The Private Alternative Loan Process: Fill & Download for Free

I bought a house on loan. My case was slightly complicated since an year before buying the house, I left my job and started a consulting company. So there were no conventional salary slips and the audit for the company wasn’t finished as well. I approached following banks and institutions for loan:Kotak Mahindra: I have my company’s current account here. I maintain a good balance and I am always cash surplus. Company never faced any money issues. Kotak representatives knew that. They initially said that they would provide the loan without any issues. The RM actually said that I have quite a good bank statement and I should also consider some investments. I did the investment (ULIPs) that they suggested and as soon as that happened, their loan department rejected the loan request and their loan RM actually shared my contact details to a private loan provider which without my consent (the private loan provider admitted this when I pretended that I was interested). I called up my account RM and complained about this. Nothing happened. I cancelled my ULIPs and got all the money back.HDFC: They refused straight away for a regular housing loan but offered an alternative loan with 5% extra interest rate. I told them that it was too high and made it clear that I will only consider this as a last resort.SBI: I was reluctant to go to them because it is a PSU and I was certain that they will make my life hell with paperwork and other crappy formalities. I was absolutely wrong. Their process is so clear and easy that I should have gone to them from the beginning and should have stuck with them only. They have processes to deal with cases like mine. They asked for all the required papers and told me that if I the audit is not done then I need to go to a CA and get the provisional P/L statement. I also need to pass a board resolution which would indicate my income. SBI has done so many loans that they have seen it all and done it all. They know what to do in what kind of case. Finally my loan was approved by them. They took time but they were reachable and answered all the questions clearly. I have dealt with private banks for 6 years now. SBI is slow but they know their stuff and get things done in the right way.Indiabulls: A friend of mine works for indiabulls so I applied there as well. Their initial process was very fast. However, they got stuck with a few key approvals due to my salary slip issue and by that time my SBI loan cleared off.Out of all these, I had worst experience with Kotak, even though I keep reasonably high balance with them and there are regular credits in my account. SBI provided a great experience but they were slow and it can make you nervous at times.

It will be detrimental to the people whom it is trying to benefit.Forcing private sector companies to hire people only from Haryana (when the companies can hire workers from different states at a much cheaper rate) will lead to an increase in their labour cost. As a result, it will increase companies cost of production and decrease their profits.NO HALF MEASURESThe decline in profits is something that private companies hate to see in their profit and loss account. The private sector primary motive is to create a quality product at a low price and sell it to make a profit. Hence, they will not flinch for a second to take measures, extreme measures, to make their business profitable.So, it is most probable that most of the private sector companies (which are small and medium businesses) will move their production operations to some other state. When companies would exit Haryana then the locals who previously had jobs in these companies will have to either also move out from Haryana with their companies or just quit it. Hence, hundreds of thousands of Haryana locals who earlier were employed with these companies will become jobless due to their government's idiotic policy.PUNCH IN THE FACEApart from severely affecting Haryana local population, it also has a detrimental effect on the Haryana government itself. How so? If the companies move out of Haryana, the government will see slither in its tax collection, which constitutes the majority of its income source.Due to this, maybe, in the near future, the government will have close down a few of its welfare programs and schemes which earlier might have been benefitting some marginalised group of people of Haryana. Like some poor farmers, malnourished children, or women who were victims of domestic violence.WHO IS WINNER HERE?Not the Haryana locals or the Haryana government but the current ruling political party, who proposed this kind of mindless policy, is the real winner here. Why? Because it has implemented a law which prima facie looks populist in nature. Now, since this policy is appealing to the locals, they will vote again for this political party in the next election and will bring it to power, never realising that by this, they are inviting wolves in the hen house.ALTERNATIVE SOLUTIONInstead of curbing the employment opportunity to the locals-only, the Haryana government should have tried to bring policies or laws that are business-friendly. For instance, reducing corporate taxes, easing land acquiring procedures to set-up manufacturing factories, improving the hiring/firing process for the employers, reducing the cumbersome process of loan sanctioning process for private firms.This way, the government would not only have helped the existing firms but would have also provided the platform for the new businesses to start. It would have generated so many jobs that would have been sufficient not only for the locals but also for the migrants. Furthermore, as the number of private sector companies would have increased, it would have raised the government exchequer.Do you know why they did not do it this way? Because it requires fixing of real problems of the system which needs a strategic plan of action, not just mindless babbling of some random number.…Peace out!

Yes, it is definitely possible to study abroad without collateral.Do you know about unsecured education loans?Unsecured education loans are loan wherein you do not have to pledge any collateral to get the funding you require. To apply for an unsecured education loan, you will need an earning co-applicant with a good income and CIBIL score. Co-applicant can be anyone from your immediate family, like your father, mother, sister, or brother. You can borrow up to INR 40 lakhs from private banks and private lenders like Non-Banking Finance Companies (NBFCs). The rate of interest for such loans is a little higher than loans with collateral, starting at 11.25%. This is because the applicant is not pledging any collateral to support the loan amount. However, private banks offer a lower ROI than NBFCs.Private banks like Axis Bank is one of the best lenders for an unsecured education loan. This video will give all the information about the education loan from Axis -Disbursement Process of Axis Bank Education LoanThere is also ICICI Bank for an unsecured education loan.You will also be eligible for tax benefits if you take the loan from a bank. This is one of the reasons why private banks are better lenders than NBFCs. However, if you are unable to secure an education loan from a private bank, NBFC is your next best bet. They are a little more expensive than banks in terms of processing fees and ROI.Confused Between Education Loan from Bank or NBFC? Clear All Your Doubts Here!Co-applicant is an essential factor in an unsecured education loan as is their financial record/profile. If the profile is not up to the mark, the loan application might get rejected. In that case, international lenders are the best alternative. These lenders give out education loans to international students without collateral or co-signer. They give out loans in USD. Though the loans in USD cost more to Indian students because of the fluctuations in the foreign exchange rate, they can be the savior you need.Lenders like Prodigy Finance offer education loans that cover the tuition fees and living expenses. This video will explain the loan process from Prodigy Finance -In conclusion, you can definitely study abroad with an unsecured education loan. To make the loan process simple and easier, just get in touch with GyanDhan. We are an education financing platform, helping students get the finance they need. We have tied up with several lenders and can help you get the loan with relative ease. Our executives will discuss the loan options with you, study your needs and requirements to suggest the appropriate lender. They will also help you apply for the loan and solve any problem that might arise. Best of all? Our services are free of cost for the students. You can start by checking your loan eligibility here.I hope this answer helps you. If you have any doubts, do post them on GyanDhan’s Discussion Forum.All the best!