Loan servicing is the process by which a company collects interest, principal, and escrow payments from a borrower. Loan servicing refers to the administrative aspects of a loan from the time the proceeds are dispersed to the borrower until the loan is paid off. Loan servicing includes sending monthly payment statements, collecting monthly payments, maintaining records of payments and balances, collecting and paying taxes and insurance remitting funds to the note holder, and following up on any delinquencies.
Loan servicing can be carried out by the bank or financial institution that issued the loans, a non-bank entity specializing in loan servicing, or a third-party vendor for the lending institution. Loan servicing may also refer to the borrower's obligation to make timely payments of principal and interest on a loan as a way to maintain creditworthiness with lenders and credit-rating agencies. Loan servicing is now an industry in and of itself and companies are compensated by receiving a small percentage of loan payments. At Maskin Web Solutions India Pvt. Ltd. we offer our clientele various types of Loan to help them fulfill all their needs.
Let's have a look at some of our different types of Loan Services.
Personal loans are an unsecured form of credit that is popular to meet immediate requirements. It is multi-purpose in nature and therefore can be used for various purposes including wedding, home renovation, travel purposes and more. Moreover, there is no restriction for the amount borrowed and can be used for any purpose they want. In fact, a personal loan can help you build your credit faster when compared with other forms of credit. This is because of the risk it carries due to being unsecured.
A business loan is a loan specifically intended for business purpose. As with all loans, it involves the creation of a debt which will be repaid with added interest. There are a number of different types of business loans including bank loans, mezzanine financing, assets-based financing, microloans, business cash advances and cash flow loans. Business Loan is actually an unsecured loan that can be used for various purposes such as expansion of business, purchase of machinery and equipment, purchase of office space, payment of rent or salary, hiring of employees.
Gold loan (also called loan against gold) is a secured loan taken by the borrower from a lender by pledging their gold articles (within a range of 18-24 carats) as collateral. The loan amount provided is a certain percentage of the gold, typically upto 80%, based on the current market value and quality of gold. Gold loans are processed faster than other types of bank loans. On successful verification of gold weight & purity, the amount is instantly processed to your bank account. You can apply online.
A home loan is a secured loan that is obtained to purchase a property by offering it as collateral. Home loans offer high-value funding at economical interest rates and for long tenors. They are repaid through EMIs. After repayment, the property's title is transferred back to the borrower. The property is taken as a security by the money lending company for the Home Loan. The property can either be commercial or personal in nature.
A car loan is nothing but the funds that one borrows from a lender for the sole purpose of purchasing a car of his or her choice. In other word, Car finance refers to the various financial products which allow someone to acquire a car, including car loans and leases.
Loan Against Property allows you to use the value locked up in a property and helps you to meet up your expenses. Loan Against Property often termed as LAP Loan is a secured loan that banks, housing finance companies and NBFCs provide against residential or commercial property. These loans are usually offered at a lower interest rate as compared to a personal loan or business loan and are disbursed at a reasonable time.
A short term loan is a type of loan that is obtained to support a temporary personal or business capital. As it is a type of credit, it involves repaying the principle amount with interest by a given due date, which is usually within a year from getting the loan.
MUDRA Loan is offered under the Pradhan Mantri Mudra Yojana (PMMY). MUDRA stands for Micro-Units Development and Refinance Agency. Under this scheme, borrowers can avail business loans ranging from Rs.50,000 to Rs.10 lakh on the basis of the Sishu, Kishor, and Tarun categories.
A financial crisis, small or big, can occur at any time. It often happens that investors require money in a short period. Even if not all mutual funds offer high liquidity, you can use them as security to avail loans from banks. Among other options, you may consider borrowing against mutual fund units as a natural alternative.
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