Loan: Before and Now...
Loans now is a very familiar word since ages. After all it
is the only method, which provides a person with enough of wealth
so as to start new business and ventures, at a little amount
of interest. Its a fact many of us are not born with the spoon.
Also many of us will confess they dont get the job they deserve
or they dream of. Or they have high aspirations of spending
more on wife, kids. They want to secure there child or familys
future with money. So the only way to achieve their goal is
by starting our own business that may be full time or part time
business. Some of may arrange for money through there monthly
income. Others may take some loans.
Loan, as we know is made available my banks at a fixed rate of monthly interest. That rate of interest may decline with time. A loan can be applied by filling few forms. These include the followings.
PAN card Photostat.
Copy of last year return filed to Government and simply a Telephone bill.
PAN or permanent account number is allotted to every citizen of the country, who is engaged in some kinds of earnings through business or job. A permanent bank account is fixed for the person for its all money transaction related to calculations of liquidity, transactions of cash, tax amount etc. In a PAN card the photograph of the person is also attached so as to avoid any kind of confusions.
Resident proof of the person confirms its place where he/she lives
with his/her family. Such kind of proof is allotted after
Municipal Corporation of the city approves the residence of
the person. The resident proof also consists of the photograph
of the person with his family, whom lives with him at the same
Return is a short form used to indicate the amount of tax paid to the government
after going through the yearly transactions of the business
or earnings of the business. Thus, the government deducts some
percentage of the amount person earnings through out the year.
The copy of the last one year return is always asked at the
time of Loans now application.
Telephone bill is asked so as to confirm the mode of payment made by person for using various services. This also confirms the resident of the person, where he uses all such services being offered.
After submitting all the required information, its now the work of the related authorities to confirm there truthfulness. They may confirm by sending their agent in your home or at office for asking some general questions. But such questions will be based on the confirmation of your presence at that place as shown in the documents submitted by you. The agents may ask the neighbors at home or work place for double confirmation.
If your documents are proved truthful and as true glance of your life then you will be given loan. Now the question comes of security. Many banks give loans on the following things.
Property or land owned and Shares of the well renowned company.
You may deposit your gold ornaments to the bank and get the amount of loan equivalent to the amount of gold at that time period. Other method is to give the property or land papers to the bank, which is owned by you. Some of the banks now give loan on the securities or shares. The current value of the shares is calculated and the percentage of amount of loan on securities fixed by the bank is given to the person.
Loan can be of two types. First is the lump sum loan. That is if you have applied for a amount of lone say 10 thousand $.Then you will be given the whole amount at one time. And the monthly interest will be charged on the whole amount. Second is the limit method. Wherein, you are given a limit by your bank account. You may use the whole amount or part of it. The monthly interest will be charged on the amount use take out for your use.
The loan amount is allotted within a week of time. After the amount is allotted you are asked to give some checks in advance to the concern bank, as the monthly payment of interest. And now you are ready to use the loan amount. You may start a new business, which may be full-time or part time.
When the business starts moving in the safe direction after six months, then
bank offers you with increase in your limit of Loans
now. It also offers to reduce the amount of interest needed
to be paid monthly. Thus you may decide either to increase the
amount of loan so as to establish your work if it is worth it.
Or you may repay the amount back with all the interest settled
till that day.
Thus, this was the simple way to get loans. Now do you really think that was tough Some paper work is required to be fulfilled in the start, but that just normal. You are only asked for such things which should be with you at anytime. You may need all these papers at all aspects of life and at various times. So its not a specially made paper for loan.
All and all, its a simple step with less time consuming methods available these days to take loans. Here we must carefully take some decisions before taking loans.
No papers submitted should be fake or fraudulent.
The amount of money available after loan being sanctioned should be used in the place where you have shown it to be used.
Make the interest payments on time, so that your good impression can be sent to the bank and bank may increase your amount of loan or reduce the percentage of interest.
Always think of repayment of Loans now before
spending the loan amount. This will help you in making quiet
thoughtful and careful decisions.
That was it, now if you have a wish to achieve a goal of earning more which was not possible through your present job or business, can now be obtained through loans.
And if everything went smooth Bank will definitely say, it was nice Banking with You. Happy Banking.
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