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Loan Faqs

What is a Monthly Reducing Balance? :

In the case of monthly reducing balance method, the principal gets reduced at the end of every month and the interest is calculated on the outstanding principal at the end of the month.

is the interest charged/calculated? :

Based on the bank the Interest is calculated on a monthly reducing balance or an annual reducing balance basis.

What is an EMI? :

EMI stands for Equated Monthly Installments. This installment comprises both principal and interest components. Please use the EMI Calculator to find out the EMI you need to repay.

What is an amortization schedule? :

 An amortization schedule is a table giving the reduction of your loan amount by monthly installments. The amortization schedule gives the breakup of every EMI towards repayment interest and outstanding principal of your loan.

How do I repay my loan? :

You can repay the loan in Equated Monthly Installments (EMI's) through post dated cheques (PDC)or by signing an ECS(Electronic clearing system ) with the account that you hold .Mostly these cheques/ECS are presented on 1st of each month ,so please do confirm with the bank on that respect. If you...

What would be the mode of repayment ? :

Repayment is done on an EMI (equated monthly installments) basis at the time of starting the repayment, by giving standing instruction to the bank, having an ECS(electronic clearing services) with the bank or by giving PDC(post dated cheques) to the bank. If you are unable to complete the...

Is there any kind of repayment that has to be made in the moratorium period ? :

Interest would have to be paid during the moratorium, the interest servicing would be of simple interest calculated on the loan amount disbursed payable monthly. Some banks will also allow you a moratorium on payment of interest. This means that you can defer payments of even the interest during...

What is a Personal loan? :

Whenever you have an urgent need of cash, personal loan is the best way to take care of your cash crunch at a reasonable rate of interest. You don\'t have to give any security or collateral to the bank. Normally, the bank does not ask for guarantors either. Once you submit your application form...

What all can I use a Personal Loan for? :

Personal Loans can be used for anything and everything. There are no restrictions on the end use. You could use the loan money to finance anything from daughter\'s marriage to a holiday abroad. The bank is not concerned with the end use of the loan, if you have furnished enough proof to show your...

How do I take a Personal Loan? :

You can take a loan from any bank you like but start by checking out the best interests rate that the different banks have to offer. You should also check with the bank you have your salary account in for special discounts to existing customers. You can negotiate the rate with your bank. Also...

How is my loan eligibility determined? :

Loan eligibility differs from bank to bank. The main factor the bank considers is your ability to repay the loan. Your profile in terms of residence and the place you work is also taken into consideration. Do make sure to check all such other eligibilities before applying.

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