Owing to the number of government schemes for start-ups, this is the most favorable phase to begin your business start-up. But even after utilizing the government schemes you might still have to invest more in your business. The best source of finance, in this case, is a self-employed loan.
To get the best deal, here are the factors you need to keep in mind before availing the loan.
1. Compare the interest rates- Compare the interest rates offered by all the lenders. Lower interest rates lead to lower interest payment.
2. Look for flexible tenure- If you are looking for lower EMIs, then you need to choose a longer tenure. So choose a lender who offers flexible repayment tenure.
3. Check the eligibility criteria and keep the documents ready- Go to the shortlisted lender’s website and check the eligibility criteria along with the documents needed to avail the loan. If you meet the loan against property eligibility criteria, then keep the documents ready for quick processing.
4. Access the fee structure- Understand each clause and check the fee structure carefully before applying for the loan. Avoid lenders who have excessive hidden charges.
5. Make a budget- Check the financial requirements of your business and take a loan which doesn’t exceed that. Else you will have a bigger liability to deal with.
6. Choose a good lender- The most important point is to choose a reputable lender who offers loan against property for self-employed. Choose a lender who offers low-interest rates, flexible tenure, easy-to-meet eligibility criteria, quick application approval, fast disbursal, and requires minimal documentation; such as Bajaj Finserv.
Keep all these points in mind before applying for a loan against property for your business start-up.
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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