FAQDocument ChecklistCharges FeesGRIEVANCE REDRESSAL MECHANISMAbbreviationsMITC

Frequently Asked Questions

  • Can I borrow through Aasaan Loans?

    You can borrow from Aasaan Loans, if you are Indian citizen, and 23 years and above with a income as per Aasaan loans policy

  • What is the process for getting loan from Aasaan Loans?

    You can avail loan from Aasaan loans through following simple steps:

    1. Sign up/ Register
    2. Fill application form
    3. Upload document
    4. Pay login fees
    5. Get loan approval
  • What documents do I need to give at the time of their registration (login)?

    Following documents are required:

    • For salaried – Last 1 year bank statement, should not be 15 days older at the time of file login,
    • Identity & Residential proof
    • For Self-employed Last 1 years bank statement, and should not be older than 15 days at the time of login
    • 2 years ITR’s along with (computation of income, profit & loss a/c and balance sheet)
    • Business proof of last 5 years
  • Can I submit physical copy of required documents?

    Aasaan Loans strives to reduce the turnaround time in funding your loan requirement. As part of that attempt, we need only soft/digital copies of your documents at the time of registration.

  • What amount can I borrow and at what rate of interest?

    We offer loan amount from Rs.1 lac to Rs.30 lacs

    • For Mahila Udyog Loan, loan amount from Rs.1 lac to 5 lacs
    • For Small Business loan, loan amount from Rs.1 lacs to Rs.5 lacs
    • Unsecured Personal loan, form Rs.50k to Rs.3 lacs
    • Tenure ranges from 3 to 7 years, exclude personal loans where tenure is 1 to 3 years.
  • Do you conduct credit history checks?

    We would do a credit history check in accordance with our policies. While most banks and NBFCs in India rely on credit score as the most crucial criteria in their credit screening process, we at Aasaan Loans have developed a credit algorithm that considers your past payback track record rather than your credit score. To award an Aasaan Loan score to your credit application, we give significant weightage to various additional characteristics. As a result, we provide credit proliferation by servicing both served and underserved clients.

  • What is the tenure offered by Aasaan Loans?

    Aasaan Loans offer tenure between 3years to 7 years for all secured product

  • What is balance transfer loan?

    Transferring your outstanding loan availed from another Bank / Financial Institution to Aasaan loans is known as a balance transfer loan.

  • Who can avail a balance transfer loan?

    Any borrower who has an existing loan with another bank/HFI in which he/she have had a regular payment track of 12 months, can avail a balance transfer loan from Aasaan loans

  • What security you have to provide for top loan?

    Self-occupied residence (house) or Self-occupied shop is accepted as security by Aasaan Loans norms

  • Can I avail a top loan in addition to balance transfer loan from Aasaan Loans?

    You can avail an additional top-up as per Aasaan loans along with balance transfer

  • What will be the repayment frequency for Aasaan Loans?

    Monthly

  • How will Aasaan Loans decide the loan amount, I am eligible for?

    Aasaan Loans will determine loan eligibility largely by your income and repayment capacity. Other important factors include your age, co-applicant income, collateral offered by you as a loan security

  • What does market value of the property mean?

    Market value refers to the estimated amount that is expected to be fetched on the property as per the prevailing market conditions

  • What happens if I miss an EMI payment or there is an ECS bounce?

    Aasaan Loans will levy certain NACH/ECS bounce charges/penalties. In addition, it will get reported in your credit report, depending on the severity of the default. It can have a serious impact on your future credit possibilities like home loan, Car loan, etc

  • Is there a fee to apply loan with Aasaan loans

    There is a login fee which you have to pay at the time of login your loan proposal plus processing fees will be taken when your loan get sanctioned.

  • Do I get tax benefits on loan against property?

    Tax benefits under section 24 (B), this section allows salaried individual to take advantage of the loan against property income tax benefits. You are eligible for tax deduction of 2 lacs if you use the loan against property amount to fund your new residential house.

  • How much loan can I get as percentage of my property?

    Aasaan Loans give 50% of property cost

  • Can I make early repayment?

