hoew to get loan

1. HOW TO GET A LOAN???
THE SUN AT HOME WARMS BETTER THEN SUN
ELSEWHERE

2. ABOUT “ONROAD SHOP”
• Type : Financial advisor and Direct selling partner with Banks and NBFC.
• Industry : Banking, Insurance, Capital Market & Allied Industries.
• Founded : 2015 (Direct Selling Agent of Banks)
• USP : Right Bank to Right customer with Best Interest rate
• Product : Home Loan, Loan Against Property, Vehicle Loan, Personal Loan,
Business Loan, Cash Credit, Overdraft Limit, Loan Against shares & Credit
card.
• Website : www.onroadshop.com (under construction)
• Co-Founder: VishnuLata Gupta & Pulkit gupta
• Address : A 302 Malviya Nagar Jaipur Rajasthan 302017

3. WHAT IS LOAN ?
• Loan in simplest terms can be explained as a thing that is
borrowed, especially a sum of money that is expected to be paid
back with Interest.
• The act of giving money, property or other material goods to a
another party in exchange for future repayment of the principal
amount along with interest or other finance charges is called loan.
• A loan may be for a specific, one-time amount or can be available
as open-ended credit up to a specified ceiling amount.

4. TYPE OF LOAN
1. HOME LOAN
2. VEHICLE LOAN
3. BUSINESS LOAN
4. PERSONAL LOAN
5. EDUCATION LOAN
6. LOAN AGAINST SHARES (LAS)
7. OTHER TYPE OF LOAN INCLUDE :
 CASH CREDIT , OVERDRAFT LIMIT & CREDIT CARD

5. CLASSIFICATION OF LOAN
• SECURED LOAN : is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral.
Secured loans are loans that rely on an asset as collateral for the loan.
• UNSECURED LOAN : don’t have asset for collateral. These loans may be more difficult to get and have
higher interest rates.Unsecured loans rely solely on your credit history and your income to qualify you for the
loan.
• OPEN ENDED LOAN : are loans that you can borrow over and over. Credit cards and lines of credit are the
most common types of open-ended loans. With both of these loans, you have a credit limit thatyou can
purchase against.
• CLOSE ENDED LOAN : cannot be borrowed once they’ve been repaid. As you make payments on closed-
ended loans, the balance of the loan goes down. Common types of closed-ended loans include mortgage loans,
auto loans, and student loans.

6. HOME LOAN & TYPE
• A home loan simply means a sum of money borrowed from a financial institution or bank to purchase a house.
1. Home Purchase loan
2. Home renovation
3. Home extension
4. Construction loan
5. Land Purchase loan
6. Bank Transfer
7. Bridge loan
8. Stamp duty loan

7. DOCUMENTS REQUIRED
• For salaried person:
1. Pan copy
2. Aadhaar copy
3. current address proof
4. photo
5. Login Cheque
6. 3 month pay slip
7. Form 16a last 3 years or Income Tax Return (ITR) last 3 years.
8. 6 Month bank statement
9. If any running loan sanction letter/statement
10. Property paper copy

8. DOCUMENTS REQUIRED (CONTI.)
• For Business Person :
1. Application form complete in all respect
2. Processing fee cheque.
3. Photo
4. Residence proof.
5. Id proof.
6. Copy of registration letter.
7. Latest Last 3 year ITR of individual with computation, Balance sheet,& profit & loss A/c, tax audit report if any
8. Latest last 3 year ITR of partnership firm in which individual is partner with computation , balance sheet , profit &loss A/c tax
audit report of any.
9. Last 3 year ITR with computation co. Audit report, tax audit report if any balance sheet & profit loss A/c of the company in
which the individual is director and he & his family member having substantial shareholding (20% and more.) Partnership deed if
partner.
10. Prov. Fin. for the A.Y. 2020-21 of proprietorship firm , partnership firm & company along with VAT return & 26AS.(12). MOA if
director & shareholder
11. Latest AR filed with ROC if director& shareholder.
12. Form 26As. of individual & firm or company for the A.Y. 2019-20,2018-19, & 2017-18
13. Sanction letter & Amortization schedule of all running loans in individual name & in name of the firm , company
14. Last 6 month savings account & current account statement
15. Property details.

9. LOAN PROCEDURE

10. RULE 1
1. EMI SHOULD BE AFFORDABLE :
A smart borrower will never bite off more than he
can chew.
The loan EMI should not push you into a corner.
Your car EMI should not exceed 15% of your net
monthly income while personal loan EMIs should
not cross 10%. The monthly outgo towards all
loans should not be more than 50% of your net
income.

11. RULE 2
2. KEEP TENURE SHORT AND SWEET :
• You must have heard about how keeping money invested for the long term reaps the power of
compounding.
• Well, in loans it works just the other way :
The longer the tenure, the bigger is the interest burden on the borrower.
If you take a loan at 9.75% for 10 years, the interest outgo will be 57% of the principal amount.
If you take a loan at 9.75% for 15 years, the interest outgo will be 91% of the principal amount.
If you take a loan at 9.75% for 20 years, the interest outgo will be 128% of the principal amount.
If you take a loan at 9.75% for 25 years, the interest outgo will be 167% of the principal amount.

12. RULE 3
3. TAKE INSURANCE FOR BIG LOANS
• Loans are a convenient way to acquire assets. But if something happens
to the borrower and the loan is not repaid, the lender will take over those
assets. Experts advise that big-ticket borrowers should take insurance
cover equal to the loan. “Do not think of mortgage-linked insurance as an
imposition. It is a must-have when you take a sizeable loan

13. RULE 4
4. SWITCH LENDERS IF NEEDED
• Banks often offer lower rates to new customers but charge existing
customers higher rates. Be on the lookout for changes in interest rates.
• If another bank is offering a better rate, it makes sense to switch loans.
But the difference should be at least 1.5 to 2 percentage points, otherwise
the switching and processing charges will eat into the gains from the
lower rate.
• Switching is more beneficial if done early in the loan tenure. It is not so
beneficial if the loan is at the end of the tenure.

14. RULE 5
5. DON’T IGNORE OTHER GOAL :
• For most of the Indian children’s education
and their marriage are critical financial goals
• Don’t destroy your retirement corpus to fund
your child education.
• Education loan are available and give your
child responsibility to replay it.
• No one will give loan for retirement need.

15. RULE 6
6. HOW TO PAY 25-YEAR LOAN IN 10 YEARS :
• Case 1. If you hike Emi by 10 % every year then
Loan end in 10 years 2 months.
• Case 2. If you hike Emi by 5 % every year then Loan
end in 13 years 3 months.
• Case 3. If you pay one Emi extra, then loan end
in 19 year 3 months.
• Case 4. If Emi remain constant, Loan ends in 25 years.

16. OUR BANK PARTNER

17. If you have any doubt you can reach out to
me:
Email:onroadshop@outlook.com
Contact numbers: 9983579969