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Loan

Types Of Loans

You can choose from a huge variety of home loans, i.e., if you want to purchase a new property, construct a new house, for home improvement or home extension. You can check the eligibility criteria and documents required to get a Home Loan below.

Eligibility Criteria for Home Loan

Home Loans can be acquired by Salaried Individuals, Self-Employed Professionals and Self-Employed Businesses who fulfil the below-mentioned criteria.

Eligibility Criteria Salaried Individual Self-Employed (Professional) / Self-Employed (Business)
Minimum Earnings*
    Net Monthly Salary :
  • - Metro cities : Rs. 25,000
  • - Non-metro cities : Rs. 18,000
    Deviations can be taken subject to bank approval :
  • - Metro cities: Rs.21,000
  • - Non-metro cities : Rs.15,000
    Net Profit* per Annum :
  • - Metro cities : Rs. 2,50,000
  • - Non-metro cities : Rs. 1,50,000
Interest Rate 8.75% to 12% 8.75% to 12%
Minimum CIBIL* Score 650 650
EMI - In case of existing loan No EMI bounces within the last 6 months No EMI bounces within the last 6 months
Loan Amount 70% of the market value of a property or 80% of Agreement Value; whichever is lower 70% of the market value of a property or 80% of Agreement Value; whichever is lower
Loan Tenure 10 years to 30 years 10 years to 30 years
Age 23 to 60 years 23 to 70 years
Note:
  • * The minimum earning criteria totally depends upon the bank whether they consider Net Profit or Gross Profit for Self-Employed (Professional) / Self-Employed (Business).
  • * Minimum Earning Criteria for Doctors (MBBS) - Income is considered 4 times of Net Profit if he is practising since the last 3 years (subject to bank approval).
  • * In case CIBIL score is -1, we can consider the profile for few banks on a case to case basis.

Documents Required for Home Loan

1
Salaried Individual Self-Employed (Professional) Self-Employed (Business)
KYC - PAN Card and Aadhaar Card KYC - PAN Card and Aadhaar Card
    In case of -
  • - Proprietor : PAN Card and Aadhaar Card
  • - Partnership : PAN Card and Aadhaar Card of all the Partners
  • - Private Company : Company's Pan card, KYC's of all Directors (PAN Card and Aadhaar Card)
Latest 3 Months Salary Slips Educational qualification certificate Educational qualification certificate
  Business Stability Proof (Shop & establishment certificate / Trade license certificate / Factory registration certificate) Business Stability Proof (Shop & establishment certificate / Trade license certificate / Factory registration certificate)
Latest Form 16 or ITR Ownership Proof (Residence/Office) Ownership Proof (Residence/Office)
Appointment Letter / Increment Letter or Experience Letter from the previous job (in case of a new job) Last 3 years - Income Tax Returns along with the computation of Income , CA Certified/Audited Balance Sheet and Profit & Loss Account with all Schedules / Annexures Last 3 years - Income Tax Returns along with the computation of Income , CA Certified/Audited Balance Sheet and Profit & Loss Account with all Schedules / Annexures
Latest 6 months Bank Statements 1 year Bank Statements of current account and saving account 1 year Bank Statements of current account and saving account
   
  • In case of Company: Memorandum & Articles of Association
  • In case of Partnership Firm: Partnership Deed
All loan sanction letters (if any) All loan sanction letters (If any) All loan sanction letters (if any)

Loan Against Property can be availed by mortgaging your self-owned residential or commercial property to obtain funds for your personal or business financial needs. You can check the eligibility criteria and documents required to get a Loan Against Property below.

Eligibility Criteria for Loan Against Property

Loan Against Property can be availed by Salaried Individuals, Self-Employed Professionals and Self-Employed Businesses.