    Yes, you can make early repayment subject to terms and conditions mentioned on sanctioned letter.

  • What does Encumbrance refer to?

    Encumbrance on a property refers to claims or charges on the property due to liabilities such as unpaid loans and bills. It is critical that during your home search you consider properties which are free of encumbrances of any sort

  • When can I take disbursement of the loan?

    You can take disbursement of the loan once the property has been technically appraised, all legal documentation has been completed and approved by external and internal team of Aasaan Loans.

Aasaan Saral Udyog Loans

  • What is Secured/collateral base loan?

    It is loan against your property, Residential or Commercial which is free hold

  • What will be the Rate Of Interest offered by Aasaan Loans?

    Rate of Interest ranges from 17% to 20%

  • For which end use, loan will be provided by Aasaan loans?

    Business expansion, purchase of new stock/raw material, clearing of huge interest Debts, transferring your outstanding loan availed from another bank/financial institution

  • Who can be co-applicant to the loan?

    A immediate family members such as your parents, spouse and children

  • Why has my Loan Application has been rejected?

    Aasaan Loans retains the right to reject a loan application if the applicant’s creditworthiness is insufficient. Incomplete paperwork in compliance with Aasaan Loan’s policy, failed document verification, and intentionally submitting erroneous information to trick the Aasaan Loans systems and processes are causes to deny loan applications, according to our credit verification process.

Aasaan Loan Against Property

  • Do property owner has to be on loan structure?

    Yes all property owner have to be on loan structure as Applicant and Co-applicants

  • Do property owner has to be on loan structure?

    Yes all property owner have to be on loan structure as Applicant and Co-applicants

Aasaan Loan Against Property

  • Who can apply for loan?

    Women who is having existing business’ with 2 years of business’ stability

  • How much loan can be availed?

    Maximum loan  availed is upto Rs. 5 lacs

  • What is minimum income required?

    For formal income, Rs.12000/- is required and for informal Rs.15000/- is required

  • What will be tenure of loan?

    Maximum tenure of loan is 7 years

  • What will be Rate of interest?

    Rate of interest is 17% to 20%

  • What is the minimum Cibil score required?

    650 is the minimum Cibil score required

  • What are the documents required?

    Required individual as well business KYC

  • Do I require co-applicant for loans?

    Yes, you are required to take 1 male co-applicant for loan, should be immediate family member

Document Checklist

ParticularsDocuments
KYC – ID Proof (Any one)Passport
PAN card
Voter’s ID
Aadhaar Card
Driving License
KYC – Address Proof (Any One)Aadhaar Card
Bank Passbook
Registered Rental Agreement
Gas Bill
Telephone Bill
Electricity Bill
Income Documents – SalariedLatest salary slip/document (Last 3 months)
Latest Salary Bank Account Statement (Last 1 year)
Other Savings Bank Account Statement (Last 1 year)
Latest Form No. 16
Proof of other income (if applicable)
Proof of Savings/Investments
Formal Income Documents – Self Employed
Self-Employed Non-ProfessionalCopy last 2 years ITR along with computation of income, P&L and B/S.
Advance Tax Challan / Self-Assessment Tax paid Challan
If salary drawn, statement of salary along with Form no. 16 and bank statement reflecting the salary credited (if applicable)
All Bank statement for Current & Savings accounts of the company and Self for last 1 year
Proof of savings/investments and statement of net worth.
Business Profile on the letter of the company (By the Applicant.)
MOA, AOA, Partnership Deed, Auditors Report, Relevant business documents
Shop Establishment license / VAT registration / Any other mandatory License / Registration
Board Resolution in case of a Public Limited company (if applicable)
Details of contracts (if applicable)
Self-Employed ProfessionalCopy last 2 years ITR along with computation of income, P&L and B/S.
Advance Tax Challan / Self-Assessment Tax paid Challan
If salary drawn, statement of salary along with Form no. 16 and bank statement reflecting the salary credited (if applicable)
Proof of other income (if applicable)
All Bank statement for Current & Savings accounts of the company and Self for last 1 year
Proof of savings/investments and statement of net worth
Business Profile on the letter of the company (By the Applicant.)
MOA, AOA, Partnership Deed, Auditors Report, Relevant business documents
Board Resolution in case of a Public Limited company (if applicable)
Details of contracts (if applicable)
Copy of Profession Certificate
Informal Income Documents – Self Employed
Self-Employed Non-ProfessionalLast 6-8 months kaccha bills of Purchase and Sales
All Bank statement for Current & Savings accounts of the company and Self for last 1 year
Business stability proof
Proof of other income (if applicable)
Proof of savings/investments and statement
Self-Employed ProfessionalLast 6-8 months kaccha bills of Purchase or Sell
All Bank statement for Current & Savings accounts of the company and Self for last 1 year
Business stability proof
Proof of other income (if applicable)
Proof of savings/investments and statement
Copy of Profession Certificate

