Bajaj Finserv Loan Against Property
About Bajaj Finserv
Bajaj Finserv is one of the diversified NBFC (Non-Banking Financing Corporation) in India. The NBFC offers a comprehensive range of financial products and services. Bajaj Finserv is a subsidiary of Bajaj Holdings and Investments Limited. Bajaj Finserv has an expertise in providing loans, wealth management, asset and insurance. Apart from the loans, the NBFC is also engaged in consumer and SME Finance and commercial lending.
About Bajaj Finserv Loan Against Property
In a business lifespan, a point comes where the funds are required for the expansion of operations or any personal need arises, in that case, Loan Against Property could be a useful option for funds. Bajaj Finserv is one of the NBFC that provides end to end approval on the Loan Against Property within 72 hours. The NBFC provides the loan disbursement into your bank account within the same time span. Apart from the instant approval, the NBFC offers a Loan Against Property at a comparatively low rate of interest.
Bajaj Finserv Loan Against Property Features & Benefits
Loan Amount: Bajaj Finserv offers a Loan Against Property up to the maximum amount of Rs. 5 crores.
Loan Turnaround Period: Bajaj Finserv offers hustle- free loans with a quick turnaround period of 72 hours.
Type of Property: The loan can be obtained against commercial, residential and industrial property. However, LTV varies for each property type.
Line of credit/Flexi Loan
- Flexibility to transact (prepay and drawdown) in your loan account as per your fund requirements.
- A line of Credit is a facility where you are given a "credit limit" during the pre-determined term of the facility. Savings are maximised since interest is due only to the utilised amount.
- The monthly instalment for Line of Credit will consist only of the interest amount and will not have a principal component on a monthly basis.
- There is no limit to the number of pre-payments that can be made.
- The principal amount of loan is to be repaid at the end of the tenure of the facility.
Quick Loan Processing Time: Usually, the loan is processed within the 72 hours of submitting the documents. However, the processing time may vary based on the profile and documentation of the applicants.
Customised Insurance Scheme: Bajaj Finserv provides an additional advantage to the loan borrowers. The borrower can avail insurance cover his loan against the payment of one-time premium.
Low Processing charges: Bajaj Finserv charges a minimal amount of processing fee that could range from 1-5% of the loan amount.
Prepayment and Foreclosure: The NBFC facilitates pre-payment and foreclosure of the loan. However, the charges will be applicable.
Uses of LAP from Bajaj Finserv: A Loan Against Property from Bajaj Finserv could be used for business needs, personal needs, consolidation of debt and other needs.
Loan Tenor: The loan can be repaid inflexible loan tenor that can go up to 15 years.
Balance Transfer: The borrower can transfer his existing loan against property from the current bank to Bajaj Finserv. Usually, the borrower has to submit loan sanction document and last 6 months track record statement from where the loan is being serviced.
Bajaj Finserv Loan Against Property Eligibility Criteria
Who can apply? : Salaried individuals, a self-employed businessman and self-employed professionals including doctors can apply for a loan against property from Bajaj Finserv.
Age: The minimum age for applying for a Loan Against Property from Bajaj Finserv is 25 years and above.
Residential Status: Bajaj Finserv offers LAP to the residents of India only. Non-resident individuals are not eligible for LAP.
Credit History and CIBIL Score: One of the important factors that affect the loan eligibility is the credit history and CIBIL Score of the borrower. The borrower must have a sound track record of the past borrowings and credit card bill dues. Apart from the good borrowing track, the borrower must have a good CIBIL score.
Type of Loan Against Property From Bajaj Finserv
- Loan Against Commercial Property
- Loan Against Residential Property
- Loan for Purchase of Commercial Property
- Lease Rental Discounting
- FlexiSaver Loan
Bajaj Finserv Loan Against Property Documents
Self-employed professionals and businessmen are required to submit the documents mentioned below:
Self-Employed Professionals and Business Men
Residential address proof
Income Tax Returns
Business Continuity Proof
Bank Account Statements
Bajaj Finserv Loan Against Property Fees and Charges
- Processing Fee: The processing fee for Loan Against Property charged by Bajaj Finserv ranges from 0.5 %-1% of the loan amount.
- Foreclosure Charges: Bajaj Finserv charges up to 4% as foreclosure charge on the outstanding loan amount. However, the foreclosure can be facilitated after the completion of the lock-in-period.
Bajaj Finserv Loan Against Property to Doctors
Bajaj Finserv offers an exclusive loan against property for doctors. The following details are:
- Loan Tenor: Bajaj Finserv offers LAP for a flexible tenor. Doctors can repay the loan in maximum 20 years.
- Loan Processing Time: Bajaj Finserv approves a loan instantly within the span of 72 hours. Doctors can meet all the formalities and get a loan instantly.
- Loan Repayment: The repayment of EMIs can be done via National Automated Clearing House (NACH).
- Processing Fee: The NBFC charges the processing fee for LAP that can go up to 2% of the loan amount.
- Prepayment Charges: The doctors can repay the loan at NIL fees.
Eligibility for Doctors to avail Loan against Property from Bajaj Finserv
- Who can apply? Loan Against Property from Bajaj Finserv can be applied by all types of doctors including homoeopathic, ayurvedic, dentists and others.
- Work Experience: To be eligible for a Loan Against Property the doctor requires a relevant number of working experience. Usually, the work experience varies based on the qualification. The relevant number of work experience based on the qualification is:
Number of work experience
1 year of post-qualification work experience
2 years of post-qualification work experience
5 years of post-qualification work experience
Ayurvedic and Homeopathic Doctors/ BAMS
8 years of post-qualification work experience
Homeopathic Doctors DHMS
15 years of post-qualification work experience
- Age: The minimum age for applying for LAP is 26 years.
- Residential Status: The doctor applying for a LAP should be an Indian resident.
Documentation for Loan Against Property for Doctors
- KYC Documents including identity proof and address proof.
- Signature proof
- Medical Registration Certificate
- PAN Card
- ITR and complete financials including Balance Sheet and P & L account statement for last 2 years
- Copy of the property papers to be mortgaged
Total Interest Payable
Total of Payments
(Principal + Interest)