LAP for business purposes is usually availed by small and medium-scale manufacturers or traders to meet working capital needs and these products are offered by banks (national and multinational) and NBFCs. The banks rates of interest would always by lower than that charged by NBFCs. These business loans against property are generally taken for the purpose of working capital needs of the business. LAP can also be taken to meet capital expenditures such as plant construction or acquisition of new machinery. Sometimes, it's also used to retire a more expensive loan.
Following steps are taken into consideration for applying a loan.
(2)Your Profile & Income.
(3)Your Cibil (Credit ) History.
(4)Your Previous Loans.
(5)Assets & Liabilities.
(6)Selection Of Bank.
(7)Processing Fees Finalisation.
(8)Submission Of Signed Application Form To Bank.
(9)Processing Of Loan Application By Bank.
(11)Document Pendencies If Any.
(12)Credit Meeting With Applicant Or Telephonic Conversation.
(13)Approval Of Loan & Final Amount.
(14)Sale Agreement Registration.
(15)NOC From Society Or Builder.
(17)In Case Of Loan Balance Transfer From Another Bank Lender First Cleares Balance Amount Of Bank And NOC Is Given Later By Society Or Builder.