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As we know that generally all the banks and financial institutions always looks for the income proof of the individual while lending the fund to him. But now a days many banks have introduced a loan surrogacy program to help the self-employed persons to enable them to purchase the property.
In this scheme, loans are granted not on the basis of regular income of the borrower but instead on the basis of his past records for loan repayment or reasonably sufficient bank balance. Lender look for the future prospects of income by analyzing the trade industry and sustainability of the business.
These are the unsecured loans which are provided without checking for the income proof, on the basis of following factors:
- Loan repayment track – Lender can give loan to a customer who has taken any other loan also and is paying well against that loan in time without any default.
- Good Bank Balance – Lender can grant loan to the customer having well maintained bank balance which can support the new EMI also.
- Gross Profit – Loan can be provided on the basis of gross profit calculation.
- Pre-approval on the basis of relationship - Many Banks provides the loans to their customer on the basis of customer profile and their previous transactions with them or in their channel. They don’t ask for any income proof.
Following are the main forms of surrogate loans:
- Auto Loan Surrogate.
- Home Loan Surrogate.
- Loan against Property (LAP).
- Loan against Rent Receivable (LARR).
- Loan against Fixed Deposits.
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