Loan Against Property

 

Godrej Capital's Loan Against Property (LAP) is designed to support business growth with high loan eligibility, flexible EMIs, longer tenures, and a wide range of acceptable collaterals. This loan provides substantial funding based on property value, making it ideal for significant business investments and expansions.

 

Key Benefits | Interest Rates | Calculators | Documents Required | FAQs

Udyog Loan Against Property

 

Are you an MSME owner looking to scale your business operations? Take your business to new heights with Godrej Capital Udyog Loan Against Property. Our loan solutions enable business owners to get higher loan eligibility by allowing multiple sources of income to be considered.

 

Key Benefits | Interest Rates | Calculators | Documents Required | FAQs

Commercial Property Loan

 

Take your business to the next level with a Commercial Property Loan that finances construction, extension or improvement to make your business goals become reality. With plans designed for your life, you can rest assured that your business empire is in safe hands.

 

Key Benefits | Interest Rates | Calculators | Documents Required | FAQs

Balance Transfer

 

Transfer your existing loans to Godrej Capital and experience the benefits of lower interest rates, flexible repayment terms, and significant EMI savings. Enjoy higher eligibility, along with a top up loan, to take care of your extra needs.

 

Key Benefits | Interest Rates | Calculators | Documents Required | FAQs

Home Loan

 

Seeking a Home Loan to buy a ready-to-move-in property, an under-construction house, or renovate your current residence? Our Home Loan, featuring low interest rates and flexible EMI plans, is specifically designed to help you accomplish buying your dream home.

 

Key Benefits | Interest Rates | Calculators | Documents Required | FAQs

Plot Loan

 

Found the perfect spot to build your future? Our Plot Loans can help make it yours. Our loans offer you the financial help, low interest rates and flexible payment options you need to construct the home of your dreams.

 

Key Benefits | Interest Rates | Calculators | Documents Required | FAQs

Professional Loan for Doctors

 

Whether you need working capital to start your own clinic or upgrade your current practice with new facilities and hire skilled staff, our Professional Loans for doctors are here to help you. Apply today for a collateral free loan today!

 

Key Benefits | Interest Rates | Calculators | Documents Required | FAQs

Professional Loan for Doctors

 

Whether you need working capital to start your own clinic or upgrade your current practice with new facilities and hire skilled staff, our Professional Loans for doctors are here to help you. Apply today for a collateral free loan today!

 

Key Benefits | Interest Rates | Calculators | Documents Required | FAQs

Professional Loan for CAs

 

Godrej Capital's Professional Loan helps CAs in expanding practice, hiring new staff, enhancing equipment, and upgrading services for business growth. Get a loan without collateral and take your career to new heights.

 

Key Benefits | Interest Rates | Calculators | Documents Required | FAQs

Business Loan for MSMEs

 

For MSMEs aiming for growth, Godrej Capital Business Loans for small businesses offer the funds needed to expand their business and manage cash flow. Apply for MSME loan without collateral today!

 

Key Benefits | Interest Rates | Calculators | Documents Required | FAQs

Business Loan for Women

 

Are you a woman entrepreneur? Godrej Capital's Business Loans for women-owned MSMEs help them fuel growth and meet business needs without any collateral. Apply for a small business loan today!

 

Key Benefits | Interest Rates | Calculators | Documents Required | FAQs

Business Loan

 

Empower your business with Godrej Capital's Business Loan, offering flexible financing solutions to help businesses take the next step for growth. Apply for online Business Loan without collateral today!

 

Key Benefits | Interest Rates | Calculators | Documents Required | FAQs

different-types-of-loans.jpg

A Complete Guide to the Different Types of Loans Available in India



At some point, each of us has likely considered starting an ambitious business, embarking on a home improvement project, completing an unfinished degree, or going on a dream vacation. For various reasons, we often explore financing options to help realize these aspirations to achieve various goals in life.

 

In India, there are loans tailored to meet every need. The lending landscape has become fiercely competitive, with new players such as NBFCs, micro-financiers, and FinTechs entering the market. Additionally, digitization has further fuelled demand in the industry. This piece aims to enlighten you on the various types of loans available, along with their eligibility criteria and required documentation.

 

Let's understand more about it in depth.

 

Home Loan

Home Loan helps you buy a home of your dream home. There are now more companies that offer home loans, giving you more choices for lenders. Owning a house can make you feel more secure and like you have something valuable for the future.

