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What are the formalities to get a loan from a bank?

Date: 15 Jan 2011   Group: Opinion About    Category: Miscellaneous   


Suppose there is a noodle hawker and he wants to get a loan so as to run his stall and progress towards opening a restaurant. Then what are the formalities he must complete to get a loan?


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Author: Krishna Verma    16 Jan 2011      Member Level: Silver     Points : 2  (Rs 1)    Voting Score: 0

Ther are some necessary formalties for obtaining loan from a bank. These are :-

1. There must be an Bank Account in the same Bank.

2. Bank ask some Guarantor for the loan. It can either a different person or some savings like NSC,KVP etc.

3. Bank also wants proof of the work which will be done with the help of Loan.

Author: Siraj CM    20 Jan 2011      Member Level: Gold     Points : 2  (Rs 2)    Voting Score: 0

Dear Friend,

There are lot of criteria is there for getting loan form Bank,

Option 1:- If you are salaried person then you can get personal loan easily by submitting your salary proof documents.(Loan amount should be based on salary and it will vary Bank wise)

Option 2:- If you are not a salaried person then you can go for Loan against property or Loan against gold.

Note:- My personal suggestion is not go for any kind of loans, better to think about "Chitties".It won't make huge interest and all.

Siraj CM


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