Secured loans are loans which require the borrower to pledge an asset or security to avail the loan. Home loans and car loans are the most common examples of secured loans where the borrower will be required to pledge the vehicle or house to be purchased as collateral, which then become secured debt. In case the borrower defaults on their loan repayment, the lender has full right to take possession of the collateral/secured debt. A secured loan is one of the best and assured sources of obtaining a high volume of funds.

Loan Amount	Maximum of Rs. 25.00 Lacks
Rate of Interest	@ 14%
Guarantor	Two (Creditworthy Guarantor’s )
Membership	Yes, @ 2.5% of Loan Amount share holding
Period	Maximum period of 10 Years
Loaning	Immediate Loan Sanction
Documents	Latest Income Proof of Applicant & Guarantor’s In case of Businessman- Last three I T returns with audited Financial Statement. Bank Track Record last year In case of Salary Earner - Last three months Salary Certificate and six months Salary a/c statement. ID & RD Proof’s documents of Applicant & Guarantor’s Bank Track Record Borrower’s residential proof
Pre-closure	No Pre-closure Charges
Loan Processing Fee	As per Loan Amount. @ 0.55%

Eligibility Criteria

You must meet the following requirements to be eligible for a secured loan:

• Applicants must have reached the age of 18 years or older.
• Applicant must be a resident of India.
• Income can be generated from regular salary, non-salaried income and business income.
• For loans based on business income, the business must have been running and generating a profit for the last 3 years.
• Applicant must have assets, whose value must match or exceed value of loan required.

Documents required

You will, of course, need to submit a bunch of documents to the lender or bank, so that they can establish your identity, address, and other details. Documents you will require for different kinds of secured loans are:

Mortgage loan:

• Proof of identity – This should be an official document which contains your name and photograph. Could be either your driving license, passport, voter’s ID, PAN card, Employee ID (if the company is registered), etc.
• Proof of age – Should be a verifiable document that determines your age, such as a birth certificate, passport, voter’s ID, etc.
• Proof of income – This should be an official / certified document which contains the details of your income and tax paid (TDS). Could be either your salary slips for the past 3 months, or Form 16 duly filled in and attached to a salary certificate.
• Proof of residence – This should also be a certified document that verifies your residential address in the eyes of the law. Could be either your phone / internet bill, rental agreement, bank account statement, etc.
• Original property documents of the property that is being pledged as collateral against the loan.
• Bank statements for the last 6 months
• Copy of lease agreement for LRD (Lease Rental Discounting).

Car loan:

• Proof of age – Should be a verifiable document that determines your age, such as a birth certificate, passport, voter’s ID, etc.
• Duly filled in application form. This is available from the bank itself.
• Proof of identity – This should be an official document which contains your name and photograph. Could be either your driving license, passport, voter’s ID, PAN card, Employee ID (if the company is registered), etc.
• Passport sized and stamp sized photographs.
• Proof of income – An official / certified document which contains the details of your income and tax paid (TDS). Could be either your salary slips for the past 3 months, or Form 16 duly filled in and attached to a salary certificate.
• Bank statements for the last 6 months.
• Verified proof of signature. The lender will require many specimen signatures, verifiable against certified documents that already contain your signature.
• Proof of residence – A certified document that verifies your residential address in the eyes of the law. Could be either your phone / internet bill, rental agreement, bank account statement.

Business loan:

• Company profile and product range – a description of your company, the products or services it exchanges for money, its managers and functions.
• Promoter profile.
• Audited balance sheets for the last 3 years.
• Proof of residence – A certified document that verifies your residential address in the eyes of the law. Could be either your phone / internet bill, rental agreement, bank account statement.
• Proof of identity – This should be an official document which contains your name and photograph. Could be either your driving license, passport, voter’s ID, PAN card, Employee ID (if the company is registered), etc.