LOANS · It is an option that most individuals opt for to avail the benefit of lower interest rates...
Transcript of LOANS · It is an option that most individuals opt for to avail the benefit of lower interest rates...
LOANS
Channel partners with 60+ Banks and NBFCs with whom our expertscompare and get you the best rate and maximum loan amount
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Starting at 10.99%*
Starting at 8.30%*
Starting at 8.75%*
Starting at 15%*
Starting at 9%*
NBFCs – Non Banking Financial Companies
FOIR – Fixed Obligation to Income Ratio
SME – Small and Medium Enterprises
LRD – Lease Rent Discounting
BT – Balance Transfer
SalariedSelf Employed Non
Professional
Self Employed
Professional
Private Limited Proprietorship Doctors
Limited Partnership Architects
Government companies Private Limited Chartered Accountants
Other companies Limited
Secured Loans Unsecured Loans
Home Loan Personal Loan
Loan against property Business Loan
Commercial property purchase Credit Cards
Lease Rent Discounting
Loan against shares
Working Capital
Car loan
It is an option that most individuals opt for to avail the benefit of lower interest rates prevalent in the market
Usually the existing borrower of a bank, who is about two or more years into his loan tenure, does not get the benefit of falling interest rates in the market.
The Reserve Bank of India has been insisting on lower interest benefits to be passed on to the existing borrowers as well, but this seldom happens.
Balance transfer of Loans happens when the entire unpaid principal loan amount is transferred to another bank for a lower rate of interest.
If the unpaid amount is low or if only a few years remain in terms of tenure, balance transfer may not be ideal. This is also because banks often levy a processing fee for balance transfer of Loans and in the end it may not be all that beneficial.
Personal Loan (BT)
Home Loan (BT + Top up)
Loan Against Property (BT + Top up)
New / Used Car Loan & Car Refinance
Loan Against Securities
Loan Against Property (BT + Top up)
Commercial Property Purchase
Unsecured Business Loan (BT + Top up)
Lease Rent Discounting
Working Capital (takeover and enhancement)
Overdraft & Cash credit
Term loan
Loan Against Property (BT + Top up)
Commercial Property Purchase
Professional Loan (BT)
Home Loan (BT + Top up)
Loan Against Shares
New / Used Car Loan & Car Refinance
Equipment finance
Channel Partners
AXIS BANK
DBS BANK
DCB BANK
FEDERAL BANK
ICICI BANK
IDFC BANK
KOTAK MAHINDRA BANK
RBL BANK
STANDARD CHARTERED
BANK
YES BANK
Bank Of Baroda
ADITYA BIRLA HOUSING FINANCIAL LIMITED
AU HOUSING FINANCE LIMITED
CAPITAL FIRST LIMITED
CHOLAMANDLAM INVESTMENT AND
FINANCE COMPANY LTD
DHFL
EDELWEISS FINANCE LIMITED
FULLERTON INDIA CREDIT COMPANY
LIMITED
INDIA INFOLINE FINANCE LIMITED (IIFL)
MAGMA HOUSING FINANCE LIMITED
PNB HOUSING
RELIANCE HOME FINANCE
TATA CAPITAL
HDFC LTD
AXIS BANK
DBS BANK
DEUTSCHE BANK
FEDERAL BANK
HDFC BANK LTD
ICICI BANK
IDFC BANK(ALSO CP)
INDUSIND BANK
KOTAK MAHINDRA BANK
RBL BANK
STANDARD CHARTERED
BANK
YES BANK
ADITYA BIRLA FINANCE LIMITED
AU FINANCE LIMITED
CAPITAL FIRST LIMITED
CAPRI GLOBAL CAPITAL LIMITED (ALSO CP)
CHOLAMANDLAM INVESTMENT AND FINANCE COMPANY
LTD
EDELWEISS FINANCE LIMITED
