FAQ

What can I use a personal loan for?

A personal loan can be used for almost any type of expense ranging from big ticket appliance purchases and home renovations to luxury vacations and debt consolidation. Some other cases where personal loans may be useful include payment to unexpected medical bills, investment in business, fixing your car, down payment of new house and much more.

What is the tenure of these loans?

A loan against property has a maximum tenure of 15 years, subject to the condition it does not exceed your retirement age. This condition however can be flexible in certain cases. The business loan tenure can range from 12 months to 36 months. Home loans are long term borrowing instruments with a minimum tenure of 5 years and a maximum tenure of 30 years. The tenure offered to you for your personal loan depends on the loan amount that is sanctioned to you by the lender along with other factors. Personal loans feature tenure of 1 year to 5 years or 12 to 60 months.

Usually car loan tenure is available from 1 to 5 years. However some banks with schemes, offer loans tenure for 7 years. The tenure also depends on the type of car you wish to purchase. If it is a super-premium car the tenure is restricted to 3 years only. Also know that, higher the tenure, lower is the EMI. But the total interest outflow is higher.

How is an Equated Monthly Installment (EMI) calculated?

It is calculated on the basis of the principal loan amount, the tenor of the loan and the interest (floating or fixed) that is charged. After part payment or interest rate changes, the EMI is also bound to change.

What are the supports available to me from Rupyaapaisa?

Rupyaapaisa offers services like:

  • Picking up documents at specific locations
  • Scheduling your banker meet
  • Liaising with the Financial Partner for movement of file enabling disbursal
  • Tracking of application status online
  • Assistance at various stages in the flow of application

Can I Track my Loan Application?


Though required documents vary from vendor to vendor, some of the major documents needed are as –

Yes, you can track your application via SMS and email. We also provide the facility to track your
application on our website via login menu.

What is the procedure to apply through Rupyaapaisa?


An aspiring applicant may log on to Rupyaapaisa.com, can check all the services which we are providing. Our Apply Now button is a small form where you will share with us some details and  Rupyaapaisa Team will contact you shortly. Alternately, you can contact us at 9811762191 or drop an email us at loans@rupyaapaisa.com, wherein we will call you to take your request forward.

 

Home Loan

How long does it take for a home loan to get sanctioned?

The home loan is sanctioned as soon as all the required documents are submitted and verified successfully. This procedure takes anywhere between 10 to 30 days.

How many people can co-sign a home loan with me?

At present, up to 7 people can co-sign a home with the primary applicant. But, all of those need to be blood relatives of the family member.

How is an Equated Monthly Installment (EMI) calculated?

It is calculated on the basis of the principal loan amount, the tenor of the loan and the interest (floating or fixed) that is charged. After part payment or interest rate changes, the EMI is also bound to change.

What security/collateral do I have to provide?

Banks usually take some additional securities which are called collateral securities. Collateral could be in the form of guarantee from one or two persons, assignment of life insurance policies, the surrender value of which should be equal to the loan amount, deposit of shares, and units or other securities. These additional securities are taken just in case a loan is not paid back, recourse may be taken to such securities instead of depending upon the mortgage of the property which is the last resort.

Does the property have to be insured?

Yes, and you will have to insure that the property for fire and other appropriate hazards, as required by the banks during the loan tenure. The banks will be the beneficiary of the insurance policy. You will also have to produce proof evidence, whenever required by the banks. This is an added cost that will add to the final cost of purchase of the property.

Who can be a Co-Applicant?

A Co-Applicants is/are the Co-Owners of the property in respect of whom the financial assistance has been sought. However all co-applicants need not be co-owners. Usually co-applicants are: husband/wife, father/son, mother/daughter etc.

Can I take a loan if I want to renovate my home or flat?

Yes, absolutely. You can avail the Rupyaapaisa home loan for buying a home, constructing a home, repairs of your home, home improvement and its renovation.

Can my home loan be disbursed if the loan is partly disbursed? Yes, it can be paid partly. Since the loan is disbursed partly, the interest will also be proportional to this. Therefore, you can pay the loan at lowered rate of interest.


