Personal Loan FAQ
- Employees of private limited companies, public sector undertakings, including central, state, and local bodies
- Individuals between 21 and 60 years of age
- Individuals who have had a job for at least 2 years, with a minimum of 1 year with the current employer
- Minimum income requirement of Rs. 15,000 per month
- Loan amount ranges from Rs. 10,000 up to Rs. 1 crore, depending on the applicant’s creditworthiness and other factors
- Loan tenure ranges from 1 month to 60 months
- Identity proof / address proof (copy of passport/voter ID card/driving license/Aadhaar Card)
- Bank statement of previous 3 months (Passbook of previous 6 months)
- Two latest salary slip/current dated salary certificates with the latest Form 16
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- Interest rates start from 10.0% per annum
- Government taxes and other levies as applicable will be charged over and above the fee and charges
- Delayed instalment payment charge is subjective and varies based on the loan product and terms and conditions
- Charges post loan disbursement are subjective and vary based on the loan product and terms and conditions
- Loan cancellation charges apply if the loan is cancelled within the cooling off/look-up period
Business Loan FAQ
- Sole proprietors, partnership firms, limited liability partnerships (LLPs), private limited companies, public limited companies, and other legal business entities
- Minimum turnover requirement of Rs. 25 lakhs per annum
- Loan amount ranges from Rs. 5 lakhs up to Rs. 5 crore, depending on the applicant’s creditworthiness and other factors
- Loan tenure ranges from 12 months to 36 months
- Identity proof and address proof of the business entity and its authorized signatories
- Financial statements, including income statement, balance sheet, and cash flow statement for the last two years
- Business registration documents, including PAN card, GST registration, and other relevant licenses and permits
- Bank statements of the business entity for the last 6 months
- Interest rates start from 11% per annum
- Processing fees, foreclosure charges, and other fees may apply, depending on the loan product and terms and conditions
Credit Card FAQ
- Individuals between 18 and 65 years of age
- Good credit history and credit score
- Credit limit ranging from Rs. 50,000 up to Rs. 5 lakhs, depending on the applicant’s creditworthiness and other factors
- Flexible repayment options, including minimum payment and full payment
- Reward points, cashback offers, and other benefits on transactions made using the card
- Zero liability on fraudulent transactions
- A credit card is a payment card that enables you to borrow funds from the card issuer to pay for goods and services. You can use it to make purchases, pay bills, withdraw cash, and more. When you use your credit card, the amount you spend is added to your outstanding balance, which you must repay with interest.
- The eligibility criteria may vary from one issuer to another, but some common requirements include a minimum age of 18 years, a stable income, a good credit score, and valid identification and address proof.
Credit cards offer several benefits, such as cashback, reward points, discounts, travel miles, insurance coverage, and more. They also provide a convenient and secure way to make purchases, build credit, and access emergency funds.
Credit cards may come with various fees and charges, such as annual fees, interest charges, late payment fees, cash advance fees, balance transfer fees, foreign transaction fees, and more. It’s essential to read the terms and conditions of the credit card carefully to understand the fees and charges.
You can apply for a credit card online or offline. To apply online, you need to visit the issuer’s website or mobile app, fill out the application form, submit the required documents, and wait for approval. To apply offline, you need to visit the issuer’s branch or call the customer care number to request an application form.
Gold Loan FAQ
A gold loan is a secured loan that you can avail by pledging your gold ornaments, coins, or bars as collateral. The lender assesses the purity and value of the gold and sanctions a loan amount based on it. You must repay the loan amount along with interest within the specified tenure to retrieve your pledged gold.
The eligibility criteria may vary from one lender to another, but some common requirements include a minimum age of 18 years, ownership of gold, and valid identification and address proof.
Gold loans offer several benefits, such as quick disbursal, low-interest rates, flexible repayment options, no credit score requirement, and more. They also provide a safe and secure way to access funds in times of financial emergencies.
Gold loans may come with various fees and charges, such as processing fees, valuation charges, late payment fees, foreclosure charges, and more. It’s essential to read the terms and conditions of the gold loan carefully to understand the fees and charges.
You can apply for a gold loan online or offline. To apply online, you need to visit the lender’s website or mobile app, fill out the application form, upload the required documents, and wait for approval. To apply offline, you need to visit the lender’s branch or call the customer care number to request an application form.
