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Ans. Financial institutions typically consider a credit score of 750 or higher as favorable. Lenders generally prioritize scores closer to the maximum of 900.
Ans. For short-term loans, it's advisable to keep the repayment period within 12 months. However, this duration can be extended based on the loan amount, with a maximum repayment term of up to 5 years depending on business needs.
Ans. GST payments significantly influence the approval of business loans, as higher GST payments often indicate a larger business volume. This factor makes it easier for banks to have confidence in applicants who consistently fulfill their GST obligations.
Ans. The essential annual turnover criteria are stipulated by individual lenders and can vary across different banks.
Ans. Pre-closure and partial prepayment charges differ among lenders, ranging from zero in some cases to a potential maximum of 5% of the loan amount in others. It's essential to verify these details with your specific lender.
Ans. The Government of India has introduced various loan schemes, including notable ones such as MUDRA Yojana under PMMY, SIDBI loans, CGTMSE, PMEGP, Standup India, Startup India, psbloansin59minutes.com, NSIC, and NABARD.
Ans. To acquire a small business loan of up to Rs. 10 lakhs, you can explore and compare available options through a single online platform. You have the opportunity to access collateral-free loans with competitive interest rates. Additionally, you may consider applying for a Mudra loan under PMMY or explore loan options from private sector banks, NBFCs, or small finance banks.
a. Your Home Loan Eligibility will be calculated after deductions of the EMIs that you are paying already. Usually, banks and NBFCs fund around 85 % of the loan amount of the total value of the property. Therefore, if you want a home loan to buy a property of Rs. 50 lakhs, the maximum amount you can get is 85% of that i.e. 42.50 lakhs.
a. A home loan is an amount of money that an individual borrows from a bank or money lending company at a certain rate of interest. The repayment of the loan amount is done through EMIs. The brought property is taken as a security by the bank / lending company against the Home Loan.
a. A home loan is an amount of money that an individual borrows from a bank or money lending company at a certain rate of interest. The repayment of the loan amount is done through EMIs. The brought property is taken as a security by the bank / lending company against the Home Loan.
a. Most often, a poor credit score may be an important reason for your home loan rejection. Lenders assess your creditworthiness with your credit score. ... Credit score plays a major role in your loan approval. Sometimes, the negative credit score may be due to incorrect information provided by the
a. It usually takes 10-15 days but depends upon bank to bank and case to case.
a. Raise the tenure b. Maintain a good credit score c. Pre-pay running loans
a.EMI Under Construction enables you to make payments through EMIs , in a partly disbursed loan for an under construction project. The loan amount is partly disbursed and EMI is set as per the sanctioned amount. The tenure of the loan keeps moving up with additional amount being disbursed.
a. It usually takes 10-15 days but depends upon bank to bank and case to case.
a. You can include your spouse/parents/children/ siblings as a co-applicant for the Home Loan and we shall consider his / her income to enhance your loan eligibility.
a. RupeeBoss is one of the biggest loan distributors in India. This financial institute provides you an option of 50+ banks and NBFCs. It also assists you to get the best rate of interest on your home loan.
a. Yes, the option of Top up is available on home loan.
a. Yes, prepayment is allowed in home loans, but it depends from bank to bank. Some Banks & NBFCs ask forPre-payment charges. But again this varies from bank to bank.
a. Spouses and only blood relations are considered as co applicants for a home loan.
a. In case you have availed only a part of the loan, you would be required to pay only the interest on the amount disbursed till the full loan amount is availed.
a. Processing fee is charged by lenders on the home loan. Usually, Banks and NBFCs charge either a fixed amount or some percentage of the loan amount.
Self Employed Individuals (Public Limited Companies): directors in public limited companies. Self Employed Individuals and Professionals (Private Limited Companies) individuals who own a private limited company Self Employed Individuals and Professionals (Partnership Firms): self-employed partners in partnership firms Self Employed Individuals and Professionals (Sole Proprietorship): sole proprietors of a business who are a minimum of 21 years of age at the time of applying for the loan and would not be more than 65 at the end of the loan tenure. Salaried Individuals: employees of private limited companies, employees from public sector undertakings, including central, state and local bodies who are a minimum of 21 years of age at the time of applying for the loan and would not be older than 60 at the end of the loan tenure. Secondly, those Individuals should be holding a job for at least 2 years and working for a minimum of 1 year with the current employer.
a. Though the minimum salary or income requirement varies from one financial company to other. Usually, an income of Rs. 300,000/- per annum is the minimum salary / income requirement to qualify for a car loan.loan and would not be more than 65 at the end of the loan tenure. Salaried Individuals: employees of private limited companies, employees from public sector undertakings, including central, state and local bodies who are a minimum of 21 years of age at the time of applying for the loan and would not be older than 60 at the end of the loan tenure. Secondly, those Individuals should be holding a job for at least 2 years and working for a minimum of 1 year with the current employer.