How long does it take for a home loan to get sanctioned?

The home loan is sanctioned as soon as all the required documents are submitted and verified successfully. This procedure takes anywhere between 10 to 30 days.

Loan against Property

How does the lending bank decide on the amount I can get as loan against property?


Basically, the bank looks at your repayment capacity. For calculating the loan amount, your income, age, qualifications, number of dependents, spouse’s income, assets, liabilities, stability and continuity of occupation and savings history are taken into consideration. However the eligibility of loan does not, generally, exceed 60 percent of the market value of the property.

Can there be a co-applicant for loan against property? If yes, who can be co-applicant?

You can include your spouse as a co-applicant and that results in a higher amount being lent. However, if the property is co-owned, all co-owners mandatorily need to be co-applicants.

How is the rate of interest on loan against property calculated?

Interest is calculated on daily reducing balance. Your monthly out-go (equated monthly installment – EMI) is much lower as compared to the interest on annual reducing balance.

How to repay my loan?

You repay the loan in Equated Monthly Installments (EMIs) comprising principal and interest. Repayment by way of EMI commences from the month following the month in which you take full disbursement.

What security will I have to provide?

As the name implies you need to mortgage your property for availing this loan. This mortgage is Equitable mortgage by Memorandum of Entry by way of deposit of title deeds and/or such other collateral security, as may be necessary. Collateral security for by way of assignment of insurance policy or any such other assignable financial instruments are also required, as security to loan if deem necessary by the Bank.

Can I repay the loan ahead of schedule?

Yes. Prepayment is possible and there is no prepayment fee if you repay the loan after six months of availing the loan if you pay from your own source of funds without transferring the loan.

How is my loan reassessed if there is a change in status from Non-Resident Indian to Resident Indian?

The repayment capacity of the applicants based on Resident status is reassessed and a revised repayment schedule worked out. The new rate of interest will be as per the currently applicable rate of Resident Indian loans for that specific loan product. This revised rate of interest would be applicable on the outstanding balance being converted. A letter is given to the customer confirming the change of status.

Car Loan

How much loan can I get?

The amount of the loan depends upon:

  • The cost of the vehicle.
  • The type (standard/premium).
  • The percentage financing offered.

If you are buying a used car, you can get up to 150% financing but some banks have a limit beyond which they do not offer loans. Also different banks have different terms for different models standard/premium, new/old The percentage of finance the banks give on cars is also determined on the basis of second-hand market value of that particular car.

Is it better to go to my current bank for loans?

Well if you have a good repayment record for an earlier transaction, YES! You are also most likely to get a lower lending rate and your process is sure to move faster. However, do check out some other offers from other banks as well, before taking a final decision. And this is where Rupyaapaisa.com can assist in getting you multiple quotes from various banks really fast.

Do I need to give collateral to get a loan?

No, you don’t need to give collateral. But you will have to hypothecate the car in the banks name and an endorsement made in the Registration Certificate (RC) book of the vehicle.

Is credit profile important?

To banks, your credit profile is the most important factor they will consider before funding you. Your credit profile tells banks if one is able to and intends to pay back the loan.

What are the detailed components of my credit profile?

The components of credit profile are age, profession/occupation, income/financials, previous credit history etc.

What can I do if my credit profile does not match the banks requirements?

If your credit profile does not match the banks requirement you can reinforce it by bringing in a co-applicant/guarantor who would be able to match the requirement.

Do I need a guarantor and who all qualifies as one?

Yes, you need a guarantor. The guarantor could be your father, mother, son, daughter, husband, brother,sister, son’s wife etc. However for consideration of these relatives as guarantors for the loan, they should comply with the age and other such norms of the company.

What is the extent of liability of a co-applicant and the guarantor?

A co-applicant has as much responsibility as the primary applicant and is equally liable to the banks from which the loan is taken. The guarantor however, promises to pay the bank in case the applicant(s) default on the payment. Both the co-applicant and the guarantor are liable for re-payment and the banks have
the right to collect from either of them.

