, the lender here makes decisions based on you, your creditworthiness, your cash flow and your company’s state.

  1. Can Offer Higher Loan Amounts

Unlike secured funding which is limited by the value of the collateral, with insecure funding, you are free from such limitations. If the lender feels that you have great creditworthiness and your company is in a stable position, he may grant you a mortgage of higher amounts (more than what you would obtain through a secured one.)

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  1. Easy To Attain Than The Secured Mortgages

Another great and unique advantage of choosing unsecured personal business loans in India is that it is easier to obtain than the secured funding. Unlike the secured mortgage which involves evaluation of the assets, the insecure funding is free from this step. Thus, with little paperwork and no assessment of collateral, it is easier and faster to obtain this funding. Once approved, you may have the funds available to you within a few working days.

  1. Offers Additional Flexibility

What makes this type of funding one of the most preferred options among entrepreneurs is the ability to avail numerous flexibility. As long as you have a good position in the industry, you can apply for more capital. You can easily have extra cash in hand without having any leverage against any of your property or asset. From covering the monthly payroll to purchasing new inventory, you can use the money for any of your commercial purposes.

  1. Adjustable Payments

The amount you are supposed to pay back your lender on a regular basis depends on the profits your company is incurring. This means that the amount repaid will be adjusted in accordance with both profitable and loss-making times. This allows you to pay the money as per your convenience.

Now, don’t you think that this kind of funding can indeed be advantageous for you? Get some useful advice from http://www.bazaarmoney.com/unsecured-personal-business-loans-india.php a reputed financial expert and start applying for the right unsecured business loan!

5 Queries About Home Property Mortgage Loan Funding Has Been Answered

Whether you are willing to apply for a home property mortgage loan to meet your expenditure for marriage, healthcare or education, this fund comes really handy for a wide variety of speculative purposes. The rate of interest is generally dependent on the amount you have borrowed and the time span. Though the advantages one can reap by obtaining a mortgage loan is numerous, there are people who tend to stay away from those. One of the main reasons being there are few queries that crop up in one’s mind when we talk about property mortgage loan.

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Availing Home Property Mortgage Loan Funding In India? Your Common Queries Has Been Answered

  • “How Does It Differ From Home Loan?”

Though they sound similar, the funding options are totally different. The mortgage is a type of loan in which your home property is used as collateral. You will be entering into an agreement with the loan provider under which you will have to repay the borrowed amount in small installments within the specified time period. You can use the amount for a wide variety of purposes. The Home Loan is the amount you borrow only to buy a property.

  • “Do I Need To Specify The Purpose?”

Irrespective of you applying for the loan through any banking or non-banking institution, specifying the purpose for which you have applied for the loan won’t be necessary. All you need to do is provide them an undertaking that the amount won’t be used for any illegal purposes. Though there are few banks who might ask you to specify the purpose, it is generally dependent on the loan amount.

  • “Are There Any Taxation Aspects?”

If any salaried person is applying for the fund, they don’t need to pay any amount as tax incentive on the EMI. But if you are a businessman, claiming the tax deduction on the total loan amount isn’t a daunting task if you can prove your loan provider than the amount has solely been used to enhance your business.

  • “Can I Pre-Pay The Amount?”

If you are availing home property mortgage loan funding in India you can re-pay the amount before the scheduled time span. According to the recent RBI (Reserve Bank of India) directive, it is illegal for commercial banks to demand any amount as foreclosure charge on floating rate term loans sanctioned to individual borrowers.

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  • “What Is The Maximum Amount I Can Borrow?”

There is no fixed quantum for such loans but around 70% of the market value of the collateral property is treated as the sanctioned amount. The other criterion which determines the loan amount is job stability, income, investment, spouse’s heath condition, your age, and number of dependents, among others.

Resolving the queries surrounding home property mortgage loan is a must so that every Indian can make the most of the funding. So apply for your mortgage loan at www.bazaarmoney.com/home-property-mortgage-loan-funding-india.php

Need Mortgage SME Business Finance In India? Know How To Qualify!

Do you think you need capital for your small or medium sized enterprise? Are you planning to apply for a business loan in India? You must be busy searching for the ideal mortgage then. However, it’s only when you are familiar with the requirements of a lender, can you qualify for the right loan!

It often happens that in order to expand their business, owners avail finances from various institutions. Be it a loan through a bank or an online small business loan, each lender has pre-requisites of its own which you need to fulfil. Ensuring that you meet the specific criteria before applying will save you from time as well as frustration. Qualifying for the right small business loan is easier when you are prepared from before!

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Scroll down to check our to-do list which will help you to be eligible for the cash you require!

5 Steps To Qualify For Mortgage SME Business Finance In India

1. Know the minimum requirements and qualifications of the lender

It is only when you fulfil the lender’s requirements can you be a strong applicant. It’s true that there are few lenders who offer exemptions like if you are over-performing in one area, it can be adjusted for the area you are under-performing. However, it’s better if you meet and exceed each of his desired qualifications.

2. Build credit scores- both personal and business

The higher is your personal credit score, better is your chance of being selected. This is chiefly based on 5 determinants like- your payment history, debts and the amount owed on credit cards, types of credits you are using, duration of your credit and latest credit inquiries. Business credit scores depend on factors like- cash flow, revenues, track record and duration in the business.

