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Shakthi Loan against Property
IIFL Home Finance offers Shakthi Loan, which is a small ticket size Loan Against Property, to provide for the financial needs of India’s unorganised and small businesses. Shakthi Loan enables the business owner to have access to finances in form of loan for scaling up the day to day operations, and supports the inclusive growth of the underserved and informal sections of the society that face challenges of easy access and fast credit facilities from the formal Banking and Financial sector. IIFL Shakthi Loan against Property bridges the credit gap and the philosophy of offering simple credit to last-mile micro unorganised enterprises.
Shakthi Loan against Property caters to and fulfils the credit needs of the micro businesses such as small groceries stores, saloons, vegetables vendors, small traders and agricultural ancillaries i.e., seeds and fertilisers suppliers at the end of the supply chain, etc. The loan approval can be availed in just 25 minutes* with online documentations and procedures for faster approval and processing.Apply Now FAQs
Shakthi Loan against Property Eligibility
To qualify for IIFL Shakthi Loan, the customer needs to meet the following eligibility criteria:
- Any resident Indian citizen can apply for IIFL Shakthi Loan
- Applicants need to be between the age group of 18 to 75 years
- Both salaried and self-employed individuals are eligible for Shakthi Loan Small business types which may avail Shakthi Loan are small groceries stores, saloons, vegetables vendors, small traders, Tiffin Center, Tea Stall, Livestock, and similar
Shakthi Loan against Property Documents
Getting IIFL Shakthi Loan against Property is easy and quick. The paperwork is easy and the loan approval process is digital. Following is the list of documents required for Shakthi Loan.
IIFL Shakthi Loan FAQs
• Nationality: Indian
• Age Limit: 18 to 75 years
• Salaried & Self-employed Individuals
• All scheduled commercial banks and public sector banks
• Co-operative Banks
• Gramin Banks
Equated Monthly Instalment(EMI) is a fixed amount mandatory to pay every month against the loan borrowed on a specific due date. The EMI comprises of two components:
• Interest payable on the principal
Calculating EMI is one of the significant factors when initiating the loan application process with a lender. The free tool can be used multiple times to calculate EMI. Below is the IIFL Shakthi Loan EMI calculation formula:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Where, • EMI: Equated Monthly Instalment,
• P: Principal Amount
• R: Interest rate per month
• N: Number of monthly instalments or loan tenure in months.
Manual calculation of IIFL Shakthi Loan EMI can be time-consuming. Additionally, there are bound to be errors. To avoid this, you can use IIFL Shakthi Loan Calculator for arriving at a specific amount.