ESSEL FINANCE
FINMAX FINANCE
FULLERTON INDIA CREDIT COMPANY LIMITED
HERO FIN CORP(ALSO CP)
HINDUJA LEYLAND FINANCE LIMITED
INDIA INFOLINE FINANCE LIMITED (IIFL)
INDIABULLS HOUSING FINANCE LIMITED
INDOSTAR CAPITAL FINANCE LIMITED
JANALAKSHMI FINANCIAL SERVICES LTD
L&T FINANCE
MAGMA FINCORP LIMITED
ORIX LEASING & FINANCIAL SERVICES INDIA LIMITED(ALSO
CP)
PIRAMAL CAPITAL
PNB HOUSING
RELIANCE CAPITAL
TATA CAPITAL HOUSING FINANCE
AXIS BANK
DCB BANK(also SE)
HDFC BANK LTD
ICICI BANK
IDFC BANK
STANDARD CHARTERED
BANK(also SE)
YES BANK
KOTAK BANK
ADITYA BIRLA FINANCE
LIMITED
BAJAJ FINANCE LIMITED
CAPITAL FIRST LIMITED(ALSO
SE)
FULLERTON INDIA CREDIT
COMPANY LIMITED
TATA CAPITAL
AXIS BANK
DEUTSCHE BANK
HDFC BANK LTD
ICICI BANK
INDUSIND BANK
KOTAK MAHINDRA BANK
RBL BANK
STANDARD CHARTERED BANK
ADITYA BIRLA FINANCE LIMITED
BAJAJ FINANCE LIMITED
BEE FINTECH PRIVATE LIMITED
(INCRED FINANCE)
CAPITAL FIRST LIMITED
CAPITAL FLOAT
EDELWEISS FINANCE LIMITED
EQUITAS
FINMAX FINANCE
FULLERTON INDIA CREDIT
COMPANY LIMITED
LENDINGKART
MAGMA FINCORP LIMITED
SHRIRAM FINANCE
TATA CAPITAL
PRODUCT SUMMARY
Loan Amount
50k to 20 Lacs
Collateral
No Collateral
Tenure
Upto 5 years
Rate of Interest
10.99% to 24%*
PF
1.5% - 2%*
PRODUCT SUMMARY
Loan Amount
5 Lacs to 5 Cr
Collateral
No Collateral
Tenure
Upto 3 years
Rate of Interest
15.00% to 24%*
PF
1% to 2%*
Product Summary
Loan Amount
10 Lacs to 35 Cr
Collateral
Mortgage of Loan property
Tenure
Upto 30 years
Rate of Interest
8.30% to 11.50%*
PF
0.5%*
Salaried-Rs.10000/-
Product Summary
Loan Amount
25 Lacs to 30 Cr
Collateral
Mortgage of Loan property
Tenure
Upto 15 years
Rate of Interest
8.75% to 12%*
PF
0.5% to 1%*
Product Average Rate Of
Interest
Max loan tenure Per lac EMI
Personal Loan 13.5% 5 2301
Unsecured Business
Loan
17.5% 3 3590
Home Loan 8.40% 20 862
Loan Against
Property
9.5% 15 1044
EMI paying capacity = Income*FOIR% lessMonthly obligations if any
Example
Emi paying capacity = Rs.30,000
Per lac EMI of PL = Rs.2300
Therefore Rs.30,000/2300 = 13.043 i.e Rs. 13Lacs Principal amount
So, the customer is approximately eligible for-
Rs.13.04 lacs Principal amount + Rs.4.96 lacsInterest Total Repayment = Rs. 18 Lacs
As per - Per Lac EMI As per EMI calculator
Particular Amount (Rs)
Loan Amount 1,00,000
Interest Rate 10%
Loan Tenure 1
Loan EMI 8,792
Total Interest Payable 5,499
Total Repayment 1,05,499
Repayment schedule
Can the co-applicant’s income be included while calculating eligibility?
Yes Banks add spouse or parents income as co-applicant to calculate eligibility
What constitutes an EMI?
The interest payable throughout the loan tenure gets computed over a chart calledamortisation schedule which portions the interest and principal in a descending andascending order respectively.
What is fixed interest rate?
Rate of interest will remain same throughout the tenure.
What is reducing rate of interest?
Here the interest is charged on the reduced outstanding principal amount.
What is floating interest rate?
It is also called Variable Rate of Interest. The rate of interest changes according to thebanks policy or market lending rate.
Can a fixed interest rate be converted to floating interest rate and vice-versa?
Yes. The interest rates can be switched, lenders usually charge for this.