![]() The approval of a loan would depend upon whether you fulfil the criteria laid down by the bank or not. Loan arrangers cannot guarantee loan approval. Instead, they get their share from banks in the form of commission. Firms generally do not charge from customers. Normally, if an intermediary is involved in any transaction, the costs are likely to go up. These facilitators are a link between customers and banks. But the processing fee part is negotiable and companies may help customers in getting a better deal on the same," said Satkam Divya, business head,. “Banks mostly have a very rigid structure regarding the interest they charge from the customers. At times, loan arrangers convince the bank to waive the processing fees partly or entirely which reduces your overall cost. A loan facilitator deals on behalf of many customers and has higher negotiating power. Most banks charge processing fee for all kinds of loans. In this case, the in-principle approval results in final approval unless the information provided by the customer is found to be wrong.īesides easy processing and time saving, some loan arrangers may help you in reducing the overall cost. ![]() He may take a copy of the approval to the bank and take the process forward himself." The in-principle approval is provided within 10 minutes of a customer providing his personal details. Explains Adhil Shetty, chief executive officer,, “Through our website, you may get an in-principle approval from a bank provided you fulfil the eligibility criteria. However, some companies follow a slightly different approach. Ltd, Andromeda, Raaj Khosla and Co.Īfter being approached by a loan seeker, most companies send a representative who explains the process and collects documents. Some of the companies who have tie-ups with multiple banks include, , Destimoney Enterprise Pvt. Hence, these companies provide more choices to the customers and help them in getting cheaper loans. Multiple tie-ups: These companies have tie-ups with different banks and do not rely on just one bank. These agents approach you with various offers when you visit a bank. Single tie-up: These loan arrangers have a tie-up with a single bank and can only help in securing a loan from that particular bank. ![]() However, there are different types of loan arrangers in the market and you need to find one who will give you the best service. And we provide these services at the doorstep of customers," says Surjit Singh Grover, head (e-commerce), Andromeda Marketing Pvt. Our main functions include completing documentation, submitting documents to banks and ensuring that the process does not take much time. “We basically work as an intermediary between a loan provider and a loan seeker. So in a way, they help you save time and ensure the process remains smooth for you. Also, if the bank requires additional documents, the loan arranger will collect it from you and submit it to the bank. They also keep following up with the bank on the status of the loan as well. The entire loan process is undertaken by them. And since they facilitate or arrange loans for you, they are also called loan arrangers. These entities are, in general, direct selling agents of one or more banks.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |