Loans FAQs
How is the maximum loan amount decided?
Your maximum eligible loan amount is affected by the following factors.The higher your income, the higher the loan amount you are eligible for. In the event that you are already paying an…Know More
What can I use a business loan for Apnapaisa?
Personal loans are unsecured loans given without any collateral and can be used for many purpose. They give an individual a free hand in times of emergencies as they provide access to instan…Know More
Can I apply for a Personal Loan jointly with my spouse?
Couples belonging to the DINK (Double Income No Kids) category can easily apply for a joint Personal Loan. Your combined income will improve your purchasing power significantly, thereby maki…Know More
How do I decide which Bank/NBFC to take a Personal Loan from?
There are countless number of Personal Loan offers available today. While the thought of navigating through this endless plethora of offers may seem daunting, the following pointers should e…Know More
What will happen if I miss an EMI payment?
Not paying a single EMI might not have a significant impact on your Credit Score. That said, failing to pay multiple EMIs…Know More
What are the different types of Home Loan?
In addition to regular Home Loans, multiple Banks, NBFCs and Housing Finance Corporations (HFCs) provide different kinds of Home Loans for different purposes. It’s prudent to first…Know More
Can I apply for a Home Loan jointly with my friend?
Friends and/or unmarried couples are not permitted to apply for a joint Home Loan….Know More
Can I prepay/foreclose my Home Loan in advance?
Yes. You can prepay your entire Home Loan or a portion of it in advance. Prepayment reduces the Principal amount, thereby reducing the monthly EMI…Know More
Can I get a home loan for the entire value of the property?
No. Home loans are generally provided by the financial institutions up to maximum of 80% (90% for loan amount below Rs 20 lakhs) of the agreement value of the house…Know More
What are the different types of Business Loans?
A manufacturer’s needs are not the same as that of a trader’s. Neither are those of a retailer’s to that of an MSME. Therefore, multiple Banks/NBFCs provide different kinds of Business Loans…Know More
What are the Business loan schemes initiated by the Government of India?
Stand Up India: Introduced by the Government of India, Stand Up India is a scheme to promote Women Entrepreneurs and those belonging to the SC/ST category. Under this scheme, the government…Know More
What is the impact of GST on Business Loan?
The higher the value of the GST paid, the larger the volume of the business. Therefore, it becomes an easy metric for banks/NBFCs to determine the reliability of businesses looking to borrow…Know More
What is the maximum amount of Business Loan one can avail?
Banks/NBFCs generally cap the maximum amount of Business Loans at Rs. 1 crore. This limit is however subject to change on a case by case basis…Know More
How is the value of the property calculated?
The value of the property put on mortgage to avail the loan is calculated based on its Fair Market Value(FMV). FMV is the price that a property would fetch in the open market under the curre…Know More
What is the maximum loan tenure under LAP?
The tenure for Loan Against Property is longer than that for a personal loan. It’s usually up to 15 years…Know More
What are the kinds of properties accepted by lenders?
Loans Against Property can be taken against self-occupied/rented residential properties, commercial spaces such as office buildings, malls, shopping complexes, etc, and/or against a plot of…Know More
Can I prepay/foreclose my Loan Against Property in advance?
Yes. You can prepay your entire Loan Against Property or a portion of it in advance. Prepayment reduces the Principal amount, thereby reducing the monthly EMI. According to the RBI, no lende…Know More
Are there any tax benefits for repayment of Loans Against Properties?
Yes.Self-employed individuals can claim tax exemption from a LAP if the loan has been utilized for
business purposes. The benefits can only be claimed against the total amount paid as inter…Know More
What are the different types of Short Term Loans?
A plethora of Short Term Loans are offered by Banks/NBFCs to cater to varied and specific needs.
Merchant Cash Advances: A Short Term Loan that’s basically a cash advance from a lender…Know More
What are the disadvantages of a Short Term Loan?
While Short Term Loans are very convenient and easy to obtain, the major disadvantage is that the loan amount provided is relatively small. I.e…Know More
How do I repay my loan amount?
One can repay their EMIs on a Short Term Loan via UPI or Netbanking. You can also enable the auto-debit feature to deduct the EMI from your bank account directly…Know More
How is the maximum Personal Loan amount decided?
Your maximum eligible loan amount is affected by the following factors. The higher your income, the higher the loan amount you are eligible for…Know More