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.
Yes. You as the insurance policy holder can change your nomination any time before the date of maturity of the policy or entire repayment of this loan.
Yes, a minor can be the nominee of a policy. However, he or she must have a legal guardian in the form of an appointee while applying for this loan.
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.
The processing of the loans usually takes 2 working days after all the documents are submitted.
The loans disbursed by the lender is unsecured and no collateral is needed as security.
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.
The pictures of your store with your business name and inside of the store images give a lot of comfort to the lender while assessing your credit worthiness in the loan application approval process.
A Business KYC document is a proof that you are carrying out your business in a particular name and a constitution format and it also acts as a proof of continuity of your business. The examples of a business KYC document can be –
There is no need to worry if you do not have Business KYC document. You will still be eligible to get a loan of up to Rs. 1 lac subject to the other credit policy parameters set by the lender.
The tenure of our loan starts from a minimum of 6 months, to a maximum of 36 months.
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