Accelerate your dreams by embracing availing loans for financial success!

If you are facing a dilemma of how to from where to avail loans, then you have a sure shot solution! CSL Finance Give you one stop solution for your personal or business needs.

What is a Personal Loan?

A sum of money you borrow for various financial needs that you might have at a particular time is a personal loan. You can use a personal loan for a consolidated debt, home renovations, studying abroad, buying a new property and many more. The borrowed money is contractual of the borrower returning over a period of time with a specific rate of interest. You have various options to avail for the required loan like a bank, money lenders providing funds for your financial needs, an NBFC and so on.

CSL Finance will provide you with a swift and easy form of loan for all your personal needs.

Types of Personal Loan

1. Secured Loan- A type of loan that involves a collateral as a condition at the time of borrowing. You could avail a secured loan with a savings account or your car.

2. Unsecured Loan- This type of loan requires no collateral or anything to mortgage at the time of availing the loan. Banks can consider this king loan more riskier so they might charge more interest on the loan availed.

Documentation required for Personal Loan

Documents required to apply for a personal loan include-

1. Identity proof/ address proof/ DL/ Voter Id/ Aadhar Card

2. Bank statement of the previous three months.

3. Two latest salary slips.

What is Loan Against Property (LAP)

The basic idea of Loan against property is just how the name suggests- loan you get from the bank against the mortgage of your property. This is a secured loan in which case the property of the borrower is the security. In this case, the property could be your home, your commercial property, or even your land. The amount of loan is decided based on the market value of your property and mutually decided on discretion of the borrower and lender.

The amount of money you receive from the mortgage of a property is LAP.

Documentation required for Loan Against Property

Documents required to apply for loan against property include-

1. Identity proof

2. Address proof

3. Income proof

4. Property papers

Advantages of availing Loan against property

1. Get a loan at lower rate of interest- A loan against property is a secured loan and the lenders provide these loans at a lower interest rate as the risk factor is lowest. This is more pocket friendly as a lower interest rate translates to lower EMIs.

2. Get a high loan amount- It is a secured loan and you get finance upto 75% to 100% of the market value of your property. It is useful to manage big expenses for your big business needs.

3. Continued usage of property- The best part about mortgaging your property for finance with CSL Finance is that you can continue to use the property you have mortgaged. You can mortgage either self occupied or rented properties. 

4. Long repayment tenure- Low interest rates with longer time to repay is an advantageous option. A secured account provides you numerous long term benefits.

Conclusion

There are various factors that makes up the decisoon of taking a personal loan or a aloan against property. In loan against property, you need collateral, a loan secured by real estate gives a bigger loan amount, a longer payback period, and a lower interest rate. In contrast, a personal loan does not require collateral and is unsecured in addition to having a shorter payback period and a higher interest rate. Therefore, it's crucial to assess your financial requirements and ability to make payments before picking which loan choice to go with.