All FAQs

Before taking a loan, consider the interest rate, EMI, repayment tenure, processing and other applicable charges, prepayment conditions and your overall repayment capacity. Comparing different loan options can help you choose a facility that is appropriate for your financial requirements.

Loan disbursement is the process through which the approved loan amount is released by the lender after completion of the required documentation, verification and other applicable conditions. The timing and process may vary depending on the loan type and lender.

A loan sanction letter is a document issued by a lender indicating that your loan application has been approved subject to specified terms and conditions. It may include details such as the sanctioned amount, interest rate, tenure and other applicable conditions.

Multiple loan applications within a short period may result in multiple hard enquiries on your credit report, which can affect your credit profile. It is generally advisable to compare suitable loan options before submitting multiple applications.

Loan foreclosure means repaying the outstanding loan amount in full before the end of the agreed tenure. Any applicable foreclosure charges and conditions depend on the lender, loan type and terms of the loan agreement.

Loan prepayment means paying a portion of your outstanding loan amount before the scheduled repayment date. Depending on the lender and loan terms, part-prepayment may help reduce the outstanding principal and potentially lower the overall interest burden.

Loan refinancing involves replacing an existing loan with a new loan, potentially to obtain better interest rates, repayment terms or other financial benefits. The overall savings should be evaluated after considering applicable fees and charges.

A loan generally provides a fixed amount that is repaid through scheduled instalments. A line of credit provides access to funds up to an approved limit, with interest generally applicable based on the amount utilised and the terms of the facility.

The right loan depends on your purpose, required loan amount, repayment capacity, credit profile and preferred tenure. Comparing interest rates, fees, repayment terms and eligibility criteria across suitable loan options can help you make an informed decision.

A secured loan requires an asset or property as collateral, while an unsecured loan generally does not require collateral. Home Loans and Loans Against Property are examples of secured loans, whereas Personal Loans are generally unsecured.