A secured loan is a loan in which the borrower pledges some asset as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. The debt is thus secured against the collateral, and if the borrower defaults, the creditor takes possession of the asset used as collateral and may sell it to regain some or the entire amount originally loaned to the borrower. An example is the foreclosure of a home. From the creditor's perspective, that is a category of debt in which a bank has been granted a portion of the bundle of rights to specified property. If the sale of the collateral does not raise enough money to pay off the debt, the creditor can often obtain a deficiency judgment against the borrower for the remaining amount.
Unsecured loans are loans that don’t require collateral to be approved for the loan. The lender will check your creditworthiness and consider a few other factors, such as income, savings and debt, to see if you qualify. Because the lender is taking on more risk when the loan isn’t backed by collateral, they may charge higher interest rates and require good or excellent credit.
A property mortgage loan is a type of secured loan where you can avail funds by providing your asset as collateral to the lender. This is a popular form of financing as it helps the borrower avail a high loan amount and prolonged repayment tenor. A mortgage is usually a loan sanctioned against an immovable asset like a house or a commercial property. The lender keeps the asset as collateral until the borrower repays the total loan amount.
A machinery loan helps you obtain financing to buy new equipment for your business. It helps you improve business productivity, without affecting normal operations. UPC Bank offers secured machinery loans up to 70% of value with attractive features such as affordable interest rates, flexible repayment tenor up to 60 months, Flexi loan facility.
A Cash Credit (CC) is a short-term source of financing for a company. In other words, a cash credit is a short-term advances extended to a company by a bank. It enables a company to withdraw money from a bank account without keeping a credit balance. The account is limited to only borrowing up to the borrowing limit. Also, interest is charged on the amount borrowed and not the borrowing limit.
A working cash credit advances is a cash loan given to a company to meet its working capital requirements. It is a short-term source of finance with tenure of up to 12 months. A working cash credit advance allows a company to withdraw money from a bank account. You can withdraw as many times, but up to its withdrawal limit. The borrowing limit is decided on the basis of the applicant’s credit history or creditworthiness, which is based on the company’s structure of the current assets and liability. Additionally, the interest is only charged on the amount borrowed and not on the entire borrowing limit.
Type of advance the ownership and possession of the goods remains with the borrower. Bank only gets right of equitable charge on the goods hypothecated and by virtue of the hypothecation agreement; the bank can take the possession of the goods if the borrower defaults.
Potato storage loan helps agriculturists who are in the business of providing cold storage facility/warehouse to store agricultural commodities. This is a crucial stage in the entire food chain process and ensures that these commodities reach all corners of the country in good condition. There are some terms and conditions to avail this loan and it varies from bank to bank. It is a secured type of loan and requires collateral as a guarantee. Potato Storage loan also helps in setting up the business for the first time and is useful in ensuring enough capital is available for day to day operations.
The gold loan, also referred as a loan against gold, is a secured loan that a borrower takes from a Bank in lieu of gold ornaments such as gold jewelry. The loan amount sanctioned to you by Bank is generally a certain percentage of the gold’s value. You can repay it through monthly installment after which you get your gold articles back. Unlike other secured loans such as a home loan or car loan, there are no restrictions on the end use of gold loans. So whether you need to fund a wedding, family vacation or your child’s education, it is a great way to meet your sudden money requirement.
Taking an overdraft facility means that you does not get a lump-sum amount at the start. You only get a sanctioned limit, within which you are free to spend as and when you want to. It’s like a card and works somewhat like a credit card. Bank specifies the sanctioned limit and you’ve got to spend within that ceiling. Interest is charged only for the amount utilised from the sanctioned credit limit.
UPC Bank offers Home Loan at an attractive interest rate. You can repay it over a flexible tenor of up to 180 months, claim annual tax benefits, Whether you’re looking to purchase, construct, or renovate a home, the UPC Home Loan is the one-stop solution for your housing loan needs. You can get finance easily, with simple eligibility terms and a minimal requirement for documentation. You can also refinance your existing house loan through the Balance Transfer facility and avail a top-up loan when doing so. Through the Property Dossier facility, you learn about the legal and financial aspects of being a property owner; To meet your housing finance needs, apply for the UPC Home Loan today and get instant approval.
Easy Balance Transfer Facility
Refinance your existing home loan with UPC Bank, with minimal documentation and faster processing. Apply for home loan transfer, and get a top-up loan at a nominal interest rate.
Top-up Loan
Finance your other requirements with a high-value top-up loan over and above your existing housing loan. Get a top-up loan without any extra documentation, at a nominal rate of interest.
An auto loan is a loan taken out in order to purchase a motor vehicle. They are typically structured as installment loans and are secured by the value of car, truck, SUV, or motorcycle being purchased.
An education loan is a sum of money borrowed to finance higher education-related expenses. Education loans are intended to cover the cost of tuition, books and supplies, and living expenses while the borrower is in the process of pursuing a degree. Payments are often deferred while students are in college and, depending on the Bank; sometimes they are deferred for an additional six-month period after earning a degree.
Overdraft / Loan against security are advance to customer against pledge of security. It can be against insurance policy, National Savings Certificate and other securities. Overdraft / Loan against security can be given against the following securities:
