Finance consultant for business
Cheque basis short term loan &against property loan
Short-Term Loan on a Cheque Basis
Quick Disbursement:
- Short-term loans are designed for immediate financial needs and are disbursed quickly. The approval and processing can often be completed within a few days.
Flexible Repayment Terms:
- These loans typically come with flexible repayment schedules, which can range from a few months to a year, depending on the lender’s terms and the borrower’s requirements.
Minimal Documentation:
- Generally, short-term loans require less documentation compared to long-term loans. Basic KYC (Know Your Customer) documents and proof of income are often sufficient.
Higher Interest Rates:
- Due to their short duration, these loans might have higher interest rates compared to long-term loans. Borrowers should be prepared for the impact of higher monthly payments.
Loan Against Property on a Cheque Basis
Long-Term Financing:
- Loans against property offer longer repayment terms, often ranging from 5 to 15 years. This makes it a suitable option for significant financial requirements.
Lower Interest Rates:
- Compared to unsecured loans, loans against property generally come with lower interest rates due to the property serving as collateral. This reduces the overall cost of borrowing.
Larger Loan Amounts:
- The loan amount is usually higher as it is secured against the value of the property. The loan amount is determined based on the property’s market value and the borrower’s repayment capacity.
Property as Collateral:
- The property is mortgaged as collateral for the loan. This means that the lender has a legal claim on the property until the loan is fully repaid.
