- Application form
- 2 colored photographs
- Identity proof
- Address proof
- Income proof
- Latest 1 year bank statement
- Securities Proof
Loan Against Securities
• Pay interest for used amount only
• No pre-payment charges
Calculator InformationThe Equipment Finance Calculator calculates the type of repayment required, at the frequency requested, in respect of the loan parameters entered, namely amount, term and interest rate. The Product selected determines the default interest rate for personal loan product. The Equipment Finance Calculator also calculates the time saved to pay off the loan and the amount of interest saved based on an additional input from the customer. This is if repayments are increased by the entered amount of extra contribution per repayment period. This feature is only enabled for the products that support an extra repayment. The calculations are done at the repayment frequency entered, in respect of the original loan parameters entered, namely amount, annual interest rate and term in years.
Length of MonthAll months are assumed to be of equal length. In reality, many loans accrue on a daily basis leading to a varying number of days interest dependent on the number of days in the particular month.
Number of Weeks or Fortnights in a YearOne year is assumed to contain exactly 52 weeks or 26 fortnights. This implicitly assumes that a year has 364 days rather than the actual 365 or 366.
Rounding of Amount of Each RepaymentIn practice, repayments are rounded to at least the nearer cent. However the calculator uses the unrounded repayment to derive the amount of interest payable at points along the graph and in total over the full term of the loan. This assumption allows for a smooth graph and equal repayment amounts. Note that the final repayment after the increase in repayment amount.
Rounding of Time SavedThe time saved is presented as a number of years and months, fortnights or weeks, based on the repayment frequency selected. It assumes the potential partial last repayment when calculating the savings.
Amount of Interest SavedThis amount can only be approximated from the amount of time saved and based on the original loan details.
Calculator DisclaimerThe results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for the product. Individual institutions apply different formulas. Information such as interest rates quoted and default figures used in the assumptions are subject to change.
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The repayment amount shown using this calculator is an estimate, based on information you have provided. It is provided for illustrative purposes only and actual repayment amounts may vary. To find out actual repayment amounts, contact us. This calculation does not constitute a quote, loan approval, agreement or advice by My Finance. It does not take into account your personal or financial circumstances.
What you mean by Loan Against Securities Eligibility Criteria?
Make the right use of your financial assets with loan against securities. Get up to 80% of value on your security, it might be life insurance policies, bonds, mutual funds & etc. Loan Against Securities interest rates are most affordable.
Loan Against Securities Eligibility Criteria
Usually, Loan Against Securities Eligibility Criteria depends on various factors like age of applicant, monthly salary or business income of co-applicant, course type & residency..etc.
- • Age Limit of Individuals – 21 to 60 years of age
- • Salaried Employee of a Sole Proprietorship, Partnership Firm, Private Trust, Private Limited Company or Public Limited Company or Self – Employed
- • Security must be approved by the bank for which you are availing the loan
- • Nationality – Resident of Indian
Note: – You can avail Maximum Loan Amount on Loan Against Securities as minimum Rs.1,00,000 and the maximum is Rs. 20,00,000
What are the factors affecting Loan Against Securities Eligibility Criteria?
There are few factors that affects Loan Against Securities Eligibility Criteria as given below: –
Meeting age criteria: – Make ensure that you meet age eligibility criteria as per standard terms & norms you should not less than 21 years of age at the time of availing loan against securities.
Lower Income: – Loan Against Securities might be a secured loan, but lender will check your monthly income to your capacity. As higher the monthly income as the Loan amount depends on your eligibility.
Applicant Age: – This is a significant factor affecting your Loan Against Securities eligibility, as per the standard terms & norms of age in-between 18 – 60 years for applying Loan Against Securities, therefore avoid before & after the age norms for loan rejection.
How Loan Against Securities helps to increase Credit Score?
As most of you, for any type of role one common factors that affect your loan application is none than a credit score, it might be personal loan, home loan, business loan, project loan, car loan & various loan.
Due to some unpaid or late paid payment your credit score ranging had affected a lot, how bad would be your credit score might be, you don’t need to worry when you have one ultimate solution to increase your credit score.
If you have gold ornaments & jewelry with you then, no one can stop you from borrowing loan against your gold. By paying Proper EMI on time your credit score range will gradually increase.
