Blog #Bank Branch Details

One can get a loan from the nearest branch of any bank. For more bank branch details one can visit the online website of the bank. Getting a loan is a big deal. One should be well researched before applying for a loan. Banks and non- banking financing companies have their own different eligibility process. Getting a loan from a bank can be very time consuming sometimes. It requires a proper documentation process. 

One can calculate the loan availed from the bank through a Loan Calculator. Banks and non-banking financing companies have helped thousands of people in financial difficult times by providing them loans. Various sectors have been benefited during financial difficult times by availing loans such as primary sector, secondary sector and  tertiary sector. It has also helped in the growth of Indian nation. People all over India trust and believe in its banking sector. It is one of the most trusted sectors of our country.

Many times people might face difficulties in availing loans. There can be various reasons why one’s loan is being rejected. 

Some of the most common reason due to which loans get rejected are:- 

1) Bad credit history:- One of the main reasons for rejection of loan can be borrowers' bad credit history. For availing loans one must have a good credit score and history. Many banks and non-banking financing companies(NBFCs) do not approve loans of the borrower with bad credit history and score. One must look after the credit score and history before applying for a loan. As there is a probability of rejection of the loan application when a borrower has bad credit history and score. 

2) Insufficient Income:- This is another major reason for rejection of the loan application. Many lenders at banks and financing companies look at the work, investment, and other income before they approve your loan. Lender needs to ensure that you can repay the loan back. One with insufficient income might face difficulties in availing loan. One should check the income before applying for the loan. 

3) Lack of collateral:- When applying for loans such as gold loan, business loan the lender looks at the collateral. Without collateral, lenders may find it difficult to approve your loan. One can provide personal assets as collateral. Collateral by the lender is taken for the security purposes and is returned after the successful payment of the loan. One must provide collateral for fast approval of the loan.

4) Over-borrowing:- If the borrower has taken too many loans together then financing companies and banks may not give you fast approval of the loan. As they may consider you a risky candidate. One must not take too many loans all together. While applying for the loan one must have a clean history. 

People might find difficulties in approval of the loan many times. One must keep a clean record with a good credit score and history for fast approval of the loan. One needs to be aware of the bank branch details required. Many financial companies and banks do a research analysis of the profile of the borrower before lending them the money. One with a good history of repayment of the loan can be provided fast approval of the loan. There are various private and public banks which provide loans to the people all over the country living in rural as well as urban areas. One can use the loan amount for several purposes during difficult times. Many people make several mistakes while applying for a loan one should avoid those mistakes for the fast approval of the loan. One can consider this article before applying for a loan as the common mistakes which people make while applying for a loan are mentioned above.

Also Read:- Why Are Banks More Trusted Than NBFCs 

Banks are enormous lenders when it comes to loans, as they hold the capacity to lend and provide benefits to their customers. They work in a cyclic way wherein they lend the money that people deposit and make profits by charging more interest on loans, paying less interest on deposits, and providing other benefits of security and online services, making their work extremely powerful and coherent.

To apply for a loan, the borrower should either go to the bank for a meeting or must call the people from the bank to their place. He must know the bank branch details of the bank where he is applying for a loan. Details like the bank account number, government identification number, age, IFSC Code, amount of the loan should be precisely checked before submitting the final application.

Talking about loans, the different kinds of loans are:

Personal loans- Personal loans are unsecured loans in which the banks offer money to borrowers to meet their unique financial obligations. To apply for a personal loan, the borrower must provide the bank with proof of income and meet the eligibility criteria. Because the tenure of personal loans is usually short, the interest rates are more.

Home loans- A home loan acts as significant support for buying or constructing a home. For borrowers, it is advised to pay a handsome down payment (which should be a minimum of 20% of the house’s value, as banks pay upto 80%) because the rate of interest highly depends on the same. Talking about the loan tenure, it is also dependent on the down payment the borrower makes.

A borrower must choose the loan tenure based upon the logic that the higher the interest rate, the lower the tenure, and vice versa.

Car loans- Car loans are secured loans that hold the car as collateral. Lending institutions provide the facility of availing a car loan with a good credit report of the borrower. The borrower must have a high credit score to get a car loan application granted, portraying the repayment capacity. Having a good credit score increases the bank’s trust in the borrower, leading to a lower rate of interest.

Two-wheeler loans- Two-wheelers are found in nearly every household. They include scooters and bikes. Two-wheelers are usually inexpensive when compared to cars. To get this mode of conveyance, people can apply for a two-wheeler loan. It is easy to get a two-wheeler loan considering the borrower meets the minimum eligibility requirements. Now due to comparatively low prices of two-wheelers, the loan tenure is also short.
Even in this case, the two-wheeler would act as collateral and would be possessed by the bank if the borrower fails to pay instalments.

Small business loans- These loans are availed by businessmen and entrepreneurs who wish to expand their business or start a new venture. Business activities may also include paying salaries, meeting selling, administrative and general expenses, paying off business debts.

Gold Loan- People usually consider taking a gold loan when they require urgent money for any purpose. It is a secured loan that people think of taking because of its low interest rates. To grant a gold loan, banks do not ask for any reason to grant the loan.
To avail of this kind of loan, the borrowers must meet the eligibility criteria set by the concerned bank. They must prefer pledging gold items only, as other metals and gems are not considered for valuation. The borrower must also know that the bank would only provide a loan of 85% of the value of the gold pledged.

Education Loan- Education loans are sought after by scholars and students who consider going abroad for education or deciding to go to expensive universities in India. An education loan covers the tuition fee and the rest of the expenses incurred while studying/being a student. To avail of an education loan, parents usually co-apply with their children.

Read More:- Why Are Banks More Trusted Than NBFCs