|
 |
| Secured Loan |
 |
A
secured loan is one in which you use
some form of collateral as surety
for the loan, which reduces the risk
for the lender. Most lenders will
require an appraisal of the property
you use as collateral to ensure it
does meet or exceed the amount of
money you wish to borrow.
The amount of money you can borrow
in a secured loan varies from one
lender to another and depends on your
individual circumstances, which include
your income, your credit history and
your ability to repay the loan based
on information contained in your credit
record about your other debts. |
| |
|
|
 |
|
There are a number of lenders that offer online
secured loans, with many operating online, including
high street banks and building societies. It is
therefore a simple process to actually browse
and compare Secured loans in order to find one
that suits your needs and your pocket. A number
of factors will determine whether you are able
to get a secured loan and also how much you can
borrow. This includes your equity levels, your
income, your financial and employment status,
your credit rating, etc.
Compare Rate |
| |
| Loan |
APR |
Min Loan |
Max Loan |
Tenure |
|
 |
72.9% |
£750 |
£6000 |
1 Year |
 |
 |
14.9% |
£1,000 |
£15,000 |
1 to 5 Years |
|
|
| |
| How is a secured loan different
from a personal loan? |
| |
| Secured Loan |
Personal Loan
|
| The individual takes the Secured loan by
mortgaging the house property |
An individual can take a personal loan for
personal use without any security or guarantor
|
| One of the cheapest retail loans after home
loans, usually in the range of 7.99% - 19.99%
|
Higher interest rates compared to Secured
Loan; usually issued at interest rates in
the range of 16% - 34% |
| Since the rate of interest is lower, frequently
Equated Monthly Installments (EMI) turn out
cheaper |
Since the rate of interest is high, the
Equated Monthly Installments (EMI) for personal
loans are high |
| MaximumSecured loan eligibility is determined
primarily by the value of the property and
income |
Maximum loan eligibility is determined primarily
by an individual's income |
| Maximum loan tenure for Secured Loan is
up to 25 years. |
Maximum loan tenure for personal loan is
up to 5 years. |
| Secured loan |
Unsecured loan |
|
| |
What
documents are required for applying for a secured
loan?
Most banks and financial institutions typically
require the following documents to apply online
secured loan. However, this list may vary from
lender to lender. |
| |
| Salaried
Customers |
Self
Employed Professionals |
Self
Employed Businessman |
| Application form
with photograph |
Application form
with photograph |
Application form
with photograph |
| Identity and Residence
Proof |
Identity and Residence
Proof |
Identity and Residence
Proof |
| Latest Salary-slips |
Education Qualifications
Certificate and Proof of business existence
|
Education Qualifications
Certificate and Proof of business existence
|
| Form 16 |
- Last 3 years Income Tax returns (self
and business)
- Last 3 years Profit /Loss and Balance
Sheet
|
- Business profile
- Last 3 years Profit /Loss and Balance
Sheet
- Last 3 years Income Tax returns (self
and business)
|
| Last 6 months bank
statements |
Last 6 months bank
statements |
Last 6 months bank
statements (self and business) |
| Processing fee
cheque |
Processing fee
cheque |
Processing fee
cheque |
|
| |
| Apply Now |
| |
|
Compare the cheapest
Loans and apply online here . . .
|
|
|
|
|
|
