Loans and Moratorium | 2020

If You are looking for a complete details on the  Loans and Moratorium period , Personal Loan eligibility , application details , offers and how to get it on right time then this post is for you!

First you need to be an eligible salary account holder of any Private or Nationalized Bank where your Monthly Salary get credited.

Please note that the net salary credit in Bank Statement should be the same or could be higher but not less.  If you are applying for a loan for the first time then keep the below documents ready to apply.

Eligibility for Personal Loan:

1. Minimum Salary requirement is 20k some banks may agree to below 20 K or above 25k Only it depends on the bank to bank policy which you need to speak with bank the respective executive

2. Last 3 Months Pay Slip

3. Adhaar Card, PAN Card Photo Copies

4. Last Six Months Bank statement which confirms that the regular salary credit in your account

5.Passport Size Photos

6.  Some Banks may need your signature verification letter from your Bank were your Salary get credits

the format you need to get it from the Bank personal were you are trying for loan then you need to visit your nearest Branch of the Bank were your salary credits and get the sign and bank seal.

Now you have prepared all the documents and the question is how long will it take to get approval ?

Well it Purely depends on the Banks verification on your Salary slip  which says the Net salary credit with the bank and Your Bank statement confirms the same.  

 

Then goes your existing Loan / EMI if any verification If this is your first Loan then no worries approval process is quiet easy ,  if you have existing Loan properly not paid or cheque bounces or failure to pay the emi debts if any means many chances of Loan rejection.

Please note that if You have existing Loans and EMIs all are properly paid through ECS and No cheques bounces etc then the financial institutions / Bank were you apply for Loan they verify the CIBIL score which needs to be 750 out of 900 and this reports gives the complete details of your credit history like where you applied for Loan , How Many times, Total Rejects, Current Loans and outstanding, etc.

If all the above Matches, then the background verification comes in Place as per the details you have given in the application.

A Bank executive visit your Home and Office to see your residence status and inquire your availability and how long you stay there and those stuffs.

After All its the time to get the message from the bank as your Loan in Process 👏

Special Offers:

Few Banks like HDFC Bank / ICICI Bank / AXIS Bank are providing pre approved or instant loan for their valued customers.  For this you need to frequently login to your Net Banking to verify if there any such which makes your Loan process simple and hassle free.

Like if You see 10 Second Loan or some thing and if you apply online itself by uploading few documents you get the loan credit within a "Minute"

Pre approved offers are like less time consuming after collecting documents the Loan approval process is done within a week time as per Bank Policy.

Now the Questions about Moratorium !

If You are an Existing Loan customer and looking for a Moratorium for 3 Months then You need to Login to the respective bank website and the first page itself they might have provided a link saying ' you want to avail Moratorium Please click here option' were you need to enter and provide the Loan number details as and when the Moratorium facility circulated by the Bank

When you see the news updates alarming for EMI and Loan Moratorium .

Yes few Banks are not responding to the Moratorium request even after 3 months but sending messages only what is to be done in those cases if you are eligible for the respective months You need to write an email to the Bank officials by login to your Net Banking requesting for the refund.

Which we believe within two weeks they may refund.  Kindly note its 100 times better to pay monthly EMI without availing the Moratorium because in future you will be in huge trouble seeing the big number in EMI than the existing one.

Like If you pay 10000 EMI for a 4 Lakh Loan and availing this Moratorium for three Months then in future You get a New EMI value instead of the above amount you forced to pay like for example !3000 more or less because the 3 Months Interest will also get added to the Principle outstanding which makes the new EMI schedule and  NEW EMI amount which will be over burdern.  Just Think of it!

Does your existing cheque bounce affect new Loan?

Definitely Yes, You need to give proper judgement and proof and the acceptable reason to the new Personal loan approving bank stating why that bounce happened is it no fund in bank or any holiday during the emi date etc.

Existing Personal Loan which is going to complete in years can be closed earlier the date with principle outstanding with interest as on date of closing with some pre closure charges may incurs as per the designated bank's policy check and proceed. 

 

Can I take new Loan if My old loan completes?

 

You can apply for a new personal Loan if your existing loan got closed with no outstanding. Usually Bank used to call its existing customers to provide special offers and interest rates for their customers who had good repayment track.

 

At the same time You can also apply for a top up loan if you have existing personal loan after successful completion of say 1 year.

Conclusion:

Good News is RBI has announced that Banks should not over charge on the existing personal loan for the moratorium period.

RBI also intimated to all banks to refund the excess amount of interest if already been charged.

Question to you is Have received any small amount of interest refund for your personal Loan ?   Please reply in the comment section.