What is a Loan?
A loan is a sum of money borrowed from an institution for a personal or business use, to be paid back along with the interest in a defined time frame in the form of equal monthly installments (EMI).
What are the different types of loans available on LoansJagat platform?
LoansJagat has an association with over 40 Banks and NBFCs which helps us roll out a complete range of loan products. Loan types that we offer currently are:
- Home loan
- Personal Loan
- Business Loan
- Loan Against Property
- Dropline Overdraft Loans
- Balance Transfer
How is my loan eligibility determined?
Loan eligibility is majorly determined basis the borrowers ability to repay the loans along with their profile, which includes the residence and place of work. Although the specific factors may differ for respective lenders.
What are the fees and charges payable and when are they payable?
There are two types of charges other than the interest rates that one has to pay against the principal amount borrowed. One is charged at the time of applying the loan and is called as the Processing Fees, it varies from 2-3% of the loan amount. The second charge is the prepayment penalty paid at the time of pre-closure. This too varies from 2% –5% depending on the tenure of loan left.
What are the types of documents one needs to present for the approval of the loan application?
The following documents are required but are not limited to these only:
- Pan Card
- Aadhar Card
- Residence Proof
- Income Tax Returns
- Banking Statements
- Status of Current Loan
Do we get tax exemption on any of the loan types?
Yes, one can claim tax exemption on home loan and personal loan if the personal loan is used towards home renovation or to make a down payment of the home loan EMI
Can anyone take a loan to do business in another city or to buy a property in other cities?
Yes, one can take such a loan, if the documents presented to the bank have been validated.
What is a Pre-EMI?
When banks sanction a loan, the EMI payments may not start immediately. In such a situation, the bank is liable to charge a Pre-EMI interest on the loan. This interest is payable monthly from the time the loan is disbursed till the time the EMI payments start off.
What is a Credit History?
Any person who has taken a loan or credit card ends up creating a record which shows their repayment history. In our country, this record is maintained by the top credit bureaus like CIBIL, Experian, etc. This is one of the tools used by the financial institutes to determine the eligible loan amount. Higher the credit score, better the loan eligibility rate.
Does LoansJagat charge for services offered?
No, the services offered by LoansJagat are completely free of charge for the borrowers. Our revenue payoffs are linked with the financial institutions only.
What is the difference between fixed and floating interest rates?
Fixed interest rate means interest remains the same throughout the tenure, irrespective of market performance. While a floating interest rate means market fluctuations and regulator’s decisions will determine the increase or decrease of interest rates.
What if my loan application is rejected due to some reason?
Before submitting your application, LoansJagat team scrutinizes documentation and tries to mitigate any probability of rejection. However, in case an application is rejected, our loan experts communicate the same and ensure that your application is processed through another Bank or NBFC
How safe is data with LoansJagat.com?
LoansJagat team takes utmost care in ensuring all data is sent in the electronic form with a high level of encryption. LoansJagat does not share any personal data with a third party other than the financial institution from which the loan is to be granted.
Can I Track my Loan Application?
Yes, we are very transparent in giving all the updates to our customers. Loan applicants get an active tracking tool through both email and SMS allowing them to track daily updates of their loan application. Also, one can track the live status by logging in their user dashboard on loansjagat.com as well.