All FAQs (Helpie FAQ)

Sample of All FAQs (Helpie FAQ)

Helpie FAQ

  • Do you offer ongoing support after the loan is approved?

    Absolutely! We believe in building lasting relationships with our clients. We offer continuous support and assistance even after your loan is approved to ensure your financial success.

  • Can NRI take Home Loan in India ?

    Yes, NRI home loan is available in India. In fact, many public and private banks offer home loan for NRI in India especially. Obviously there are some conditions which must be looked into but being an NRI you can definitely get a home loan and we specialise in NRI home loans services.

  • How long does the loan application process take?

    The duration of the application process can vary depending on the type of loan and individual circumstances. However, we work efficiently to streamline the process and expedite approvals whenever possible.

  • What types of loans do you specialize in?

    We specialize in a wide range of loans, including home mortgages, refinancing, and investment property loans. Our expertise covers various loan types to meet your specific needs.

  • How do you secure competitive interest rates?

    Our extensive network of lenders allows us to negotiate competitive rates on your behalf. We strive to secure the most favorable terms for our clients.

  • Do I need collateral for a car loan?

    Just as the name suggests, a car loan is a loan granted to an individual interested in buying a car. Therefore a car loan is a secured loan where the car you buy acts as a collateral. Therefore, there is no additional collateral requirement for a car loan. However, you do have to get the RC (registration certificate) of the car endorsed with the bank. This endorsement is cancelled after repayment of the loan is completed.

  • Can I get a loan to purchase a used car?

    Yes, car loan is offered for pre-used cars. But, the interest rate for such a loan would differ from that of a new car. However, the loan would only cover the price of the car itself, other costs as transfer of registration, etc. will have to borne by you.

  • What is a car loan?

    A car loan is a borrowing instrument that a lender such as a bank or NBFC (non-banking financial company) provides an individual allowing him/her to purchase a car. Car loans have gained popularity in recent times as instead of being a luxury item or a symbol of status, cars have grown to become an essential commodity for the continuously growing middle class of India. With the increased popularity of car loans, most banks and NBFCs currently offer this type of loan to individuals who have a good credit history. One point to keep in mind regarding a car loan is the fact that this loan invests in a depreciating asset i.e. the asset (car) bought using this loan is in fact going to cost less over time.

  • What documents does the lending bank ask for?

    Documents that are to be submitted with the education loan application include:

    · Admission confirmation letters and papers validating any scholarships the applicant has qualified for.

    · Schedule of expenses for the course including tuition fees and other expenses.

    · Score sheet of qualifying test(s).

    · Copies of foreign exchange permit/student visa for overseas studies.

    · Bank account statements for last 6 months. (Can be a joint account with parent/guardian)

    · Statement of assets and liabilities of borrower.

    · Proof of age

    · Proof of residence

    · 2 passport size photographs

    · Documents related to collateral required for education loans exceeding Rs. 4 lakhs.

  • What are the courses for which an education loan can be availed?

    Education loan can be availed for all courses recognized by the UGC in case of India and all regular courses abroad. Each lender has its own list of educational institutions and courses that they would provide a loan for whether overseas or within India.

  • Who is eligible for an education loan?

    Every bank has its own eligibility criteria for dispensing education loans, but a few common parameters are:

    · Applicant should be an Indian national.

    · Applicant should have confirmed admission in a college/educational institution at the time the loan application is made.

    · Applicant should be in the age bracket 16–35 years.

    · The Applicant should have a co-borrower such as a parent who acts as guarantor for the loan

    · Collateral in the form of a fixed deposit etc. is required for loan amounts higher than Rs. 4 lakhs.

  • What is an Education Loan?

    Education loans are offered by banks to students to enable them to pay for higher studies such as graduation and post graduation courses, both in India and overseas. Apart from the tuition fees, other aspects of expenses such as hostel charges, equipment purchases and other course related expenses may also be covered by the education loan. In case of overseas studies, many education loan providers include the price of a return ticket into the education loan corpus.

    As most students have no previous credit history, the parent or guardian has to co-sign for an education loan as a guarantor. Moreover, education loans also require key lender approved collateral such as property documents, fixed deposits, etc. Though there is an interest free (moratorium period) for an education loan, if you service the interest accrued on an education loan during the period, you may receive a further discount on the education loan.

