The difference between applying for a loan with us VS applying for a loan with a bank.

Apply for a loan with us.

1. Loan approval is primarily based on collateral.
2. No credit history (credit bureau, blacklist) check.
3. No obligation to take out life insurance.
4. No existing debt burden check; borrower’s financial status documents are used solely for loan application purposes.
5. Principal and interest can be reduced; interest rates are adjustable based on the outstanding principal balance.
6. Borrowers can repay the loan early without penalty or charges.
7. No obligation to take out fire insurance.

Apply for a loan from the bank.

1. Consideration will be given to collateral and the borrower’s income.
2. Credit history will be checked.
3. Life insurance policy fees will apply.
4. Existing debt obligations, income verification, and bank statement review will be conducted
. 5. Principal decreases, but interest remains fixed throughout the loan term.
6. Early repayment will incur a penalty of 2-3% of the remaining balance.
7. If the collateral includes a building, fire insurance will be arranged with the bank as the beneficiary.