Eligibility Criteria Salaried Individual Self-Employed (Professional) / Self-Employed (Business)
Minimum Earnings*

Net Monthly Salary - Metro cities : Rs.25000

Non-metro cities : Rs.18,000 Subject to bank approval deviations can be taken

Metro cities : Rs.21,000 and Non-metro cities : Rs.15,000

    Net Profit* per Annum :
  • - Metro cities : Rs. 2,50,000
  • - Non-metro cities : Rs. 1,50,000
Interest Rate 9.50% to 14% 9.75% to 14%
Minimum CIBIL* Score 650 650
EMI - In case of existing loan No EMI bounces within the last 6 months No EMI bounces within the last 6 months
Loan Amount 70% of the market value of a property or 80% of Agreement Value; whichever is lower 70% of the market value of a property or 80% of Agreement Value; whichever is lower
Loan Tenure 10 years to 15 years 10 years to 15 years
Age 21 to 60 years 21 to 65 years
Note:
  • * The minimum earning criteria totally depends upon the bank whether they consider Net Profit or Gross Profit for Self-Employed (Professional) / Sel-Employed (Business).
  • * Minimum Earning Criteria for Doctors (MBBS) - Income is considered 4 times of Net Profit if he is practising since the last 3 years (subject to bank approval).
  • * In case CIBIL score is -1, we can consider the profile for few banks on a case to case basis.

Documents Required for Loan Against Property

Salaried Individual Self-Employed (Professional) / Self-Employed (Business)
KYC – PAN Card and Aadhaar Card of (Applicant & Co-Applicant)
    In case of -
  • - Proprietor : PAN Card and Aadhaar Card
  • - Partnership : PAN Card and Aadhaar Card of all the Partners
  • - Private Company : Company's PAN card, KYC's of all Directors (PAN Card and Aadhaar Card)
Latest two Years Form 16 Last 3 years - Income Tax Returns along with the computation of Income , CA Certified/Audited Balance Sheet and Profit & Loss Account with all Schedules / Annexures
Latest 6 months updated Bank Statement (Applicant & Co - Applicant ) 1 year bank statement of current account and saving account
Appointment Letter / Increment Letter – If any
    In case of -
  • - Company: Memorandum of Association & Articles of Association
  • - Partnership Firm: Partnership Deed
Last 3 Months Salary Slip  
Property documents of the concerned property to be pledged for the loan Property documents of the concerned property to be pledged for the loan
  Business Stability Proof (Shop & establishment certificate / Trade license certificate / Factory registration certificate)
Sanction letters of existing loans (if any) Sanction letters of existing loans (if any)

A business loan can be availed by a businessperson with the intention of using it for expanding an existing business. This is an unsecured loan where no collateral is involved. You can check the eligibility criteria and the documents required to get a Business Loan below.

Eligibility Criteria for Business Loan

Business Loans can be availed by Self-Employed Professionals and Self-Employed Businesses.

Eligibility Criteria Salaried Individual Self Employed Professional / Self Employed Business
Minimum Earnings*

Net Profit per Annum :

- Metro cities : Rs.2,50,000

- Non-Metro cities : Rs.1,50,000

Net Profit* per Annum :

- Metro cities : Rs.2,50,000

- Non-Metro cities : Rs.1,50,000

Interest Rate 14% to 24% 14% to 24%
Minimum CIBIL* Score 700 700
EMI - In case of existing loan No EMI bounces within last 6 months No EMI bounces within last 6 months
Loan Amount For Professional :

Rs.1,00,000 – Rs.50,00,000

For Businessman :

Rs.50,000 – Rs.50,00,000

Loan Tenure 12 months - 36 months 12 months - 36 months
Age 23 to 60 years 23 to 60 years
Note:
  • * The minimum earning criteria totally depends upon the bank whether they consider Net Profit or Gross Profit for Self-Employed (Professional) / Self-Employed (Business).
  • * Minimum Earning Criteria for Doctors (MBBS) - Income is considered 4 times of Net Profit if he is practising since the last 3 years.
  • * In case CIBIL score is -1, we can consider the profile for few banks on a case to case basis.