Charges Fees

Charge Type Charge Description
UPFRONT CHARGES (CHARGES BEFORE DISBURSEMENT)
Processing Fees2% + GST ON sanctioned amount
Non Postal Stamp / Stamp DutyAs applicable law of the State
Non-Encumbrance Certificate / Search Report / Verification ReportAs per actual + GST
Valuation / Technical FeeIncluded in login fees
CERSAI: At the time of disbursement: Creation of ChargeRs.250/- for the loan amount upto Rs.5 lacs and Rs.500/- for more than Rs.5 lacs
Login fees Charges (Non Refundable)Rs.5000/- + GST
Charge Type Charge Description
CUSTOMER SERVICE CHARGES
Pre-payment Charges10% of Present outstanding, Permissible 4 times of year
Non Postal Stamp / Stamp DutyAs applicable law of the State
Cheque/ ECS/ACH bounce charges (Per instrument/ Transaction)Rs.500/- +GST
Late Payment Interest3% Per month
Duplicate No Dues CertificateRs.500 +GST
Copy of Property PapersRs.500/- +GST
Charges for Missed Due DatesRs.200/- +GST
Cancellation Charges / FeesRs.250/- +GST
Document Retrieval ChargesRs.500/- +GST per instance
Duplicate Annual Account StatementRs.500/- + GST
Loan Prepayment / Closure (fully) statement / SOA/ repayment Schedule Charges4% of the principal loan outstanding
Each Personal Visit to customer’s Place for collection of DuesRs.1000/- + GST
Restructuring/switching feesApplicable on outstanding principal amount): 1.00% + GST
Cheque/ ECS Swapping charges (per set)Rs.500/- +GST

All charges/fees to be paid through Akme Fintrade India Limited Branches/ Akme Fintrade India Limited Representatives by A/c payee crossed cheque in favour of “Akme Fintrade India Limited”
Cash payments to be made ONLY against valid receipt issued by Akme Fintrade India Limited Branches at their office.

Akme Fintrade India Limited does NOT charge any amount over and above the charges mentioned above and will NOT be liable or responsible for making payment of any amount to unauthorized persons.

#Applicable GST or Govt Taxes (Service Tax or GST or any other Tax ) will be charged extra along with above mentioned charges as applicable

Grievance Redressal Mechanism

The Client Grievance Policy at Akme Fintrade India Limited (AFIL) has been formulated in line with the Master Direction – Non-Banking Financial Company – Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016 with an aim to reduce customer dissatisfaction. This policy is aimed at minimizing instances of customer complaints and grievances through proper service delivery and review mechanism and to ensure prompt redressal of customer complaints and grievances. For the purpose, AFIL also has a mechanism for timely and effective client grievance redressal.

Grievance Redressal Process and Matrix

There are different channels through which the clients can register their complaints with AFIL

Step 1:

Complaint registers at Branch: The Customers would be required to send their queries/ disputes/ requests to the Branch Officers/ Customer Care Executives of the Company. The Branch Officers/ Customer Care Executives would then forward those queries/ disputes/ requests to CRM department. These queries would then be received and solved by the CRM department.

Step 2:

Direct escalation to the head office through: In case, if the query requires to be further scaled up, then it would be directly sent to Head office.

