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FAQ

Frequently Asked Questions (FAQs)

  • Q1: What is the interest rate applicable on these loans?
    A: The interest rate is fixed at 6% per annum for all loans except the Women Group (Mahila Samuh) loan, which has a special rate of 3.9% per annum.
  • Q2: How much time does it take to disburse the loan?
    A: Loan disbursal typically happens within 15 working days after the submission and verification of all required documents.
  • Q3: What is File Security Money and is it refundable?
    A: File Security Money of ₹3,860/- is collected as a processing fee, out of which ₹3,300/- is refundable upon successful closure of the loan.
  • Q4: What is the loan tenure for various loan types?
    Q4: What is the loan tenure for various loan types?
  • Q5: How much loan amount can be availed under Women Group (Mahila Samuh) loans?
    A: Women Group loan candidates can avail loans ranging from ₹50,000 up to ₹5,00,000, depending on their choice and eligibility.
  • Q6: What documents are required to apply for these loans?
    A: Generally, valid ID proof, address proof, income proof, PAN card, and recent photographs are required. Specific loans may need additional documents like business registration or income tax returns.
  • Q7: Can individuals with no collateral apply for these loans?
    A: Yes, most of these loans are unsecured, which means no collateral is required, especially for Personal and Education loans.
  • Q8: Is there any penalty for prepayment of the loan?
    A: Prepayment is allowed as per company policies, and usually, there are no penalties. It is advisable to check the specific terms before prepaying.
  • Q9: Who is eligible to apply for these loans?
    A: Indian residents aged between 21 and 60 years with a stable source of income (salaried or self-employed) are generally eligible.
  • Q10: Are loans available for both individuals and businesses?
    A: Yes, individuals, private limited companies, partnerships, and business entities can apply for suitable loans like MSME, Business, and Personal loans.
  • Q11: What happens if the customer or agent delays any process during the loan application?
    A: Any delay or interruption caused by the customer’s or agent’s side in the loan processing or disbursal is beyond the company’s responsibility.
  • Q12: Can loans be used for any purpose?
    A: Loans like Personal loans have flexible use, while others like MSME, Agriculture, or Business loans must be used for business-related activities as specified.
  • Q13: How is the loan amount decided?
    A: Loan amounts are decided based on the applicant’s income, repayment capacity, creditworthiness, and the type of loan applied for.
  • Q14: Is credit history checked before loan approval?
    A: Yes, a credit check is typically part of the loan approval process to assess the applicant’s creditworthiness.
  • Q15: Are there any hidden charges apart from File Security Money?
    A: No, the company maintains transparency with no hidden charges apart from the mentioned File Security Money.
  • Q16: Can loan tenure be extended after sanction?
    Q16: Can loan tenure be extended after sanction?
  • Q16: Can loan tenure be extended after sanction?
    Q16: Can loan tenure be extended after sanction?
  • Q17: Is the interest rate fixed or variable?
    A: All loans offered have a fixed interest rate of 6% p.a., except Women Group loans which have 3.9% p.a.
  • Q18: Can self-employed individuals apply for these loans?
    A: Yes, both salaried and self-employed individuals are eligible, provided they can submit required income proof.
  • Q19: What is the minimum and maximum loan tenure available?
    A: Minimum tenure is 1 year for all loans. Maximum tenure is up to 20 years for most loans except MSME and Women Group loans, which have a maximum of 10 years.
  • Q20: Are loans available for agricultural purposes?
    A: Yes, Agriculture loans are available to help farmers and agribusinesses meet their financial needs.