Loan is a type of borrowing of the sum of money from any financial institutions or any bank. Loan is agreement between the loaner and borrowing for the sum of money.Loan in which the lender lends money to the borrower under the signed contract in an authorised manner.
Loan is a type of services, known as financial services. As the loaner provides borrower services, so loaner charges his sum of money with interest /other fees charges . Loaner provides easy emi/installment in which they get their sum of money in small and flexible amounts.
Loan is a type of debt in which the borrower promises the lender to pay in future or within a certain period with their services charges. Loan is a liability in which the borrower is liable to loaner against the sum of money and providing them quick or instant services.
Loan is a type of contract in which the Loaner details the sum of money against the mortgage , trust or belief by defining their process of loaning , with this borrower defining their need , tenure period and both parties agree with their terms and conditions , working according to their guidelines.
Loan is a type of savings , however as with the facility of loan credit we don’t have to redeem our savings or FD’s for the future emergencies and dreams. Loan is a way to secure other payments and pay for other reasonable things with flexible methods.
Repayment of Loan
As Loan is borrowing a sum of money to meet our emergencies from banks, which is needed to repay with interest charges and other fees due to their trust on you and commencing their money to you with your terms .
Repayment of loan, in followings way:-
- Repayment of loan within fixed date with fixed amount.
- Repayment of loan by offline or online transactions.
- Repayment should be considered by assuring the terms and conditions of loan.
- Repayment of loan should be committed with the series of monthly payments.
Reasons of unable loan
- Due to insolvency
- Person move to foriegn
- Due to gap within monthly payments
- Due to loss
- Due to other emergencies medical , disability etc.
How Bank assures loan would not be paid
Bank is a financial institution which has services to many borrowers , so they can easily know about the symptoms or behaviors of the borrower. However , they are following ways which banks get to know about the borrower loan :
- If the borrower skips 3 to 4 months installment.
- Equity of every borrower which gets to know about their market condition.
- Borrower with emi’s not particular , sue to their tenure period gets disturbed
- As the Borrower behavior changes with the payment of installments, when they inquiry from not about their small business or professional details.
- In case when the borrower medicals such as disable , accident or death.
What happens if you don’t pay loan
- Warnings are given by the bank with additional charges of fees and interest rates.
- actions such as blocking the accounts, charging emi’s from accounts to fill their sum of money or loan.
- Strict action would be taken such as sealing tier mortgages , property to recover their loan amounts with bad credit score and occlusion if house, business, vehicle or property loan
- Bank will assure all your property and financial assets which have been mortgaged or not to recover their loan.
- Bank will under all the particular documents such as passport, so without fulfilling the loan you won’t be able to move.
- In case of default , the bank will take legal actions such as police complaint, case etc.
- With the borrower, the bank will transfer details of the defaulter not to assure loan to those individuals which bad your credit score and unfair value among the markets.
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