How to Track Personal Loan Application Status Online?
Personal Loans are the best funding options for people who nee . . .
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In a rapidly growing economy, with ever-increasing consumer spending, taking a loan has become common. Especially, if you are a business owner or a self-employed professional, the dynamic and changing business environment makes it imperative for you to be ready at all times—be it for business expansion, plant/machinery acquisition or a simple raw material purchase for a large order. Usually, this readiness hinges on your cash or funding situation. If you are cash-rich, you'll be able to appropriately deal with short notice opportunities and threats. If not, then you must consider either a loan against property or a personal loan, since both have their advantages and disadvantages. Are you wondering which one could be the right option for you? Let’s look at both in detail:
High Loan Amount:
Property Risk:
Parameters | Loan Against Property | Personal Loans |
---|---|---|
Processing Time | As the legal and technical team evaluates the property, the processing time is slightly longer. | You can get personal loan approval within minutes |
Interest Rate | A loan against property interest rate is lower when compared to all other loan forms. | Personal loans come with a higher interest rate. |
Loan Amount | Depending upon your property, you can get up to Rs 15 crore. | Depending upon your profile, you can get up to Rs 5 lakh. The maximum amount may vary from lender to lender |
Loan Tenure | The maximum repayment tenure is 15 years. | Repayment tenure can range anywhere between 12 months and 60 months. |
Documentation | Along with your KYC and income proof, you also need to furnish property-related documents. | You only need KYC and income proof. |
The act of paying out money for any kind of transaction is known as disbursement. From a lending perspective this usual implies the transfer of the loan amount to the borrower. It may cover paying to operate a business, dividend payments, cash outflow etc. So if disbursements are more than revenues, then cash flow of an entity is negative, and may indicate possible insolvency.
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