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Secured Business Loan
Whether you are setting up a small venture, need working capital to further your business or manage personal expenses, securing a business loan is the best solution for any kind of financial crunches. At IIFL Home Loans, we offer loan for small businesses in the form of a Secured Business Loan that is a multi-purpose financing option to gain instant financial assistance whenever required.
Prospective applicants can avail of the sme loan against residential, commercial or a plot of land. The pledged collateral assures the lender that the borrower would repay the loan over the tenure specified in the loan agreement. The secured business loan interest rate starts from 10.75% onwards. Borrowers can avail of the loan for a maximum tenure of 10 years.
Secured Business Loan Features:
- Maximum loan assistance: Borrowers can avail of a maximum loan amount of up to Rs.10 crores for a maximum loan term of up to 10 years.
- Flexible Repayment: The secured business loan is the common financing option for small businesses. If the value of the mortgaged property is higher, the repayment term is longer and flexible.
- Loan to Value: Avail loan sanction up to 65% of market value against residential / commercial properties.
- Loan Balance Transfer: Small businesses can also opt for Secured Business Loan Balance Transfer with the top-up facility to enjoy lower interest rates on the business loan.
- Quick Approval: Get a business loan approval instantly with a minimum documentation process. Are you ready to unlock the power of the business loans with IIFL Home Loans?
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Secured Business Loan Documentation
Apply for a business loan online and get quick disbursal with easy and simple documentation. The documents required for Secured Business Loan are:
Mandatory documents:
| Document type | Salaried | Self-employed |
|---|---|---|
| Application Form | Yes | Yes |
Identity Proof
|
Yes | Yes |
Address Proof
|
Yes | Yes |
Income & other documents:
| Document type | Salaried | Self-employed |
|---|---|---|
| Salary Slip/Certificate | Yes | No |
| Form 16/ITR | Yes | Yes |
| Bank Statement | Yes | Yes |
Property Documents:
| Document type | Salaried | Self-employed |
|---|---|---|
| Copy of chain documents of the property (if applicable) | Yes | Yes |
| Copy of Receipt made to the developer (if applicable) | Yes | Yes |
| Copy of Buyer Agreement | Yes | Yes |
| Copy of Agreement to Sell (if executed) | Yes | Yes |
Benefits of Secured Business Loan:
- Lower Interest Rates: The business loan is available at a lower interest rate, starting from 10.75%. At IIFL Home Loans, you can simply mortgage residential, commercial property or land with us to get the loan at the best rates.
- Easier to obtain the loan: If you have a property that is in a good condition and has a better market value, you can instantly avail funds without any hassle.
- Longer Repayment tenure: The business loan has a longer tenure that can be stretched up to 10 years. This gives you ample time limit to repay the sme loan EMIs comfortably without any financial strain.
- Complete transparency: Transparency throughout business financing enables you to make an informed decision in relation to your personal finances and simplify the loan process.
- Minimum documentation: The mortgage loan documentation enables you to avail of the loan hassle-free.
Secured Business Loan FAQs
A Secured Business Loan is a type of loan that small business owners such as Kirana shops, stores or restaurants can acquire to fund any professional or personal commitment. Businesses can get the loan by pledging residential, commercial or plot of land.
In order to apply for a business loan, it is crucial to meet the sme loan eligibility criteria. At IIFL Home Loans, small businesses can easily apply for Secured Business Loan Online.
The business loan or sme lending requires a collateral, which is essentially a property asset. The loan amount is offered after evaluating the current market value of the property. In case the value of the mortgaged asset is high, the loan amount is also high, and the loan term is longer.
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