Secured Business Loan
Now avail the convenience of paying lower EMIs!
Every business has unique cash flow requirements and we at Piramal understand that. In order to make repayment more convenient for you, we present Piramal Suvidha EMI. The unique feature of this product is the fortnightly repayment that lets you repay on the 1st and 16th of every month. This also means the repayment instalments are smaller and lighter to shoulder. If smaller repayments at shorter intervals is the ideal match for your cash flow requirements, Piramal Suvidha EMI is the right secured business loan for you.
However, Director of listed Public companies will be treated as Salaried
|Salaried / Self Employed||Interest Rates starting from 12.5%* p.a|
|Fees & Charges|
|Fees & Other Charges as applicable on application/ during the term of Loan are as under. These are subject to modifications from time to time as decided by Lender as per its internal policy and any such modification shall be notified by the Lender through its website or its branches or such other medium as Lender may consider appropriate|
|Schedule of Fees & Other Charges||Details|
|Part Payment/Pre-closure charges||
|Loan repayment instrument dishonour charges||Rs. 500/- + applicable taxes|
|CERSAI charges||Rs. 500/- + applicable taxes|
|Loan Pre-closure Statement||Rs. 1000/- + applicable taxes|
|List of documents deposited with the Lender||Rs. 500/- + applicable taxes|
|Loan Repayment Schedule||Rs. 500/- + applicable taxes|
|Change of Loan repayment mode||Rs. 500/- + applicable taxes|
|"Re-scheduling Loan terms (e.g. EMI Date change / EMI increase /Lowering of Tenor"||Rs. 5000/- + applicable taxes|
|No Due Certificate issuance charges||1st time free; subsequently Rs. 500/- + applicable taxes|
|Statement of Account||Free once a year; subsequently Rs. 500 + applicable taxes|
|Photocopy of documents||Rs. 1000/- + applicable taxes|
|Retrieval of original property documents||Rs. 2000 + applicable taxes|
|Additional Charges||"2% p.m. on Outstanding Amount for the non-compliance of any terms and conditions of the Transaction Documents by the Borrower, for the period beginning the date of such noncompliance until the same is cured to the satisfaction of the Lender + applicable taxes"|
|For detailed fees & charges and other Terms & Conditions click here|
Application form with a recent photograph
Co-applicant is mandatory. Additionally, WOMAN co-applicant is mandatory in certain cases
The loan you take by keeping a self-owned property as collateral is called a loan against property (LAP) or a secured loan. The value of the property determines the amount of loan that can be sanctioned. The property will be owned by the lenders if you are unable to pay the loan.
Lenders look at your repayment capability and asses your eligibility based on your income, age, employment stability, and other assets and liabilities. The loan doesn’t exceed more than 60% of the property market value. With a co-applicant, a higher amount can be lent.
A secured loan is a low risk for banks, therefore there are faster approvals and lower interest rates. With a loan on property, you can use it for any purpose, similar to a personal loan. From renovating your home, starting a business, funding medical expenses or even going on a long vacation, you can take a loan to fulfil all your needs.
You can avail loan on property using
The necessary documents for a secured loan are (may vary for salaried and self-employed professionals):