1. Before taking out a new loan make sure that you calculate the total amount you owe to the creditors as it will help you estimating the amount that you are required to take out and you can avoid taking out more money than required.

2. You can ask your friends and family if they are aware of lenders who provides loan on affordable interest rate. You can find a reliable agent who can offer you loan on favorable terms to pay off the debts from referrals. You can take out loan from your bank where you have your checking account.

3. Analyze the type of loan that will be beneficial for your financial situation. If you take out a debt consolidation loan then you can combine your multiple payments and pay off your debts. You can take out a home equity loan on low interest rate to consolidate your debts. You can also take out line of credit on favorable terms to pay off your debts and attain financial freedom.

4. You can approach a qualified lender who can guide you to qualify for the loan application process. Find a reliable lender so that you can avoid the fraudsters and association with a scammed lender. The fraudsters target the vulnerable consumers and extract money from them.

5. Make sure you fill out the paper work sincerely when you apply for a new loan otherwise your loan application will be disapproved. The procession period can be delayed if you provide incorrect information.
Therefore, these are the five points that you should keep in mind before applying for the loan to eliminate your financial woes.

• A fixed monthly payment
• A low interest rate
• Flexible loan terms – from 36 to 84 months
• No collateral / No annual fee / No penalty for early repayment
• Pay-off your creditors directly with no additional fees or have your loan deposited into your checking account.

Purpose / Objective:

• For purchase of House Site on ownership basis; House site should belocated in layout approved by Government authority.

Eligibility:

• Maximum permissible age at the time of applying is 50 years & at the end of repayment period is 60 years).
• NRIs gainfully employed with a residual contract period / service of atleast 3 years.
• NRI professionals with regular monthly income.

Quantum of Loan:

• 30 times of Gross Monthly Income; Maximum Loan amount : Rs. 10 lakhs.
• Take home Income should be more than 40% of gross income after deduction of EMI for the proposed loan, apart from other deductions).

Margin:

• 33% on Land cost

Processing fee:

• 1.15 % on Loan amount.

Repayment Period:

• Not Exceeding 120 EMIs (No Holiday Period).

Prepayment charges:

• No pre-closure charges, if loan is closed out of own funds.
• 2% on Balance outstanding or applicable Drawing Limit whichever is higher, if loan is closed by way of take over by another Bank / Financial Institution.

Security:

• Equitable Mortgage of Property purchased out of loan proceeds.
• Equitable Mortgage to be registered (at Applicant’s cost) if there is a provision for the same in the State where property is located.

Documents to be submitted for processing the application:

1. Completed Application Form with passport size photograph.
2. Proof of Identity such as PAN Card / Voter’s ID / Passport /Driving License.
3. Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt / Passport / Voter’s ID.
4. Proof of business address in respect of businessmen / industrialists.
5. Proof of Employment.
6. Salary Certificate.
7. Proof of other income like rent, interest on investment, if any.
8. Balance Sheet for the past three financial years in the case of Professionals, Businessmen & Self employed.
9. Income Tax / Wealth Tax (if applicable) Returns for the past 3 years.
10. Agreement of Sale.
11. Lay out approval.
12. Title Deed Documents for 30 years.
13. Proof of title in the Revenue Records.(Legal Opinion from Advocate & Valuation of property from Engineer will be arranged by Bank at applicant’s cost.)

Key info

Benefits

• Easy and flexible repayment options, including Interest Servicing Scheme, Partial Repayment Scheme and Standard Repayment Scheme
• Repayment period of up to 8 years
• Loan amount of up to 6 times of your monthly income
• For courses conducted in Singapore (part-time or full-time basis)
• Up to 3 free Cashier’s Orders or Demand Drafts for payment of your tuition fees

Who can apply

Main Applicant (student),

• Singapore Citizen, Singapore Permanent Resident
• Minimum 18 years of age; maximum 65 years of age upon loan maturity
• For ages below 18 years, an immediate family member of the student will apply as the Main Applicant
• Minimum income of S$18,000 p.a. (for part-time studies only)
• Pursuing a course conducted in Singapore (part-time or full-time basis)

Guarantor must be

• Singapore Citizen, Singapore Permanent Resident
• Minimum 21 years of age; maximum 65 years of age upon loan maturity
• Minimum income of S$30,000 p.a.

Loan Amount

• Rs.5 Lakhs (maximum).

Eligibility

Resident Indians who have got letter of appointment or letter from a recognized overseas institution / recruitment agent establishing that a firm offer of employment abroad has been secured.

Quantum of finance

Loan amount shall cover the expenditure involved in going abroad for the proposed employment. EMI shall not exceed 50% of prospective monthly inward remittances by the borrower after taking up employment abroad.

Margin

• No margin required.

