A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • Bridge Loan

    The term ‘bridge loan’ is something not many people are aware of. It is a type of gap financing arrangement which enables you to get-short term loans from banks. These loans help in bridging the gap between short-term loan requirements and long-term goals.  

    Most banks in the country offer bridge loans to applicants at a high rate of interest for a repayment period of 12 months. The loan is provided on the back of a collateral such as equity or debentures.  

    SBI Bridge Loan  

    Key Highlights
    • Loan amount up to Rs.2 crore 
    • Tenure up to 2 years 
    • Low interest rate and processing fees  
    • No penalty for pre-payment 
    Loan Tenure  Interest rate (p.a.)  Loan amount  Eligibility  Processing fee 
    Up to 2 years  First year – 2.45% above 1-year MCLR   Min. – Rs.20 lakh  Max. – Rs.2 crore 
    • Must be a resident Indian 
    • Age should be between 18 and 70 years 
    0.35% of the loan amount + tax  (Min. Rs.5,000) 

    Capital & Housing Finance Bridge loan  

    Key Highlights
    • Loan for both new purchase and re-sale of residential property 
    • Co-applicant mandatory for availing the loan 
    • Loan repayment up to 2 years 
    • Maximum loan of 90% of the market value of existing house 
    Loan tenure  Interest rate (p.a.)  Loan amount  Eligibility  Processing fee 
    Up to 2 years  Not available  Min. – Rs.20 lakh  Max. – Rs.10 crore  Salaried Individuals  Self-employed professionals (SEP)  Self-employed non-professionals (SENP)  Up to 3% of the loan amount + tax 

    kshaya Finance Bhaarath Ltd. Bridge loan   

    Key Highlights
    • Approved within 3 days 
    • Tenure can be as low as 1 day 
    • Can be availed against new loan sanction letter 
    Loan tenure  Interest rate (p.a.)  Loan amount  Eligibility  Processing fees 
    Min. – 1 day  Max. – 60 days  Check with Akshaya Finance Bhaarath  Min. – Rs.25 lakh  Max. – Rs.10 crore  Property should have a clear title and must be in a prime area in Chennai  Borrower must have guaranteed repayment source   Check with Akshaya Finance Bhaarath 

    Bank of Baroda Bridge loan   

    Key Highlights
    • Introduced for top-rated corporate clients 
    • Offered against expected equity flows or issues 
    • Also available against expected proceeds of global depository receipts/funds, or external commercial borrowings 
    • Tenure of up to 12 months  

    Note: Check with the bank for interest rates and other fees and charges.  

    Though public sector banks offer bridge?loans, the concept is yet to be fully explored in the country. If you require urgent financing for down-payment, you could check with the bank you have a long-standing relationship with, and see if they can offer you a good deal. You could also opt for a short-term personal loan if you’re sure to be able to pay it off soon.  

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