Board approves availing Rs. 15.60 Crores loan from Bajaj Housing Finance
Smart Finsec Ltd's Board has considered and approved availing a financial facility (the "Loan") from Bajaj Housing Finance Limited.
By ScoutQuest · · 2 min read
- Loan Amount
- 15.60 Crores (INR Fifteen Crores and Sixty Lakhs Only)
- Interest Rate
- 8.75% p.a. (floating rate)
- Maximum Period
- 144 months
Smart Finsec Limited has informed BSE that its Board of Directors has considered and approved availing of a financial facility (the "Loan") from Bajaj Housing Finance Limited ("BHFL"), on the terms and conditions contained in the loan agreement to be executed between the Company and BHFL. The details were given in Annexure A to the outcome of board meeting update.
Deal at a glance
- Lender: Bajaj Housing Finance Limited; Borrower: Smart Finsec Limited
- Nature of loan: Loan against Property (LAP)
- Size of the agreement / amount of loan granted: 15.60 Crores (INR Fifteen Crores and Sixty Lakhs Only)
- Interest: 8.75% p.a. (floating rate)
- Maximum period: 144 months
- Purpose: business expansion
- Security provided to the lender: first charge over the Company's property located at B-10/13 DLF Phase 1, Gurugram-122003
- Total amount outstanding: Nil
- Shareholding of the lender in the Company: Nil
What the terms mean in simple words
A Loan against Property is a borrowing in which the lender takes a charge on an immovable property as security. A "first charge" means this lender stands first in line over that property if the loan is not repaid. In this case the property named is at B-10/13 DLF Phase 1, Gurugram-122003.
The interest rate is 8.75% p.a. on a floating rate basis. A floating rate is not fixed for the whole tenure; it can move up or down with the benchmark it is linked to, so the interest cost over the years can change from the rate stated today.
The loan is given for a maximum period of 144 months, which is 12 years. The update states the purpose as business expansion.
The update also notes that the lender does not hold any shares in the Company (shareholding: Nil), and that total amount outstanding is Nil.
What a reader can track later
- The interest rate is floating, so future interest outflow on this facility may differ from 8.75% p.a. depending on rate movements.
- The Company's property at B-10/13 DLF Phase 1, Gurugram-122003 carries a first charge in favour of the lender.
- The facility runs for a maximum period of 144 months, so it carries a repayment obligation spread over that tenure.
- The stated use of the borrowing is business expansion.
Also from Smart Finsec
Signs loan agreement with Bajaj Housing Finance to avail facility of up to Rs. 15.60 Crores
14 Oct 2026
Corporate guarantee released by Axis Bank; guarantor's obligation ceases, underlying credit facility continues
6 Oct 2026
Corporate guarantee for group firm's credit facilities released by Axis Bank
6 Oct 2026
More numbers
- Size of agreement / amount of loan granted15.60 Crores
- Interest rate (floating)8.75% p.a.
- Maximum period of the loan144 months
- Total amount outstandingNil
- Shareholding of the lender in the CompanyNil
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