A home loan is a secured loan where the borrower can get up to 80 to 90 percent of the home value. This loan is used to buy/construct a house for themselves or their families or personal use.
Home Loans are tax-deductible under Sections 80C, 24(b) and 80EEA of the Income Tax Act, 1961.
A Business Loan can be used for business expansion such as rent, utilities, salaries, inventory, and supplies, especially when cash flow is low. The approval process for a Business Loan typically depends on what the lender is offering and the business history of the borrower.
We offer a maximum loan amount up to Rs. 50 Lakhs without any collateral.
A Personal loan is an unsecured loan, meaning they do not require collateral. Personal loans can be used for a long-awaited holiday, home improvements, education expenses, medical bills, or debt consolidation.
The approval and terms of the loan often depend on the borrower's credit score, financial stability, credit history, income level, repayment capacity.
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| Criteria | Home Loan | Business Loan | Personal Loan |
|---|---|---|---|
| Tax Benefit | Principal payments are tax-deductible under section 80C, and the interest payments are tax-deductible under Section 24(b) of the Income Tax Act | Only interest payments are tax-deductible under the Income Tax Act | No Tax Benefit |
| Interest Rate | Banks and other lender charge interest rates at fixed and floating rates | Higher, Interest rates tend to be higher than Home Loans | Personal loan Interest rates starts from 10.25% and varies from bank to bank |
| Repayment Tenure | The repayment tenure ranging from 10 to 30 years | The repayment tenure ranging from 1 to 10 years | The repayment tenure ranging from 1 to 6 years |
| Loan Funds | Up to 90% of the property value | Ranging from Rs.1 Lakh to Rs.2 Crore for small, medium and large businesses | Up to Rs. 40 Lakh |
| Processing Fees | It may vary across lenders, typically 1% to 2% of the loan amount | Up to 2% of loan amount | 0.5% to 4% of loan amount |
| Eligibility | Salaried or self-employed, financial position, clear current and past credit history | Depending on business credit score, financial statements, and business size | Individual credit score, income, and employment stability |
| Approval Time | Often within 1-2 weeks | Faster, often within 48 hours | Faster, often within 72 hours |
Nil processing fee*
Low interest rates
Fast online process
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Longer tenures
Home loan used to buy a new home, under-construction or a ready property. The home loan is given at an interest rate and you can choose a repayment period to pay back the amount through equated monthly installments (EMI). Interest rates can be fixed or floating depending on the bank.
You can get up to 80-90% of the property's value and the remaining 10-20% is a down payment made by you. Your higher credit score 750+ can increase your eligibility for a higher loan amount. If you have other loans like: personal or vehicle loans, it may reduce the loan amount you are eligible for.
EMIs start after the entire home loan is disbursed. Example: If your loan sanction date is 1st of a month and full disbursement date is 15th of a month then first EMI date typically 5th of the next month.
You can get tax benefits on repayment of the principal and interest components of your Home Loan as per sections 80C, 24(b) and 80EEA of the Income Tax Act, 1961. Since the benefits may vary each year, please consult your chartered accountant or tax expert for the latest information.
Yes, you can reduce the tenure of a home loan after taking it by paying higher EMI payments. Most lenders allow adjusting EMI amount during the loan tenure, depending on your repayment capacity.
Yes, you can transfer your loan to another bank offering a lower interest rate and negotiate for a shorter tenure.
No, there is no need to have a guarantor if your profile matches with eligibility criteria. Home Loan Guarantor is required when an applicant has a weak financial standing.
No. Home loan insurance is not mandatory. However, it is advisable that you buy insurance to protect your family from loan liability during unforeseen circumstances.
A business loan is financial help for your startup business or already has a business. It is an unsecured loan, and you can get a maximum loan amount up to Rs. 50 Lakhs without any collateral in your bank account.
Business entities such as self employed individuals, proprietors, private limited companies and partnership firms involved in the business of manufacturing, trading or services can apply for Business Loan.
You can use business loans to grow, or expand your business with a wide range. You have the option to expenses like rent, utilities, salaries, inventory, and supplies, especially when cash flow is low.
Online lenders and alternative lenders have faster processing times because they have automated systems, with minimal paperwork and faster approval processes, you might receive the loan offer within 3 to 4 working days.
Yes, you can foreclose or pay off a business loan early as per the terms and conditions of the loan agreement.
No, salaried employees cannot get a business loan as it is meant for self-employed individuals or business owners. However, salaried employees can apply for other types of loans such as personal loan, home loan, or car loan.
A person who is below 18 or above 80 years of age is not eligible for a business loan. The person should be a self-employed individual or a business owner.
Yes, you can get an amount of Rs. 50 lakh without any collateral as a business loan.
A personal loan is an unsecured loan and type of credit facility which is offered by banks with minimal documentation and no collateral. These online loans are provided based on eligibility criteria such as employment status, credit history, income level, repayment history and capacity. Personal loan used for a variety of purposes such as medical emergency, a home renovation, wedding and managing your expenses.
Personal loans given by banks or lenders for personal use with minimal documentation and an easy loan application process. You repay with interest over a set period through EMIs.
The maximum loan amount based on individual eligibility, income, credit score, and lender policies.
You can use a Loan EMI calculator to compute the monthly installment that suits your budget. You only need to enter the amount you want to borrow, the interest rate, and the tenure to get an estimate of the monthly installment EMI.
Yes, you can make overdue payments online with Internet Banking, any UPI App or Mobile Banking.
Yes, Personal loan is an unsecured loan. It is provided without security with higher interest rates. You do not need to pledge collateral such as property or gold to get a personal loan.
You need to submit any documents Passport, Driving license, PAN Card, Aadhaar Card, Voters Id with Bank Statements and last 3 month Salary Slips.
The Ideal CIBIL Score of 750 and above is required to get instant paperless approval for the best personal loan, it may differ from lender to lender.
