FREQUENTLY ASKED QUESTIONS
How can we help you?
How will the loan amount be disbursed?
What information and documents are required to apply?
The documents required are KYC Documents + Income Documentation. The list of documents required during application varies from product to product.
Can a customer directly get a loan from Singularity?
Please contact our registered partners to avail a loan. We currently do not provide loans directly to customers.
How does a borrower find out if he/she is eligible for a loan?
The eligibility for our loans varies from product to product. Contact our partners to get a detailed description of the eligibility criteria for the product.
What type of loans does Singularity provide?
We currently provide personal loans and home loans. We are continuously looking to partner with technology aggregators to provide additional types of loans to our customers.
What is an EMI?
EMI or Equated Monthly Instalment is a fixed amount paid by the borrower to the bank on a specific date every month. The EMI’s are fixed when the borrower borrows money from the bank as a loan – an amount that combines principal and interest.
How is EMI amount computed?
The EMI amount depends on the product value chosen as well as the tenure selected for loan repayment. The EMI amount is calculated by the system and displayed instantly at the time of the loan application itself.
What are the options for making EMI payments?
EMI shall be paid through National Automated Clearing House (NACH) and will be automatically debited on the EMI due date through the registered bank account. The borrower can check the repayment schedule and the linked bank account by logging into the customer portal.
Can a borrower change his/her EMI due date?
We do not have an option to change EMI due date. The EMI due date is as mentioned during account opening.
Can the loan be preclosed/foreclosed?
Yes, a borrower can preclose/foreclose his/her loan as per the loan agreement. Preclose/foreclose charges will be as agreed to and specified in the loan agreement.
Will foreclosing of the loan affect the borrower’s bureau/credit record?
No, foreclosing your loan will have no impact on the borrower’s credit/bureau record. Once the loan is foreclosed, the same will be reported to the bureau/ credit record as “Closed”
What is a Credit score?
A Credit score is a 3-digit number representing the creditworthiness of an individual. It ranges between 300-900, with 900 being the highest possible score
How can a borrower maintain/improve his/her credit score?
A credit score can be maintained/improved by making clearing EMI and credit card dues on time. The borrower should not have any pending loan/credit card payments and avoid taking too much debt at one time.
What does a score of -1(Minus One) and 0(zero) indicate in the Credit Report?
A score of -1 indicates no credit history in last few years. And a score of 0 indicates that your credit history is available only up to 6 months.
Will there be a credit report inquiry when the borrower apply for this loan?
Yes, there will be a credit report inquiry made whenever the loan is processed. This inquiry will only be made after his/she submits the loan application.
What happens if the borrower delays the EMI payment?
If the borrower delays the EMI then he/she is liable to pay late charges which are agreed to and specified in the loan agreement. Also it might affect your credit score, so its advisable that you pay your EMI on time.
What is a good credit score?
It is generally advisable to have a Credit/Bureau score of 700 or above to qualify for a loan.
Will the borrower’s credit record automatically update after the loan closure?
After closure of the loan, the credit records will get updated within one month. In case its not updated or if there is any discrepancy, please write to us at email@example.com mentioning the Loan account number or registered mobile number
How to login into the customer portal?
Please visit us at https://singularitycredit.com/ and click on the ‘Customer Portal’ tab, the borrower will be asked to verify his/her registered mobile number. By using the mobile number and OTP one can access complete loan details.
How does a loan applicant check the status of his/her loan application?
He/she can login into the customer portal to see a customized dashboard with details on the current status of the applied loan.
How does an existing borrower check his/her outstanding loan and due date?
A borrower can login into the customer portal to see a customized dashboard with details of all his/her current loans.
How to download the Loan Repayment Schedule?
The repayment Schedule can be downloaded by logging into the customer portal. Click “View Detail” > Select “Statement” > Select “Repayment Schedule” > Click on Download
How will a borrower get a No Objection Certificate after making all EMI payments?
Once a borrower has completely paid all his/her EMIs, can download the completion letter (NOC) from the customer portal. Click “View Details” > select “Statement” > select “No Objection Certificate” > Click on Download
What is NACH?
NACH stands for National Automated Clearing House (NACH). It is a centralized system that has replaced ECS for auto-debit transactions in India. We require the borrower’s signed NACH mandate to auto-debit EMI payments from his/her account
How does the EMI get automatically deducted from borrower’s bank account?
The last step of the loan request process includes sharing the Loan Agreement form with the authorization of deducting a proposed EMI amount for a certain duration (depending on the loan plan). This Loan Agreement form will contain a NACH mandate, which will enable us to auto-debit the EMI amount directly from the borrower’s bank account.
What if the payment made by the borrower is not updated on the portal?
It takes upto 24 hours for us to update the payment. The borrower can check it by logging into his/her customer portal. If it has already been more than 1 working days and it has not got updated – please write to us at firstname.lastname@example.org.
Who is a co-borrower?
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.
How do a borrower trust the security of this website?
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.
What is the difference between fixed rate and floating rate of interest?
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.
What is a repayment schedule?
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.
What does processing fee mean?
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.
What is a Personal Loan?
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.
How does a borrower contact Singularity Creditworld Private Limited?
For instant information, log on to the customer portal or alternatively goto the contact us page mention on the website.