Is EMI a proper measure for comparing the deals of various players?

Not really. There are other charges like processing fees, advance EMI’s, other up-front payments (stamp charges), registration charges, insurance which need to be factored in before comparing the various deals. 

How do I pay the Equated Monthly Installment (EMI)?

Normally, all banks ask for a Post Dated Cheque (PDC) for the entire repayment period or at least for the first two years. Sometimes, the installment is directly taken from your salary if there is an agreement between the bank and your employer.

How is annual reducing balance different from monthly reducing balance?

In an annual reducing basis, the outstanding principal gets adjusted once a year while in the monthly reducing balance; the principal gets adjusted on a monthly basis. Therefore, more of your principal gets repaid in monthly reducing basis than in annual basis. However, some banks, calculate EMI’s on a daily or a quarterly basis too.

How is the interest calculated?

The interest is usually calculated on a flat rate or on a reducing balance which can be either daily, monthly, quarterly or annually. You can use the online calculator from Rupyaapaisa.com to do the quick math’s on EMI.

Floating rate of interest or a fixed rate of interest?

A loan taken on floating rate of interest is a better option when the interest rates are falling, but when the interest rates are rising, opt for a fixed rate loan. Also if you go for a fixed rate loan, you will know in advance what your EMI’s will be like and this will help you in your financial budgeting. If you choose a floating rate, you may not be able to budget properly. So do the math and choose wisely.

How long can I get loan tenure for?

Usually car loan tenure is available from 1 to 5 years. However some banks with schemes, offer loans tenure for 7 years. The tenure also depends on the type of car you wish to purchase. If it is a super-premium car the tenure is restricted to 3 years only. Also know that, higher the tenure, lower is the EMI. But the total interest outflow is higher.

Can I change the tenure and amount of loan taken after the loan amount has been disbursed?

Yes you can change the tenure and amount of the loan. But this would imply that the interest rate and the amount of installment will change accordingly.

Can I sell my car before I repay my loan?

NO. You cannot sell the car unless you repay the loan. An NOC is required from the banks before you can sell the car.

Loan against Card Receivables

What is loan against Card Receivable?

A loan against card swipes is granted to a merchant on the amount of swipes per month into his bank account, through the POS machine installed by the bank. It is a quick method of financing short term working capital.

What is the maximum amount of facility that can be availed?

The maximum cap differs between banks. It can range up to Rs.3 Crores, depending on the amount of swipes and the repayment potential of the company.

Who can avail this facility?

Any proprietorship, partnership, private and public limited company can avail this facility.

Employment Criteria:

What is the security for the facility?

The policy of security differs between banks. Few banks require collateral security in the form of immovable property. Any self-occupied commercial or residential property can be given as security for the loan.

Working Capital Loan

What collateral is acceptable for your loan facility?

We offer flexible collateral options and can accept Residential/Commercial/Industrial Property and Liquid securities as collateral.

Which companies are eligible?

You can get working capital finance as long as you are engaged in manufacturing, service or trade and belong to any of the following segments:

  • Sole Proprietorship Firm
  • Partnership Firm
  • Private Limited Company
  • Public Limited Company


Who can benefit from Working Capital finance?

If you are a manufacturer, service provider, retailer/wholesaler or a trader engaged in imports – exports, you can apply for our Business Loans and benefit from our products and services.

What is the interest rate for your loan facility?

We offer competitive interest rates for our loan facilities. The interest for each loan is determined based on assessment of your business profile, past track record, financial records, loan amount required and tenure of loan.

What is an overdraft facility?

A limit is extended in your current account allowing you to withdraw any amount up to the sanctioned limit. Interest is charged on the amount used on a daily outstanding basis.

How long does it take for the loan to be sanctioned?

Loans are normally sanctioned within four business days on submission of all pre-sanction documents. After the submission of pre-disbursement documents, it takes a further four business days for the loan to be disbursed or the OD limit to be set up.

How do I repay my term loan?

In equated monthly installments (EMI).

How do I ensure repayment of my OD account?