Random FAQ
- Personal Loan:
Q: What is the maximum loan amount I can get through a personal loan? A: The maximum loan amount that you can get through a personal loan depends on various factors such as your income, credit score, repayment capacity, etc. Generally, banks and financial institutions offer personal loans ranging from a few thousand rupees to several lakhs of rupees.
Q: Is it possible to repay my personal loan before the due date without any penalty? A: Yes, you can prepay your personal loan before the due date without any penalty. However, some lenders may charge a prepayment fee, which is usually a percentage of the outstanding loan amount.
Q: How long does it take for a personal loan application to get approved? A: The time taken for a personal loan application to get approved varies from lender to lender. Generally, it takes a few days to a couple of weeks for the application to get processed and approved.
Q: Can I get a personal loan without a credit score? A: It is difficult to get a personal loan without a credit score as your credit score is one of the primary factors that lenders consider while approving your loan application. However, some lenders may offer personal loans to individuals with a low credit score, but at a higher interest rate.
Q: Can I take a personal loan for any purpose, such as a vacation or a wedding? A: Yes, you can take a personal loan for any purpose as per your needs and requirements. However, it is important to use the loan amount judiciously and repay it on time to avoid any financial burden.
- Business Loan:
Q: What is the maximum loan amount I can get through a business loan? A: The maximum loan amount that you can get through a business loan depends on various factors such as the nature of your business, revenue, credit score, repayment capacity, etc. Generally, banks and financial institutions offer business loans ranging from a few lakhs to crores of rupees.
Q: Can I get a business loan without collateral? A: Yes, you can get a business loan without collateral, also known as an unsecured business loan. However, the interest rate charged on an unsecured business loan is usually higher than that of a secured business loan.
Q: What is the minimum credit score required to be eligible for a business loan? A: The minimum credit score required to be eligible for a business loan varies from lender to lender. Generally, a credit score of 700 or above is considered good for getting a business loan.
Q: Can I get a business loan for a start-up? A: Yes, you can get a business loan for a start-up. However, the eligibility criteria and loan amount may vary depending on the nature of your start-up and its revenue-generating capacity.
Q: How long does it take for a business loan application to get approved? A: The time taken for a business loan application to get approved varies from lender to lender. Generally, it takes a few days to a couple of weeks for the application to get processed and approved.
- Credit Card:
Q: What is the difference between a credit card and a debit card? A: A credit card is a type of payment card that allows you to borrow money from the card issuer to make purchases, which you need to repay along with interest. Whereas, a debit card is a type of payment card that allows you to use your own money from your bank account to make purchases.
Q: How does the interest rate on a credit card work? A: The interest rate on a credit card is charged on the outstanding balance that you carry forward from one billing cycle to another. The interest rate varies from card to card.
Q: What are the interest rates for personal loans offered by 1kcr? A: The interest rates for personal loans offered by 1kcr range from 10.0% to 30%, depending on various factors such as the borrower’s credit score, income, and repayment capacity.
Q: What is the minimum and maximum loan amount that can be availed through 1kcr personal loan? A: The minimum loan amount that can be availed through 1kcr personal loan is INR 50,000 and the maximum loan amount is INR 10,00,000.
Q: What is the minimum and maximum tenure for 1kcr personal loans? A: The tenure for 1kcr personal loans ranges from 1 month to 60 months, depending on the borrower’s preference and repayment capacity.
Q: What are the eligibility criteria to avail a personal loan from 1kcr? A: The eligibility criteria to avail a personal loan from 1kcr are:
- The borrower should be an Indian citizen
- The borrower should be between 21 to 60 years of age
- The borrower should have a minimum income of INR 15,000 per month
- The borrower should be employed in a private limited company or public sector undertaking for at least 2 years, with a minimum of 1 year with the current employer.
Q: What are the documents required to apply for a personal loan from 1kcr? A: The documents required to apply for a personal loan from 1kcr are:
- Identity proof (copy of passport/voter ID card/driving license/Aadhaar Card)
- Address proof (copy of passport/voter ID card/driving license/Aadhaar Card)
- Bank statement of the previous 3 months (Passbook of the previous 6 months)
- Two latest salary slip/current dated salary certificates with the latest Form 16.