a. Car loan or Vehicle Loan tenure depends on the loan amount and your repayment capacity. Generally, the car loan tenure ranges from 01 to 07 years
a. You can apply for two separate car loans from two different banks or NBFCs or the same one.
a. Car loan is a loan granted to an individual interested in buying a car. Hence, a car loan is a secured loan where the car you buy acts as a collateral. There is no additional collateral required
a. Banks approve loan amounts that range from 80%–90% of the car’s on-road price. Nowadays 100% car loan is also offered by banks & financial companies on select models of select vehicle brands.
a. The documents that need to be submitted are - Age proof, ID proof, Application form, Photograph, Residence proof, Income proof, Bank statement, Signature verification proof, Pro-forma Invoice or Rate List.
a. The EMI due date or cycle is dependent on the borrower. It can be the first of the month or 5th of the month. The borrower can choose the day of the month conveniently. However, some banks do give a fixed day as their processing days are generally automated and the borrower gets to choose from a few options
a. Yes. You can get a loan to buy Used Cars but the interest rate will be higher compared to a new car as the old car has lesser resale value.
Answer: The minimum credit score necessary to secure a personal loan depends on the eligibility criteria established by the lender. Most lenders do not specify a specific minimum credit score requirement for a personal loan. While certain lenders may extend loans to individuals with lower credit scores (below 750), such cases usually involve higher interest rates.
Answer: Depending on the terms and conditions set by the lender, you might have the option to cancel a personal loan post-disbursal. However, keep in mind that doing so could result in cancellation charges and processing fees. It's important to note that not all banks permit loan cancellations once funds have been disbursed. Alternatively, you can consider prepaying the loan according to the bank's terms to reduce interest costs.
Answer: The minimum monthly income needed to qualify for a personal loan varies from one lender to another. Larger financial institutions such as private and public sector banks usually have a minimum income requirement of Rs 15,000 per month and above.
Answer: Lenders provide personal loans in the form of pension loans to pensioners who maintain their pension account with the respective bank.
Answer: Students can apply for personal loans if they meet the various eligibility criteria established by lenders, including factors such as age, income, and credit score.
Answer: Yes, it is possible to apply for a personal loan even if you have an existing home loan. Approval for the loan will depend on your ability to repay the new loan while managing your existing home loan.
Answer: Yes, you can obtain a personal loan without submitting salary slips. You can provide alternative documents such as bank account statements, a copy of Form16, or an employee certificate from your employer as proof of income. However, it's advisable to confirm the specific documentation requirements with the lender, as they may vary.
Answer: Yes, you can utilize a personal loan or specific variants like wedding or marriage loans to cover various expenses related to a marriage.
Answer: Yes, it's possible to acquire personal loans from two different lenders simultaneously, provided the second lender is satisfied with your repayment capacity. However, it's generally more advisable to consider a single loan from the lender offering better interest rates and terms.
Answer: Lenders have the authority to impose prepayment or foreclosure charges on personal loans with fixed interest rates. However, loans with floating interest rates are not subject to these charges as per RBI guidelines.
Answer: Typically, personal loans are unsecured, meaning no collateral or security is required. However, some lenders do offer secured personal loans that involve providing collateral. Opt for a secured loan only if unsecured options are not available or come with very high interest rates.
Answer: Banks and NBFCs usually employ the reducing balance method to calculate personal loan EMIs. Online personal loan EMI calculators, available on lender websites and other platforms, also utilize the reducing balance method for computation.
Answer: Lenders typically offer personal loan amounts ranging from Rs 10,000 to Rs 40 lakhs. The approved amount depends primarily on your income and existing loan obligations. Some lenders use the Multiplier Method, while others utilize the EMI/NMI Ratio or a combination of both methods to determine eligibility.
Answer: The minimum income requirements for personal loans differ among lenders. While top lenders usually stipulate monthly salary requirements between Rs. 15,000 and Rs. 30,000, some lenders extend personal loan options to individuals with lower incomes. Individuals with lower salaries may explore online financial marketplaces to assess eligibility for personal loan offers based on their current income.
You can start your professional loan application through two methods. Online, access the official bank website and select the 'Apply Now' button. Fill in the necessary information and submit the required documents. Additionally, specify your desired loan amount. Upon document submission, the bank will carefully review and authenticate them. If everything is in order, the approved loan amount will be transferred to your bank account. Alternatively, you can opt for an offline application by visiting the nearest branch of the lender offering the loan. A bank representative will guide you through the application process, so ensure you have all relevant documents on hand.
