Loan Services
FINCRED SOLUTIONS
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. Most lenders get the property valued independently and provide loans based on their estimated value. It is important to remember, however, that frequently their valuation is significantly lower than the actual cost and hence the requirement of the borrowers goes up. Home loans in Indian Banks are provided up to maximum of 80% (90% for loan amount below INR 20 lakhs) of the value of the house. Home loans are repaid using Equated Monthly Installments (EMIs) spread over a fixed tenure.
Mortgage Loan
A mortgage loan is a secured loan that allows you to avail funds by providing an immovable asset, such as a house or commercial property, as collateral to the lender. The lender keeps the asset until you repay the loan.The term “mortgage” refers to a loan used to purchase or maintain a home, land, or other types of real estate. The borrower agrees to pay the lender over time, typically in a series of regular payments that are divided into principal and interest.
Car Loan
Car loan is a financial assistance taken to purchase a car with minimal initial payment from your own pocket. The borrowed money from the lender can be repaid in equal monthly instalments over a period of time with an agreed rate of interest. Normally, car loans are secured with the vehicle itself that is being bought.
Personal Loan
Personal loans are a type of installment loan. That means you borrow a fixed amount of money and pay it back with interest in monthly payments over the life of the loan — which typically ranges from 12 to 84 months. Once you’ve paid your loan in full, your account is closed.
Business Loan
A business loan is a loan specifically intended for business purposes. As with all loans, it involves the creation of a debt, which will be repaid with added interest.Business loans provide business owners with financing either as a lump-sum payment or credit line. In exchange for this funding, your business agrees to repay the money it borrows over time, plus interest and fees.
Corporate Loan
Corporate Loans – Everything To Understand
Corporate Loan
Corporate Loans – Everything To Understand
When an operating business needs more funding, it applies for a corporate loan. The loan it receives can be useful for the following requirements:
To take care of daily expenditure
To renovate the firm
To fund the working capital
To expand your market
Secured and Unsecured Loans
As you know, a corporate loan can either be secured or unsecured. Secured loans require that you provide collateral. It helps the lender sell the asset you offered to repay the loan if you fail in this regard. Going for this loan enables you to get lower interest rates and more extended repayment periods.
An unsecured loan, on the other hand, does not require that you submit any security. Disbursal of such loans is generally for immediate or short-term funding requirements. But you need to have a high credit rating to avail an unsecured corporate loan.
