Bridge Loan is a short-term loan that helps you bridge the gap between your short-term fund requirements and long-term loans. It allows the borrower to adhere to his current obligations where immediate cash flow is required. Bridge Loan requires collateral or security against the loan amount availed.
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Features and Benefits of Bridge Loan
Mentioned below are some of the features and benefits of availing Bridge Loan.
- Generous rate of interest as per the loan amount
- High loan amount available (as per the borrower’s repayment capacity)
- Short and convenient repayment tenure
- Secure loan (backed by security)
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Bridge Loan Interest Rates
The table below shows the rate of interest offered by various leading providers for Bridge Loan.
|Provider Name||Interest Rate|
|Bank of Baroda||10.25% onwards|
|HDFC Bank||12.30% onwards|
|Piramal Capital and Housing Finance||16.55% onwards|
Bridge Loan Processing & Other Charges
|Processing Fee||Varies from lender to lender|
* Goods and Services Tax (GST) as applicable will be levied in addition to the mentioned charges.
Note: Other additional charges may be levied by the provider as and when applicable.
Bridge Loan Eligibility Criteria
Mentioned below is the eligibility criteria to avail Bridge Loan.
|Eligible Profiles||All eligible Indian residents|
|Age||Minimum: 21 years|
Maximum: 65 years
Note: Over and above this, there are several other factors like an applicant’s income, liabilities, assets owned, etc., which are evaluated by the provider to determine the eligibility of a customer.
Bridge Loan Documents Required
Following are the documents required to successfully apply for Bridge Loan.
- Duly-filled Application Form
- Income tax Details
- Identification Proof
- Bank Statement
- Income Proof
- Residential Proof
- Property-related Documents
Note: This is an indicating list. Additional documents may be required by the provider at the time of loan application.
Apply for Bridge Loan on Paisabazaar.com
Customers can apply online for Bridge Loan through Paisabazaar.com by simply following the below-mentioned steps.
- Follow the link: https://www.paisabazaar.com/home-loan/
- Fill the form by providing relevant details like the loan amount, city of the property, tenure, etc.
- On filling all the required details, click on the ‘Proceed’ button
Soon, a representative from Paisabazaar will contact you on the provided contact number to process your application.
Also Read: How long does the home loan process take?
Q1. What is the maximum repayment tenure offered?
The maximum repayment tenure of a Bridge Loan may go up to 24 months.
Q2. How long does it take to get a bridge loan?
The approval time is subjective to the provider. Ideally, a bridge loan is approved and disbursed within two or three weeks.
Q3. What is the maximum loan-to-value ratio available under Bridge Loan?
The maximum loan-to-value ratio may go up to 80-90% of the value of the collateral.