Frequently Asked Questions

Here are the solutions to all your queries!

  1. We assure you of providing with the best rate of interest for any loan products.
  2. We even provide various exclusive offers if the loan is availed from our portal.
  3. We provide you with end-to-end support i.e. from the time of application till the time of entire loan period.
We have a very transparent method of connecting with you. We will be giving you your application number and by entering the same you can know your current processing status.
Interest saver option helps you to reduce your interest liability by transferring your fund to the most preferable bank. We would provide you with options of banks with comparatively less rate of interest than your existing interest rate.
We believe in supreme service with utmost benefits. In order to provide you with full-fledge benefits, we even guide you with various bank offers plus our generated offers like cash back offers, winning movie tickets, etc. As soon as you will apply for loan you will simultaneously know about the various offers available to you.
Loan Products, by the same we mean the types of loan we assist you in applying. These can be said to be the services you can avail from our online portal like Home Loan, Business Loan, Mortgage Loan, Auto Loan and many more.
To shield you from all the legal formalities and show a legalized way of approving your loan with cent assurance we will be giving you services by filling relevant legal documents like registry, release deed, mortgage deed etc.
Financial Services are the economic services provided by the finance industry. The complimentary documents which are compulsory to be submitted for any loan processing like Digital Signature, Credit Monitoring Analysis, CIBIL report, IEC etc. These are some of the small and important steps to achieve the utmost step of loan approval.
The longer the tenure of the loan, the lesser will be your monthly EMI outflow. Shorter tenures mean greater EMI burden, but your loan is repaid faster. If you have a short-term cash flow mismatch, your bank may increase the tenure of the loan, and your EMI burden comes down. But longer tenures mean payment of larger interest towards the loan and make it more expensive.
Yes, most banks allow you to repay the loan ahead of schedule by making lump sum payments. However, many banks charge early repayment penalties up to 2-3% of the principal amount outstanding. Prepayment penalty may vary according to the reasons and source of funds.
Yes. Resident Indians are eligible for certain tax benefits on both principal and interest components of a loan under the Income Tax Act, 1961. Under the current laws, you are entitled to an income tax rebate for interest repayment up to Rs. 2,00,000 /- per annum. Moreover, you can get added tax benefits under Section 80C on repayment of principal amount up to Rs. 1,50,000 /- per annum.
To qualify for a home loan, most of the lending institutions in India require you to be:
  1. An Indian resident or NRI
  2. Above 21 years of age at the commencement of the loan
  3. Below 65 when the loan matures
  4. Either salaried or self employed, and
  5. Worthy of credit facility
Usually, most banks and financial institutions give home loan up to a maximum of 85% of the cost of the house. Balance 15%, called 'margin money', has to be provided by the loan applicant upfront. The amount, for which the applicant is eligible, is determined by the age, income, no. of dependents, monthly outgoing and repayment capacity. This varies from case to case.
There is no such compulsion for you to have an account with the bank. Normally banks have no problem in giving loans to people who do not have an account with them. However there may be certain privileges you may enjoy with having an account of the same bank you take a loan from.
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.
Some banks allow change in EMI after charging conversion fees and subject to some conditions. However it may vary from bank to bank.
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.
Once you have signed up with Loan Studio then it is our responsibility to store your information into our database. You don’t have to sign in again for the application of any other loan product at any point of time whether after months or years. All you need to do is to enter your mobile number and OTP (one-time password). By entering the same, you will be directed to our home page. However your loan will be processed after submission of required documents.
After applying for any loan product, you will be directed to the next screen for uploading your documents. We will even assist you in knowing your documents required for loan approval.
The final decision to grant a loan lies with the credit department of a bank. Some of the reasons why a loan can be rejected are:
  1. Possible Issue : Already running several loans and hence a bank may not be comfortable with your existing leverage levels vis-a-vis your salary level.
    Possible Way Out : If you have a spouse who is also working, you can add her as a co-applicant to boost the combined salary levels or try to pay off some of your debt so that your leverage levels can come down or do a balance transfer/debt consolidation/re-financing of your existing loans such that the rate of interest on loans can also come down and additional loan can also be provided.
  2. Possible Issue : Issues in your credit history as reflected in your CIBIL, Equifax reports.
    Possible Way Out :If the issue is a minor one like some delay in payment of credit card due then we can try your application in some other bank who can possibly take a lenient view on the deviation. If you think that the credit report is erroneous and you have sufficient documentary proof we will represent the case to the bank and try to convince the credit team. If the issue is a major one like write off, settlement of any past dues etc. then it might be difficult to obtain a loan. Certain mitigation factor like if you/your spouse/your parents have an own house in India can give comfort to certain banks to give you a loan.
  3. Possible Issue :Most banks have certain internal credit parameters to evaluate a loan which is kept confidential and not shared with us. Several demographic, financial and credit aspects go into these internal evaluation. You might not have met the minimum cut off for obtaining a loan.
    Possible Way Out :We can re-apply for your loan in one of the other 10 plus lenders that we are affiliated to.
No, your interest rate is typically linked to a credit rating and the lender's own criteria, so those adjudged to have excellent credit ratings may be offered a lower rate. If you have a poor credit rating you may struggle to borrow at all.

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