There are so many companies that caters to all loan applicants. The most common among them all is the bank. They extend you a loan and they charge you with an interest for the loan amount. Usually the interest rate is from 15-20% and sometimes more than that. The loaned amount is payable in 5-10 years depending on the arrangements with the bank and the applicant. They would require the applicant to submit a collateral for the loan. usually real estate or other valuable property. This serves as a security in case of non-payment for the loan granted.
Last year another type of entity has entered the credit arena. These are lending institutions. They cater to pensioners only. They charge 1.5-2% per month on the loan amount. They require the pensioner to submit the atm card where the pension fund would be deposited. The term is 6-12 months only and the applicant has a right to re-loan again. The loanable amount is big and the payments are arranged depending on the term of the loan. Approval of the loan is very easy and amount to be loan will be released immediately.
Last year another type of entity has entered the credit arena. These are lending institutions. They cater to pensioners only. They charge 1.5-2% per month on the loan amount. They require the pensioner to submit the atm card where the pension fund would be deposited. The term is 6-12 months only and the applicant has a right to re-loan again. The loanable amount is big and the payments are arranged depending on the term of the loan. Approval of the loan is very easy and amount to be loan will be released immediately.
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