Financial Assistance

Anyone — whether self-employed or salaried individuals/professionals — with a regular source of income can apply for home loans. One must be at least 21 years old when the loan period begins and should not exceed an age of 65 years when the loan ends or at the time of superannuation. This is the generic home loan eligibility criteria and specifics such as the minimum and maximum age limits, minimum income level, etc. may differ from one lender to another.

If the interest rate on the loan varies periodically over the loan tenure, then it is called a floating rate home loan. Lenders have their own base rate which determines the rate of interest charged on a home loan. The base rates of banks are revised from time to time based on RBI directives as well as other factors, which leads to an increase or decrease in the EMI amount payable.

Fixed rate home loans are offered at a predetermined interest rate during the loan period and these remain unchanged during the loan period irrespective of market conditions. This can be a huge benefit when market volatility starts affecting interest rates. For instance, if the RBI increases interest rates on loans, then people with fixed rate home loan will not be affected by any increase or decrease in the market interest rates and the EMI amount will remain unchanged. This type of home loan is less popular these days.

Yes, one can repay the loan amount before completion of the scheduled loan tenure by making a lump sum payment towards paying off the loan. In such cases, the bank may decide to apply some penalties in the range of 2-3% of the principal amount outstanding. Some banks and NMFC (non-banking financial companies) do not charge any penalty on making prepayment of a home loan.

• Tax exemption on repayment of the home loan principal: This is the deduction allowed under Tax Section 80C with a maximum annual tax deduction of Rs, 150,000 under the section.
• Tax benefit on the interest rate for a home loan: Under Section 24 of the Income Tax Act, you can avail the tax benefit on the amount of interest paid on a home loan to the maximum limit of Rs. 2 lakhs for a self-occupied property.
• Tax benefit for Joint Borrowers: In case of joint home loans, each of the co-borrowers is eligible to receive a total of Rs. 3.5 lakhs (1.5 lakhs under section 80C + 2 lakhs under section 24) as tax exemption. Hence, if a married couple co-signs for a home loan, they can claim a total tax exemption of Rs. 7 lakhs on their home loan.

Meet Your Business’ Financial Needs with Business Loan

Empower your business and take it to new heights with fast and hassle-free Business Loan. We provide tailored business financing solutions to help you get working capital, expand business operations, purchase machinery or inventory, and consolidate your existing high-interest loans.

When you apply for this loan from bank they offer complete assistance and guide you through the entire process, from filling out the form to getting disbursal.

Our loan disbursement process is optimized at every level, promising a hassle-free borrowing experience.

MSME loan is a credit facility offered to MSMEs, individuals, startups, business owners, entrepreneurs, self-employed professionals and other business entities for business expansion purposes and to meet day-to-day business requirements. The maximum loan amount offered by Banks/NBFCs is up to Rs. 2 crore (Collateral-free loans) with the repayment tenure of up to 5 years, may exceed as per requirements. MSME loan interest rates shall vary from lender to lender and shall depend as per applicant’s profile and business requirements.

• CGTMSE: Credit Guarantee Fund Trust for Micro and Small Enterprises
• CLCSS: Credit Linked Capital Subsidy Scheme
• Credit Guarantee Scheme
• MUDRA Yojana under PMMY
• National Small Industries Corporation (NSIC) Subsidy
• PMEGP: The Prime Minister Employment Generation Programme
• PMRY: Prime Minister’s Rozgar Yojana
• PSB Loans in 59 minutes under SIDBI
• Standup India
• Startup India

MSME registration is totally voluntary and businesses do it to utilise the benefits offered under it.

If you want to get collateral-free loans for MSMEs or startups, then you will have to apply for an unsecured business loan.

The minimum annual turnover limit is defined by the lender and it shall vary from applicant to applicant.

Yes, a machinery loan is a type of business loan offered by various Banks/NBFCs to MSMEs, entrepreneurs and existing businesses. This loan type is mainly considered under equipment finance.