Personal loans serve a variety of needs and become a popular option these days. However, it is important to know that it is restricted for the salaried people. Individuals can not avail of this loan if they do not have a source of income.
But the possible options for the individual or nonsalaried person has included a loan against property (LAP), gold loan, loan against a credit card, loan against securities.
LAP:
Loan Against Property for both business and a nonsalaried person can avail by using a commercial and residential property as collateral.
Loan Amount and Interest rates:
A salaried person can avail up to 80% loan amount of the property value, but the non salaried person can avail up to 60% loan amount of the property value.
a secure loan like a loan against property interest rate not usually high and the loan tenure varies from 15 to 20 years.
Sanction process and documentation
The self employed can face issues until the lender will not satisfy that the borrower can meet the monthly EMI. this is the main concern to the self employ.
