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Secured Business Loan FAQs

A Secured Business Loan, as the name says, is a secured loan that can be availed by mortgaging a property to a Financial Institution. The loan can be taken against a residential or commercial property and funds can be used for business needs, wedding, medical expenses or any other personal needs.
Any earning resident Indian Individual (salaried/ self-employed) who owns a residential or commercial property can apply for a Secured Business Loan. The co-applicants can be close relatives, partnership firms, or even a Private Limited Company.
  • Self Employed borrowers need to submit complete set of ITR and financial of last two financial years, 6 months bank statement and details related to running or ongoing loans.
  • Salaried borrowers need to submit their last 2 month’s salary slip, 6 months’ bank statement, form 16, ITR and furnish details pertaining to running loans

IIFL Home Finance is aligned with Government of India’s Abhiyaan of ‘AatmaNirbhar Bharat’ and offers quick Secured Business Loan, free of hassles of unnecessary documentation and time. It’s tech enabled processes helps in loan disbursal fast and efficiently.

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We offer Secured Business Loan for max tenure of 10 years.
Loan to Value (LTV) is the percentage of loan offered against the value of the property/collateral mortgaged. The Secured Business Loan is usually offered in the range of 60% to 70% of the market value of the property.
It usually takes a minimum of 4 working days after submission of the required documents.
The annual household/family income of a self employed borrower must not be less than Rs. 2 Lacs and for salaried borrower; minimum monthly salary should be Rs.12,000 per month.
Repayment can be made by way of EMIs which must be paid through eNACH, eMandate or by signing ACH (Automated Clearing House) mandate form.
Normally a guarantor is not required. However, this would also depend upon the loan facility and financial strength of the customer. Each loan must have either a co-borrower or a guarantor.