Q How much time do the banks take to disburse the loan?
The disbursement of loan depends on your profile and documentation (which should be according to the bank / NBFC's Minimum Credit Parameters or MCP, which you are applying). Generally, a bank / NBFC take 4-5 days to disburse the loan. All loan approvals are at the discretion of the bank / NBFC.
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Q How can I repay my loan?
The repayment of loan is done through EMI (Equated Monthly Installments). It can be paid through Post Dated Cheques (PDCs) or Electronic Clearance System (ECS) from any account approved by Reserve Bank of India.
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Q What are the points I need to consider before finalizing any deal?
To get the final deal from the bank/NBFC, one should keep the following points in mind before signing on the dotted lines:
- Evaluate offers from different banks/NBFCs in terms of EMIs, Interest Rates (Fixed and Floating), Tenure, and other facilities.
- EMI amount should range maximum up to 52% of your net monthly income, after deducting the existing obligations (if any).
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Q Can I repay the loan earlier?
You can choose to repay the loan anytime after 6 months of availing the loan but you may be required to bear the prepayment charges on the principal outstanding of your Loan.
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