AuthorAlisha Antil is your best financial helper for insurance. She has a vast experience in finance and insurance and provide to you the expert advise in insuring your property and health. Archives
March 2020
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“Health is wealth.” As long as people keep believing it, milk suppliers and other businesses associated with the dairy industry would never face a dearth of the demand for fresh and purified milk. So, if you already own a dairy business or have been planning to start one, you’re already half mile down the road. What you need now is proper planning to grow your business, sufficient financial to finance your growth plans, and guidance from someone who knows what to do in order to grow an existing dairy farm.
While you can find out good business consultants with a proven record to help your business with their guidance and strategic growth planning skills, finding the right sources to fund your business would be a little difficult. That said, you can always take a loan against property for self employed to arrange the required funding.
What would be the benefits of taking a loan against property for your dairy business? 1. End usage flexibility: All mortgage loans apart from the ones which are available for specific purposes such as home loan, are available with end-usage flexibility. This means you won’t have to specify the purpose of taking the loan to lender. 2. Low interest rate: Loan against property interest rates, owing to the availability of the collateral, would be on lower side. Hence, you’ll be able to avail the required funding at an affordable interest rate. 3. Repayment time: Last but not least, you get a very long time to repay the loan. Additional Read: Expand your Dairy Farm through Loan Against Property
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Loan against property is one of the most dynamic finance options available. This is because once disbursed, you can use it for any purpose that you feel like including meeting your higher education expenses, business expansion, wedding expenses and more.
When applying for any kind of loan, checking your CIBIL score is something that is done by every lender. Loan against property is a secured loan. This means that not only do you get a lower interest rate in comparison to unsecured loans but the credit score is not stressed upon as much. This means that if you have a low credit score, you can still apply for a loan against property.
However, there are certain benefits attached to a having a high credit score when applying for a loan against property, a few of which are as follows - Faster Approval A high credit score means that you have been responsible with your finances. This gives the lender more assurance that you will not default on the repayment of the loan. As a result, your loan gets approved and disbursed more quickly. Higher Loan Amount Not only do you get a lower interest rate but you also get a higher loan amount. This is because if you have a higher credit score, you have already established that you are responsible about the credit which you get. As a result, lenders are more confidant disbursing a larger loan amount to you. Additional Reads: How does a higher CIBIL Score benefit you when you Apply for a Loan Against Property? |