TATA Capital provides secured loans that are ideally aimed to provide financial aid towards personal or business needs by utilising the value of an owned property.
This secured loan is provided to salaried and self-employed individuals alike on properties that are commercial or residential. The loan thus availed can be used for personal or business needs for any term (subject to the repayment period).
A secured loan, this business loan has a few eligibility criteria to be met in order for the financial institution to be able to sanction the loan. The eligibility requirements can be mentioned as follows –
Applicants can be individuals, professionals, sole proprietorships, partnership firms and private limited companies (including closely-held public limited companies) but compulsorily Indian residents
Applicants should be at least 25 years of age when the loan is sanctioned and at most 60 years of age at the time of loan maturity
The minimum gross salary or net profit per financial year should be INR 240000 to INR 300000
The minimum occupational stability for individuals and non-individuals is 3 years, and non-individuals need to have a minimum of 2 years of cash profit
Loan against Property from TATA Capital is a specific term loan with repayment period of up to 15 years.
Based on the credit-worthiness of the applicant, validity of documents and value of the property, TATA Capital can provide loans from INR 5 lakhs up to INR 5 crores.
Interest rates for a Loan against Property could depend on the base lending rate and be anything from 12% per annum to 15% per annum. Changes to the rates are based on TATA Capital’s discretion. The mentioned rates are as per November 2015.
The standard list of required documents for applying for this loan are mentioned as follows –
PAN Card – For Individual, Partnership Firm, Company
Identity Proof – Either of Voter ID, Driving License, Passport or Aadhaar Card
Address Proof – Either of Voter ID, Driving License, Passport, Telephone Bill, Electricity Bill, Registered Lease Deed or Sale Agreement or Bank Statement
Ownership proof of either residence or office either in the name of applicant or jointly with family members
Business Continuity Proof – Any one of the mentioned documents dated 5 years old (Bank Statement, Sales Tax Challans, IT Returns, Shops & Establishment Certificate, Certificate of Incorporation, Partnership Deed)
Letter certifying end use of the business loan funds on official business letterhead
Passport Size Photographs of all applicants and co-applicants.
Financial documents required while applying for the loan will include and might not be limited to -
Latest audited ITR and financials for the last 2 years or latest 3 month salary slip or latest Form 16
Bank statements from the main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet (For salaried, 6 months’ credit of salary should be reflected in the bank statements)
Partnership Deed and partnership authority letter for partnership firms
Memorandum and Articles of Association and Board Resolution from the company
Certificate of Incorporation (COI) for companies
Latest shareholding patterns for companies
The Loan against Property from TATA Capital is a really good financing option for urgent financial needs on business or personal grounds.
Some key features of this specialised loan are as follows –
Loan tenure or repayment period can be as high as 180 months
Minimal documentation and faster approval
Commercial as well as residential property accepted as collateral
High loan amounts up to INR 5 crores
The loan can be applied for through TATA Capital’s website, as well as forms can be downloaded, filled and submitted along with relevant documents at a local branch. Additionally, one could call or mail TATA Capital requesting an executive assistance for application process.
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