Can you tell me what is meant by loan take over in simple terms? - A loan take over means transferring of your loan by approaching a new bank and requesting for a new loan which is equal to the outstanding amount with your current bank. You can use the loan to repay your current bank and continue your loan like home loan with the new bank as per the mutually agreeable terms and conditions. Loan borrowers opt for loan take over when changing their loans from one bank to other offering loans at a lower rate of interest or some additional benefits like top up loans etc.

CoolInterview.com - World's Largest Collection of Interview Questions & Answers, FAQs, queries, sample papers, exam papers, dumps, what, why, how, where, when questions

OneStopTesting.com - Testing EBooks, Tutorials, Articles, Jobs, Training Institutes etc.
OneStopGate.com - Gate EBooks, Tutorials, Articles, FAQs, Jobs, Training Institutes etc.
OneStopMBA.com - MBA EBooks, Tutorials, Articles, FAQs, Jobs, Training Institutes etc.
OneStopIAS.com - IAS EBooks, Tutorials, Articles, FAQs, Jobs, Training Institutes etc.
OneStopSAP.com - SAP EBooks, Tutorials, Articles, FAQs, Jobs, Training Institutes etc.
OneStopGRE.com - of GRE EBooks, Tutorials, Articles, FAQs, Jobs, Training Institutes etc.

Sponsored Links

Interview Questions

INTERVIEW QUESTIONS

LOAN

DETAILS

Question: Can you tell me what is meant by loan take over in simple terms?

Answer: A loan take over means transferring of your loan by approaching a new bank and requesting for a new loan which is equal to the outstanding amount with your current bank. You can use the loan to repay your current bank and continue your loan like home loan with the new bank as per the mutually agreeable terms and conditions. Loan borrowers opt for loan take over when changing their loans from one bank to other offering loans at a lower rate of interest or some additional benefits like top up loans etc.

Category	Loan Interview Questions & Answers - Exam Mode / Learning Mode
Rating	(0.3) By 6578 users
Added on	7/15/2016
Views	69159
Rate it!

Question: Can you tell me what is meant by loan take over in simple terms?

Answer:

A loan take over means transferring of your loan by approaching a new bank and requesting for a new loan which is equal to the outstanding amount with your current bank. You can use the loan to repay your current bank and continue your loan like home loan with the new bank as per the mutually agreeable terms and conditions. Loan borrowers opt for loan take over when changing their loans from one bank to other offering loans at a lower rate of interest or some additional benefits like top up loans etc. Source: CoolInterview.com

If you have the better answer, then send it to us. We will display your answer after the approval.

Rules to Post Answers in CoolInterview.com:-

There should not be any Spelling Mistakes.

There should not be any Gramatical Errors.

Answers must not contain any bad words.

Answers should not be the repeat of same answer, already approved.

Answer should be complete in itself.

	Related Questions	View Answer
	When are payment banks being introduced? Can we hope to get easy personal loans through such banks?	View Answer
	What does a bank considers default? Even one missed deadline for my home loan EMI puts me as a defaulter?	View Answer
	What is Amendment clause in a bank loan? What do I need to check for any such clause in my bank loan agreement?	View Answer
	What is flat rate of interest?	View Answer
	Isn’t it unfair that my credit score may get spoilt if someone I stood as a guarantor for defaults on his loans?	View Answer
	What happens if the bank I have taken a loan from gets merged into another bank?	View Answer
	What should be an ideal range for DTI (Debt To Income Ratio)?	View Answer
	Someone told me to use my DTI (debt to income ratio) as a tool to choose between fixed and floating home loan. How can I do that?	View Answer
	What is Force Majeure clause in a loan?	View Answer
	I want to know about my credit score details. What are all the steps to get the credit score by mail?	View Answer
	Just in case if the main borrower dies who has to repay the loan the other co borrowers or loan guarantor?	View Answer
	Does adopting of MCLR method by banks mean a lower interest for personal loans too?	View Answer
	Why banks are going after small loan defaulters while bigger defaulters are going scot free?	View Answer
	Who gets OD facility under Jan Dhan yojana? Is it available for all account holders?	View Answer
	Do banks lend easily to women borrowers compared to male borrowers?	View Answer
	Are terms and conditions for loan guarantee negotiable?	View Answer
	Is the new MCLR method used for personal loans or only floating loans?	View Answer
	Is going for a spot loan a good idea?	View Answer

Please Note: We keep on updating better answers to this site. In case you are looking for Jobs, Pls Click Here Vyoms.com - Best Freshers & Experienced Jobs Website.

View All Loan Interview Questions & Answers - Exam Mode / Learning Mode