A loan is a sum of money borrowed from an institution for a personal or business use, to be paid back along with the interest in a defined time frame in the form of equal monthly installments (EMI).
Credmart has an association with most of the Banks and NBFCs which helps us roll out a complete range of loan products. Loan types that we offer currently are:
Loan eligibility is majorly determined basis the borrower’s ability to repay the loans along with their profile, which includes the residence and place of work. Although the specific factors may differ for respective lenders.
There are two types of charges other than the interest rates that one has to pay against the principal amount borrowed. One is charged at the time of applying the loan and is called as the Processing Fees, it varies from 2-3% of the loan amount. The second charge is the prepayment penalty paid at the time of pre-closure. This too varies from 2% –5% depending on the tenure of loan left.
The following documents are required but are not limited to these only:
Yes, one can take such a loan, if the documents presented to the bank have been validated.
When banks sanction a loan, the EMI payments may not start immediately. In such a situation, the bank is liable to charge a Pre-EMI interest on the loan. This interest is payable monthly from the time the loan is disbursed till the time the EMI payments start off.
Any person who has taken a loan or credit card ends up creating a record which shows their repayment history. In our country, this record is maintained by the top credit bureaus like CIBIL, Experian, etc. This is one of the tools used by the financial institutes to determine the eligible loan amount. Higher the credit score, better the loan eligibility rate.
No, the services offered by Credmart are completely free of charge for the borrowers. Our revenue payoffs are linked with the financial institutions only.
Fixed interest rate means interest remains the same throughout the tenure, irrespective of market performance. While a floating interest rate means market fluctuations and regulator’s decisions will determine the increase or decrease of interest rates.
Before submitting your application, Credmart team scrutinizes documentation and tries to mitigate any probability of rejection. However, in case an application is rejected, our loan experts communicate the same and ensure that your application is processed through another Bank or NBFC
Credmart team takes utmost care in ensuring all data is sent in the electronic form with a high level of encryption. Credmart does not share any personal data with a third party other than the financial institution from which the loan is to be granted.
Yes, we are very transparent in giving all the updates to our customers. Loan applicants get an active tracking tool through both email and SMS allowing them to track daily updates of their loan application.