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Start Up Loan Against Property

Start Up Loan

Last Updated 14th Jun 2021

  • Start-up business loans can be availed by keeping your property as a mortgage.
  • If you go for a LAP for a startup, you can avail the benefit of tax relief for up to 3 years on the payment of taxes.
  • Loan Against Property for Startup can be borrowed from top lenders like SBI, HDFC, ICICI Bank, Citibank and others.
  • The loan can be availed by all Indian citizens above 18, who maintain a good CIBIL score.
  • To avail this loan, you must have a well-drafted business plan.
  • Best loan against property offers starts at 8.40%.
Apply for Loan Against Property @ 7.20%* Get upto ₹ 1,000* Cashback

Start Up Loan on Property

In the wake of economic and industrial development of the economy, promoting startups have been on the rise in the country. Thereby, various easier terms and conditions have been implemented for setting up these business units. One such initiative is the loan against property for startups. A Start Up Loan is a financial scheme that allows startup owners to borrow funds for their business units, by pleading their self-owned property as a mortgage.

Features & Benefits of Start Up Loan Against Property

Some of the features and benefits associated with a mortgage loan for a startup are listed as follows:

  • If you opt for a LAP for startup, you can avail a tax relief for up to 3 years on the tax payment.
  • Since these loans are offered to budding entrepreneurs, thereby the loan is processed quickly, in comparison to a regular business loan. This is because of less business documentation.
  • The startup loan is not offered as a business loan but as a mortgage loan. Thereby, the profits and loss incurred in a business are not investigated by the lender.
  • The loan amount offered on the start up business loan varies across lenders and is based on the property value. While some lenders offer up to ₹ 3.50 Cr, various lenders limit the loan amount up to ₹ 75 Lakh.

Start Up Loan for Business - Eligibility Criteria

The eligibility criteria for a LAP for startups is listed as follows:

  • The age of the loan applicant must range between 18 to 65 years.
  • The applicant must be an Indian Citizen without any criminal record.
  • The loan applicant must maintain a good credit score without any loan default history.
  • The loan must be applied with a well-organised business plan and a recommendation letter.
  • Eligible business units for a startup are sole proprietorship, public or private limited company, or partnership with limited liabilities.
  • To apply for this loan, ensure that you have all valid registrations and approval certificates or licenses.

Documents Required for Start-Up Loan

Apart from fulfilling the eligibility criteria, ensure that you are prepared with the below-mentioned documents to avail the mortgage loan for a startup.

  • Startup Business loan application form
  • Passport size photographs of the applicant
  • Cancelled cheque
  • Business Plan
  • Last six-month banking statements
  • Age proof such as Voter Id card, driving license or Passport
  • Identity proof such as Voter Id, PAN card, Driving license, or Passport
  • Address proof such as applicant's Passport, Voter Id card, utility bills such as telephone bill, water bill, gas bill, or electricity bill
  • Copies of certificates, registrations and license
  • Copies of latest Income tax returns and salary slips

How to apply for Start Up Loan Against Property with MyLoanCare?

MyLoanCare is an online loan platform, wherein you can not apply for a startup loan, but can also compare and check out different loan options across various lenders. You can apply for a Startup Loan for business with MyLoanCare by following the below-mentioned steps:

  • Visit the website MyLoanCare.in.
  • Click on the option, ‘Apply Now’ on loan against property page.
  • Fill in your required details like name, mobile number, email address, and loan requirements.
  • As and when you fill in the details, you will be shown the eligible loan offers that are apt as per the eligibility criteria.
  • In case you are eligible, then you may receive a call from concerned MyLoanCare executive who will confirm your eligibility parameters.
  • Further, the loan application is forwarded to the respective lenders that seem best as per your requirement.
  • The bank representative will then carry forward the loan formalities such as documents verification.
  • As and when the loan application is approved by the lender, the loan amount is disbursed to your bank account.

FAQs

What is required to get a startup business loan?

To get a startup business loan, you need to fulfil basic eligibility criteria such as age limit between 18 to 65 years of age with a good credit score. In addition, you need to have a well-organised business plan and a recommendation letter along with valid registrations, certificates or licenses.

How do I avail a start up loan?

You can avail a startup loan by meeting eligibility and documentation requirements and applying with an online portal like MyLoanCare.in. At MyLoanCare, you can apply, compare and check out offers for startup business loans across various lenders. For this, you can visit MyLoanCare.in

How do I start my own startup?

You can start your startup loan with easy financing options such as startup loans for business. You can avail this loan from top-notch lenders by keeping your property as collateral; thereby, you can opt a loan against property for a startup. This loan can be availed with easy documentation and eligibility criteria.

How much loan can I get to start a business in India?

The loan amount that you can get to start a business loan in India ranges from one lender to another. The maximum loan amount offered ranges between ₹ 75 Lakh to up to ₹ 3.50 Cr. This, however, may vary across various factors such as your credit score, eligibility parameters, loan requirements and collateral involved.


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