How to register for Loan? How to apply for loan online in India, lean here.
Loan is liability, as in which sum of money borrower from a financial institution for the purpose of personal reason. Loan is agreement between the borrower and lender for the sum of money in future or certain period of time.
Loan is a type of debt, in which the borrower is liable to pay the bank/loaner. Loan simply means lending money but from financial institutions. Loan is the combination of principal and interest. Loan is debt which may be secured or unsecured.
Loan is a type of financial services, which is charged for interest and other fees in honor of their services. Loan is an activity in which support of finance is provided by the bank. Loan is service is provided by analysing tenure period, amount of loan etc.
Loans are paid back in the form of installments. Loans are assured on the schedule of the requirement of fiance sometimes against the securities. Loan is credit of money in large amounts which facilitates online transaction under the assurance of accounts maintenance.
Reasons of Loan
- To pay off necessary expenses.
- To free from debt of moneylenders and markets.
- To increase the finance
- To Build up the poor condition of economics
- Covering costs
- Emergencies and sudden expenses
- To purchase for large or expensive
- To build a good credit score.
Eligibility of Loan
- Should be Indian citizen
- Should be equal or above 18 years
- Should be associated with that bank in the form of maintaining accounts , fd’s etc.
- Should be particular with necessary documents.
- Should have a good credit score.
- Should be earning individual
Documents required for Loan
- Income statement
- Copy of Bank pass book of 6 or more months
- Gst return files
- All the sheets such as balance sheet , profit and loss account etc.
- Proof of identity such as aadhar card , pan card , passport.
- Proof of address
- Copy of application of loan
- Education certificates
- Visit your nearby branch of the Bank.
- Ask for the Loan
- Then , fill the form with proper and required details.
- After that agent of your bank came check your kyc
- And calculate the amount of loan asking for and mortgage against the loan.
- Then , the agent will calculate terms of conditions of loan which is in favor of both parties.
- Then , if the borrower agrees he/she signed the contract of loan.
With this, approval of the loan process starts. However, the bank would assure the whole sum directly it sanctioned margin value, interest rates, processing and other charges. Bank will totally assure the loan amount which is asked but they transfer it to your bank account within the amounts according to your portal.
- Visit the official website of your bank.
- Then , login your id.
- Click on the Loan
- Then , select the subject of loan , means for which purpose you want to consider loan from the bank.
- Then , a form will appear , fill it with proper and required details.
- Click on the submit button.
After submission form
- Then , Agent will come to your place and compare your kyc with the eligibility of Loan.
- Then, the agent will calculate your loan amount and mortgages against that and file the terms and conditions.
- If both the borrower and borrower agree for the agreement, they can sign it.
After the registration, you are liable to the bank to pay money which is considered from them in the form of credit.
For More news regarding the Loan and their related schemes and terms, please visit our website ‘Flats2BHK’. And know your answer. Hope you get all the details about it. Stay safe and updated with us. Thank You!