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How do I check if I am eligible to apply for a personal loan?
Currently, Angel One is offering personal loans via its lending partners to a select group of existing users only. We will gradually be rolling out the product to more users. Stay tuned for updates!
What is the maximum sum of money that I can borrow?
The amount you can borrow depends on your profile. Currently, the maximum loan amount offered is Rs 5 Lakhs.
What documents will I have to submit when applying for a personal loan?
When applying for a personal loan, you may need to submit the following documents:
- Aadhaar and PAN for KYC approval
- Bank account details for cash disbursal
- Selfie and signature for user identification
Can I add a prepaid amount of EMI in principal instead of Interest?
No, this option is not available currently.
Where do I get the loan application form?
Once you go to the loans tab on our Angel One platform, you will see the loan application form there. Please note: Only Angel One eligible customers will see the loans tab on our platform.
Can I apply for a joint loan with my spouse?
No, we do not allow joint loan applications.
I live out of the country and work from a remote location, will I be eligible for a personal loan?
No, we only disburse personal loans to Indian citizens currently residing in India.
I'm an NRI. Can I avail of a personal loan?
No, we only disburse personal loans to Indian citizens currently residing in India.
Can I use my Angel One holdings as collateral for availing of personal loans?
No, we do not permit using collateral for availing personal loans.
How much interest will I be charged?
The interest rate and applicable EMIs are shown to you during the loan application process before you avail the loan.
How can a NACH/eNACH setup help?
NACH/eNACH Mandate is a repayment service that automates monthly recurring payments, such as loan EMIs. This setup ensures that:
- Your monthly EMIs are automatically collected from your bank account on the due date.
- You don't miss any EMI payments, helping you maintain a good credit history.
- It simplifies the repayment process, saving you time and effort.
Are there any advantages in applying for a personal loan online?
Yes, applying for a personal loan online offers several advantages:
- Convenience: You can apply from anywhere with just a few clicks.
- Quick Processing: Submit necessary documents online and get money in your account within the same day.
- Seamless Experience: The entire process is smooth and efficient, saving you time and effort.
Is there any offer for women/senior citizens?
No, there are no special offers for women or senior citizens. However, if you have a good history with Angel One, we may provide attractive offers to you.
Is prepayment allowed for personal loans?
No, prepayment is not allowed for personal loans at the moment.
Can I change my EMI due date?
No, you cannot change your EMI due date once the loan is approved and disbursed.
Can I change my EMI date once the loan EMI has started?
No, there is no option to change the EMI date currently.
How is the personal loan disbursed?
Once your loan application is approved, the loan amount will be disbursed to your registered bank account within 24 hours.
Is there any balance transfer offer on a personal loan? Are there any benefits to this balance transfer?
No, there is no balance transfer option available for personal loans currently.
What is the maximum tenure of loan?
The loan tenure at Angel One varies based on the customer's profile. We thoroughly assess each user's profile to determine the most suitable tenure.
What is the processing fee for a loan?
The processing fee depends on your profile and will be specified during the application process.
How can I track my loan application?
You can track your loan application under the 'Loans' tab in the Angel One app. All necessary details for verification, tracking, and managing your loan will be available there.
Do I need to provide collateral for a personal loan?
No, you do not need to provide collateral for a personal loan.
Are personal loan interest rates fixed or floating?
Our lending partners charge a fixed interest rate for personal loans. This means your EMI amount remains the same every month throughout the loan tenure.
What are the fees? Why should I pay them? Are there hidden fees?
All applicable charges are clearly shown in the Loan Agreement, Sanction Letter, and Key Fact Statement (KFS). Please read these documents carefully while accepting the loan terms and conditions during the application process. There are no hidden fees.
Is there any restriction for usage of the loan amount or can I use it to pay up any other loan?
You can use the personal loan amount at your discretion, including paying off other loans. However, it is crucial to use the loan for legal purposes and ensure timely repayment to avoid any serious actions against you.
How does CIBIL affect my loan approval process?
We check your CIBIL score to determine your eligibility for a personal loan.
What is the foreclosure process, and is there a minimum lock-in period?
There is no lock-in period for foreclosure. You can initiate foreclosure through the app.
What are the foreclosure charges for a loan?
Foreclosure charges, or full prepayment charges, depend on the lender. Specific details will be provided by your lender.
Can I get a top-up loan after taking a personal loan?
No, we are still working on that product.
Do I have to pay any additional charges for foreclosure?
Yes, foreclosure charges will be levied. These charges vary depending on factors such as the loan amount and tenure. The charges tend to be higher if you choose to close your loan earlier.
What is a credit report and score?
Credit Report: A credit report is a detailed record of your credit history and financial behaviour. It includes information about:
- Your credit accounts
- Payment history
- Outstanding debts
- Inquiries made by lenders
What are the factors that affect my credit score?
Your credit score is influenced by several factors:
- Payment History: Consistency in repaying debts on time.
- Credit Utilisation: The ratio of your current credit card balances to your credit limits.
- Length of Credit History: The duration of your credit accounts.
- Types of Credit: A mix of different types of credit accounts (e.g., credit cards, loans).
- Recent Credit Inquiries: Number of recent applications for new credit.
What do the terms settlement, default, and closed mean? Do they affect my credit score?
1. Settlement:
- Occurs when you negotiate with a creditor to pay less than the full amount owed.
- It resolves the debt but is noted on your credit report.
- Can negatively impact your credit score.
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- Happens when you fail to make required payments on time, breaching the loan agreement.
- Significantly harms your credit score.
- May lead to legal actions or collections.
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- Refers to an account that has been fully paid off and is no longer active.
- Can affect the length of your credit history, which is a factor in credit scoring.
- Settlements and defaults: Negatively impact your score.
- Closed accounts: Indirectly influence your score by affecting the length of your credit history.
What is the Annual Percentage Rate (APR)?
The Annual Percentage Rate (APR) represents the overall annual cost of a loan as a percentage. It includes the interest rate and additional charges like processing fees. APR provides a clear understanding of the true borrowing cost, helping you comprehend your actual loan expenditure.
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