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.

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.

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.

We do not have an option to change EMI due date. The EMI due date is as mentioned during account opening.

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.

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”

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

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.

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.

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.

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.

It is generally advisable to have a Credit/Bureau score of 700 or above to qualify for a loan.

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 protected] mentioning the Loan account number or registered mobile number

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.

He/she can login into the customer portal to see a customized dashboard with details on the current status of the applied loan.

A borrower can login into the customer portal to see a customized dashboard with details of all his/her current loans.

The repayment Schedule can be downloaded by logging into the customer portal. Click “View Detail” > Select “Statement” > Select “Repayment Schedule” > Click on Download

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

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

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.

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 [email protected].

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.

For instant information, log on to the customer portal or alternatively goto the contact us page mention on the website.