I have been reading couple of threads quite long, this bank is bad, do not go for that bank and just judging my self something.
Some questions coming to my mind.
Why one person taking a Loan( any type of loan)?
From where he/she will take loan?
What the amount Bank approved and how much disbursed?
Loan Interest rate, Loan repayment and processing charges?
All these questions are vary from person to person, bank to bank and time to time . Loan interest rate may fixed/variable and processing charge vary bank to bank. Every one knows loan funding organization is private/public bank.
Next, choose your loan life now . to fulfill your requirements you suppose took a loan then you have to repay to the bank and have to accept all the terms and conditions of the bank . If we are fulfilling ourself with the loan amount then we have to take some more pain. "No gain without any pain".
Some cases I am pointing.
I am working some XXXX company having account with XXXX bank so my loan process will be simple, yes true, bank having all your information so processing will be bit faster and they can give some benefit as existing customer , apart from this nothing, Once you got the loan, start paying the EMI, As long as you are paying promptly I donot think any problem will come.
Even existing customer and loan is getting delayed means some clauses here, All most all the private sector banks are processing 90 percentage of loan applications through DSA( agencies) so there might delay or your application did not reach the right place.
Sometimes private banks make delay due to verifications in different angel like House/ Job with the person credit history check, if all the cases no problem then approval in private bank is quite fast.
I am not doing any favor for any bank, just one example I have a taken a loan from one bank had a bad experience but the same bank may good for other . like "6 reverse it is 9 ".
*Compare Private and Public banks
Keep in your mind Bank is a profitable organization .
Private bank processing faster can fulfill your requirements in short span and in Public(Govt.) banks processing will bit delay they will stick to the paper work and proofs.
If govts sector banks checking so much credit check definitely their loan interest rate will be less, bcz they are giving loan with their complete satisfaction keeping your repayment in mind.
Agree private sector banks loan closure is very hectic and lots of process and closing also more chargeable. check the Public sector banks they also nearly comparable.
*Pro and cons:
Take Loan for any purpose maintain a good repayment record.
Lots of discussion and topics will come here and there, decision is yours.
Do a proper check with Govt and Private bank before taking any loan from interest rate to foreclose , part payment and late payment also processing changes.
Do not motivate with a sales guy immediately, keem the control with you.
If you will not take any Loan and do the things with your own saving then no problem, mind it how many days it will take to fulfill.
Thats, Happy reading I just shared my thoughts not pointing to any thread, this is my personal opinion and this is your life enjoy .