Share on Facebook Asking for a loan generally involves filling out an application. But, if you have circumstances beyond the normal scope of the average application form then you can write a letter or request instead. This letter will tell the loan manager everything he needs to know to decide whether the bank is able to loan you the funds you need.
However, the chances are that you may need this Rs. In this case, how to optimize this Rs. The regular loans will not provide you to get back this Rs. Note-We have deactivated commenting option for this blog post.
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Before proceeding further, let us understand few basic concepts of banking. Banks provide such type of loans against the collateral security against a loan like property, FDs or any other assets.
It is exactly like your credit card limit.
However, here in this case there is no feature called grace period or interest rate free period. Interest charging start immediately you withdraw from OD. Let us say bank sanctioned you OD of Rs. Now, after a few days if you deposit Rs.
Therefore, interest will be only on Rs. You can withdraw the amount up to maximum sanctioned limit, i. Because, in normal loans once you pay the excess surplus towards a loan, then your EMI will go down.
However, you cannot get back the cash immediately. The reason is, you have to apply for a top-up loan. Once it sanctioned and amount released, then only you can get the cash.
But in case of ODs, you can withdraw it immediately and use it for emergencies. Hence, the liquidity of surplus amount you have is more when it comes to ODs than other types of loans.
In this case, the collateral is your home loan. So whenever you have a surplus then you deposit to this MaxGain account. This deposit is treated as repayment towards the outstanding loan amount. Interest on outstanding for that period reduced. Hence, this gives you more flexibility to utilize your surplus cash and along with that, reducing the interest on your home loan.
Now let us discuss few wordings, which you came across from the above statement. What do you mean by Drawing Power? Drawing power is nothing but your outstanding balance.
It is not the actual original loan amount sanctioned. However, it is the current outstanding. Hence, this is the actual outstanding principal balance.Our Bank has received the prestigious and coveted IDRBT Banking Technology Excellence Award, for the year IDRBT – Institute of Development and Research in Banking Technology, is an apex level working in the field of Research and Development as well as Consultancy in the application of technology to the Banking and Financial Sector of the country.
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Aug 27, · I want to request to bank for reduce their interest rate on my home loan. please reply with new things. Bank letter for request reduce Interest rate it is better to go directly to your bank to negociate face to face the decrease of your interest.
If you write to the bank, they try surely to gain time. Feb 09, · An applicant's budget request is reviewed for compliance with the governing cost principles and other requirements and policies applicable to the type of recipient and the type of award.