A home loan is a secured loan where the borrower can get up to 80 to 90 percent of the home value. This loan is used to buy/construct a house for themselves or their families or personal use.
Home Loans are tax-deductible under Sections 80C, 24(b) and 80EEA of the Income Tax Act, 1961.
A Business Loan can be used for business expansion such as rent, utilities, salaries, inventory, and supplies, especially when cash flow is low. The approval process for a Business Loan typically depends on what the lender is offering and the business history of the borrower.
We offer a maximum loan amount up to Rs. 50 Lakhs without any collateral.
A Personal loan is an unsecured loan, meaning they do not require collateral. Personal loans can be used for a long-awaited holiday, home improvements, education expenses, medical bills, or debt consolidation.
The approval and terms of the loan often depend on the borrower's credit score, financial stability, credit history, income level, repayment capacity.
+91 74138 26826
support@webonlineca.com
| Criteria | Home Loan | Business Loan | Personal Loan |
|---|---|---|---|
| Tax Benefit | Principal payments are tax-deductible under section 80C, and the interest payments are tax-deductible under Section 24(b) of the Income Tax Act | Only interest payments are tax-deductible under the Income Tax Act | No Tax Benefit |
| Interest Rate | Banks and other lender charge interest rates at fixed and floating rates | Higher, Interest rates tend to be higher than Home Loans | Personal loan Interest rates starts from 10.25% and varies from bank to bank |
| Repayment Tenure | The repayment tenure ranging from 10 to 30 years | The repayment tenure ranging from 1 to 10 years | The repayment tenure ranging from 1 to 6 years |
| Loan Funds | Up to 90% of the property value | Ranging from Rs.1 Lakh to Rs.2 Crore for small, medium and large businesses | Up to Rs. 40 Lakh |
| Processing Fees | It may vary across lenders, typically 1% to 2% of the loan amount | Up to 2% of loan amount | 0.5% to 4% of loan amount |
| Eligibility | Salaried or self-employed, financial position, clear current and past credit history | Depending on business credit score, financial statements, and business size | Individual credit score, income, and employment stability |
| Approval Time | Often within 1-2 weeks | Faster, often within 48 hours | Faster, often within 72 hours |
Nil processing fee*
Low interest rates
Fast online process
Maximum Finance
Make your application process smooth by keeping these documents handy:
Make your application process smooth by keeping these documents handy:
Quick Approval
100% Satisfaction
No hidden charges
Longer tenures
Yes, you can transfer your loan to another bank offering a lower interest rate and negotiate for a shorter tenure.
No. Home loan insurance is not mandatory. However, it is advisable that you buy insurance to protect your family from loan liability during unforeseen circumstances.
Business entities such as self employed individuals, proprietors, private limited companies and partnership firms involved in the business of manufacturing, trading or services can apply for Business Loan.
Yes, you can foreclose or pay off a business loan early as per the terms and conditions of the loan agreement.
No, salaried employees cannot get a business loan as it is meant for self-employed individuals or business owners. However, salaried employees can apply for other types of loans such as personal loan, home loan, or car loan.
The maximum loan amount based on individual eligibility, income, credit score, and lender policies.
Yes, you can make overdue payments online with Internet Banking, any UPI App or Mobile Banking.
Yes, Personal loan is an unsecured loan. It is provided without security with higher interest rates. You do not need to pledge collateral such as property or gold to get a personal loan.
