Are you considering expanding your business, purchasing new equipment, or investing in growth opportunities? Securing a business loan on property through an online app can provide a convenient and efficient way to access the funds you need. This guide will walk you through the process step-by-step, ensuring you understand each stage and can proceed with confidence.
Understanding Business Loans on Property
A business loan on property, also known as a loan against property (LAP), is a type of secured loan where you pledge your commercial or residential property as collateral to obtain funds. These loans are popular among business owners looking for substantial funding at lower interest rates compared to unsecured loans. Here’s what you need to know about these loans:
Key Features of Business Loans on Property:
– Collateral: You can pledge your commercial or residential property as collateral.
– Loan Amount: Typically, you can borrow up to 70% to 80% of the property’s market value.
– Interest Rate: These loans usually come with lower interest rates compared to unsecured business loans.
– Tenure: Longer repayment periods, often up to 15 years.
– Purpose: You can use the loan amount for various business-related purposes, such as business expansion, working capital, or purchasing equipment.
Steps to Apply for a Business Loan on Property Through an Online App:
Applying for a business loan on property through an online app is straightforward and convenient. Follow these steps to ensure a smooth application process:
1. Choose the Right Lender:
– Start by researching and choosing a reputable lender that offers business loans on property. Look for lenders that provide competitive interest rates, flexible repayment options, and a user-friendly online application process.
2. Download the Bajaj Finserv App:
– Begin by downloading the Bajaj Finserv Appfrom the App Store or Google Play Store on your mobile device. This app provides a seamless experience for applying and managing loans.
3. Create an Account:
– Register yourself on the app by providing basic details such as your name, mobile number, and email address. Verify your account through the OTP sent to your registered mobile number.
4. Navigate to the Business Loan Section:
– Open the Bajaj Finserv App and navigate to the business loan section. Here, you can explore various loan options, including business loans against property.
5. Check Eligibility:
– Enter your business details, income, and property details to check your eligibility for the loan. The eligibility criteria usually include factors such as your age, credit score, and the valuation of the property you intend to pledge.
6. Choose Loan Amount and Tenure:
– Once eligible, select the loan amount you need and the tenure you prefer. Use the loan against property calculator provided in the app to estimate your equated monthly instalment (EMI).
7. Upload Documents:
– Upload the necessary documents directly through the app. These documents typically include:
– Property documents (such as the sale deed, title deed)
– KYC documents (Aadhaar card, PAN card)
– Business registration documents (GST certificate, business license)
8. Submit Application:
– Carefully review the application form and ensure all details provided are accurate and up-to-date. Submit the application through the app for processing.
9. Await Approval:
– The lender will evaluate your application, including the valuation of the property and your creditworthiness. You may be contacted for additional details or clarification if necessary.
10. Loan Disbursement:
– Upon approval, the loan amount will be disbursed directly to your registered bank account. Alternatively, you may choose to receive a cheque or demand draft.
11. Repayment:
– Start repaying the loan through EMIs as per the agreed schedule. The Bajaj Finserv App allows you to track your repayment schedule, make payments, and manage your loan account conveniently.
Benefits of Applying Through an Online App:
Applying for a business loan on property through an online app offers several advantages:
– Convenience: You can apply for a loan anytime, anywhere, without the need to visit a branch.
– Speed: Quick approval and disbursal process compared to traditional methods.
– Transparency: Monitor your loan application and repayment schedule through the app.
– Security: Secure transactions and data privacy ensured through the app.
Conclusion:
Applying for a business loan online on property through an app like the Bajaj Finserv Appprovides simplicity, convenience, and transparency. By following the steps outlined above, you can streamline the application process and access the funds you need to expand your business effectively. Explore your options today and take your business to the next level with a business loan on property.