Period of the Loan & Repayment

• 60 Months (maximum) – but not exceeding the period of employment
• Repayment holiday – 3 months from the date of departure or 6 months from the date of loan whichever is earlier
• Repayment by equated monthly installments

Security

1. Immovable property (150% of the limit sanctioned) or Federal Bank Deposit (100%) or Other liquid securities (110%)
2. Co-obligant required.

Supporting documents

1. Life Insurance Policy of the borrower
2. Proof of qualifications, visa, appointment / offer letter etc

Under this scheme Professionals and Self-Employed Persons can avail the loan from Bank of Maharashtra to purchase equipment/ repairs/renovation to existing equipment, purchase of tools, working capital requirements, acquiring/repairing business premises.

Eligibility:

Doctors, Dentists, Chartered Accountants, Cost accountants, Lawyers, Solicitors, Engineers, Architects, Surveyors, Construction contractors or Management Consultants or to a person trained/qualified/skilled in the chosen vocation/field in which employed, “the bank extends finance under its own facilities and even under the Govt. sponsored schemes.

Amount:

• Depending upon the assessed requirement considering financial viability, repayment capacity etc.

Margin:

• Generally 25%, which can vary according to requirement and assessment.

Security:

• Assets created by the Loan to be charged to the bank and other collateral security.

Repayment by EMI:

• From short term to period generally ranging up to 5 years.

Processing fee:

• 1% of the loan for amount above Rs 25,000/-.

1) Doing Research: At first one needs to do a research about the banks and financial companies in india, By doing some research on them you can know the latest offers on home loans and also their interest rates.

2) Selecting a Bank: After researching about the home loan lenders i.e, banks and financial companies you needs to select a bank of your choice.

3) Get Ready With All The Required Documents:  Next to selecting the bank you needs to get ready with all the required documents, The banks and financial companies in india mainly asks the following documents;

• Proof Of Residence
• Proof Of Income
• Proof Of Identity

4) Apply the Loan: You can apply the home loan by going the nearest branch or by visiting the official website of the bank whichever you have selected.

5) Getting the Loan: If you have applied the loan application perfectly along with all the required documents at any bank or financial company in india then your loan application will be reviewed and loan amount will be granted within 7 to 10 days.

Home Improvement Loan considers a range of facilities internal or external to the structure without increase in the living space like:

• Painting
• Tiling and flooring,
• Water proofing
• Plumbing and sanitary work etc.

The work undertaken must finish within 1 year. Home Improvement Loan can be availed by resident Indian whether salaried or self-employed with a regular source of income. The maximum loan amount that can be availed is Rs 50 lacs.

Loan amount: No upper ceiling fixed. The costs mentioned in the above column less the applicable margin shall be the loan amount , subject to the borrowers income level and repayment capacity.

Type of vehicle: Any commercial registration/ taxi vehicle

Cost of vehicle: shall include basic cost + duties + taxes + octroi + one time road tax + comprehensive Insurance premium for first year

Margin:

• 25% of cost of vehicle if collateral cover is less than 50%
• 15% of cost of vehicle if collateral cover is 50% or above but not fully covered
• 10% of cost of vehicle with full cover collateral .

Priority Sector Status: Advances to Small Road and Water Transport Operators (SRWTO) owning a fleet of vehicles not exceeding ten vehicles, including the one proposed to be financed shall be included under Priority Sector.

Repayment period: Maximum 60 months. Loan to be closed by Equated Monthly Instalments.

Upfront Fee: 0.50% of loan amount ( one-time)

Penal interest: 2% for the defaulted amount for the defaulted period.

Pre-payment penalty: Nil

The Nations Trust Bank offers car loan for all their customers in Sri Lanka at very low rates of interest with less processing fee and simple documentation in a speedy and hassle free process.

Nations Trust Bank Car Loan Features and Benefits:

• Facilities upto 100% of the asset value
• No guarantors required
• Repayment upto 5 years

Eligibility:

• Salaried employees of companies accepted by the Bank
• Professionals
• Accountants – CIMA, ICASL, ACCA Members
• Marketing Professionals – SLIM, CIM Members
• Architects – SLIA Members
• Engineers – IESL Members
• Doctors – Registered with SLMC, SLDA, SLVA
• Lawyers – Registered with Sri Lanka Bar Association
• Pilots – Holder of a commercial pilot license and employed by a national carrier or a reputed international airline
• Between 18 – 60 years of age

Documents required: In order to avail car loan from Nations Trust Baank you needs to submit the following documents

• Copy of NIC or Driving Licence
• Letter from employer confirming salary details and employment
• Last salary slip certified by the employer
• Copy of membership card from professional institute (as required)
• Valuation of vehicle addressed to the bank by the panel approved by the bank
• Copy of Certificate of Registration (CR) Book
• Billing Proof
• Invoice from Seller