by Sunil Srivastava | Nov 9, 2024 | SNP Finserv
1. Lower Interest Rates Interest Rates: LAP interest rates generally range from 8% to 12% per annum, significantly lower than credit cards (18-36%) and personal loans (12-24%). Impact: By consolidating high-interest debts (like credit cards or personal loans) under a...
by Sunil Srivastava | Nov 9, 2024 | SNP Finserv
1. Debt Consolidation One of the most popular uses, personal loans can help consolidate multiple high-interest debts (like credit card balances) into a single loan with a lower interest rate, making repayment more manageable. 2. Home Renovations or Repairs Personal...
by Sunil Srivastava | Nov 9, 2024 | SNP Finserv
1. Bank Business Loans Turnover Requirement: Generally, banks like SBI, HDFC, and ICICI may require a minimum turnover of ₹10 lakh to ₹1 crore annually for small businesses. Larger loans may have higher turnover requirements. Loan Amounts: Loans typically range from...
by Sunil Srivastava | Oct 23, 2024 | SNP Finserv
Understand the Rejection Reason: Obtain a detailed explanation from the lender to pinpoint whether it was due to credit score, incomplete documentation, or other factors. Improve Credit Score: Address any credit issues by paying off outstanding debts, reducing credit...
by Sunil Srivastava | Oct 19, 2024 | SNP Finserv
What is Loan Against Property (LAP)?A Loan Against Property (LAP) allows you to borrow money by mortgaging a residential or commercial property. The loan amount is typically a percentage of the property’s market value (usually 60-80%), and it can be used for various...
by Sunil Srivastava | Oct 19, 2024 | SNP Finserv
Assess Your Business NeedsPurpose of the Loan: Define why you need the loan. Is it for working capital, business expansion, purchasing equipment, or managing cash flow? The type of loan you choose should align with your business needs.Loan Amount: Calculate the amount...