  1. Customer Care Number 9594377377, also displayed at AFIL website.
  2. In writing at Mail id : care@aasaanloans.com

Step 3:

If the customer’s issue is not resolved even after contacting various complaint resolution channels, he/she can write to the Nodal Officer at:

To,

The Nodal Officer,

Akme Fintrade (India) Limited,

Akme Business Centre (ABC),

4-5, Subcity Centre, savina Circle

Udaipur-313002

Contact no: 9594377377 

AFIL is committed to providing the resolution within 10 (Ten) to 30 (Thirty) Working days.

In case, disputes/complaints are not resolved within the time or not satisfactory, clients may contact:

To,

Asst. General Manager

Department of Non-Banking Supervision (DNBS)

Reserve Bank of India (RBI)

JAIPUR Regional Office,

Rambagh Circle,
Tonk Road, P.B. No.12,

Jaipur-302052

Abbreviations

EMI

EMI is Equated Monthly Instalment which is the monthly amount that a customer needs to pay to the financial institution towards the servicing of his/her loan. The amount consists of payment towards interest and principal

Pre-EMI

This is the term used in case of partially disbursed loan. Pre-EMI is the monthly amount that a customer needs to pay to the financial institution towards servicing of his/her partially disbursed loan. This amount consists of payment towards interest only

KYC

KYC known as Know Your Customer are set of documents that are collected by a financial institution towards confirmation of identity and the place of residence of the applicant. These may include Aadhar card/Voter id/Passport/Pan Card/driver license etc to help establish identity and latest bank statement/electricity bill/telephone bill/ration card that help establish proof of residence

CAM

CAM is called Credit Appraisal Memo which is the output of credit appraisal done by the credit team tabulated into quantitative and qualitative parameters. The memo contains the credit decision whether the loan can be given to the customer or not and if found eligible, then it provides details of loan amount and loan tenor

LTV

LTV is called Loan to Value ratio which is calculated as loan amount divided by the market value of the property (excluding stamp duty and registration charges)

LCR

LCR is called Loan to Value ratio which is calculated as loan amount divided by the total agreement value of the property including stamp duty and registration charges

IIR

IIR is called Instalment to Income ratio and is calculated as monthly instalment to be paid towards loan payment divided by monthly income of the applicant. This helps to understand how much portion of his monthly income an applicant needs to set aside so as to service the home loan

FOIR

FOIR is called fixed obligation to income ratio and is calculated as total fixed obligations an applicant has from all lenders divided by his monthly income. This helps to understand the applicant’s total indebtedness and whether he would be able to set aside a portion of his income to service new loan and at the same time save enough for his monthly expenses and savings

LAM

LAM is called Legal Appraisal Memo which is the output of the legal appraisal of the property done by the empanelled lawyer and contains detailed overview of the legal aspects of the property to be financed including encumbrance, flow and evidence of title etc. This report is extremely important as it helps to confirm that the property has clear and marketable title

TAM

TAM is called Technical Appraisal MEMO which is the output of the technical appraisal of the property done by the technical valuer/certified engineer and contains detailed overview of the technical aspects of the property to be financed including construction as per approved plan, approval from competent authorities, stage of construction, structural stability, deviations if any

PDC

PDC is called Post Dated Cheque which is written by the payer for a payment in future. The borrower can service his monthly instalments by submitting specified number of PDCs in advance and can replenish them as they get exhausted. However, in order to avoid inconvenience and be efficient, ECS/ACH payment are increasingly used by most of the borrowers towards repayment

ECS

ECS is called Electronic Clearing System. ECS is an electronic mode of funds transfer from one bank account to another. A home loan borrower can sign an ECS mandate which enables him to pay monthly instalments to the financial institution electronically without the need of a cheque

ACH

Automated Clearing House. ACH are electronic payments that are created when the customer gives an originating institution, corporation, or other customer (originator) authorization to debit directly from the customer’s checking or saving account for the purpose of bill payment. A home loan borrower can sign an ECS mandate which enables him to pay monthly instalments to the financial institution electronically without the need of a cheque

MITC

Akme Fintrade India Limited MITC.

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