  • Why Should You Apply for Home Loan Balance Transfer?

    Home loan borrowers must refinance their home loans for:

    · Lower Interest Rate: Many existing home loan borrowers might have availed home loans at higher interest rates due to their lower loan eligibility and poorer credit profile. But improvements in their credit profiles over the years can make them eligible for availing home loan at low interest rates.

    · Maximum Tenure: Many lenders allow balance transfer customers to opt for loan tenures longer than the residual tenure of their original home loan. Opting for extended loan tenure would result in lower EMIs and thereby, reduce their EMI burden. However, opting for this option would increase their overall interest costs.

    · Top-up Loan: Home loan borrowers opting for balance transfer also get a provision of top-up loan along with home loan balance transfer. The top up loan amount can be used for meeting any personal, professional and requirements without any end-usage restriction. The top up loan amount may vary from one lender to another depending on the overall loan amount eligibility of the balance transfer applicant. Thus, existing home loan borrowers unable to avail top-up home loans from their existing lenders or are being charged higher interest rates for it can opt for home loan balance transfer.

    · Additional Benefits: Depending on your new lender, you may get to enjoy better loan features such as EMI waivers, zero processing fees, etc.

  • What is Home Loan Balance Transfer Facility?

    Home Loan Balance Transfer facility allows existing home loan borrowers to transfer the outstanding loan amount of their existing home loan to a new lender at lower interest rate and/or for longer tenures. The lower interest rate availed through home loan balance transfer facility helps such borrowers to reduce their overall interest cost. This facility is especially beneficial for those who took housing loans at higher interest rates and now are eligible for much lower rates due to improved credit profile.

  • 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 is the tenure of a personal loan?

    Personal loans feature tenure of 1 year to 5 years or 12 to 60 months. In rare cases, shorter or longer personal loan tenures may be allowed by the borrower on a case by case basis.

  • 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.

  • How is the maximum loan amount decided?

    When calculating the maximum personal loan amount in case of salaried people, the bank/financial institution takes care that the EMI does not exceed 30% to 40% of the applicant’s take home salary. Any existing loans that are being serviced by the applicant are also considered when calculating the personal loan amount. And, for the self employed, the loan value is determined on the basis of the profit earned as per the most recent acknowledged Profit/Loss statement, while taking into account any additional liabilities (such as current loans for business etc.) that the applicant might have.

  • Is there a minimum personal loan amount that I need to borrow?

    Yes. Though the exact amount of the minimum personal loan amount varies from one lending institution to another, most lenders have set their minimum personal loan principal amount at Rs. 30,000.

  • 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.

  • 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.

  • Can I repay the loan ahead of schedule?

    Yes. Prepayment is possible after six months of availing the loan .

  • 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.

    Please do ensure that the title to the property is clear, marketable and free from encumbrance. To elaborate, there should not be any existing mortgage, loan or litigation which is likely to affect the title to the property adversely.

  • What is the tenure of the loan?

    Loans 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

  • 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.

  • 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.

  • What are the processing fees for such a loan?

    Processing fee for loan against any property varies from bank to bank and is generally around from .25% to 1% .

  • 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 dependants, 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 to 70 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 spuse 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.

  • What can Loan against Property be used for?

    Any loan against a residential or commercial property can be used for both personal and business purposes. In fact, you can use it for anything other than speculative or non-prohibitive activities

  • What is a Home Loan?
    Home loan is a loan disbursed by a bank or financial institution (lender) to an individual specifically for buying a residential property. Here, the lender holds the title of property until the loan is paid back in full along with interest.
  • What is the tenure of a home loan?
    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 Home loan depends on the loan amount that is sanctioned to you by the lender along with other factors
  • What is the Eligibility Criteria for a Home Loan?

    Anyone — whether self-employed or salaried individuals/professionals — with a regular source of income can apply for home loans. One must be at least 21 years old when the loan period begins and should not exceed an age of 65 years when the loan ends or at the time of superannuation. This is the generic home loan eligibility criteria and specifics such as the minimum and maximum age limits, minimum income level, etc. may differ from one lender to another.

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