Many banks provide an EMI Calculator tool on their official websites. Access the calculator, input your desired loan amount, repayment tenure, and interest rate, then click 'Calculate.' This will display the monthly EMI you'll need to pay.
You can also utilize the EMI Calculator on the BankBazaar website. Simply enter your loan details – including amount, tenure, and interest rate – to instantly calculate your monthly EMI.
Repayment of your loan offers various avenues. Online, you can use your debit/credit card, net banking, UPI, or NACH (National Automated Clearing House) for EMI payments. Alternatively, you can visit the nearest bank branch from which you obtained the loan and make payments via debit/credit card, cheque, demand draft, or cash.
The possibility of pre-payment or foreclosure charges depends on the specific policies of the lender.
Yes, you have the option to include a co-signer when applying for a professional loan.
a. No, but if you are an account holder of the bank who is providing you a loan, it is an added advantage.
a. You can get a Loan Against Property up to a maximum of 65%* of the market value of your property. However norms differ as per Banks & NBFCs.
a. You can provide your self-occupied Residential or Commercial property (Shops and Offices) as collateral.
a. A loan against property (LAP) is exactly what the name implies -- a loan given or disbursed against the mortgage of property. Loan against property belongs to the secured loan category where the borrower gives a guarantee by using his property as security
If you share property ownership with someone else -- spouse, business partner, relative -- it's unlikely he can take out a mortgage or a home equity loan without your consent. It's not, however, completely impossible. A lot depends on the terms of your ownership agreement, and the type of ownership that you share.
a. No tax exemption: LAP is not eligible for any tax benefits or deductions. However, you can continue to claim the available tax exemptions if you have an existing home loan on the same property against which you have taken a LAP.
a. Loan against property is offered against a property that is already in your name. Home loan or mortgage loan is taken only for the purpose of purchasing a property while loan against property can be taken for any purpose.
a. It usually takes 10-15 days but depends upon bank to bank and case to case.
a. Yes! Bank provides LAPs for salaried NRI customers.
a. You have the option of selecting a term you are comfortable with, ranging from 5 to 15 years, provided the term does not extend beyond you reaching 65 years of age or retirement age, whichever is earlier.
a. RupeeBoss offers the convenience of online with the assurance of offline. We have 58+ banks & NBFCs options available for your loan. We provide the ease of instant approval for customer’s emergency requirements. The process of Loan Against property is simple & hassle free. We also help our customers to rectify their credit score to make them eligible for all kinds of loans. Our experts try their best to get the best deal on Loan Against Property to the borrower.
a. The best way to Reduce the EMI is by doing Balance Transfer
a. Yes, but to enjoy the major and full benefits of balance transfer, you should transfer your loan in the initial stage, like in the first or second year.
a. Yes, you can transfer the loan to another bank, but you need to repay the existing loan first. It only makes sense, if you take a loan from another bank at a lower interest rate. Your CIBIL score, credit history and EMI regularity are highly taken into consideration.
a. It plays a major role in availing any kind of loan. Credit score defines your creditworthiness and your financial portfolio. It determines your repayment history.
a. Home loan is a product which assists an individual to buy a house or flat. Home loan balance transfer is a product where you transfer your existing loan from one bank to another which offers a lower rate of interest.
a. The RBI issued a new set of guidelines known as the Marginal Cost of Funds-based Lending Rate (MCLR). Commercial banks must use the MCLR to set their interest rates. Its main purpose is ensuring that banks pass on the benefit of rate cuts to borrowers.
a. The right time to do a balance transfer is within the first two years.
a. No, but if you are paying your emis on time without any skips, then only your credit score will improve.
After acquiring your car, it's typically advisable to wait around 60-90 days before considering refinancing. This waiting period allows for the proper transfer of the car title into your name, a prerequisite for refinancing. Additionally, when you have two or more years left on your car loan, refinancing can yield the greatest advantages. However, factors such as the remaining loan balance, car age, condition, and mileage should be carefully weighed.
There is no legal constraint on the frequency of car loan refinancing. If you've previously refinanced your car and locate a willing lender, you can indeed pursue refinancing again.
The primary aim of car loan refinancing is to reduce monthly EMI payments by securing a more favorable interest rate compared to your current loan. The ultimate goal of refinancing is to secure the most advantageous terms possible for your car loan.
Certainly, having refinanced a home loan does not hinder your ability to refinance a car loan.
Your existing lender typically offers a top-up loan with additional stipulations. To refinance the loan, you would need to seek out a new lender.
Indeed, a solid credit score significantly enhances the prospects of securing better interest rates and terms for your refinanced loan.
The type of interest rate, fixed or floating, offered for the refinanced loan depends on the lender. NBFCs (Non-Banking Financial Companies) usually provide both fixed and floating interest rate options.
