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Shanvi Micro Federation
- Housing Loan
- Car Loan
- Education Loan
- Personal Loan
- Gold Loan
- Agriculture Loans
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The documents required for a personal loan can broadly be classified into four categories:
Age Proof – The loan tenure is dependent upon the age of the applicant. The document that validates the applicant’s age is considered age proof.
Identity Proof – The list of documents that validate a person’s identity is considered identity proof. The lending company checks the applicant’s identity to reduce their risk of default.
Address Proof – The lender has to be certain about the applicant’s residential address before approving a loan. Thus, a series of documents are accepted as address proof. The applicant can submit any one of the address proof as mentioned in the documents required for a personal loan.
Income Proof – The amount of loan that will be approved will depend upon the applicant’s income status. Thus, submission of income proof becomes mandatory to avail of a personal loan. Also, the documents required for a personal loan vary with the job profile of the applicant. Thus, salaried, self-employed, and pensioners have to submit different income proof documents.
Property Loan
You can borrow the Shanvi Micro Federation Against Property against residential and commercial property or for the purchase of a commercial property.
There are three variants available—Asset Power, Dropline Overdraft Against Property/Commercial OD against Property, and Lease Rental Discounting.
You can transfer your existing loan to Shanvi Micro Federation as well.
The minimum loan amount that can be borrowed through Asset Power (Loan Against Property), Lease Rental Discounting, Reverse Mortgage Loan as well as Overdraft Facility Against Property is Rs.5 lakh and the maximum is Rs.20 lakh, and the maximum tenure is set at 10 years for Loan Against Property, 9 years for Lease Rental Discounting, 10 years for Overdraft Facility Against Property, and 10 years for Reverse Mortgage Loan.
Salaried individuals, self-employed individuals, and self-employed professionals can apply for this loan.
Only select self-employed professionals are eligible for this loan :
* Chartered accountants
* Doctors
* Architects
* Engineers
* Cost accountants
* Dentists
* Management consultants
* Company secretary
* A 40% to 50% margin is granted for a loan against your commercial or residential property.
* A 20% to 30% margin is granted for a loan to purchase a commercial property.
* The loan can be sanctioned in five days.
Types of Business Loan
Business loans can be of several types, and according to the needs of the loan taker, they are granted. Some of the major business loan types are:
Term loan: It is one of the most common business loans is the traditional term loan. It is mainly granted to experienced business owners who have at least three years of professional experience. Their will to expand their business requires financial support and which is when business loans help them sustain in the industry.
Start-up loan: This type of business loan is often granted to potential business owners who have a plan to start their business. These business owners might not be well experienced in the field and have an extensive business past. The current turnover figures are taken into account while granting this loan. In most cases, young people end up taking this loan in order to start their business.
Working capital loans: These are considered small business loans to be specifically used to overcome a shortage of cash that a business may be facing in the middle of its professional journey.
Invoice financing loan: This loan is another kind of business loan that is granted to both small and experienced business owners. It is often used by the owners to provide their employees with timely salaries if they face specific financial issues with their clients.
Equipment loans: These loans are also granted to both small and experienced business owners. These loans are one-time support that helps owners invest in particular equipment for their organization to keep pace with the demands of modernization within the company.