Documents Required for Business Loan

Self-Employed (Professional) Self-Employed (Business)
    In case of -
  • - Proprietor: PAN Card and Aadhaar Card
  • - Partnership: PAN Card and Aadhaar Card of all the Partners
  • - Private Company: Company's PAN card, KYC's of all Directors (PAN Card and Aadhaar Card)
    In case of -
  • - Proprietor: PAN Card and Aadhaar Card
  • - Partnership: PAN Card and Aadhaar Card of all the Partners
  • - Private Company: Company's PAN card, KYC's of all Directors (PAN Card and Aadhaar Card)
Last 3 years -

Income Tax Returns along with the computation of Income, CA Certified/Audited Balance Sheet and Profit & Loss Account with all Schedules / Annexures

Last 3 years -

Income Tax Returns along with the computation of Income, CA Certified/Audited Balance Sheet and Profit & Loss Account with all Schedules / Annexures

If audited then Audit report along with directors report, 3CB/3CD of latest 3 years If audited then Audit report along with directors report, 3CB/3CD of latest 3 years
All bank statement of latest 1 Year All bank statement of latest 1 Year
    In case of -
  • -Partnership : Partnership Deed
  • - Private Company : Memorandum & Articles of Association, Certificate Of Incorporation
    In case of -
  • -Partnership : Partnership Deed
  • - Private Company : Memorandum & Articles of Association, Certificate Of Incorporation
GST Registration Certificate GST Registration Certificate
Ownership Proof (Residence/Office) Ownership Proof (Residence/Office)
Business Stability Proof (Shop & establishment certificate / Trade license certificate / Factory registration certificate) Business Stability Proof (Shop & establishment certificate / Trade license certificate / Factory registration certificate)

A personal loan is a short-term unsecured loan to meet current financial needs such as vacations, unexpected medical expenses, festival celebrations, renovation, etc. You can check the eligibility criteria and the documents required to get Personal Loan below.

Eligibility Criteria for Personal Loan

Personal Loans can be availed by Salaried Individuals and Self-Employed Professionals.

Eligibility Criteria Salaried Individual Self-Employed (Professional) / Self-Employed (Business)
Minimum Earnings*

Net Monthly Salary :

- Metro cities : Rs.25,000

- Non-metro cities : Rs.18,000

Subject to bank approval deviations can be taken :

- Metro cities : Rs.21,000

- Non-metro cities : Rs.15,000

Minimum Net Profit* per annum:

- Metro cities : Rs.2,50,000

- Non-Metro cities : Rs.1,50,000

Company / Profession Type Company type should be either Private Limited or Public Limited Profession Type: Doctor, Engineers, CA’s, etc.
Interest Rate Varies as per bank norms Varies as per bank norms
Minimum CIBIL* Score 700 700
EMI - In case of existing loan No EMI bounces within last 6 months No EMI bounces within last 6 months
Loan Amount Rs.50,000 to Rs.25,00,000 Rs.50,000 to Rs.12,00,000
Loan Tenure 12 months to 60 months 12 months to 60 months
Note:
  • * The minimum earning criteria totally depends upon the bank whether they consider Net Profit or Gross Profit for Self-Employed (Professional) / Self-Employed (Business).
  • * Minimum Earning Criteria for Doctors (MBBS) - Income is considered 4 times of Net Profit if he is practising since the last 3 years.
  • * In case CIBIL score is -1, we can consider the profile for few banks on a case to case basis.

Documents Required for Personal Loan

Salaried Individual Self-Employed (Professionals)
Latest 3 months salary slip Business Stability Proof (Shop & establishment certificate / Trade license certificate / Factory registration certificate)
Form No: 16 or ITR Ownership Proof (Residence/Office)
KYC (PAN Card and Aadhaar Card) KYC (PAN Card and Aadhaar Card)
All bank statements of latest 1 Year All bank statements of latest 1 Year
Appointment Letter / Increment Letter or Experience Letter from the previous job (in case of a new job)

Last 3 years - Income Tax Returns along with the computation of Income , CA Certified/Audited Balance Sheet and Profit & Loss Account with all Schedules / Annexures

Last 6 months Bank Statement Latest 12 months Bank Statement
  Office Address Proof

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Phone

Choice Retail Solutions Private Limited Shree Shakambhari Corporate Park, Plot No: 156-158, J.B.Nagar, Andheri (East), Mumbai – 400 099

Address

+91- 8124242424

Mail

support@choiceconnect.in

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