To get a loan against your shares, you need to pledge your investments against the sum borrowed. Depending on the extent of your pledged portfolio, Bajaj Finserv allows you to take a loan of up to INR 15 crores!
By the end of this article, you’ll understand what the eligibility for a loan against shares is, and the easiest way to apply.
Eligibility for Share Loans
There are some basic eligibility parameters that you need to fit into to get approval on a loan against shares.
First and foremost, you should be an Indian resident and at least 25 years of age when the loan is being sanctioned.
Furthermore, you should be a salaried individual with a regular source of income.
Besides that, the shares that you pledge should have a minimum value of INR 25 lakh.
That’s pretty much all you need to know about eligibility for a loan against shares. If you’re eligible, you can avail benefits such as zero prepayment and foreclosure charges, and online account access with Bajaj Finserv.
Documents Required in the Process
You need to start off by filling in an application form when you apply online for a loan against shares. Once you’re done filling in the form, you’ll be asked to upload some documents that are required to process your loan. Documents required for a loan against shares include,
- A photograph
- Identity proof
- Address proof
- Signature proof
- Date of birth proof
You’ll also need a copy of your income details with your latest pay slip, Form 16 and your bank account statements for the last 3 months. And since we’re talking about a loan against shares, your demat statement for the preceding 6 months will also be needed.
Everything Else About Loan Against Shares
Loan against shares are most convenient since they allow you to fulfil your needs while preserving your investments. It also allows you to pledge family’s investments if you need to borrow a larger amount. By using online services, you can apply and get an instant approval on it within a few minutes. With loan against shares interest rates in India getting higher every day, Bajaj Finserv offers services that do not compel you to pay interest on the entire amount. You are only required to pay the interest on the amount that you withdraw from your account after the loan is sanctioned.