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LOAN FAQS • LOAN INFORMATION & TRUST
Frequently Asked Questions About Loans
Whether you are planning to buy a home, manage a personal expense, expand a business or unlock funds against property, understanding your loan options is an important first step.
Here are answers to common questions about Home Loans, Personal Loans, Business Loans and Loan Against Property, along with how LoanTigers works.
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Loan Questions.
Clear Answers.
Clear Answers.
Home • Personal • Business • LAP
About LoanTigers
What is LoanTigers?
LoanTigers is a digital loan information, comparison and lead-generation platform that helps customers explore loan options from participating banks, NBFCs and authorised lending partners.
LoanTigers provides information, tools and enquiry assistance to help customers understand their borrowing options before approaching a lender.
LoanTigers provides information, tools and enquiry assistance to help customers understand their borrowing options before approaching a lender.
Is LoanTigers a bank or NBFC?
No. LoanTigers is not a bank or NBFC and does not itself function as a lender.
Loan approval, sanction, documentation, pricing and disbursement are handled by the relevant lender.
Loan approval, sanction, documentation, pricing and disbursement are handled by the relevant lender.
Does LoanTigers provide loans directly?
No. LoanTigers does not directly provide or disburse loans.
Depending on the enquiry and eligibility, LoanTigers may facilitate a connection between the customer and a participating lending partner.
Depending on the enquiry and eligibility, LoanTigers may facilitate a connection between the customer and a participating lending partner.
Can LoanTigers guarantee loan approval?
No. Loan approval is always subject to the lender’s eligibility criteria, credit assessment, document verification, income assessment, property/business assessment and other applicable conditions.
Does submitting an enquiry mean my loan is approved?
No. Submitting an enquiry only indicates your interest in exploring a loan. It is not a loan application approval or a guarantee of sanction.
Does LoanTigers guarantee the lowest interest rate?
No. Interest rates vary between lenders and may depend on factors such as credit profile, income, employment/business profile, loan amount, tenure, security and prevailing lender policies.
Loan Options
What types of loans can I explore through LoanTigers?
Home Loans
Buying or constructing a home
Personal Loans
Personal financial requirements
Business Loans
Business working capital or expansion
Loan Against Property
Raising funds against an existing property
How do I choose the right type of loan?
Start by identifying the purpose of borrowing.
Buying or constructing a home: Home Loan
Personal financial requirement: Personal Loan
Business working capital or expansion: Business Loan
Raising funds against an existing property: Loan Against Property
Personal financial requirement: Personal Loan
Business working capital or expansion: Business Loan
Raising funds against an existing property: Loan Against Property
The appropriate product depends on your financial situation and the lender’s eligibility criteria.
Can I compare different loan options?
LoanTigers is designed to help customers explore and compare relevant loan information before proceeding with an enquiry.
You should compare factors such as:
- Interest rate
- EMI
- Tenure
- Processing fees
- Other charges
- Prepayment conditions
- Eligibility
- Security requirements
- Total repayment
Home Loan FAQs
What is a Home Loan?
A home loan is financing provided by a lender for eligible housing-related purposes such as purchasing or constructing a residential property, subject to the lender’s product conditions.
How much Home Loan can I get?
The amount depends on several factors, including:
• Income
• Existing EMIs
• Age
• Credit profile
• Employment or business profile
• Loan tenure
• Property value
• Applicable loan-to-value requirements
• Lender policies
The final amount is determined by the lender.
• Income
• Existing EMIs
• Age
• Credit profile
• Employment or business profile
• Loan tenure
• Property value
• Applicable loan-to-value requirements
• Lender policies
The final amount is determined by the lender.
What is Home Loan EMI?
EMI stands for Equated Monthly Instalment. It is the scheduled amount paid periodically towards the loan, generally consisting of both principal and interest.
What documents are required for a Home Loan?
Depending on the lender and applicant, documents may include PAN, identity proof, address proof, salary slips, Form 16, income-tax returns, bank statements, employment/business documents and property documents. The exact checklist varies by lender and property.
Can self-employed people get a Home Loan?
Yes, self-employed applicants can apply for home loans, subject to the lender’s eligibility requirements. Lenders may assess income, business continuity, banking history, tax returns, financial statements and other information.
Can two people apply for a Home Loan together?
Yes, joint home loan applications may be available depending on the lender’s rules. A joint application may involve assessment of both applicants’ income, liabilities, credit profiles and relationship to the property.
Personal Loan FAQs
What is a Personal Loan?