3. Create a solid business plan

Before applying for mortgage SME business finance in India, it is essential that you build a strong business plan first. Any lender will want to know how you are planning to use his money. He will want to see if you have the capability to repay. Sometimes they require a detailed plan which must include-

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  • Business description
  • Service/product description
  • Operation plan
  • Management team
  • Marketing, sales and promotion strategy
  • SWOT analysis

4. Gather the essential documents

Be it a traditional lender or a bank, you are supposed to submit several legal and financial documents. These include-

  • Business lease
  • Commercial lease
  • Photo of your identity
  • Income tax returns- both personal and business
  • Bank statements- both personal and business
  • Documents which validate your experience

5. Offer collateral

You may have to provide some collateral; an asset which can be seized in case you fail to repay the money. This can be a real estate inventory or equipment through which the lender will recover his money.

So what are you still waiting for? Look for the best mortgage and start preparing yourself according to the lender’s requirements!

Opting For Home Property Mortgage Loan Funding In India? 4 Quick Tips For You

Though many express the desire of undertaking a home property mortgage loan, not all can get that loan sanctioned. Moreover, there are so many companies eager to offer you loans at the minimum interest rate, it’s only getting harder for you to choose the ideal credit provider. But there’s simply nothing to worry about. There are numerous companies in India who offer you advisory services regarding these credits.

If you want to undertake a mortgage loan but don’t want to regret it later, prepare yourself before applying for it. Try gathering adequate knowledge and understanding of how these home loans work so that you don’t have to face any unexpected situation later. Companies offering you advice about Home Property mortgage loan funding in India provide you with tips to help you take a wise decision.

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Few Tips Before Applying For Home Property Mortgage Loan Funding In India

  • Don’t Treat Mortgages Like Commodities

    Since a mortgage is not a commodity, so considering only the rate isn’t a wise thing to do. In fact, doing so can actually make you disappointed from the moment you start looking for a credit provider. Try finding a trusted partner who can make complex transactions easier for you by offering responsive support and honest advice throughout the credit process.

  • Stay Way From Interest-Only Loans

    The ‘interest-only’ loan is only advisable for borrowers who are planning to move within a short period of time or is undertaking the credit as a construction loan or short-term bridge. Paying only the interest will prevent you from building up any equity or ownership in your property.

  • Choose One Whose Fees Are Reasonable

    Before applying, make sure you can afford the loan amount. It is vital for you to find out the exact amount the loan will cost you, as all fees are not avoidable. Try negotiating or getting rid of those ‘junk fees’. Getting a reliable estimate statement from your credit provider will let you know your entire expected fees.

  • Stay Away From Adjustable Rate Loans

    Many lenders offer adjustable rate loans because borrowers get easily attracted towards those. This is mainly because the fixed rate is higher than the advertised rate. It is advisable to opt for it only if you are sure that the interest rate won’t get higher than the current interest rate.

Though the tips stated above is not the ultimate tips for you as a borrower but they will definitely help you choose the ideal loan provider.

Applying For Mortgage SME Business Finance in India? 5 Questions To Ask

Are you willing to buy a commercial premise? Extend your existing business property? Or simply invest in some commercial project? Then, applying for a mortgage SME Business Finance is a wise thing to do. Commercial mortgages generally have a lower rate of interest as compared to the other business loans.

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You can extend the loan period for a number of years and repay the money when it is most suitable for you. Since, the loan has so much to offer, applying for mortgage finance is indeed a cool decision for every small or medium sized enterprise owner. But make sure to ask your lender few questions before submitting the applications.

Few Questions To Ask Your Lender Offering Mortgage SME Business Finance in India

  • What Is The Interest Rate?

    Just asking about the rate of interest isn’t enough. Ask your lender about the loan estimate which includes his fees, interest rates, and the APR (annual percentage rate). This APR consists of the points, fees, interest rate, or any other charge you have to pay for the loan.

  • How Much Will You Charge As The Closing Costs?

    You will have to pay a certain amount at closing as a charge for the services offered by your lender or for any other party involved, like the title companies. Make sure your lender provides you with a written estimate clearly stating the closing costs after receiving your application. The maximum time they should be requiring to prepare this estimate is 3 days.

  • Can I Lock The Interest Rate?

    Before applying for the mortgage, ask your lender when can you lock the interest rate and how much do you have to pay for it. Locking the interest rate is vital since it might fluctuate from the time you have applied for the loan and the closing date. If you can predict that the interest rate will hike, it is advisable to lock it and the points.

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  • Is There A Chance For My Loan Approval To Get Delayed?

    There are various reasons for which a loan approval generally gets delayed like job change, change in your marital status, new debt, increasing or decreasing salary, or fluctuations in your credit history. The best is to place your financial status in a dormant pattern till the closing table is reached.

  • Do You Charge Any Prepayment Penalty?

    Some financial institutions offering Mortgage SME Business Finance in India charge an amount as penalty for mortgage repayment. So if you are planning to reduce or refinance your principal amount within the next few years, make sure to ask about the prepayment penalty. Enquire about the penalty specifications and whether the lender will lower the interest rate if you opt for a loan with a penalty.

With so many companies Mortgage SME Business Finance all over India, make sure to compare the services offered by each. Doing so will definitely help you choose the ideal SME mortgage provider.