Can I pre-pay my business loan before the due date?

If you have serviced at least 50% of the total EMIS or 6 EMIS, whichever is lower, then you are eligible to repay the entire balance outstanding amount without any penalty and you shall be charged interest only till the date of your repayment.

If you wish to pre-pay the entire loan earlier than the above specified duration, you will have to pay 3% of the outstanding loan amount as the pre-payment penalty. If you intend to prepay your loan, please send an email to cml.request@int.centrum.co.in with your outstanding balance and loan account no. in the subject line.

How do I repay my loan?

The repayment of the loan is usually done on a monthly basis through NACH/ECS as the preferred option. However, we also provide facility to repay through UPI QR Code if the NACH  EMI registration is delayed for some technical reason or the NACH presentation has bounced.

 

Why do I need insurance while taking this loan application? Is it mandatory?

The purpose of taking Insurance is to provide financial protection to your family and your assets from unfortunate eventualities such as death, accident, illness, etc. during the course of your loan tenure. A standard insurance policy, i.e. a term plan, provides financial assistance to your family in the unfortunate event of your death.

 

The choice of whether you need to take an insurance cover while making this application is absolutely yours and voluntary. In case you do not choose to take this insurance it’s absolutely fine. If you do, then the amount of premium payable to the insurer shall be deducted from the loan amount being disbursed to you. The insurance premium to be charged by the insurance company will be based on your age, income, demographics etc.

A Nominee is mandatory at the time of choosing for this insurance policy.

 

For how much period are the bank statements required for the application?

You will be required to upload a .pdf document of last 6 (six) months of your bank statement. The six months should be from the date of your application; for e.g. if you are making the application on 11 November 2021 then you will need to upload the bank statement for the period 11 May 2021 to 10 November 2021. You are free to upload the bank statement for a higher period i.e. more than 6 months, if you wish but 6 months is bare minimum.

 

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