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Mudra Power : Personal Loan

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What is a Personal Loan?
A personal loan is also known as an unsecured loan. A personal loan does not require you to put up an asset as insurance against the loan. This option offers both pros and cons.

Pros of a personal loan
Even though you are legally bound to a contract with a personal loan, and should pay instalments in a timely manner, you cannot lose a house or car if something goes wrong. For instance, if you took out a personal loan, lost your job, and can no longer make payments for at least the near future, the institution lending you the money cannot make a claim on your home or car.
●  Paperwork is less
●  Generally, paperwork surrounding a personal loan is much less than paperwork for a secured loan. There's no collateral to check, no extraneous steps necessary to get the loan approved.
You don't have to divulge information
●  Unless you're running a terrorist operation, the institution lending you the money is not interested as much in what the money is for, than it is in whether you are able to make payments.
●  Personal loans are cheaper than using your credit card
●  Credit card interest could run up your monthly living costs a lot. This is not the case with a personal loan. Getting a personal loan to clear your credit card may even be a better alternative than paying off credit interest.
Cons of a personal loan
●  Higher risk for lenders
●  Since there is no collateral, the lender may perceive the deal as a higher risk than a home or car loan. This means that your credit profile is subject to scrutiny, which may not be the case if you put up some sort of collateral. If you've not been dotting your i's and crossing your t's, your application might be rejected.
Higher interest rates
 

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●  Interest rates on personal loans can be enormously high. They can often be double that of a home loan. Here your credit profile plays an important role.
●  Be aware of the deal you accept. Personal loan interest rates vary from institution to institution. Make sure you read the fine print and understand the implications of taking out a personal loan. Check service charges, foreclosure charges and make sure you know of any hidden charges that may apply to your personal loan deal.

When is it okay to take a personal loan?
●  Paying off your credit card dues - personal loans make sense when you have to pay off huge outstanding amounts on your credit cards. The interest rates charged by credit cards are very high, sometimes amounting to 45% per annum. Therefore, taking a personal loan to pay off the credit card turns out to be a good option to reduce the amount of interest you pay.
 An urgent requirement for cash - because of minimal paperwork, getting a personal loan is a fast process. So if you are really in a tight spot and need some urgent cash to bail you out, personal loans make sense
It is important to understand that personal loans are a good option only if the amount you require is not very big and your monthly budget can easily fit in the added EMI expense. Exercise the option of taking a personal loan, only because you have no other option and it is possible to pay it off in as less a time frame as possible to help you save on the interest cost.

When is it not okay to take a personal loan?
●  Financing the home improvement - in case if you are looking for doing some repairs to your house, opting for a personal loan is not necessary. You can do these repairs with a home improvement loan
●  Buying a car - if you are buying car, a car loan would take care of your needs. You do not need to take a personal loan for that
●  Speculative purposes - Never take a loan to invest in stock markets or other speculative purposes. This is nothing short of a gamble where you might lose out the money invested. Shot term speculative investments are not a wise option to use your money for especially in the instance of having to opt for a personal loan.

Alternatives to a personal loan
Loan against property is a good option that can provide you loan at lower interest rates to the tune of 3-4% lesser. The loan is available at a certain percentage of the property's market value, usually around 40%-60%. LAP interest rates are cheaper by 3% to 4% compared to personal loan rates.

You could also utilise any investments you might have made so far, like shares, securities, fixed deposits, gold, insurance policies etc. You can pledge these as collateral and obtain a loan against them. For instance, you can obtain a loan against the surrender value of your life insurance policy from the insurance company or from a bank or obtain a loan from your provident fund account if you have had an employee provident fund account for more than 5 years. The interest rates would definitely be lower compared to the personal loan interest rates.

So before you decide to go in for a personal loan, check alternatives with lower interest rates. A personal loan may be easy to get but does not necessarily become the best solution.

Mudra Power : Business Loan

 
Do you own a business that is in need of funds for expansion? Or do you have a big business order in hand and require funds for some working capital?

If you can relate to any of the above situations, then a Business Loan is the right solution for you. Our team of dedicated professionals helps you determine your requirements, especially for small businesses; and you can get started within the shortest possible time.

Features & Benefits
Loans up to Rs. 10 Lakhs
Simple documentation
Attractive interest rates
No guarantor/security required
Special offer for self employed Doctors

Eligibility & Documentation
Salaried Individuals include Salaried Doctors, CAs, employees of select Public and Private limited companies, Government Sector employees including public sector undertakings:

Eligibility Criteria
Minimum age of applicant: 22 years
Maximum age of applicant at loan maturity: 58 years (60 years for Central Govt. employees)
Minimum employment: Minimum 3 years in employment and minimum 1 year in the current organization
Minimum Net Monthly Income: Rs. 7,500 per month (Rs. 10,000 in Mumbai, Delhi & Bangalore )

Documents required:
Proof of Identity (Passport / Voters ID card/ Driving Licence/PAN Card)
Address Proof (Ration card /Driving Licence/ Voter Id Card/ Utility Bill (any one within last 3months) / Registered Rental Agreement. / Credit Card Statement / Passport )
Date of Birth Proof ( Driving Licence / PAN Card / Passport / Birth Certificate / 10th or 12th marksheet bearing date of birth)
Bank Statements (latest 3 months bank statement / 6 months bank passbook)
Latest 2 months salary slip alongwith latest Form 16 / ITR / Appointment Letter

Self employed (Professionals) include self - employed Doctors, Chartered Accountants, Architects, Company Secretaries.

