Other Loans

Takeover Loan

A takeover loan allows a borrower to transfer an existing loan from one lender to another. This is often done to secure a lower interest rate, consolidate multiple loans into a single payment, or switch to a lender with more favorable terms. The new lender assumes
responsibility for the loan after the borrower pays off the outstanding balance on the existing loan.

1. Basic Eligibility

Typically between 18 to 80 years (at the time of loan maturity)

Minimum 2-3 years of operation.

Good credit history and CIBIL score (685+)

Sole proprietorship, partnership, private limited company, Limited Liability
Companies etc.

Basic Eligibility

Loan Type

The existing loan should be eligible for a takeover, typically including home loans, car loans, and personal loans.

Credit Score

A good credit score, usually above 750, is required to demonstrate creditworthiness.

Age

The borrower's age should be within the lender's specified limits, usually up to 65 years at the time of loan maturity.

Existing Loan Details

Information about the existing loan, such as the outstanding amount, interest rate, and tenure, is necessary.

Repayment History

A clean repayment history with no significant defaults or delays is essential.

Income Stability

A stable income source to ensure the borrower's ability to repay the new loan.

Employment Status

The borrower should be employed or self-employed with a stable income.

Property/Asset Value

In case of secured loans like home or car loans, the property or asset should be eligible for valuation and collateral.