Tag: India

People in India often have sudden urgency of money for
different purposes such as marriages, child education, and treatment for
critical illness or accidents. There are many government and private
banks of International reputation operating in India having branches in
different parts. However, people do not know how to get financial help
from them. Banks offer different type of loans. People do not know which
type of loan is best suitable for them. What is the documentation
procedure? How loans can be approved in least time?

Loan4India is here to answer all your queries and
help in getting loans quickly for any purpose. Besides this we extend
our assistance for different financial products and services. A team of
financial experts help you in investing in different schemes that can
offer you high returns of your money. Insurance advisors help you in
selecting a suitable insurance plan according to your purpose and
expectations. Loan4India.com is also helpful for people who want to
purchase, sell or rent any commercial property or residential property
anywhere in India. Expert tax consultants working with us assess annual
tax and monthly tax according to latest tax slab for individuals and
companies. They also provide tax saving tips, guide you on tax exemption
and tax rebate schemes.

On this website, you will find useful
information regarding all kinds of loans, insurance plans, investments,
tax planning and real estate investment. The benefit is that you do not
have to go to different websites or companies to resolve your queries on
different topics related with finance and investment. You can do all
comparisons at one place.

Key Advantages:

You can contact us through phone, e-mail or chat for any query. We are
not associated with any bank, Insurance Company or any other financial
organization. Our aim is to provide detailed information on different
kinds of financial schemes and help people in selecting schemes, making
documentation procedure easier and least time taking.

A- Fill the the some details about your income and loan requirement.

B- Select bank name which you want to compare your loan rate of interest and fees

C- Select best option which have given by bank and lenders.

Government of India through a notification dated 12th January 2006 amalgamated the four Regional Rur…

Government of India through a notification dated 12th January 2006 amalgamated the four Regional Rural Banks sponsored by the United Bank of India in the state of Assam to form Assam Gramin Vikash Bank (AGVB).

The erstwhile RRBs amalgamated were Pragjyotish Gaonlia Bank (Established on 06-07-1976), Lakhimi Gaonlia Bank (Established on 29-07-1980), Cachar Gramin Bank (Established on 31-03-1981) and Subansiri Gaonlia Bank (Established on 30-03-1982).

Thus Assam Gramin Vikash Bank (AGVB) came into existence from 12th January 2006 covering the areas of operation of the pre-amalgamated RRBs. The bank has its Head Office at Guwahati.

Purpose: This loan finances purchase of Motor Car.

Eligibility:

i)Applicant must be a depositor of the Bank.

ii)Minimum Net Monthly income of the applicant should be Rs.5000/-

iii)Permanent employee of Government / Public Sector/Corporate Organization or Professional and Self Employed Persons with reasonable income surplus can also avail this loan.

Loan amount: The maximum loan amount is Rs.3.50 lakhs (in case wife is co-borrower Rs.4.50 lakhs). This is subject to the condition that loan amount does not exceed 15 months net income of the applicant and total deduction does not exceed 60% of Gross salary.

If you are not in a position to pay off a large sum of funds, a bank loan will aid you in your time of need. Depending on your situation and requirement, you can apply for the appropriate loan. With the different loans in India, it is best to know what is available as per your preference and need. In this way, you can make use of the full potential of the financial offering without any issues later.

Loans with Pledged Collaterals

In this form of financial credit, the capital is only offered if the borrower pledges an asset that is of equal value. In the occasion, the borrower does not pay back the borrowed amount along with the interest; the assets pledged will be forfeited. Through this process, the risk involved in the repayment is considerably lower. For those who require a large amount of funds, this is the best bank loan available. The loans in India also offer lower rates, higher borrowing limits and longer repayment terms as compared to unsecured loans. The loans that come under this category include gold loans and loans against property or security

Commercial Loans

New business and small ventures are faced with various reasons that include expensive upfront costs and other regulation related hurdles. These upcoming and small businesses do not have the means for a direct access to the debt and equity market and therefore do not have a large access to the finance their ventures. The only way they can fulfil their financial needs is through financial aid. In this form of loan, the financial advance you will receive is only used for business or commercial consumption. You will require a large amount of funds to start a business or even purchase a land for your business. You will also need a large amount of funds for any construction work needed. These bank loans are specifically used for these purposes. Under this category, you can get the business loan, land loan, construction loans and even the SME loans.

Other Loans

There are other loans in India which do not come under either of the above categories. They still provide financial aid, if you satisfy the criteria required. For example, the rural loans are offered to those in the rural area, especially for those in the agriculture industry. This advance credit is tailored to suit the needs of these individuals perfectly, in terms of flexible interest rates and repayment period. Another financial advance that is a popular option for many employees is the loan against salary. Through this option, individuals can withdraw funds which are up to at least three times their salary and repay the amount in the successive months through EMIs. This EMI system is also used for loans against any consumer durable goods.

