Loan FAQs
Personal Loan FAQs
A personal loan is an unsecured loan you can take for needs like home repairs, education, or debt consolidation. You receive a lump sum and repay it in fixed EMIs over a set period.
Rates usually range from 10% to 20% per annum in India. Your exact rate depends on your credit score, income, and lender's policy.
Repayment tenures generally span from 12 months to 60 months (1–5 years). Longer tenures lower your EMI but increase total interest paid.
Most banks and NBFCs lend anywhere between ₹20,000 up to ₹25 lakh, depending on your eligibility and income.
Yes—lenders may charge a processing fee of 1%–3% of the loan amount, which is usually deducted from your disbursal.
Yes, partial or full prepayment is allowed by most lenders, often without penalty. Always confirm prepayment rules with your bank.
Business Loan FAQs
A business loan provides funds for working capital, equipment purchases, or expansion. It can be secured (with collateral) or unsecured.
You can typically borrow between ₹50,000 and ₹50 lakh, depending on your business turnover, credit history, and lender guidelines.
Business loan rates in India vary from 12% to 18% per annum. Your rate depends on your credit score, business vintage, and financials.
Commonly required documents include bank statements (6–12 months), profit & loss statements, GST returns, and identity/address proofs.
You can apply online via a bank or NBFC website by uploading documents and filling out an application form. Approval usually takes 2–5 business days.
Unsecured business loans don't need collateral but come at higher rates. Secured loans (against property or machinery) often offer lower interest.