Loan is the term in finance. A thing or money or a sum of money that is landed by individual or organization that is borrowed to other individual and that is to be expected to get back with some interest.
The loan application is an application with documental essential and it contains information about both lender and borrower.
Loan application form:- To get the loan you need to fill the loan application form and for this alone officer will directly collect the information needed to get a loan.
They will ask you about your plan for a loan. In order to get your loan, you need to give them the basic information. The lender that is the bank or organization will first we understand the reason for your loan taking and then will proceed to the plans for the loan.
Sample Loan Application Letter
Dear Rory Hill,
I have a current savings account in your bank with account number QWE12345678 for the past 4 years. I want to apply for a loan.
I can assure you that the field of my venture has a large and strong market in Los Angeles. Currently, I have stable customers and my business is growing. I would like to expand my business to be able to provide my services to other people. The money I have saved up and this loan, if granted, will be put up to expand my business.
I would like to ask for the details, formalities, and requirements needed for the loan, and I shall make arrangements to meet with you as soon as possible.
Tony StarkContent Analyzer,
Sample Personal Loan Application
I am writing this letter to apply for a personal loan from your financial institution. I am a salaried individual and I am currently working in an LLT Private Company, the position of General Manager.
I am in the requirement of a personal loan to the tune of $5000. I need the loan for the Personal Objectives. I have reviewed all the loan requirements and have attached the needed documents along with the loan application.
Thank you for taking the time to review my application. For any additional clarifications regarding my application, please feel free to contact me at 222 555 7777. I am looking forward to your favorable response to my application.
General Manager, LLT Private Company
Sample Loan Request Template
Dear Tiana Mars,
I am writing this letter to obtain a loan from your company.
I, Caroline Skeever, would like to establish a new branch of my business and hence I would be requiring an amount of $3, 000,000 for the purpose. I can assure you that that as per your policy I will return that principal amount with interest on time. I have attached my company’s financial statement for you to review.
I will wait for your response. Thank you for your time and consideration.
Caroline SkeeverCEO, Global Industries
Sample Car Loan Application Letter
This letter is written to request a car loan of $7,000 to buy a car for my personal use.
I am presently working for Stark Corp. as a Senior Manager having an annual income of $15200. I have been in this profession for 6 years and trust in my capability of repaying this loan duly.
I have filled up and attached the loan application form from your website along with the needed or required documents for the application. For any other additional clarifications or questions regarding my application, please feel free to contact me.
Thank you for taking the time to read my application. I wish to hear from you soon.
Senior Manager, Stark Corp.
Sample Business Loan Application
Dear Louis Seria,
My name is Sera Mascarenhas and I am the owner of Pioneer Enterprises, a company incorporated in the state of California. The intent of this letter is to apply for a business loan of $125,000 from your bank – The Federal Bank. I am in need of a loan to scale up my business to the next level. In order to scale up production, the company needs to procure the latest machines and tools.
Attested are the copies of my income and personal documents that are necessary for a loan. I am also planning to expand my business across the globe so that I can make a difference in people’s lives through my company.
Kindly let me know if you need any other information on documents for sanctioning the loan. I will have it delivered to your office at the earliest. I will also make myself available for face to face meetings if it’s warranted. I hope to hear from you soon. Thank you for your time and consideration.
Sera MascarenhasCEO, Pioneer Enterprises
Example of business loan application form- You need to be ready with the following information Explain about your business either existing one or the new one. Give the views about the anticipated future plans. As soon as you submit the necessary information the bank will apply your loan request and the proposal will be sent in the next 24 hours.
How long does loan application take?
Every organization or Bank have their own criteria. They lend loans to their terms and conditions. Every lender may have its own way of processing. Online lenders usually take 3 to 7 days for your approval of loans. It is several day procedures, because information gathering, verification of information take a lot of time. Whereas traditional banks may approve your loan application form request the same day or may take several days.
Joint loan:- Joint loan is usually a type of loan that is taken for the higher loan. It is used for getting more loans from the bank. It helps to share the interest burden equally among the partners.
Individual loan:- Individual loan is taken on a personal level. It is the loan that is landed for the purchase of any property or for business. It is taken for normal amount.