- PHOTOGRAPHS 2
- PAN CARD COPY
- AADHAR CARD + PASSPORT
- ADDRESS PROOF IF RENTED ALSO REQUIRED PERMANENT ADDRESS PROOF
- LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE
- LAST 1 YEAR BANK STATEMENT – SALARY ACCOUNT
- LOAN SCHEDULE & SANCTION LETTER (IF RUNNING)
- COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS
- PROCESSING FEE CHEQUE IN FAVOUR OF BANK
- LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER
- PHOTOGRAPH BOTH
- PAN CARD CLEAR COPY PROPRIETOR
- ADDRESS PROOF (PASS PORT, VOTER ID CARD) PROPRIETOR
- OFFICE ADDRESS PROOF LATEST (ELECTRICITY BILL, TELEPHONE BILL)
- FIRM REGISTRATION CERTIFICATES & GST REGISTRATION COPY
- LAST 1 YEAR GST RETURN COPY
- FIRM 3 YEARS ITR COMPUTATION, PROFIT LOSS A/C, BALANCE-SHEET, TAX AUDIT REPORT, ALL SCHEDULED & ANNEXURE
- PROVISIONAL FINANCIAL AY 2019-20
- BANK ACCOUNTS (CURRENT ACCOUNT, CC ACCOUNT, OD ACCOUNT LAST 1 YEAR UPDATED)
- PARTNERSHIP DEED COPY
- GST CERTIFICATE
- GST RETURN LAST 1 YEARS
- 3 YEAR COMPANY ITR COI P/L A/C BALANCESHEET + AUDIT REPORT 3CB 3CD, ALL ANNEXXURS, SCHEDULED WITH C.A.CERTIFIED
- PROVISIONAL FINANCIAL AY 2019-20
- 3 YEAR ALL PARTNER INDIVIDUALS ITR + COMPUTATION
- FIRM ALL A/C BANK STATEMENT 1 YEAR UPDATED
- ALL PARTNER SAVING A/C STATEMENT 6 MONTH
- IF RUNNING ANY LOAN – LATEST SANCTION LETTER + TRACK RECORDS OR REPAYMENT SCHEDULED
- AGREEMENT TO SELL COPY
- PROPERTY PAPERS COMPLETE CHAIN WITH MAP
- ALL DIRECTORS PHOTOGRAPH
- CLEAR PAN CARD – COMPANY AND ALL DIRECTORS
- ADDRESS PROOF – COMPANY AND DIRECTORS
- LIST OF DIRECTOR & SHARE HOLDER WITH CA CERTIFIED AS ON DATE
- MEMORANDOM ORDER IN HAND AND COMPLETE COPY (IF APPLICABLE)
- GST, SALE, VAT AND SSI REGISTRATION CERTIFICATE
- 1 YEAR GST RETURNS
- ALL DIRECTORS INDIVIDUALS ITR & COMPUTATION LAST 3 YEARS
- LAST 3 YEARS COMPLETE FINANCIAL WITH TAX AUDIT REPORT AND ANNEXURE
- PROVISIONAL FINANCIAL FY 2019-20 OR MONTH WISE SALE FIGURE LAST 1 YEAR
- COMPANY ALL BANK ACCOUNT STATEMENT 1 YEAR UPDATED
- ALL DIRECTORS SAVING A/C STATEMENT 6 MONTH
- IF RUNNING ANY LOAN – LATEST SANCTION LETTER AND REPAYMENT SCHEDULED
- AGREEMENT TO SELL COPY
- PROPERTY PAPERS COMPLETE CHAIN WITH SANCTION MAP
Frequently Asked Questions
- State Bank of India
- HDFC Bank
- ICICI Bank
- Axis Bank
- You can get between 1 lac minimum to 20 lac maximum limit.
This loan come under Unsecured Loan, wherein bank require Collateral to pledge. When you pledge your mutual fund or insurance policy as a assets certain determined limit will be credited to your account & work as a Overdraft Facility which allow you to pay interest for utilized amount.
Many of you have question under Loan Against Securities when does revaluation take place so generally it starts
Whether salaried or self-employed you must have a regular source of income, you age should be in-between 21 – 60 years & make sure your securities value is above 10 lacs.
It offers digital application to get quick disbursement, low interest that too pay interest for used amount only & other tenure facility are offered.
If you are looking for a loan at low Interest Rate then definitely its good idea but if you don’t want to risk your assets then avoid it.
It is a type of Unsecured Loan where you need to pledge any share as a assets like mutual funds & insurance policies to bank.
Generally, Interest Rates range from 10.50% – 13.00% p.a.