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Secured Business Loan

Hassle free way to transform or add new equipment to your practice

Don't let the lack of funds come in the way of business success. Leverage your passive assets such as residential, commercial or industrial property to get a highly competitive Secured Business Loan. You can use the funds to make capital investments that can take your business to the next level.

With loan amounts of up to ₹ 25 lakh, our solution is ideal for retailers, entrepreneurs and businesses who need a little capital to help them go a long way.

Build a competitive edge for your business by investing the funds in modern infrastructure, new machinery, or digital transformation.

At Piramal Capital & Housing Finance, we make the application and disbursal process quick and convenient because we understand that your time is valuable and best spent in growing your business.

A dedicated relationship manager will handhold you through the entire process. And, what's more, we offer doorstep service so you don't have to step out of your office.

Key Features of Secured Business Loan

Business Loans funding across a wide range of collaterals and different types of properties
Quick disbursals: Enjoy a speedy and smooth application process and get funds fast
Maximum eligibility: Get higher loan amounts thanks to our comprehensive assessment
Personalised solutions: Our products are tailored to your business's needs

Eligibility

  • Salaried

    Age

    • Minimum Age- Minimum Age- 21 years
    • Maximum Age- Income contributor (Govt employee) - 70 yrs (if pension considered)
      Income contributor (Others) - 62 yrs (or restricted to retirement age)

    Employment Type

    Working in a
    • Govt. institution
    • Public Sector Undertaking
    • Private Sector Companies such as Limited Companies / Private Limited companies
    • MNC
    • Partnership firm / LLP
    • Proprietorship concern (Individual / HUF)
    • Institutions run by Trust / NGO / Society / others

    Documents needed

    • Income Tax Returns for the latest 2 years
    • KYC Documents
    • Form 16
    • Bank statements for the last 6 months and salary slips
    • Documentation pertaining to the property offered as collateral.
  • Self-employed

    Age

    • Minimum Age- 23 years
    • Maximum Age- 70 years

    Employment Type

    • Self Employed Professionals: Qualified doctor (MBBS/MD/MS), CA and Architect.
    • Self Employed Non-Professionals, Business Owners, Proprietorship, Partners of Partnership Firm and Promoter/Director of closely held private and public limited companies.

    However, Director of listed Public companies will be treated as Salaried

    Documents needed

    • Last 2 Years ITR With Compitation / CA Audited Financials Where Ever Applicable
    • KYC Documents
    • Form 16
    • Bank statements for the last 6 months.
    • Documentation pertaining to the property offered as collateral.

Interest Rate

Interest Rate
Customer Type Rates
Salaried / Self Employed Interest Rates starting from 12.5%* p.a
Fees & Charges
Fees & Other Charges as applicable on application/ during the term of Loan are as under. These are subject to modifications from time to time as decided by Lender as per its internal policy and any such modification shall be notified by the Lender through its website or its branches or such other medium as Lender may consider appropriate
Schedule of Fees & Other Charges Details
Processing Fees
  • Non-home Loan: Processing Fees up to 4 % of Loan amount + applicable taxes (payable before disbursement of Loan)
  • On cancellation or withdrawal or rejection of loan application (prior to handing over of loan cheque) minimum of ₹ 5000/- + applicable taxes or the initial processing fee, whichever is lower, will be held back.
Part Payment/Pre-closure charges
  • Non Home Loan (for the purpose other than business) availed by Individual/s at Floating Rate of Interest: No charges.
  • Non home loan for business purposes availed by individual/s at floating rate of interest: 4% of principal amount of Loan being prepaid + applicable taxes.
  • Non Home Loan availed by Non Individual as a borrower at Floating/Fixed Rate of Interest: 4% of principal amount of Loan being prepaid + applicable taxes.
Loan repayment instrument dishonour charges ₹ 500/- + applicable taxes
CERSAI charges ₹ 500/- + applicable taxes
Loan Pre-closure Statement ₹ 1000/- + applicable taxes
List of documents deposited with the Lender ₹ 500/- + applicable taxes
Loan Repayment Schedule ₹ 500/- + applicable taxes
Change of Loan repayment mode ₹ 500/- + applicable taxes
"Re-scheduling Loan terms (e.g. EMI Date change / EMI increase /Lowering of Tenor" ₹ 5000/- + applicable taxes
No Due Certificate issuance charges 1st time free; subsequently ₹ 500/- + applicable taxes
Statement of Account Free once a year; subsequently ₹ 500 + applicable taxes
Photocopy of documents ₹ 1000/- + applicable taxes
Retrieval of original property documents ₹ 2000 + applicable taxes
Additional Charges "2% p.m. on Outstanding Amount for the non-compliance of any terms and conditions of the Transaction Documents by the Borrower, for the period beginning the date of such noncompliance until the same is cured to the satisfaction of the Lender + applicable taxes"
For detailed fees & charges and other Terms & Conditions click here

