Applying for a loan through the FinMarket is a simple process. All you need to do is fill in the requested information on our online application form and click ‘submit’. Based on your requirements we bring you customized offers and products to choose from. Once you select the product and provide the necessary documents, our lenders approve your loan and the funds are disbursed directly to your bank account.
Yes, you can take top-up on an existing personal loan if you have paid 12 EMIs on the existing personal loan. You can place the request for a top-up on existing personal loans through the following channels.
Customer Care:You may also call our Customer Care number 9059365625 (10:00 a.m. to 6:30 p.m.).
Personal loan EMI calculators allow you to estimate your monthly instalments and interest rate with ease. Use the personal loan calculator
3 factors used for calculating the personal loan are as follows:
Calculating the monthly payment or EMI (Equated Monthly Instalment) is a complex job. In order to calculate the EMI, you need to be aware of the personal loan amount, the tenure of the loan in months, and the interest rate that is to be charged on the loan. These details have to be applied in the following formula to arrive at the EMI:
EMI= [P x R x (1+R) ^ N]/ (1+R) ^ N - 1]
Here, P = Principal (amount borrowed as a loan), R = Rate of interest levied (monthly rate), N = Repayment term of the loan, otherwise called the tenure (in months).
Yes, a personal loan does not require any collateral or security such as property, shares or gold.
You can avail of loans ranging from Rs 1,00,000/- to Rs 30,00,000/- depending on your eligibility, income and repayment capacity.
No, you do not have to visit the bank to apply for a personal loan. You can simply visit our website www.finmaket.in and apply online. Once you fill the form you will receive a call from our loan specialists to get further information about your requirements and check your eligibility criteria. If all the requirements are fulfilled we will provide you with the loan.
Our loan specialists are here to help you, please feel free to contact our customer representative at 9059365625. If you have a more pressing matter to discuss, feel free to visit our branches.
FinMarket strongly committed for protecting the privacy of its customers and has taken necessary and reasonable measures consistent with best industry practices to protect the sensitivity and confidentiality of your information and it shall not be held liable for disclosure of SI when done in accordance with this Privacy Policy or pursuant to terms of the Terms of Use of this Website.
You need to have work experience of at least 2 years. This varies from lender to lender.
You can avail loan from Rs. 50,000 to Rs. 75,00,000 depending on your income repayment capacity.
The business loan tenure ranges between 12 months to 36 months.
In most of the cases, no security or collateral is required for business loans. One need to provide the relevant documents to support the application.
You will have to apply for business loan with an online application which takes few minutes. Funding or disbursement is possible in as quick as two days once your documents are approved.
You can apply for business loans for any of the purposes listed below:
Processing fee varies from bank to bank and also it depends on the amount of loan sanctioned.
You can apply for business loans for any of the purposes listed below:
No, you do not have to visit the bank to apply for a Home loan. You can simply visit our website www.finmaket.in and apply online. Once you fill the form you will receive a call from our loan specialists to get further information about your requirements and check your eligibility criteria. If all the requirements are fulfilled we will provide you with the loan.
Yes, you may repay the loan anytime. Some banks charge prepayment penalties that are outlined in the loan agreements. We help you sort all of this out while choosing a loan.
Home loan EMI calculators are now a common online feature on the websites of most lenders. However, to manually derive the EMI, you need to apply the principal amount, tenure, and rate of interest in the traditional mathematical formula used for calculating EMI, which is as follows.
EMI = [P x R x (1+R) ^N] / [(1+R) ^N-1]
Here, P stands for the Principal Amount, R for the Rate of Interest per month (which is, Interest rate per annum/ (12x100), and N refers to the number of monthly instalments.
Yes, you can decide the tenure of your loan based on your requirements. However, before deciding the tenure, you should carefully consider factors such as your age and income because they significantly influence your capacity to repay the loan.
This would depend on whether your income can take the weight of another EMI. Typically, if you have a smaller loan for which the monthly payment is not very high, and in addition to it you can afford the EMI of a home loan, lenders may still approve your loan. However, if your liabilities are high, and if your income cannot support another loan, chances are that your application will be rejected.
Yes, NRIs are eligible for a home loan in India. A number of leading lenders offer tailor-made home loan schemes for NRIs with exclusive interest rates and certain special terms and conditions.
An NRI applicant should have a valid Indian passport and should be a person of Indian origin. Besides this, they should be employed, with a minimum job experience of 2 years.
Our loan specialists are here to help you, please feel free to contact our customer representative at 9059365625. If you have a more pressing matter to discuss, feel free to visit our branches.
FinMarket strongly committed for protecting the privacy of its customers and has taken necessary and reasonable measures consistent with best industry practices to protect the sensitivity and confidentiality of your information and it shall not be held liable for disclosure of SI when done under this Privacy Policy or according to terms of the Terms of Use of this Website.
Loan against Property is a loan given or disbursed against the mortgage of property. The loan is given as a certain percentage of the property's market value.
You can avail the loan against the following properties:
Once your application is submitted, approval normally takes between 10 and 30 days.
The value of the property would be determined through a valuation conducted by the Loan Provider.
