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Loan can be defined as the fixed amount of money that the borrower has to return to its provider with interest as per deal terms and condition. In modern era, individuals take loan from authorize bank or financial organization as per their interest and need to fulfill their various important tasks.
Bank and financial organization offers different loans types such as personal loan, home loan, education loan, vehicle loan, crop insurance and several others. These loans resolve instant need of money and provide you instant help. Applying for loan becomes even better and secure with the help of technology and to get instant loan online is easier than ever before.
Benefits of Loans
As it is understood that loan is a kind of debit and to use that user need to pay interest as per condition of respective service provider and there regulation. In most of the cases people apply for loan to fulfill all needs regarding their personal and business oriented needs. After tenure, applicants need to repay the complete amount. Money is one of the integral parts of everyone life and it can be required in any phase of life.
Profit Sharing is not important
If someone has borrowed amount for business prospect and earn some benefits by using that amount then, it is not necessary to share benefits with respective bank and just EMI based repayment is required.Easy to Purchase Expensive Service or Product
After loan availability, individual may look for expensive facilities like medial issues and other vital services with easy without thinking about any complication.Invest Related Flexibility
After approval of loan amount bank never makes any interfere on utilization of amount and individual have full authority to utilize their amount the way wanted to, they may invest amount in business or in stock market. Bank never creates any type of issue between other party and customer; bank just asks to pay EMI always on time to keep things easier and secure.Not necessary to repay amount
Customers need to repay overdraft amount on demand and this type of condition may create problem for respective customer. On demand repay is mandatory only in case of overdraft and in case of loan is not required to repay amount. In complete tenure, user avails guarantee to offer repayment facility of amount with ease.Features of Loan
Application regarding availing loan on certain amount mostly rely on requirement of individual. Loan amount may be large, medium and small. User will always find some difference between the amount he applied and what amount approved by respective bank. In most of cases, bank follows strict regulation and policy before approving the amount as per request made by individual.
Involvement of Parties
To perform loan transaction among one or more parties. In most of cases parties may be customer and respective bank. It may be rely on bank criteria and individual criteria and needs.Taking Final Call on Processing
End of the day, it is bank that is responsible for taking final decision on application and request of amount approval. Sometimes bank may approve amount on partially, section wise or approval of amount on single call. In most of cases, customers personal information, his/her credit history and other required transaction related processing.Loan Type or Mode of Loan
As we know that in most of cases, approve amount given is form of cash, in case of special requirement it can in other forms like input resources, raw material and required machineries to complete the task of particular person.Applicable Interest Rate
This is one of the most vital and important factor that decides the plenty of things like applicant request and eligibility criteria and several other integral part boost interest towards responsibility of both customer and respective bank. Rate may vary with time and market research to make things easier and affordable for customers.Distribution Pattern of Loan
A per policy of reserve bank of India (RBI), maximum number of time sanctioned amount transferred in current amount of existing customer and in case of new customer, bank ask to open current account first then further processing will be possible.Tenure of Loan
There are several factors that play special role in deciding tenure of loan; some of them are reason for applying loan, loan type, previous credit history and transaction record of candidate. In most of cases people opt for loan especially short term, prompt use, long term and mid-term basis.Repayment of Loan Amount
Bank avails loan on condition of repayment of approved amount along with applicable interest rate on monthly installment basis. Maximum times principal amount and interest rate play vital factor in repayment of total amount. In case of outstanding loan amount overall interest rate may affect the repayment amount along with repayment tenure.Steps to Apply for Loan Online
Documents Required for Loan
| Proof of Identity | Proof of Address | Proof of Income(Self Employed) | Proof of Income(Salaried) |
|---|---|---|---|
| Aadhar Card | Aadhar Card | Bank Statement | Bank Statement |
| PAN Card | Ration Card | ITR Statement | Salary Slip |
| Voter's Id | Rental Agreement | - | Employment Letter |
| Passport | Electricity Bill | - | - |
| Driving License | Telephone Bill | - | - |
Common Loan Types
Personal Loan
Individual look for this loan when he need money for buying consumer durable things, child education, holidays, hospital bills, personal needs, wedding purpose and several other occasion to get instant solution of financial issue. It can be said that this type of loan used for personal instant need to keep your life simple.
Before applying for personal loan check your eligibility, age, monthly income and other useful facts.Personal loan amount can be INR 10000, 20000, 30000, 40000, 50000 and any bigger amount as per need of individual to complete the task with ease.
