The co-borrower is the co-obligor to the loan. Typically, this is an income-earning family member who is willing and qualified to take up the repayment of the loan in case the applicant is unable to repay the loan.
We take the security of the borrower’s information very seriously and have taken care to comply with the best practices in the industry. One can be assured that all his/her data provided is in good hands and the information is handled in a secure manner.
In the fixed interest rate scenario, the interest remains constant throughout the loan period irrespective of the changes in market conditions while in the floating interest rate scenario, the interest can decrease or increase depending on market fluctuations.
A repayment schedule details how the borrower can repay the loan; as well as contains the breakup between principal and interest charged in each EMI.
Processing fee is the fee charged for verifying the applicant’s basic information and documents, getting the same approved by our credit team. The processing fee differs based on the product value, product category, and the tenure of the loan selected. The processing fee applicable (if any) will be visible at the time of the application itself.
A Personal Loan is an unsecured loan facility, where we give the borrower money to spend on a specific product/service of our partner and the loan is repaid in EMI over the life of the loan.