Quick FAQs
Lending India Frequently Ask Question before applying a loan and post loan for your reference based on common questions
Personal Loan FAQ
Most Common Questions
1Are personal loans available in fixed and floating rates?
In India, personal loans are available in both fixed and floating rates. However, this feature might not be present in all the banks that provide personal loans. You must primarily know the difference between the fixed rate and the floating rate of personal loans. In the case of fixed-rate personal loan, the interest rate remains the same throughout the tenure of repayment. However, with changes in the MCLR rules, the interest rate of the floating rate personal loan can fluctuate. In case any changes are brought in the repo rate, the rate of interest can change in case of a floating rate personal loan.
2What are the vital documents that you need for a personal loan application?
There are some vital documents that you will need to provide to the lender organization. Your lender will verify these documents before they grant you a capital. Always ensure keeping the photocopies of the following documents while expecting to get a personal loan.
- Any address proof with your photograph
- Financial documents like PAN card and payslips supporting the authenticity of your monthly income
- Business-related documents like the trade license and bills (for the self-employed borrowers)
3What are the steps concerned with the sanctioning process of a personal loan?
There are different steps in which a personal loan is sanctioned for a borrower. Here a brief note regarding the main steps is given.
- Approach for a personal loan
- Approval of getting a personal loan
- Application form fill up Document verification process Loan capital disbursal
4How to choose the most reliable personal loan lender?
When it comes to choosing the best personal loan lender, you should keep two things in mind. Try selecting a lender organization that allows you to enjoy conveniences on repayment. Moreover, you must check that the interest rate is low than other entities in the market.
5What is the way to compare personal loan plans?
Earlier, it was a tough job to compare the personal loan plans offered by different banks and financial entities. Nowadays, you can directly visit the site of any organization that delivers personal loan plans and check the percentage of interest of the personal loan. You can also get all the useful information regarding the eligibility and the repayment structure of the personal loan. Many websites have a personal loan interest calculator that can help you to check the exact amount of the monthly EMI.
6How much money can a person borrow as a personal loan capital?
There are different considerations that lending companies make while providing you with personal loans. Mainly, they check your monthly income of the borrower. If you are a salaried person, you can get up to 30% of your total income. In case you are a self-employed person, the loan capital will depend upon the average profit of your business. Remember, that the lender organization will not exceed the 30% bar as personal loans are unsecured in nature.
7Why is the interest percentage high for a personal loan?
The interest percentage of a personal loan is higher than any other loan as it is unsecured. You should always know about the EMI amount that you have to clear against the loan capital before taking it. The EMI that you need to pay will be determined by the interest rate of the loan. It is always advisable to take a personal loan only if the borrower is able to deliver the repayments on time. Defaulting the repayments might result in strict legal actions against the borrower.
Small Business loan – Self Employed personal loan
Most Common Questions
1What is a business loan?
A business loan is basically a borrowed amount of capital that is used for an investment in a new or existing business set up. Whether small or medium-sized enterprises (SMEs) or large businesses, it is absolutely important to understand how these loans work.From the people involved, the formalities, benefits, to the risks, terms and conditions – all the aspects require your utmost attention before you proceed to take a loan. Proceed and learn about them below with us!
2What amount I, can apply for Business Loan?
We offer business loans of ₹ 50,000 up to ₹ 2 Crore to eligible SMEs. Our wider loan window increases the chances of business loan approval and provides you the funds needed for growth and expansion of your venture.
3What is business loan processing time?
We have taken loan processing times to the next level through our Online Only loan application process. It allows us to by-pass a lot of manual work and provide same-day loan approvals.Fast Turnaround Time and Disbursals
Lendingkart’s offers business loans faster than the 59 Minute Business Loan scheme. With our online business loan processing, you can get a business loan within 3 days as opposed to 8-10 days taken by banks.
4Is there any collateral security require for appllying business loan?
No collateral required
A business loan from Lending India does not put your valuable assets on risk. We offer unsecured business loans that do not require any collateral or security. So, you don’t have to worry about developing your capital assets anymore.
5What will be rate of interest for applying business loan?
Fair interest rates
Lending India uses proprietary big data and machine learning tools to determine the lowest interest rates on business loans, on a case to case basis. This means, the interest rates you get from Lending India are the best ones available for your business.
6What will be business loan tenure?
Extended Loan Tenure
Our loan tenure of minimum 1 month and maximum 36 months, vastly extends the credit relief for your business. If you are facing temporary Business problems, a business loan tenure of 6 months or more can give you the necessary buffer for resolving operational issues.
