Q. How much can I borrow and for how long?
A. You can get personal loans starting from
Rs. 25,000 up to Rs.25 lakhs for 1 to 5 years.
Q. Can I repay my loan early?
A. Yes, you can pre-pay your loan as and
when you want.
Q. How does Indialends assess my credit worthiness
and how long does this take?
A. Each consumer wishing to borrow on the
Indialends portal will need to go through a rigorous verification and credit assessment
process. The assessment is based on information collected from various data sources
like the application form, credit bureaus, bank statements, pay slips, verification
reports, social media, etc. The above process is automated and happens within seconds.
Hence, you can get an approval shortly after you submit your application.
Q. Why was my application rejected?
A. The reason your application was rejected
was because your credit profile did not match the criteria stipulated in the policy
provided by the financial institution at the time. However, the institution might
be able to approve your application at a later date, if by then your credit file
has improved or there have been changes in the policy.
Q. What is my repayment schedule?
A. Repayment of the loan will happen monthly
on an EMI (equated monthly installment) basis where the amount will be calculated
based on amortizing balance. One or two of the installments might be different which
will depend on the timing of the loan.
Q. What happens in the case of a missed payment
or non-payment by a borrower?
A. If the monthly payment for a borrower
is delayed for any reason, a penalty fee and penal interest might be charged to
the borrower. The borrower’s credit file will also get impacted which will restrict
him / her to get credit in the future. Legal action may also be taken against the
borrower.
Q. What information is shared with the lenders
browsing through the profiles?
A. Lenders will have the ability to view
detailed profiles of the borrowers, information like financial information, employment
information, etc. The personal information of the borrower remains protected as
per our privacy policy.
Q. How do I alter my loan request?
A. Loan requests can only be cancelled prior
to loan disbursal. In case you want to make any changes to your request please reach
out to support@indialends.com. The support team will help you in making the modifications.
Q. How can I make monthly payments?
A. You can pay your EMIs using electronic
transfer of funds, ECS.
Q. How will you disburse the loan amount?
A. Soon after the loan is approved, the
funds will be transferred right into your bank account.