To ensure repayment, you must ensure the following:

  • That service interest is debited to your account on a monthly basis.
  • Interest is levied only for the period for which the amount has been utilized.
  • That your limit never reflects overdrawn status.
  • That you maintain the requisite credit summation norms.

What is the maturity for each cycle/ tranche?


The maturity for the tranches is decided based on business requirements and cash generation cycles. It is limited up to a maximum of 60 days.

Personal Loan

Am I eligible for personal loan?

You must have a regular source of income to avail a personal loan whether you are a salaried individual, self-employed business person or a professional. A person’s eligibility is also affected by the company he/she is employed with, his/her credit history his/her residential location and other factors as per the lender’s criteria.

Can I apply for a personal loan jointly with my spouse?

Yes, personal loan can be applied either by yourself singly or together with a co-applicant jointly.The co-applicant needs to be a family member like your spouse or parents. By getting a co-borrower, your loan application will be processed in a higher income bracket, enabling you to avail a larger loan amount. However, keep in mind that if either you or your co-applicant have poor credit history, the chances of success of your loan application may be adversely affected.

What are the key documents required when applying for a personal loan?

Though the documentation requirements of personal loans vary from one financial institution to another, some of the key documents that you would need to provide with your personal loan application include:

  • Income proof ( Salary Slip for salaried/recent acknowledged ITR for self-employed )
  • Address Proof Documents
  • Identity Proof Documents and others
  • Certified copies of degree/license ( in case of self-employed professional ) and others as per the lender’s criteria.

What are the key steps in the loan approval process?

Approval of loan is at the sole discretion of the loan sanctioning officer who bases his/her decision on the basis of the criteria specified by the bank/ financial institution. The entire process can take from about 48 hours to about two weeks’ time. Once all the necessary documents are submitted and the verification process is completed, the loan, if sanctioned, is disbursed within seven working days by the bank. In order to avoid delays in loan processing and disbursement, do keep all necessary documents ready along with the postdated checks PDC and/or signed Electronic Clearing System form.

How to decide which bank/financial institution to take the loan from?

It is always a good idea to compare the offers of individual banks before you decide to settle on a specific provider. Use online tools like the loan eligibility calculator and personal loan EMI calculator to find the loan option that suits you the best. Some of the key factors to consider when deciding on a loan provider include interest rates, loan tenure, processing fees and others.

Business Loan

Can the credit limit for a business loan be increased?

Yes, it is possible. This is subject to the eligibility criteria at the time of your request, and may be done at the sole discretion of Rupyaapaisa. You may submit a request letter to us, and if requested, fresh documents for the enhanced amount application.

How does a line of credit work?

Line of Credit is a unique credit facility given to our loan applicants, wherein you are approved for certain limit of credit/ loan, for a said duration. The monthly installment for Line of Credit will consist only of the interest amount and will not have a principal component on a monthly basis. The principal amount of loan is to be repaid at the end of the tenure of the facility. You can deposit the funds when in access and withdraw fund when required in business, and you will be charged interest only on the amount utilized by you. The limit may drop along the tenor (drop line) or remain constant throughout the tenor, giving you maximum availability of funds throughout the tenor.

What is the tenure available with these loans?

The business loan tenure can range from 12 months to 36 months.

Is the interest rate, fixed or floating?

The interest rate is fixed.

What is the mode of repayment?

Through NACH or other prescribed modes to our Group NBFC wherein your account will automatically get debited on due dates.

Loan against Card Receivables

What is loan against Card Receivable?

A loan against card swipes is granted to a merchant on the amount of swipes per month into his bank account, through the POS machine installed by the bank. It is a quick method of financing short term working capital.

What is the maximum amount of facility that can be availed?

The maximum cap differs between banks. It can range up to Rs.3 Crores, depending on the amount of swipes and the repayment potential of the company.

Who can avail this facility?

Any proprietorship, partnership, private and public limited company can avail this facility.

Employment Criteria:

What is the security for the facility?

The policy of security differs between banks. Few banks require collateral security in the form of immovable property. Any self-occupied commercial or residential property can be given as security for the loan.