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FAQ's
Frequently Asked Questions
(Loan Services Provider in Delhi)
What is a personal loan?
A personal loan is a type of unsecured loan that you can use for various purposes, such as debt consolidation, medical expenses, home improvements, or other personal needs.
Who is eligible for a personal loan?
Eligibility depends on factors like your age, income, credit score, and employment status.
What is the interest rate on personal loans?
Interest rates depend on factors like your credit score, loan amount, and repayment term.
Can I make early repayments?
Yes, you can prepay your loan. However, some loans may have a prepayment penalty. Check the terms and conditions for details.
What happens if I miss a payment?
Missing a payment may result in penalties and impact your credit score. Contact us immediately if you foresee issues making payments.
Does a personal loan improve my credit score?
Timely payments can boost your credit score, but missed payments can negatively affect it.
What is a home loan?
A home loan is a secured loan provided by a lender that allows you to purchase, construct, or renovate a residential property. The property acts as collateral until the loan is repaid.
What is the tenure of a home loan?
Home loan tenures typically range from 5 to 30 years, depending on your preference and eligibility.
What is the interest rate for home loans?
The interest rate may vary based on the lender and market conditions. Most lenders offer fixed or floating rates.
Can I apply for a joint home loan?
Yes, you can apply for a joint home loan with a co-applicant (spouse, parents, siblings), which may increase your loan eligibility.
What is a business loan?
A business loan is a sum of money borrowed to start, grow, or sustain a business. The borrower agrees to repay the loan with interest over a set period.
Who is eligible to apply for a business loan?
Eligibility criteria vary by lender, but typically, businesses with a steady income, a good credit score, and a minimum operational tenure qualify.
What is the interest rate on a business loan?
Interest rates depend on the loan type, amount, tenure, and the borrower's credit profile.
Can startups apply for business loans?
Yes, some lenders offer specialized loans for startups, though eligibility criteria may include a robust business plan or collateral.
Can startups apply for business loans?
Yes, some lenders offer specialized loans for startups, though eligibility criteria may include a robust business plan or collateral.
What is a Loan Against Property (LAP)?
A Loan Against Property (LAP) is a secured loan where you pledge your residential, commercial, or industrial property as collateral to borrow money from a lender.
How much loan can I get against my property?
The loan amount typically ranges from 50% to 70% of the property's market value, depending on the lender and your eligibility.
What is the tenure for a Loan Against Property?
The tenure generally ranges from 5 to 20 years, offering flexibility in repayment.
Can I get a Loan Against Property if the property is co-owned?
Yes, but all co-owners must consent to the loan and co-sign the loan agreement.
Can NRIs apply for a Loan Against Property?
Yes, many lenders offer LAP to NRIs. However, the documentation process may differ slightly.
Can I continue to use the property while the loan is active?
Yes, you retain full rights to use the property during the loan tenure.
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