Documents

  • Salaried

    Applcation Form

    Application form with a recent photograph

    Proof of Identity

    • Passport
    • Driving License
    • Aadhaar
    • Voter's Identity Card
    • Job card issued by NREGA
    • Letter issued by the National Population Register containing details of photo / name

    Proof of Income

    • Last 3 Months Salary Slips
    • 2 Years From 16.
    • 6 Months Bank Statement With Salary Credit
    • Bank statements for the last 6 months and salary slips
    • Documentation pertaining to the property offered as collateral.

    Proof of Residence

    • Passport
    • Driving License
    • Aadhaar Card
    • Voter's Identity Card
    • Utility bills like Telephone Bill /Electricity Bill etc.
    • Job card issued by NREGA
    • Letter issued by the National Population Register containing details of photo / name and address.

    Co-applicant

    Co-applicant is mandatory. Additionally, Woman co-applicant is mandatory in certain cases

    • spouse or any first blood relative like parents, siblings, children who have attained age of maturity (s.t. income-ownership grid)
    • All co-owners of property should be on loan structure
    • Friends cannot be co‐applicants (allowed only if they are coming in the capacity of Partners/Directors/Shareholder)
  • Self-employed

    Applcation Form

    Application form with a recent photograph

    Proof of Identity

    • Passport
    • Driving License
    • Aadhaar
    • Voter's Identity Card

    Proof of Income

    • Last 2 Years ITR With Computation.
    • CA Audited Financials Where Ever Applicable
    • 6 Months Primary Bank Statement

    Proof of Residence

    • Passport
    • Driving License
    • Aadhaar Card
    • Voter's Identity Card
    • Utility bills like Telephone Bill /Electricity Bill etc.

    Co-applicant

    Co-applicant is mandatory. Additionally, Woman co-applicant is mandatory in certain cases

    • Co‐applicant can be spouse or any first blood relative like parents, siblings, children who have attained age of maturity (s.t. income-ownership grid)
    • All co-owners of property should be on loan structure
    • Friends cannot be co‐applicants (allowed only if they are coming in the capacity of Partners/Directors/Shareholder)

Frequently Asked Questions

  • What is a loan against property?

    The loan you take by keeping a self-owned property as collateral is called a loan against property (LAP) or a secured loan. The value of the property determines the amount of loan that can be sanctioned. The property will be owned by the lenders if you are unable to pay the loan.

  • How does a lender decide the amount given as a loan against property?

    Lenders look at your repayment capability and asses your eligibility based on your income, age, employment stability, and other assets and liabilities. The loan doesn’t exceed more than 60% of the property market value. With a co-applicant, a higher amount can be lent.

  • What can a loan against property be used for?

    With a loan on property, you can use it for any purpose, similar to a personal loan. From renovating your home, starting a business, funding medical expenses or even going on a long vacation, you can take a loan to fulfil all your needs.

  • On what types of properties can you avail a loan against property?

    You can avail loan on property using

    • Self-owned residential properties
    • Self-owned and self-occupied residential properties
    • Self-owned but rented residential properties
    • Self-owned commercial properties
    • Self-owned but rented commercial properties
    • Self-owned plots
  • What are the documents necessary to avail a loan against property?

    The necessary documents for a loan against property are (may vary for salaried and self-employed professionals):

    • Identity Proof (PAN card is mandatory)
    • Address Proof
    • Proof of income
    • Property documents

From homeowner’s heart