Can I have a co-applicant?
Yes you can have a co-applicant for a loan. In fact it is better to have a co-applicant because the combined salary/income increases your eligibility as well as the amount of the loan.
What if I default?
If you default, you will be issued notices by the lending institution. If you ignore, your mortgaged property, in the case of secure loans, will be taken over by the bank. You will also be liable for prosecution and your CIBIL score will get negated preventing you from getting any other loan or financial product in the future.
What additional charges do I have to pay for getting a loan?
Most Banks/NBFCs charge a processing fee which is a percentage of the loan amount when they disburse a loan. Apart from this some Banks/NBFCs may have additional charges. You will need to clarify these with the bank when finalizing your application. The charges are deducted from the total amount when the loan is finally issued.
Does Financemenow have an additional charge when I apply through you?
No Financemenow or any of our collection agents will not charge you anything at any stage of the process from application to document collection to approval to loan disbursal. This service is absolutely FREE for loan seekers. In case any person from our team asks you for any kind of payment, please stop the process the immediately and report the case to us.
Can I get a personal loan for business?
Yes, most banks and financial institutions offer a business loan to self-employed individuals provided they meet the eligibility criteria.
Can I get a top-up on my current loan?
Yes, most banks and financial institutions offer a top-up loan if you have paid the past 12 EMI’s on the current loan without default.
I want to transfer the balance of my current loan to a different bank. Is it possible?
Yes, it is possible to do a balance transfer of your personal loan from the current bank/NBFC to some other one if you have paid the past 12 EMI’s on the loan without default.
How can I pay back my loan?
Most banks and NBFC’s provide you with three ways of paying your EMI’s which include a direct debit if you already have an account with the bank, Post-Dates Cheques (PDC’s) issued to them at the start of the tenure and finally through Electronic Clearing Service (ECS).
Can I change my mode of payment? What will happen to the PDC’s I have issued after I change my mode of payment?
Yes, you can change your mode of payment by informing the bank in advance of the same. The PDCs issued in advance will be defaced by the bank. Conversely you can also claim them by informing the bank in advance of the same.
What is a CIBIL Score and how do I check my score?
The Credit Information Bureau India Limited (CIBIL) was formed through an association of a closed group of banks and financial institutions to collate the credit information of customers of these entities and assign a credit score to them. The organization assigns this score based on their historical financial transactions. The rating given by CIBIL indicates the risk in extending credit to any person with a score..
What is the difference between a Bank and an NBFC?
In very simple and basic terms, a bank is a financial institution which can take deposits from the public at a certain rate and then lend them to people who need money at a higher rate. A Non-Banking Financial Institution (NBFC) is a financial institution which does not have the authority to take deposits. They can only lend their own funds to people. But both are authorized by law to lend money to borrowers.
How secure is my data on Financemenow?
The data that you fill in our forms will be encrypted and will be safe with us. We work on secure servers and the whole process is encoded. As per due process, your data will not be shared with any third party other than the bank/NBFC you agree to share it with.
I want to know something specific?
Yes happy to help. Please call on our helpline (+91 92523-92523) with your request and they will connect you to the right person. You can also mail us on firstname.lastname@example.org