The difference between a Home Loan and a Loan against Property is that a Home Loan is taken only for the purpose of buying a residential property whereas a Loan against Property can be taken for any purpose.
Yes the property has to be insured against fire, flood, earthquakes and other appropriate hazards during the tenor of the loan.
Yes, you may repay the loan anytime. Some banks charge prepayment penalties that are outlined in the loan agreements. We help you sort all of this out while choosing a loan.
Yes. NRIs can get Loan against Property from most leading lenders in India. Except for the requirement of some additional documents such as passport, visa, and work permit, the process of applying for LAP is the same for both NRI and Indian applicants.
Yes. You can apply for LAP jointly with your spouse, provided he/she is the co-owner of the property.
No, there are no tax benefits for Loan against Property. However, if the amount obtained from LAP is used for business expansion, the interest paid, documentation charges, and processing fees can be claimed as business expenses under Section 37(1) of the Income Tax Act. But, if the funds are being used for personal expenses such as a wedding, or a child’s education, no benefits can be claimed under the tax laws.
The loan amount granted for LAP would depend on the type and value of the property being pledged. However, in general most lenders provide LAP for amounts ranging from a few lakhs to 2 or 3 crores.
Some of the factors considered by lenders for sanctioning LAP are:
As with any other type of loan, most lenders provide an online EMI calculator on their website, which allows you to calculate the monthly payment applicable for Loan against Property. To manually calculate the EMI, apply the following mathematical formula:
EMI = [P x R (1+R) N]/ [(1+R) N-1]
Where P is the principal amount, or the total amount of loan availed, R is the rate of interest on the loan, and N is the tenure of the loan represented in months.
Yes. You can avail LAP even if you have other existing loans provided you meet all other eligibility criteria of income, age, employment, credit score etc.
The lender conducts a formal evaluation, wherein an appraiser approved by the lender, visits your property to assess it and determine its market value.
Since LAP is a multi-purpose loan, most lenders do not require you to specify the purpose of the loan up to a certain amount. However, if the amount borrowed is beyond a particular limit, you may be asked to sign a declaration that the funds are not being used for any speculative or illegal purposes.
In general most lenders charge a processing fee of 0.5-1% for Loan against Property. Besides this, there is usually a mortgage origination fee of ₹ 5000. In the event of a foreclosure, charges are applicable at 4%, and for prepayment 2%-2.5% is charged. Besides these, cheque bounce charges, or charges for late payment of EMI may be applicable, and these charges vary from one lender to another.
Yes, interest rates of LAP are lower than those on personal loans because LAP is a type of secured loan, which means lower risk to the lender.
Four important factors that determine the interest rate offered by the lender for Loan against Property are:
Not all applications for LAP get approved. Some common reasons for rejection include:
Some lenders do provide 100% of the cost of the car. Others provide 85% of the “on road” value of the car.
Yes, many lenders allow you to repay the loan early. Some lenders require a 6 month minimum outstanding period and some have fees for early payment.
Most types of cars do qualify for financing including sport utility vehicles, sedans, and multi utility vehicles. Each lender has policies for what types of cars they will loan against.
Most lenders require the car to serve as security (collateral) and may require a guarantee from the borrower or a co applicant depending on your level of income.
Applying for a car loan with the same bank where you have an account may help you get a quick, hassle-free approval. However, by doing this, you may miss out of some of the best deals on car loans offered by other lenders in the market. So, it is always a good idea to compare loans before choosing one. The easiest way to do this is to apply online through FinMarket.in. With a single online application, we bring you the best car loan deals from various leading lenders in India.
EMI calculators are a common feature on the websites of most lenders. This EMI calculator works in a simple way. Once you enter the details of your car loan, including the loan amount, interest rate, and tenure, it calculates the EMI in a matter of seconds. However, to manually derive the EMI, you need to apply the principal amount, tenure, and rate of interest in the traditional mathematical formula used for calculating EMI, which is as follows:
EMI = [P x R x (1+R) ^N] / [(1+R) ^N-1]
Here, P stands for the Principal Amount, R for the Rate of Interest per month (which is, Interest rate per annum/ (12x100), and N refers to the number of monthly installments.
You do not need a guarantor for car loans unless you fail to meet any of the eligibility criteria such as the age, income or credit score requirement.
No. Car loans do not bring any tax benefits. Unlike home loans, car loans are not eligible for rebates. So always remember not to exceed your requirement while taking a car loan.
If you have had a good repayment history with the lender for your past loans, then you may be able to leverage your prior relationship as well as your good credit score to negotiate and get a car loan at a lower interest rate.
There are two ways in which you can close out your car loan:
More importantly, remember that paying off the due amount does not complete the process of closing a car loan. You should also obtain a No Due Certificate from the lender. When you buy a car on loan, the car is hypothecated (pledged as security) to the lender. Once the loan is paid off, this hypothecation has to be cancelled, for which you should approach the Regional Transport Office (RTO) and produce the No Due Certificate from the lender. Following this, your RC book is updated by removing the hypothecation.
Your car loan application may be rejected for one or many of the following reasons:
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