Agra City

1. An introduction to loans against property

 

 


Planning to start a new business? A Loan against property is all you need to cover the expenses for your new business venture. With this loan the bank pays you the amount you applied for against collateral. Since a loan against property is a secured loan, therefore, the bank uses your collateral if you fail to repay your loan. The bank considers repayments at an interest rate which is based on your loan amount and the loan tenure.
Apply for your loan against property in 5 steps at our Paisabazaar.com website:
 

  • Find out the loan amount you need and their interest rate using our tools
  • Fill in your details in the online application
  • Enter your loan requirements
  • Choose a loan scheme and click ‘Apply’
     
2. Why you have to apply for loan against property

 

 


Below are some of the benefits of a loan against property:
 

  • Financially independent: A loan against property makes you financially independent as your bank gives you loan amount required and you can use that money to meet your goals.
  • Savings: While your bank gives you the money, you can save your money and invest it to earn profits. This reduces the burden of using your own money at once.    
  • Credit score: With a timely repayment of your loan amount your credit score goes higher. A higher credit score makes you more trustworthy borrower in the bank records.
 
3. Loan against property details that you need to know

 

 


There are different loan against property schemes in Agra. Your credit history is important as you can get your loan approved easily at a lower interest rate. It is essential that you check your financial situation. This will determine whether you can bear the loan or not. People usually fail to repay the loan because they are not prepared. A detailed analysis of your financial state can ensure that you don’t fail to repay your loan.
 

4. Agra Interest Rates for loan against property
 

Loan against property Interest Rates are different for each bank, but they have a strict range. This range goes from 10.6%. Every bank in India respects this rule, which can be seen in the following Agra loans against property examples:
 

  1. Citibank: Interest Rate is 10.25% onwards
  2. Indian Overseas Bank: Interest Rate starts from 12%
  3. State Bank of India: Interest Rate starts from 11.6%
5. Agra banks that offer you loan against property schemes

 

 


The banks for loan against property in Agra that offer interesting schemes are:
 

1. Union Bank of India:
 
  • Interest Rate is 12.3% onwards
  • Maximum loan tenure is 12 years
  • Processing fee is up to 0.50% of the loan amount
     
2. Dena Bank:
 
  • Interest Rates is 11.15%
  • Processing fee is up to 1%
  • No pre closure charges
  • Maximum loan tenure is 7 years
     
3. Oriental Bank of Commerce:
 
  • Interest rate is 11.8%
  • Maximum loan tenure is 10 years
  • No pre closure charges
     
4. Kotak Bank:
 
  • Interest Rate is 12.65%
  • Maximum loan tenure is 12 years
  • Processing fees is up to 2%

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