 

ELIGIBILITY

DOCUMENTATION

Age

KYC documents (address and identity proof)

Monthly income

Income documents (salary slip and bank statement)

Existing financial obligations

Property documents

Credit history

 

 

Loan Against Property

Loan Against Property (LAP) is a common type of loan where you use your property as security to borrow money. In simple terms, you pledge your property to the lender to get a loan. Lenders usually give you 60% to 70% of your property's value as a loan amount. So, if your property is worth Rs. 1 crore, you could get a loan of INR 60 - 70 lakh.

 

Since LAP is a secured loan, the interest rate is relatively low. You can use this loan for various purposes, such as funding your child's education, marriage, or expanding your business.

 

ELIGIBILITY

DOCUMENTATION

Indian citizen

KYC documents (address and identity proof along with PAN card)

Age between 21-60 years

Income documents (bank statement of previous 3-6 months, ITR, P&L and Balance sheet)

Employed with a private or public limited company

Valid property documents

Minimum income threshold

 

 

 

Business Loan

A Business Loan is used to acquire funds for business purposes. It helps businesses manage short-term capital shortages, address working capital needs, or invest in new technology to capitalize on market opportunities.

 

Business loans typically are unsecured loans and do not require collaterals. They have a quick loan approval process resulting in a fast and convenient way for businesses to meet their financial needs.

 

ELIGIBILITY

DOCUMENTATION

Indian citizen

KYC documents (identity and address proof)

Minimum 21 years of age

Business ownership documents

Minimum business turnover (varies across lenders)

Business continuity proof

Minimum business vintage of 3 years (Varies for metros & non-metros)

Copy of ITR of the past 2 – 3 years

 

You may also like to read:  Different Types of Business Loans in India

 

Personal Loan

A Personal Loan is a type of unsecured loan that provides funds for various purposes such as vacations, medical expenses, or financial emergencies. You can obtain a personal loan from a bank or a non-banking financial company (NBFC). Because it doesn't require collateral, the interest rate for a personal loan is typically higher. 

 

ELIGIBILITY

DOCUMENTATION

Indian citizen

KYC documents (Aadhaar, PAN card, Passport, Voter’s ID)

21 – 60 years

Address Proof

Minimum income per month (Varies for metros & non-metros) (varies across lenders)

3 months’ bank account statement

Employed with private or public company

3-month salary slip

 

Things You Need to be Mindful of as a Borrower
 

Whether you're applying for a Personal Loan, Loan Against Property, Business Loan, or Home Loan, certain factors are crucial for borrowers to keep in mind:

 

  1. Informed Decision-Making: Compare loan products based on factors like loan amount, interest rate, repayment tenure, flexibility, and post-sales service. Understand the terms and conditions before signing any documents.
  2. Credible Lenders: Choose a reputable lender who offers competitive interest rates and additional benefits like parallel funding, ensuring you can achieve your goals without risking your financial stability.
  3. Healthy Financial Habits: Check your credit score before you apply for a loan; a score above 750 is considered good. A good credit score speeds up the loan approval process and increases your chances of securing a competitive interest rate.
  4. Loan Repayment Capacity: Assess your financial capability to repay the loan. Consider factors like your income stability, existing debt obligations, and monthly expenses to ensure you can comfortably manage the loan repayments.
  5. Loan Repayment Tenure: Choose a loan tenure that aligns with your financial goals and repayment capacity. A longer tenure may reduce your monthly EMI but result in higher overall interest payments.
  6. Loan Insurance: Consider opting for loan insurance to protect yourself and your family from unforeseen circumstances that may affect your ability to repay the loan, such as job loss, disability, or death.

 

Now that you know about various types of loans, choose and apply for a loan based on your requirements to fulfil your financial needs.

 

Also Read: Borrower's Checklist for Loans

 

Godrej Capital is the financial services arm of Godrej Group which offers Home Loans, Loan Against Property and other secured loans. With innovative products and offerings, customers can get hassle-free loans on easy terms and conditions. Click here to know more about the offering.

 

Disclaimer: The contents of this article are for information purposes only and not a financial advisory. The information is subject to update, revision, and amendment and may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Godrej Capital or its Affiliates to any requirements. Godrej Capital or its Affiliates shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any decisions, financial or otherwise based on the contents and information mentioned. For more information, please visit www.godrejcapital.com