Personal Loan Benefits
Home Loan
Home loan is amount that is borrowed by individual to purchase home from any authorize bank or financial intuition. Banks have their own criteria and guideline to approve a home loan. If someone is looking to get home loan then he must explore the best offers. Always remember one thing about home loan is that do your complete analysis and survey about that particular offers.
Always go with offers which offer lowest interest rate. As, we all know that interest rates of bank changes regularly as per guideline of Reserve bank of India. There are two factors which play vital role in final approval of a home loan. One of them is always selecting your monthly EMI as per your monthly expenses and another one is that rate of property is not going to be decrease in near future.
Procedure to Apply for Home Loan
Benefits of Home Loan
Business Loan
Any financial amount that someone borrows for commercial purpose is business loan. This type of loan helps organization to resolve instant financial issues and help to consistently work for your business growth. In India there are plenty of authorize financial institution and banks that provides loan financing facility for small and major corporate sector companies.
Major corporate houses use different approach to get business loan form financing organization. Before granting loan to companies, banks ask them to complete the procedure of getting loan. Its good to explore the best plans and their condition to avoid any future conflict.
Benefits of Business Loan
Eligibility Criteria for Business Loan
Educational Loan
If someone borrows money for their child basic or higher education then it is known as education loan. Main benefits of this loan are that it is completely tax free and all eligible candidates may easily apply and avails this money. Respective individual may use this amount for their higher education not only in India but in abroad too. After the completion of education amount can be easily repay to respective bank or financial organization. As we know that cash advance is another popular name of loan or borrowed amount.
While on one hand, government is launching schemes to promote right of education, on the other hand, education costs continually soaring to sky, leaving aspiring students in the wake while pursuing their educational dream. Education loan comes as a great relief to aspiring candidates who wish to pursue higher degrees, but, cannot afford their fees in full.
The Education Loan market is very mature today and there are plenty of options available for students to choose from including Public Sector Banks, Private Banks and NBFCs. There are several banks and non-banking financial institutions that offer education loan at affordable interest rate and wider loan coverage. No collateral is required against the loan, though, parents/guardians assures of timely loan repayment.
Courses Covered
Post Graduation including degree & diplomas from UGC / Government or other authority approved institutions both in India and abroad. Professional courses like Chartered Accountancy are also covered.Items Covered Under the Loan
Fees to the Institute, Library Fees, Cost of Course Material, Purchase of a Computer (upto 20% of the total Fees payable), Caution Deposits and likes (upto 10% of the Fees), and Cost of a Two Wheeler up to Rs. 50,000.Loan Against Property
If loan is borrowed against the mortgage of property then this amount can be easily known as loan against property. In another term it is known as secure loan because banks avails this loan against the security of your property. Loan against bad credit can be easily avails by the respective individual and applying online for loan is of the most convenient approach these days.
Loan Against Security
It will be approved on basis of personal asset of individual or any organization. One of the most sticking feature of this loan is that interest rate will be applicable only when someone borrow amount from account. User need to pay amount on basis of certain tenure and it is easy to afford, as per individuals personal financial condition.
Gold Loan
Borrowing loan against saved gold is one of the easiest of loan availability. One of the major benefits of this loan is that there will be no need of credit score and at the same time loan provider never ask for previous credit history and bank statement. They just approve amount on basis of current financial condition only value of gold is important not any other factor. As per policies bad credit and poor credit of applicant matters a lot but not for this loan.
Car Loan
When someone plan to buy new car for their family members especially for your parents, in case of any financial circumstances, individual prefer to borrow amount to buy car. Loan offering company gives plenty of times to respective person to repay the amount. Sometimes it is known as auto loan. Customer just needs to repay amount as per approved EMI on monthly basis to complete the repayment cycle on time.
Popular Unsecured Loan
Bank Overdraft Facility
Peer to Peer Lending
Credit Card Debit Facility
Maximum Corporate Bonds
Steps to Apply for Loan from ApplyKaroo
Step 1. Go to URL https://www.applykaroo.com/loans and following window will appear on screen.
Step 2. Enter name of your city, loan type, monthly income and click on the search button.
Step 3. Then, as per user detail relevant loan facility providing companies list will appear on screen.
Step 4. Then, select the best loan offer as per your interest and click on the APPLY NOW button.Step 5. Enter your authentic information in the application form of respective bank or financial institution.
Step 6. After successful submission of application, Bank will grant loan to you.