loan arrangement flow chart?

Question

Banks extend loans - I want a complete flow chart on the steps to be followed

Answer 1

All banks and private lenders generally follow a certain procedure. When applying for a loan, your financial details, such as credit record, debt to income ratio and financial standing play a big role. A loan officer will get back to you for verification of the details. Depending on your approval, they will go ahead with the processing. The time taken is subject to the loan type that you want to go for.
Loan officers or the underwriters will get back to you with suitable loan plans after a thorough perusal of your financial standings and requirements. You then have the right to compare the APRs (Annual Percentage Rates) among the different loan packages given to you.

In case you have applied for a secured loan, a free property evaluation will be done by the lender in order to check the equity available. After you have choosen a loan plan, another quick check is done by the lender before the final package is forwarded to you.

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Answer 2

They type your details into a Computer and it says 'yes' or 'no'.