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:
- Sign up/ Register
- Fill application form
- Upload document
- Pay login fees
- 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 Mahila Udyog Loan
- 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
