Poonawalla Fincorp Limited Loan Against Property
Poonawalla Finance Private Limited is a financial services company that is registered with the RBI as a non-deposit-taking systemically important NBFC. It is headquartered in the city of Pune and is a part of the Cyrus Poonawalla Group, a $12 billion reputed conglomerate.
Loan Against Property Banks
Poonawalla Fincorp Limited LAP
1% - 2%
₹2L - ₹5Cr
Tenure(1 - 15 Years)
Features & Benefits of Poonawalla Fincorp Limited LAP
The Poonawalla Fincorp Limited LAP offers the following features and benefits to the recipient of the loan. The bank offers flexible tenure to its borrowers and lucrative interest rates.
Higher Loan-to-Value Ratio
The Ponnawalla Fincorp Limited LAP, offers a higher LTV on market value so that the applicant can conveniently cater to their financial obligation.
The financial institutions have set in place a quick and efficient loan procedure to possess loan applications and ensure quick disbursement of the loan amount so that the applicant can conclude their financial obligation hassle-free.
The interest rates offered by Poonawalla Fincorp Limited are aimed to be cost-effective and lucrative so that the repayment of the loan is hassle-free. The interest rates on the Poonawalla Fincorp LAP are determined to make the loan more affordable and aligned with the budgetary goals of the applicant.
The applicant, does not have to produce unnecessary documents to conclude the loan application process. They are required to submit minimum paperwork, streamlining the application process.
Poonawalla Fincorp Limited provides the utmost transparency to applicants of the loan against property. No hidden charges are present, as the applicant can review the fees and charges levied from this NBFC.
Poonawalla Fincorp Limited Loan Against Property Overview
Poonawalla Fincorp Limited is a renowned brand in the Indian financial sector that offers a variety of financial products and services. The Poonawalla Fincorp Limited Loan Against Property is the financial product that allows an individual to raise funds by pleading collateral. The bank offers lucrative interest rates on this secured loan. The recipient of the loan can offer their residential and commercial properties as collateral to raise funds.
The Poonawalla Fincorp Limited LAP allows the loan recipients to raise funds for the following reasons:
- Fund obtainment for Higher Education
- Expansion of existing business
- Payment for medical expenses
- Renovations for property
The Poonawalla Fincorp Limited LAP facilitates fund allocation after the value of the property has been computed. The bank has established an easy application procedure for the applicants that can be concluded with minimal documentation.
The application is meticulously assessed by the bank, after which the loan disbursement is facilitated at a fast speed.
Eligibility Criteria Poonawalla Fincorp Limited Loan Against Property
The applicant must meet the following eligibility criteria to avail of a Poonawalla Fincorp LAP:
- Salaried individuals employed in an LLP, Private Limited, or Public Limited Company. Self-employed professionals like lawyers, doctors and Chartered Accountants. Private companies whose operations entail manufacturing and servicing of trading.
- The minimum age of the applicant should be 18 years. The maximum age of a salaried individual is 60, and a self-employed individual can be 75 years at the time of loan maturity.
- Monthly salary of a salaried individual must be at least Rs 1 Lakhs, and the gross annual income of a self-employed should be at least Rs 3 Lakhs. The annual turnover of the private limited company must be around Rs 10 crores.
- The salaried individual must have three years of work experience to showcase stability. The practice/business of the self-employed professional must be operational for 3 years.
- The applicant must have Indian Citizenship to apply for a Poonawalla Fincorp Limited Loan Against Property.
Poonawalla Fincorp Limited Loan Against Property Interest Rates
The Poonawalla Fincorp Limited LAP offers competitive interest rates to borrowers. This financial institution aims to provide a pocket-friendly experience and has crafted tailor-made terms and conditions to make loan repayment hassle-free. A Loan's interest rate against property with the Poonawalla Fincorp would commence at 9% per annum.
Factors Affecting Poonawalla Fincorp limited Loan Against Property Interest Rates
The interest rate offered to the loan applicant varies based on the following factors:
The applicant's credit score is a major determinant in computing the interest rate on a loan against property. An applicant with a satisfactory credit score would be offered a lucrative interest rate. In case the credit score of the applicant is below the minimum requirements, the bank would reject their application.
The loan application also determines the interest rate. The borrower's profile plays a major role in determining the interest rate. Factors such as age, occupation, and income are evaluated to assess creditworthiness and interest rate. A working professional might be offered better interest rates than a retired applicant. A higher interest rate might also be charged to self-employed individuals.
