There are many key points that you must have to know about that. In this article we will discuss about the features of the loan, benefits of the loan, eligibility of the loan, documents required, loan EMI calculator, How tp apply for a loan. Because all these are the main things about the loan. If you want to take the loan then you must have to go for it but one thing remembered that you must have to know about the all the knowledge of the loan terms and conditions.
Firstly we discuss about the features and the benefits of the loan. Because this is the first key point about the loan. Therefore this will play a very important role in the loan. There are few points about the features and benefits are following as :
- The first point is all about the loan types there are many types of loan that is categorized based on the requirement that is offering by you based on various factors. If your requirement is getting fulfilled by the bank loan then you must have to apply for the loan.
- This is the totally freedom that you can easily choose the types of the loan that you wants from the loan. So this is the freedom that you may get this benefit on behalf of your need. So this is the best and main key points of the loan.
- The another one is that the lender will be the ultimate power to decide the original loan amounts they wish to offers to you based on several factors, as we can say that all the type of repayment capacity income or the others. This is the main point of the loan is that all the type of the loan will working on the capacity of the customer. As we say that all the loan will be applicable for the government employee, business men and other dealers that are working on a large scale.
- There is an important features that is related to the loan is that a repayment tenure and the interest rate will be associated with the every loan. So that you must have to focus on these points. Therefore before taking any loan you must have to know about all the facts of loan types.
- One things about the loan is that there are several other fee structure that is applicable for every type of loan in this there are few file charges and other documents charges. So this point is more important then other points.
- There are many lenders that provide you a instant loan in-between few days or we can say that in few hours. So this is the most valuable thing about the loan.
- There is a fixed interest rate that is determined already so that if you want the loan from any bank then you will have to follow are the terms and conditions of the bank that is applicable for loan.
- Also the lender will determined the requirement for the security so if you are interested in the loan then you must have to contact with your branch manager for more details.
- There is the third – party guarantee can be used instead of the security in many cases. So there is also availability of the third party loan. So this is the more important to know about the all things of the loan. you know that in day to day our life is increasing according with public demands or we can say that our requirements are increasing day by day then every person needs a loan.
- One more positive thing about the loan is that you must have to repay all the amount of money to the bank in the form of installments over the pre-determined loan tenure. So that we must have to pay all the money in the form of installment or in the form of monthly dues.
- As we talk about one time payment then you must have to know that there may or may not be the option for full/part payment. If you want to know this then you must have to talk about your bank civil score and we can say that options that are allow you for more payments methods.
- There is one more important loan types and lenders are they may levy a penalty for the prepayment of the loan.
What is the Eligibility for the loan ?
Yes, this is the more valuable things to know about the eligibility of loan. There are following terms and conditions that you must have to follow them for getting a loan such as :
A decent or gentle credit score.
Constant income flow as per monthly level due to which there is no any issue in deduction of the installments.
Age factor is must in the loan terms loan will be allowed in age between the 23 years and the 60 years at the time of the entry.
There is the few assets such as FDs, investments, immovable property and other.
A good relationship with your bank.
A timely debt repayment history is the good thing about the loan.
Documents required :
Salaried Applicants Requirements
- Application form of the loan with the passport size photograph. Passport size photograph must be clean and the recent time photograph.
- Fixed address proof and the identity such as voter id, pan card etc.
- Last 6 months bank accounts statements.
- Latest salary slip.
- Form no. 16 in India.
So all these things are the mostly required in any type of the loan. So that this is very important to getting a loan.
Loan EMI calculator :
A Loan EMI Calculator is a handy tool to calculate the monthly amount that is payable to the lender as well as the total interest that is applicable for the loan. To calculate the EMI applicable to your loan amount, all you need to enter the main type of values for the principal amount P, and the time duration N, and the interest rate R. This is all about the EMI calculator.