A personal loan is generally an unsecured loan that can be used for eligible personal financial requirements, subject to lender terms.
Does a Personal Loan require property as security?
Generally, personal loans are unsecured and do not require property as collateral. However, product terms can vary by lender.
How much Personal Loan can I get?
The eligible amount depends on factors such as income, employment, existing obligations, credit profile, repayment capacity and lender policies.
What affects Personal Loan interest rates?
Factors may include credit profile, income, employment/business profile, existing liabilities, loan amount, tenure, customer relationship with the lender and the lender’s prevailing pricing policy.
Can self-employed people apply for Personal Loans?
Yes, subject to lender-specific eligibility criteria and assessment. Income-tax returns, business documents, bank statements and financial information may be requested.
Business Loan FAQs
What is a Business Loan?
A business loan provides financing for eligible business requirements such as working capital, expansion, equipment, inventory or other approved purposes.
Who can apply for a Business Loan?
Depending on the product, eligible applicants may include proprietors, partnerships, LLPs, private limited companies, MSMEs, professionals, traders, manufacturers and service businesses. Eligibility varies by lender.
Can a new business get a Business Loan?
Some lenders offer products for newer businesses, while others may require a certain operating history. Business age, turnover, banking history, profitability, credit profile and other factors may be considered.
What documents are usually required?
Depending on the lender and business structure, documents may include PAN, Aadhaar/identity documents, business registration documents, GST records, income-tax returns, bank statements, Profit & Loss statements, balance sheets, business address proof and other financial documents.
What can a Business Loan be used for?
Depending on the product, financing may be used for working capital, business expansion, equipment, machinery, inventory, renovation and business-related expenses. The permitted use depends on lender and product conditions.
Loan Against Property FAQs
What is Loan Against Property?
Loan Against Property, or LAP, is a secured loan where an eligible property is offered as security to the lender.
What property can be used for LAP?
Depending on the lender, eligible security may include certain residential, commercial or other permitted properties. Property eligibility and valuation requirements vary between lenders.
How much can I borrow against my property?
The loan amount depends on factors including property value, property type, location, borrower’s income, existing liabilities, credit profile, repayment capacity, applicable loan-to-value requirements and lender policy.
Can I use LAP for business purposes?
Some lenders offer Loan Against Property for eligible business purposes. The lender determines whether the proposed purpose meets its product requirements.
Is Loan Against Property risky?
Because the property is offered as security, failure to repay the loan according to the agreed terms can have serious consequences, including enforcement of the lender’s security rights subject to applicable law and the loan agreement. Borrowers should carefully assess affordability before taking a secured loan.
Eligibility FAQs
What factors affect loan eligibility?
Depending on the loan, lenders may consider age, income, employment, business profile, existing EMIs, credit history, credit score, banking history, loan amount, tenure, property value and other financial obligations.
Does my credit score affect loan eligibility?
Yes, credit history and credit score can be important factors in lender assessment. A stronger credit profile may improve the likelihood of meeting certain lender criteria, but it does not guarantee approval.
Can existing loans affect my eligibility?
Yes. Existing EMIs and other financial obligations can affect your repayment capacity and therefore the amount a lender may be willing to consider.
Can I improve my loan eligibility?
Potentially. You can work on factors such as maintaining a healthy credit history, paying EMIs on time, reducing unnecessary outstanding debt, maintaining stable income, keeping financial records organised and avoiding excessive borrowing.
EMI FAQs
What determines my EMI?
Loan EMI generally depends on: Loan Amount + Interest Rate + Loan Tenure.
A higher loan amount generally increases EMI, while a longer tenure can reduce the monthly EMI but may increase the total interest paid.
A higher loan amount generally increases EMI, while a longer tenure can reduce the monthly EMI but may increase the total interest paid.
Does a lower EMI mean a cheaper loan?
Not necessarily. A longer tenure can reduce the monthly EMI while increasing the total interest paid over the life of the loan. Always compare total repayment, not only monthly EMI.
Can my EMI change?
For floating-rate loans, changes in the applicable interest rate may affect the EMI, tenure or both, depending on the lender’s terms.
Can I reduce my EMI?
Possible approaches may include increasing the down payment, choosing an appropriate loan amount, selecting a suitable tenure, comparing available interest rates and making eligible prepayments. Any prepayment should be evaluated against the applicable lender terms and charges.
Remember: A lower monthly EMI does not automatically mean a lower total borrowing cost.
Interest Rate FAQs
What is a floating interest rate?
