FAQs

Do I need a loan ?

A loan is a process of getting money from a bank so that you can buy a home, expand your business, buy some necessary items and get a car, education, etc., while you are in shortage of money. Loans, in turn, are charged with a particular interest rate depending on the bank.

How much can I borrow ?

Depending upon your requirement, you can approach. Based on your financial stability, the banks will approve the loans. However, higher the loans, the interest rates will be lower.

Do I have to get loan only from the same bank I hold account ?

Not necessarily. You can go with the bank that give you best interest rates & deals.

Why do I have to provide so much documents ?

This documents will help the lenders to understand better about your financial stability so that they can approve your loan. Whatever conditions may come, this information will be confidential.

Can I do repayment of my loan early ?

Yes, repayment can be done at any point of the loan tenure. But a specific repayment rate will be charged for repayment as per the agreement between the lender & borrower.

What is secured loan ?

In this, you can get money from the bank by securing your asset or property to that. So the interest rates will become lower but you have to lose your secured property if you were unable to pay the debt.

Is it possible to get a loan with bad credit rating ?

It’s not impossible, but it’s a bit harder. Most of the banks will ask for high-interest rates along with mandatory collateral in such situation. If your condition is extremely poor, then nothing can be done with the traditional loans.

Is it possible to get a loan if I am unemployed ?

Yes, it is possible, but not with all banks. In this case, you must have any stable income like an income-earning asset. But you will be charged with high interest rates.

How will the loan be repaid after my death ?

In such situation, the bank will contact the co-applicant or legal heirs or the guarantor. If you have applied any insurance along with that, then it will be claimed.

Can I sell a car with loan ?

You can first do the settlement of your outstanding with the bank by getting the money from your buyer or with self-funds. So that the status of car will be lien-free & the ownership can be transferred.

What is personal credit score and business credit profile ?

The personal credit score reflects one’s payment history of personal loans, auto loans, mortgages, credit cards. The business credit profile deals with the financial mobility & obligations connected with that business.

Difference between business credit card & personal credit card ?

Business credit cards comes with huge credit limit & numerous rewards than personal credit cards. The interest rates & payment due date in business credit cards may vary at any point of time rather than the personal credit cards, where they are fixed.

Is there any limitations to use the loan amount ?

You can use it as per your wish in case of a personal loan. But in other cases like mortgages, auto loan, student loan, you must use the amount only for that specific purpose.