Documents of the Asset Pledged
The bank also examines the documents authenticating the ownership of the assets. The applicant must produce asked documents to validate the ownership of the collateral so that the loan disbursement can conclude.
In case the property pledged as collateral is already insured, it would better the chances of the approval of the loan against the property as it ensures that the property can never transform into a non-performing asset.
The tenure is one of the few factors that the applicants can administer at the time of loan application. An applicant can choose a longer tenure that reduces the EMI amount, making the loan's repayment manageable.
Poonawalla Fincorp Limited Loan Against Property Fees and Charges
The Bank levy the following charges from their applicants for processing the loan application:
|Processing Fee||Up to 1% of the Loan Amount|
|Initial Commitment Fee||Rs 10,000|
|Legal/Nest Charges||Up to 2% of the Loan Amount|
|Loan Cancellation Charges||2% of the Loan Amount|
|Penal Charges||24% (Per annum)|
|Account Statement||Rs 500|
|Document Charges||Rs 500 per statement|
|Collection Charges||Rs 1000|
|Counter Service Charges||Subject to time of services availed|
Documents required for Poonawalla Fincorp Limited Loan Against Property
The applicant must furnish the following documents for a loan against property:
How does the EMI Calculation Work for Poonawalla Fincorp Limited Loan Against Property?
The applicant can employ the Poonawalls Fincorp LAP calculator to compute the EMI amount of a Poonawalla Fincorp Limited LAP. This self-help tool enables the user to calculate and compare the EMI amount payable against different values to find one that complements their budgetary goals. The calculator features a straightforward interface that can be accessed conveniently, even by first-time users. The user can calculate the EMI amount on the Poonawalla Fincorp Limited LAP by implementing the following steps:
STEP 1: The applicant must visit the following page, www.poonawallafincorp.com/loan-against-property-emi-calculator.php
STEP 2: On the interface of the calculator, the user must mention:
- Loan Amount Required
- Interest Rate (Offered by Poonawalla Fincorp Limited)
- The ‘tenure’ of the loan
STEP 3: After successfully mentioning the values, the applicant must click on calculate and review the ‘EMI amount’ section.
How Poonawalla Fincorp limited Compares with other Lenders?
|Financial Institution||Interest Rate (Per annum)|
|Poonawalla Fincorp Limited||9% onwards|
|State Bank of India||8.45% - 10%|
|HDFC Bank||8% - 8.95%|
|IDFC First||7.5% Onwards|
|Kotak Mahindra Bank||9.5% Onwards|
|IIFL||11.5% - 25%|
|Axis Bank||7.9% - 9.30%|
Poonawalla Fincorp Limited Loan Against Property Customer Care Number
The Poonawall Fincorp Limited has established a cutting edge service to cater to the inquiries of the customer base:
Toll-Free Number: 1800-266-3201
Need Loan Assistance?
Connect with Loan Against Property Advisor Now!
Poonawalla Fincorp Limited's Other Products
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From refinancing to reducing your interest, we have the answers right here.
What is a loan's interest rate against property in Poonawalla Fincorp Limited?
The loan’s interest rate against property in Poonawalla Fincorp Limited commences at 9% per annum.
What benefits does Poonawalla Fincorp Limited provide on loans against the property?
This NBFC provides lucrative interest rates, flexible tenures and easy loan processing in their Loan against property scheme.
Does Poonawalla Fincorp Limited have a fixed interest rate on loans against the property?
The interest rate offered to the applicant of Poonawalla Fincorp LAP ranges from applicant to applicant.
Does Poonawalla Fincorp Limited Check for CIBIL Score for loan against property?
The Poonawalla Fincorp will evaluate the CIBIL Score of the applicant to determine their creditworthiness.
What is the maximum and minimum loan against property amount I can get from Poonawalla Fincorp Limited?
The maximum or minimum amount from this NBFC concerns the valuation of the collateral pledged.
What are the KYC documents I must submit to apply for a loan against property from Poonawalla Fincorp limited?
The applicants must furnish their PAN and Aadhaar Card, address, and income proof to conclude the application with the bank.
What is the processing fee on Poonawalla Fincorp limited loan against property?
The processing fee of Poonawalla Fincorp Limited is up to 1% of the loan amount.
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