Finance is the backbone of every business. All Business needs funds for their long term prospects and growth. We hae collaborations with Banks, Financial Institutions from where we help our client to get loan easily as per banking terms
Home Loan : A Home Loan is a secured loan product where the lender provides finances for the purchase or construction of a residential/commercial property. One can also avail a housing loan to buy a plot of land and construct on it. Home Loans are also issued to extend/ repair/ renovate/ alter a new or second-hand property. The Home Loan is taken by a borrower against the property/security to be bought. This is done by giving the banker a conditional ownership over the property i.e. if the borrower fails to pay back the loan, the banker can retrieve the lent money by selling the property.
Loan Against Property : Loan against property (LAP), are basically loans provided by banks against the security of one’s own property. LAP is designed to meet the financial needs of someone who already owns a house or multiple properties so as to get the best out of their assets. Its important to remember that the property which you are putting up for your loan should be free any encumbrance (i.e. it is not given as security for any purpose or any other loan).
Banks provide LAP for both Salaried as well as Self-Employed individuals. The rates and loan amounts differ based on your property and your annual income.
Banks will always want to consider all risks, which is why while you are applying for your loan against property, there are certain factors the bank considers with respect to your property to mitigate its risks in giving out the loan. These factors determine your rate of interest, and loan amount. You can get a LAP of up to 80% of the registered value of your property depending on the Bank’s policy and the property type and valuation. The value of the property would be determined through a valuation conducted by the Loan Provider.
Personal Loan: A personal loan is a loan for your personal use, be it your child’s wedding, a dream vacation, or a shopping extravaganza. A personal loan does not require any security or collateral and can be availed without much fuss. Typically personal loans range from Rs. 50,000 to Rs. 30 Lacs with a tenure typically ranging from one to five years. Getting a Personal loan is quite stress free and there are typically a number of offers in the market most of the time.
Apart from the rate of interest banks also charge some fees which are usually of two types. Once when you are applying for the loan and once when you are pre-closing the loan. The fees when charged at the time of processing called as Processing Fees vary from 2-3% of the loan amount. This could be reduced if you have the ability to bargain. the second charge is the prepayment penalty paid at the time of pre-closure. This too varies from 2 – 3 %. Similar to processing charges, you can also try to get this fees reduced.
Business Loan : Financial Flow is the life blood of any successful organisation. Most businesses will need a large amount of working capital to start up a new business or enable the rapid growth of an existing business. Scaling up always requires a influx of finances.
Which is why, we go to all lengths to ensure that we can disburse a loan that can help you take your business to the next level. Business loans are very special to Andromeda and we have been helping our customers scale to new heights of success by helping them finance their dreams for their enterprises.
While a personal is given on a personal capacity and income, a business loan is given based on company’s income and capacity and is given in the company’s name.
Business loans are categorized broadly into following 2 segments.
1. Unsecured business loans – 3 year term loan for proprietorship, partnership, private limited companies and limited companies based on a sound balance sheet.
2. Secured business loans – Working capital funding in rupees as well as foreign currency for proprietorship, partnership, private limited companies and limited companies