If you have a property, a residential or commercial, you can use that to apply for a secured loan- a loan against property (LAP). The best part is you can avail a higher amount of loan, even if you do not have a good credit score. The Loan Against Property Eligibility Criteria and the documentation process will also be minimal if you apply in an NBFC.
Where to use the Loan Amount?
> To Finance a Wedding – The dream of having a grand wedding can cost huge. To finance it, one can keep a property as mortgage and avail a higher amount of loan.
> To Consolidate the Debt – If you have more than one debt and you are paying EMIs of each one of them every month, it is better to consolidate them all as one loan. You can use the LAP to consolidate debts.
> To Purchasing Plant and Machinery – You can use LAP to purchase plant and machinery or upgrade their existing equipment.
> To Finance Working Capital – A the initial stage of a business or afterward also, a business may need to put additional fund into it. You may need money to finance inventory purchase, pay taxes, or improve credibility. This money is known as working capital. This can be managed with a higher amount of loan.
> To Expand the Business- You can expand to a new location, acquire a new business, add a new product, diversify product line, or any other, and a LAP will help you.
To know about the other factors, Visit: Loan Against Property for Higher Loan Amount
Alisha Antil is your best financial helper for insurance. She has a vast experience in finance and insurance and provide to you the expert advise in insuring your property and health.
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