7Is there any hidden cose or upfront payment for applying business loan?
No Hidden Costs
Lending India business loans promise zero hidden costs and charges. Principal companies and banks only levy a one-time processing fee of 2-3% based on your loan ask and in few cases we charge consultancy for process your loan depend on business profiles and that’s all. This allows you to retain more of the principal amount for business growth.
8What about repayment schedule for business loan?
Flexible Repayments
Last but not the least, Lending India business loans can be repaid in monthly or bi-weekly EMIs. Our EMI options allow you to pace your repayments as per your invoicing and sales cycle, for example, if your sales are going great, you can repay your business loan two times faster with the bi-weekly EMI option.
9What are benefits for applying business loan with Lending India?
Benefits of Business Loan by Lending India
Business loans from Lending India are enable you to redraw your business strategies for matching today’s agile work environments. Here are the benefits of taking a business loan from an NBFC like Lending India .– Faster processing:
Faster processing means faster credit for your business, allowing you to explore new horizons and exploit opportunities as they come your way. A timely business loan can expand your marketing potential, speed up your operations, and eventually increase your profit margins.– Preserving your ownership:
Since it is an unsecured business loan, you are at no risk of losing valuable assets or giving up precious company stock in lieu of investment. So, a Lending India business loan allows you to preserve your ownership while also providing you with the funds to grow your enterprise.– Streamlines your cash flow:
Lending India business loans increase your window of opportunity by providing both capital and time for you to streamline your cash flow and get into profitable territory. These loans allow you to strike a balance between your Business fund and company capital fund by providing investment that can be repaid in instalments.– Improve your credit score:
An NBFC loan and Bank loan from Lending India is the best way to improve your business credit score as we report loan accounts to all credit bureaus. Moreover, a business loan with Lending India is especially beneficial for companies witnessing a recent dip in credit score due to unforeseen market conditions.
Used car purchase, Pre-owned car refinance and Commercial vehicle
Most common questions
1What is used car, pre-owned car and commercial vehicle loan all about?
Lending India arrange loans for the entire range of used car refinance, used car purchase, personal car refinance, pre owned car refinance, used car buying of any category, used commercial vehicles including SCV, LCV , M&HCV , Tractor Trailers , Tippers and Buses. We provide loans upto 90% of the vehicle.
2How do I apply Used car purchase, Pre-owned car refinance and Commercial vehicle?
It’s very easy
Only 3 steps to take a loanApply online with only 3 easy steps and get funding on 4th step
Fill Request Call Back form and submit to us
Loan Executive will call you soon and ask your details.
Collect your documents digital or physical as per loan product for Approval process
Process your loan for quick approval & fast disbursement
3What are the different segments and funding ranges available?
Existing Vehicle Owner
For an existing vehicle owner with a track record of 12 months the loan amount would be between 80% to 90% of the old vehicle price.Tatkal Express
Under Tatkal Express, a loan is available upto 65% of the old vehicle price
4What documentation is required Used car purchase, Pre-owned car refinance and Commercial vehicle?
- For fleet / vehicle owners – fleet ownership details
- Property ownership proof documents
- Guarantor’s KYC and
- Private or Commercial vehicle ownership proof document
5What is the maximum loan I can borrow for Used car purchase, Pre-owned car refinance and Commercial vehicle?
There is no upper cap for financing of one vehicle. As per the customer’s eligibility, the LTV will be applied on the old vehicle price.
6Is there a pre-payment option for Used car purchase, Pre-owned car refinance and Commercial vehicle?
Yes. You can prepay the loan any time after 6 months of taking the loan with a 5% prepayment fee on the outstanding loan amount.
7Is there a pre-payment option for Used car purchase, Pre-owned car refinance and Commercial vehicle?
Yes. You can prepay the loan any time after 6 months of taking the loan with a 5% prepayment fee on the outstanding loan amount.
8Do I need a guarantor for Used car purchase, Pre-owned car refinance and Commercial vehicle?
Under certain schemes a guarantor is required. Under Tatkal Express guarantor is not required.
9What are my tenure options for Used car purchase, Pre-owned car refinance and Commercial vehicle?
Tenure options for Used car purchase, Pre-owned car refinance and Commercial vehicle finance upto a maximum of 4 years.
10Can I take the Used car purchase, Pre-owned car refinance and Commercial vehicle without Income Proof or Business Proof?
Yes. No income proof is accepted for vehicle loan. If you have the experience of commercial vehicle usage, we will provide you a loan for one vehicle.
11Can I get the loan if I have been staying at my current residence for less than six months?
No. Minimum residence stability is required for at least 2 years.