Home Loan is a Secured loan offered against the security of a
house/property which is funded by the bank, the property could be a
personal property or a commercial one. It is a loan taken by a borrower
from the bank issued against the property/security intended to be bought
on the part by the borrower giving the banker a conditional ownership
over the property i.e. if the borrower is failed to pay back the loan,
the banker can retrieve the lent money by selling the property. Home
loans are an attractive and popular means of buying a dream house for
most people. In India, the demand for home loans has increased manifold
in the last decade. Every day numerous people apply for home loans to
own a perfect abode for themselves. The fact that home loans come with
added advantages (like tax benefits) is the icing on the cake.

Interest rates on home loans for new consumers have come down by around
four per cent since September 2008 but consumers who had the misfortune
to take their loan before that have only seen their rates drop by
around 1.50 per cent to 2.25 per cent.

Home loan India can
primarily be classified into two categories on the basis of interest
rates i.e. fixed rate and floating rate of interest. There are very few
lenders in India who offer pure fixed rates where the rate of interest
remains constant for the entire tenure of the home loan, while most
lenders have a reset clause of 3-5 years. In floating home loan type,
the rate of interest on such loans is subject to change whenever there
are changes in the repo rates announced by RBI or any changes in base
rate of the bank. Borrower should opt for fixed interest rates only if
she/he is certain that the rate of interest is the lowest in the
interest cycle.

Home loans in India are provided by the lenders
up to maximum of 80% (90% for loan amount below Rs 20 lakhs) of the
agreement value of the house. In case of home loan for resale flats,
most lenders get the property valued independently and they will provide
the housing loan based on their value rather than the cost mentioned in
the purchase agreement. Frequently, the valuation as determined by the
banker’s valuer for the purpose of home loan is significantly lower than
the actual cost and hence the requirement of the borrowers for down
payment for the loan goes up. Also note that banks do not consider other
charges like Stamp Duty, Registration Charges, etc. while considering
the home loan amount eligibility.

Home loans are repaid through
monthly installments (EMI) spread over up to 20 years. Some of the banks
provide housing loans even for a tenure extending up to 25 – 30 years.
The maximum tenure of any loan and home loan specifically is also
restricted by the borrower’s age at the end of the tenure so as to
ensure that the loan gets fully paid by or before the retirement age.

Home loan eligibility depends up on various factors. A few of them are listed below –

House is the ultimate dream of every middle class family. Government
gave encouragement for house finance subsidiaries by offering number of
tax concessions to individuals. With the overall encouragement given to
this sector, a number of players entered in housing finance.

One
of the most important benefits of taking a home loan is the interest
rate that is allowed on the home loan. Fixed and variable interest rate
options are also available for home loans. If you can handle risks and
are willing to go the extra mile to benefit from any further fall in
interest rates, floating rate home loans will be best suited for you.

You can use the financial support banks lend for almost anything from international travel to a medical emergency. So, there are several kinds of resources that you may have that come in handy while taking the loan for generic financial requirements. One of the resources is loan. However, it is important to know the purpose of taking a loan. You need to compare factors like interest rates, eligibility criteria, processing fees, prepayment penalties, etc. before applying for any one of these emergency loans. Many of the loans are easily available, which is basically divided into two types: secured and unsecured loans. The most common and popular secured loan is Gold Loan.

Gold Loan:

This type of loan against gold uses it as the collateral deposit, which needs to be kept with the bank in order to obtain a loan. This loan has lower interest rates but the risks are extremely high. In case a default occurs, you could risk the loss of ownership of the gold you have. However, the gold loan is the most favorable emergency loan in India.
As most Indians traditionally and culturally keep a lot of gold for various occasions like wedding gifts and investments. An emergency loan can be processed as the loan against idle gold. Most leading banks like provide gold loans for excellent interest rates that range between 12 – 16%. You can use gold to secure an emergency loan based on (Loan to value) LTV ratio. This may be higher than the other type of loans; however this proves to be very beneficial when a high amount of loan is needed.

Personal Loan:
In the personal loan, you need not pledge any security or collateral. Personal loans are easy to handle, fast and hassle free, thus proving to be an ideal option for emergency financial requirements. Since it doesnt require any collateral, one can get a personal loan as easily as clicking a button.

Compared to gold loan, personal loan has higher interest rate. Though, most banks offer competitive rate between 14 to 25%. However, it is processed much faster. If you provide all the documents necessary, organizations like HDFC bank sanction and credit the loan amount in your account within 24 hours. The most important thing it can do is to help you escape the crisis or the need. So, whether you have time to opt for gold loan or have a good credit score for the personal loan, these financial products are designed to evade the financial need.