Loan Details

Home Loans

A Home Loan is a secured loan product where the lender provides finances for the purchase or construction of a residential/commercial property. One can also avail a housing loan to buy a plot of land and construct on it. Home Loans are also issued to extend/ repair/ renovate/ alter a new or second-hand property. The Home Loan is taken by a borrower against the property/security to be bought. This is done by giving the banker a conditional ownership over the property i.e. if the borrower fails to pay back the loan, the banker can retrieve the lent money by selling the property.

Most lenders get the property valued independently and provide loans based on their estimated value. It is important to remember, however, that frequently their valuation is significantly lower than the actual cost and hence the requirement of the borrowers goes up. Home loans in Indian Banks are provided up to maximum of 80% (90% for loan amount below INR 20 lakhs) of the value of the house. Home loans are repaid using Equated Monthly Installments (EMIs) spread over a fixed tenure.

Money Ocean Brings You The Best Deals In Home Loans Using Its Extensive Network of Partner Banks. Apply For A Home Loan Today – Fill The Free Quote Form Now!
Personal Loan in India

A personal loan is a loan for your personal use, be it your child’s wedding, a dream vacation, or a shopping extravaganza. A personal loan does not require any security or collateral and can be availed without much fuss. Typically personal loans range from Rs. 50,000 to Rs. 30 Lacs with a tenure typically ranging from one to five years. Getting a Personal loan is quite stress free and there are typically a number of offers in the market most of the time.

Apart from the rate of interest banks also charge some fees which are usually of two types. Once when you are applying for the loan and once when you are pre-closing the loan. The fees when charged at the time of processing called as Processing Fees vary from 2-3% of the loan amount. This could be reduced if you have the ability to bargain. the second charge is the prepayment penalty paid at the time of pre-closure. This too varies from 2 – 3 %. Similar to processing charges, you can also try to get this fees reduced.

Business Loans

Financial Flow is the life blood of any successful organisation. Most businesses will need a large amount of working capital to start up a new business or enable the rapid growth of an existing business. Scaling up always requires a influx of finances

Which is why, we go to all lengths to ensure that we can disburse a loan that can help you take your business to the next level. Business loans are very special to Andromeda and we have been helping our customers scale to new heights of success by helping them finance their dreams for their enterprises.

While a personal is given on a personal capacity and income, a business loan is given based on company’s income and capacity and is given in the company’s name.

Mortgage Loan

Loan against property (LAP), are basically loans provided by banks against the security of one’s own property. LAP is designed to meet the financial needs of someone who already owns a house or multiple properties so as to get the best out of their assets. Its important to remember that the property which you are putting up for your loan should be free any encumbrance (i.e. it is not given as security for any purpose or any other loan).

Banks provide LAP for both Salaried as well as Self-Employed individuals. The rates and loan amounts differ based on your property and your annual income

Car Loan

Buying a car is one of the significant purchases that people make, second only to purchasing a home. There was a time when owning a car was a luxury and thus could be afforded by a few rich. However, with the availability of secure financing options having a vehicle is not just a dream but a necessity that most of us can easily afford. Whether you are planning to buy a new car or an old car, you can finance your car by taking a car loan at affordable car loan rates. The rates for a car loan varies as per the value of car, the loan amount you have applied for and repayment capability of the borrower. You may get upto 100% of the ex-showroom price of the car.

Working Capital Loan

Money Ocean offers a customized working capital loan for small and medium enterprises to meet their working capital requirements. A working capital loan helps you in running everyday operations. These loans usually cover recurring expenses such as accounts payable, wages, etc. Our working capital loans help offset your working expenses during a low sales / revenue period. We have combined the best features of several types of such loans to create an offering which is suited for Indian SMEs and start-ups.