03/09/2025
TERMS AND CONDITIONS
The types of loans provided by NBFCs, banks (including private and national banks), and insurance providers include:
Home Loan: Loans for purchasing, constructing, extending, or renovating residential property. Typically secured by the property itself.
Business Loan: Loans for business purposes, available for self-employed, proprietors, partnership firms with eligibility criteria around income, turnover, and experience.
Personal Loan: Unsecured loans based on borrower’s income and credit score for personal uses.
Loan Against Property (LAP): Secured loans where existing property is pledged as collateral.
Other Loan Types from NBFCs: Educational loans, gold loans, vehicle loans, microfinance loans, and insurance linked loans.
Terms and conditions commonly include:
Loan approval depends on documentation, income proofs, credit history, and income tax returns.
Home loans often have loan-to-value ratios of 75%-90% depending on property value.
No prepayment penalty on floating rate home loans.
Business loans have clauses such as security cover, repayment schedule, default, and interest rate fluctuation.
LAP loans provide up to 65% of property value with repayment tenures up to 15 years.
Personal loans have processing times, no upfront payment to bank staff, and loan approval discretion.
Insurance for home loans is encouraged for protection against unforeseen risks.
Contact: 8553396753
Email: [email protected]
These loan types and conditions apply across NBFCs, private banks, and nationalized banks, with insurance often provided as part of home and business loan packages as per RBI guidelines and lender policies