Eligibility Criteria
Minimum age of applicant: 22 years
Maximum age of applicant at loan maturity: 65 years
Years in business : Minimum 4 years with atleast 2 years in the same Business
Minimum Annual Income: Rs. 1,00,000 p.a. for metropolitan locations & Rs. 75,000 p.a. for other locations.

Documents required:
Proof of Identity (Passport / Voters ID / Driving Licence/Pan Card)
Address Proof (Ration card /Driving Licence/ Voter ID / Utility Bill (any one within last 3months) / Registered Rental Agreement. / Credit Card Statement / Passport / Trade licence /Est./Sales Tax certificate).
Date of Birth Proof ( Driving Licence / PAN Card / Passport / Birth Certificate / 10th / 12th marksheet bearing date of birth)
Bank Statements (latest 6 months bank statement / passbook)
Latest ITR along with computation of income, B/S & P&L a/c for the last 2 yrs. certified by a CA

Self Employed (Individuals) include self-employed - Sole proprietors, Partners & Directors in the Business of Manufacturing, Trading or Services.

Eligibility Criteria
Minimum age of Applicant: 22 years
Maximum age of Applicant at loan maturity: 65 years
Years in business: Minimum 4 years with atleast 2 years in the same Business
Minimum Annual Income: Rs. 1,00,000/- p.a. for metropolitan locations & Rs. 75,000 p.a. for other locations.

Documents required:
Proof of Identity (Passport / Voters ID / Driving Licence/Pan Card)
Address Proof (Ration card /Driving Licence/ Voter Id / Utility Bill (any one within last 3months) / Registered Rental Agreement. / Credit Card Statement / Passport / Trade Licence /Est./Sales Tax certificate).
Date of Birth Proof ( Driving Licence / PAN Card / Passport / Birth Certificate / 10th or 12th marksheet bearing date of birth)
Bank Statements(latest 6 months bank statement / passbook)
Latest ITR along with computation of income, B/S & P&L a/c for the last 2 yrs. certified by a CA
Proof of continuation (Trade licence /Establishment /Sales Tax certificate)
Other Mandatory Documents(Sole Prop. Decl. Or Cert. Copy of Partnership Deed,Cert. Copy of MOA, AOA & Board resolution.)

Self Employed (Pvt Cos and Partnership Firms) include Private Companies and Partnership firms in the Business of Manufacturing, Trading or Services

Eligibility Criteria
Years in business: Minimum 4 years seasoning from commencement of business
Business must be profit making for the last 2 years
Minimum Annual Income: Rs. 100000/- p.a. for Metro Locations & Rs. 75,000/- p.a. for non-metro locations

Documents required:
Address Proof (Utility Bill (any one within last 3months) / Registered Rental Agreement. / Credit Card Statement / Trade licence /Est./Sales Tax certificate).
Bank Statements(latest 6 months bank statement /passbook)
Latest ITR along with computation of income, B/S & P&L a/c for the last 2 yrs. certified by a CA
Proof of continuation (Trade licence /Establishment /Sales Tax certificate/ SSI Registration)
Other Mandatory Documents (Sole Prop. Decl. Or Cert. Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association (certified by Director) & Board resolution (Original)

Mudra Power : Loan Against Securities

 
Benefits
Use your investments to get liquidity, without selling them.
Get upto 80% loan against the value of your securities. Term loans on select securities offered too!
You will have to pay interest only when you actually use the loan.

The securities that you may decide to pledge must be one of the following:
Equity Shares.
Mutual Funds (Equity, Debt, FMPs) upto 50% of NAV (Net Asset Value).
Gold ETF
Gold Deposit Certificates (GDC)
RBI Bonds - 8% Savings Bonds 2003 (Taxable)
National Savings Certificates (NSC)
Kisan Vikas Patra (KVP)
NABARD's Bhavishya Nirman Bonds
Non Convertible Debentures
Life Insurance Policies issued by LIC and select Private Insurance Companies.

Why sell securities if you can simply draw a loan against them?
EMI payments: You don't have to be hassled about EMI payments. Simply service your Interest payments by way of credits in your account every month Interest is calculated only on the amount of loan you actually use.
Extra charges: You will not face the cumbersome process of dealing with post dated cheques or pre payment charges.
Approved Securities: There is no limit to your options. We have on offer an exhaustive list of approved securities for you to pledge from.
Efficient Servicing: We're known for speedy and efficient service. You loan processing will take no time.
Loan amount: You can avail upto 80% loan on the value of securities pledged.
Term Loans: Want a Term loan against securities? No problem. We offer this facility on select securities.
Single Scrip Lending service: Get upto 50% of the value with any Depository Participant. Click here for more details.
Limit: You can avail of a minimum loan amount of Rs. 2 lakh.
Interest payments: You will have to pay interest only on the amount of loan you use. It will be calculated on the daily outstanding balance and debited to your account at the end of every month.
Pledging options: You can pledge shares from any Depository (NSDL or CDSL) and any Depository Participant across the country.
Options for NRI applicants: Are you an NRI wanting to avail this loan? You can choose from options of shares, mutual funds (equity, debt or FMPs),Gold ETF, Insurance Policies, NSC or KVP.
Current Account benefits: A current account with an overdraft limit will be created for you. Hence you can enjoy all the benefits that we offer on the Current Account. You will be able to enjoy some of our popular facilities like Phone Banking, NetBanking, FREE International Debit Card.
 

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