Frequently Asked Questions

The minimum CIBIL score required for most loans is 650-700. However, this may vary depending on the type of loan and the lender. A higher credit score increases your chances of approval and may help you get better interest rates.

The approval time varies depending on the type of loan and your documentation. Typically, for pre-approved customers, it takes 24-48 hours. For new applicants, it may take 3-7 working days after submitting all required documents.

The basic documents required include: Identity proof (Aadhaar/PAN/Voter ID), Address proof, Income documents (Salary slips/ITR for last 2 years), Bank statements (last 6 months), Property documents (for property-related loans), and passport size photographs.

Yes, most loans allow prepayment. However, some lenders may charge a prepayment penalty of 1-2% on the outstanding amount. Home loans usually allow prepayment without charges after a certain period. It's best to check with your lender about their prepayment terms.

A fixed interest rate remains constant throughout the loan tenure, providing stability in monthly payments. A floating interest rate changes with market conditions, which means your EMI may increase or decrease. Compare loan options to understand which rate type suits you better.

Yes, having a co-applicant can improve your chances of approval and help you get a higher loan amount. Co-applicants are usually immediate family members like spouse, parents, or siblings who have a stable income. Learn about education loans with co-applicant for details on how this works.

The maximum loan amount depends on several factors including your income, credit score, the type of loan, and the property value. For home loans, you can get up to ₹15 Crore, while education loans can go up to ₹1.5 Crore for studies abroad (without collateral).

EMI (Equated Monthly Installor) is calculated using the formula: EMI = [P × r × (1+r)^n] / [(1+r)^n-1]. You can use our EMI calculator for instant results without doing the math manually.

Missing an EMI payment can result in late payment fees and negatively impact your credit score. If you continue to miss payments, the lender may initiate legal proceedings. It's advisable to inform your lender immediately if you're facing payment difficulties. Consider using our EMI calculator to plan your repayments better.

Yes, most lenders charge a processing fee which is usually 0.5-1% of the loan amount. This fee covers the cost of processing your application. Some lenders may offer to waive the processing fee for premium customers or during promotional periods. Compare loan options to find the best deal.