How to take any loan
All kinds of Loans are a “liability”. But still it is popular around the world just because of its importance. All the person are needful for the fund but they all are unable to get arranged at the time but the loan could be very useful for the needful person but in the return they have to pay the interest on the particular borrowed fund and the rate of interest are pre defined according to the bank. Providing loan mean manipulating the fund from any entity or any individual to the needful individual or entity the banks the managers of all the funds who manage their fund accordingly so that the loan receivers can take the loan and in the return they can pay the monthly interest and the savers can get the interest on their saved income at the quarter basis.
People mostly need the loans to fulfill their life goals, immediately fund requirement or for such expense which is not pre assumed, it could be hospital expense, social events and etc.
So the banks are always ready to provide loans to the person as they get income through their paid interest on the borrowed amount. Now it’s important to know that how many types of loans are provided by the bank so the people can use these facilities. Basically the loans are categorized as secured and unsecured loans, secured loans are those which need any kind of security against the loan and the unsecured loans are those which is totally depend upon the CIBIL score or personal tracks of the bank.
Types of loan
• Business loan
• Car loan
• Personal loan
• Education loan
• Gold loan
• Home loan
All the benefits of taking loans
• If you need any loan immediately then you could get it easily as it is easily available to the banks with their agreed monthly interest.
• If you are facing any problem which is totally out of your monthly or annually budget plan than you can get the loan immediately.
• If you have availed the loan then you can get the tax benefit which is provided by the government while filing your returns.
• After having the loan amount it is not compulsory to pay the principle amount immediately, you can take tenure for the loan repayment or if it is not enough than you can do request for the extension of the last date.
Necessary things which we need to have while applying for the loan
Their art two categorized people two often takes loan and that is salaried and self-employed. Both of them need these documents to fulfill the desire of lender i.e.
Identity and residence proof
Application with residence proof
Bank statement of last 6 months
Processing fee Cheque
Latest salary slip for salary or any business proof for self-employed
Form 16 for salaried person or profit of business and income tax return of last 3 years of self and business and profit and loss account and balance sheet.
These things you need to take care before take the loan
• Rate of interest – interest on loan is the only thing which force you be depressed just because of increased amount of payment so always take of about the rate of interest which should be least than other banks.
• Search best option – search the best bank for you as much possible because if you are success full to get your best option of bank then it will help you to get the best rate of interest, EMI option, tenure and other more charges.
• Credit score – if you have taken any loan or been any credit card user then you should check your credit score which will explain if you did the payments on time or have lapsed which will make you credit score.