Yes, the lender typically maintains a minimum set of criteria that the vehicle must meet. The car's age is one of the factors taken into consideration to determine the commercial viability of refinancing your car loan.
The determination of your Working Capital Loan amount hinges on the assessment of your current inventory status and future requirements.
You have the flexibility to allocate the Working Capital Loan funds for the following purposes: Exploit Opportunities Arising from Large Orders or Market Trends Remunerate Employees' Salaries and Wages Settle Payments with Vendors and Suppliers Procure Essential Business Consumables Enhance Cash Flow Stability
The manner of repaying a Working Capital Loan varies among different financial institutions. However, customary repayment methods encompass cheque, online transfers, or even cash, contingent upon the lender and the loan amount.
Principal sources for obtaining Working Capital Loans encompass traditional entities like banks and NBFCs. Nonetheless, contemporary approaches such as crowdfunding and personal connections with investors are being increasingly explored by borrowers.
The minimum turnover prerequisite for working capital loans is contingent on the requisite loan quantum and the nature of the business. It is advisable to engage with the bank to obtain comprehensive information concerning minimum turnover prerequisites. Notably, startups and MSMEs often have a lower threshold of Rs. 2 lakhs annual turnover to be eligible for a working capital loan.
Entities eligible for coverage under the scheme include MSME units such as Individuals / Proprietorships, LLPs, Partnerships, Private Limited Companies, or registered companies.
MSME borrowers/entities under stress, categorized as SMA2 and NPA accounts, eligible for restructuring according to RBI guidelines, and commercially viable per the assessment of lending institutions, can avail the Scheme's benefits.
The Scheme remains in effect for a maximum of 10 years from the date of availing the guarantee or until an aggregate guarantee amount of ₹20,000 crore is approved, or until the scheme's validity expires.
Yes, promoters need to contribute 10% of the sub-debt amount as collateral.
Accounts labeled as Fraud/Willful default will not be considered eligible for the scheme.
Yes, MSME accounts subject to recovery proceedings, including actions like SARFAESI Sec. 13(2), 13(4), DRT, suit filing, or restructuring, can be considered based on the viability assessment according to RBI's restructuring guidelines.
If a borrower has existing limits with multiple lenders, they can utilize the CGSSD through a single lender. The lending MLI should obtain a declaration from the borrower about their other banking arrangements and non-utilization of funding under the scheme from other lenders.
No, it is not required for existing loans to be covered by guarantee schemes like CGFMU or CGTMSE to access sub-debt under DAF-SDSM.
The sub-debt facility's tenor under DAF-SDSM will align with the lender-defined repayment schedule, up to a maximum of 10 years.
Yes, the applicable interest rate will adhere to the existing RBI guidelines.
The maximum tenor for loans under CGSSD is 10 years.
Yes, a maximum moratorium of 7 years can be applied to principal payments. During this period, only interest will be paid. Principal repayment is then required within 3 years after the moratorium ends.
Yes, prepayment of loan/credit facilities is allowed without any additional charge.
No, businesses must be operational and in running condition to be eligible for the sub-debt scheme.
No, the scheme provides funding to the promoters of the MSME unit, not to the entity itself.
Accounts with aggregate exposure above ₹25 Crore can be restructured upon asset class down-gradation, including NPAs.
For entities exempt from mandatory audits, lenders can use a CA's certificate or the latest ITR return to calculate promoter equity/debt contribution.
Only accounts classified as SMA-2 or NPA as of April 30, 2020, are eligible for additional finance under the scheme.
Sub-debt scheme loans can be extended to management committee executives of registered Trusts/Societies/HUFs, provided they fulfill eligibility criteria and meet commercial judgment standards.
Yes, the borrower's 10% contribution should be in the form of cash collateral.
Accounts opened after March 31, 2018, are not eligible under the Scheme.
Accounts eligible for restructuring, including those restructured before CGSSD's introduction, can be covered, and such assistance is not considered repeated restructuring.
"Regular in operation" pertains to the consistent functioning of the MSME unit during certain fiscal years, irrespective of transactions in their bank accounts.
No, accounts opened after January 1, 2016, are not eligible under the Scheme.
A Chartered Accountant's certificate is not necessary. However, the lending MLI should ensure that the sub-debt/credit released to the promoter is reinvested as equity/quasi equity/sub-debt in the MSME unit.
The scheme is applicable to MSMEs with accounts that were standard as of January 1, 2016, and had regular operations during specific fiscal years, subject to viability assessment by MLI. This includes accounts in regular operation or as NPAs during FY 2016-17, 2017-18, 2018-19, and 2019-20, even if they were not in regular operation during FY 2020-21 & FY 2021-22.
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