Q: Is there a prepayment penalty for 1kcr personal loans? A: There is no prepayment penalty for 1kcr personal loans, as long as the borrower pays the outstanding amount along with the applicable interest and charges.
Q: What happens if a borrower misses an EMI payment for 1kcr personal loan? A: If a borrower misses an EMI payment for 1kcr personal loan, a late payment fee will be charged, along with applicable interest and charges. This can also have a negative impact on the borrower’s credit score.
Q: Can a borrower avail a top-up loan on an existing personal loan from 1kcr? A: Yes, a borrower can avail a top-up loan on an existing personal loan from 1kcr, subject to the borrower meeting the eligibility criteria and the discretion of the lender.
Q: What is the minimum and maximum loan amount that can be availed through 1kcr business loan? A: The minimum loan amount that can be availed through 1kcr business loan is INR 1,00,000 and the maximum loan amount is INR 50,00,000.
Q: What is the tenure for 1kcr business loans? A: The tenure for 1kcr business loans ranges from 12 months to 36 months, depending on the borrower’s preference and repayment capacity.
Q: What are the eligibility criteria to avail a business loan from 1kcr? A: The eligibility criteria to avail a business loan from 1kcr are:
- The borrower should be an Indian citizen
- The borrower should be between 21 to 60 years of age
- The borrower should have a minimum income of INR 15,000 per month
- The borrower should have a minimum business vintage of 2 years
4. Gold loan
Q: What is a gold loan? A: A gold loan is a secured loan that is offered against the collateral of gold jewelry or ornaments.
Q: What is the maximum amount that can be availed as a gold loan? A: The maximum amount that can be availed as a gold loan depends on the value of the gold being pledged. Generally, lenders offer up to 75% of the value of the gold.
Q: What is the tenure for a gold loan? A: The tenure for a gold loan usually ranges from a few months to a few years, depending on the lender and the borrower’s preference.
Q: What is the interest rate for a gold loan? A: The interest rate for a gold loan varies from lender to lender and can range from 7% to 29% per annum, depending on factors such as loan amount, tenure, and creditworthiness of the borrower.
Q: Is it necessary to have a good credit score to avail of a gold loan? A: No, it is not necessary to have a good credit score to avail of a gold loan as it is a secured loan where the gold is pledged as collateral.
Q: Can I repay the gold loan before the tenure ends? A: Yes, you can repay the gold loan before the tenure ends. However, some lenders may charge a prepayment penalty for early repayment.
Q: What happens if I am unable to repay the gold loan? A: If you are unable to repay the gold loan, the lender has the right to auction off the gold that was pledged as collateral to recover the outstanding loan amount.
Q: Can I still use my gold jewelry or ornaments while they are pledged as collateral for a gold loan? A: No, you cannot use your gold jewelry or ornaments while they are pledged as collateral for a gold loan.
Again on card
: What is a credit card? A: A credit card is a payment card that allows you to borrow money from a bank or financial institution to make purchases. You can use it to buy goods or services and pay back the borrowed amount with interest over time.
Q: What are the benefits of having a credit card? A: Some benefits of having a credit card include:
- Convenience and ease of use for making purchases
- Ability to earn rewards points or cashback on purchases
- Ability to build a credit history and improve your credit score
- Fraud protection and the ability to dispute unauthorized charges
- Emergency cash availability
Q: How do I apply for a credit card? A: You can apply for a credit card through our website or by visiting one of our branches. You will need to provide personal and financial information as well as meet certain eligibility criteria to be approved for a credit card.
Q: What is the interest rate on your credit card? A: Our credit card interest rates vary depending on factors such as your credit score, income, and credit history. We offer competitive interest rates starting at 15% per annum.
Q: Can I use my credit card internationally? A: Yes, you can use your credit card for international purchases. However, please note that there may be additional fees or charges for foreign transactions.
Q: How do I pay my credit card bill? A: You can pay your credit card bill through our website, mobile app, or by visiting one of our branches. You can also set up automatic payments or make manual payments on a monthly basis.
Q: What should I do if my credit card is lost or stolen? A: If your credit card is lost or stolen, please contact our customer service immediately to report the loss and request a replacement card. We will also help you monitor your account for any unauthorized charges.