A floating interest rate can change over the loan period based on the applicable benchmark and lender’s pricing mechanism.
What is a fixed interest rate?
A fixed rate generally remains unchanged for a specified period or throughout the applicable fixed-rate period, depending on the loan agreement.
Why do different lenders offer different interest rates?
Lenders use different pricing policies and may assess customers differently. Rates can depend on credit profile, income, loan amount, tenure, security, customer segment, product type and prevailing market conditions.
Should I choose a fixed or floating rate?
There is no single option that is right for everyone. Consider your income stability, expected loan tenure, ability to handle changes in EMI and the specific terms offered by the lender.
Documents & Application FAQs
Why do lenders ask for documents?
Documents help lenders verify identity, income, financial position, property details and other information required for their assessment.
Can missing documents delay my loan?
Yes. Incomplete or inconsistent documentation can delay the lender’s verification process.
Can I apply online?
LoanTigers allows customers to submit an online enquiry. The formal loan application and documentation process may then be completed with the relevant lender or authorised lending partner.
What happens after I submit an enquiry?
A typical journey may be: Enquiry → Review → Indicative Assessment → Partner Matching → Lender Assessment → Documentation → Application → Sanction → Disbursement. The exact process varies by lender and product.
Enquiry & Privacy FAQs
Is there a fee to submit a LoanTigers enquiry?
Submitting an enquiry through LoanTigers is intended to help customers explore loan options. Any fees, charges or costs associated with a formal loan application will depend on the relevant lender and its terms.
Will I definitely receive a loan after submitting my details?
No. An enquiry does not guarantee approval, sanction, a particular interest rate or disbursement.
Who may contact me after I submit an enquiry?
Depending on the enquiry and applicable consent, you may be contacted by LoanTigers and/or relevant participating lending partners or authorised representatives regarding your loan requirement.
Why does LoanTigers need my mobile number?
Your mobile number may be used to verify your enquiry and communicate with you regarding the loan requirement, subject to applicable consent and privacy practices.
Will my information be shared?
Information may be shared with relevant participating lending partners or service providers where necessary to process your enquiry and subject to applicable privacy requirements and your consent. Users should review the LoanTigers Privacy Policy before submitting personal information.
Privacy reminder: Review the LoanTigers Privacy Policy before submitting personal information.
Chennai & Tamil Nadu FAQs
Does LoanTigers offer loan assistance in Chennai?
LoanTigers is designed with a Chennai-first approach, helping customers explore loan options relevant to Chennai and surrounding areas.
Can customers from other cities in Tamil Nadu use LoanTigers?
The platform can expand its loan information and enquiry services across Tamil Nadu, subject to product availability and participating lending partners.
Can I enquire about a Home Loan in Chennai?
Yes. Customers can explore Home Loan information, eligibility, EMI, documents, property requirements and other considerations relevant to Chennai.
Financial Responsibility FAQs
Should I borrow the maximum amount I am eligible for?
Not necessarily. Eligibility and affordability are different. You should consider your monthly income, existing commitments, emergency savings, future expenses and total repayment before deciding the loan amount.
What should I compare before accepting a loan?
Consider interest rate, EMI, total repayment, processing fee, other charges, tenure, prepayment terms, late-payment consequences, security requirements and other contractual conditions.
Should I take a loan only because the EMI is affordable?
No. A loan should be evaluated based on its total cost and your long-term financial capacity, not just whether the monthly EMI fits your current budget.
Ready to Explore Your Loan Options?
Understand your requirements, estimate your affordability and explore suitable loan options before applying.
LoanTigers is not a bank, NBFC or lender and does not itself sanction or disburse loans.
The information provided on this page is for general educational purposes. Loan eligibility, interest rates, loan amounts, fees, tenure, approval and other terms are determined by the relevant lender and may vary based on the applicant, product, property/business profile and prevailing lender policies.
Submitting an enquiry does not guarantee loan approval, a particular interest rate, loan amount or disbursement.
Applicants should independently review the final loan offer, applicable charges and terms and conditions provided by the relevant lender before accepting any loan.
The information provided on this page is for general educational purposes. Loan eligibility, interest rates, loan amounts, fees, tenure, approval and other terms are determined by the relevant lender and may vary based on the applicant, product, property/business profile and prevailing lender policies.
Submitting an enquiry does not guarantee loan approval, a particular interest rate, loan amount or disbursement.
Applicants should independently review the final loan offer, applicable charges and terms and conditions provided by the relevant lender before accepting any loan.