Frequently Asked Questions

Personal Loan

Unlike secured loans, such as mortgages or car loans, personal loans do not require collateral. 

The loan is based on many factors based on the bank or lending institute one’s approaching. Although, some of the basic factors that could affect your chances of getting a personal loan are the borrower's creditworthiness, income, and other financial factors. 

There’s no specified use of a Personal Loan, therefore it is considered one of the most flexible loans in the market. Personal loans can be used for a variety of purposes, such as consolidating debt, paying for home improvements, or covering unexpected expenses. 

Interest rates for personal loans can vary widely depending on the lender and the borrower's credit score, but generally, it ranges between range between 8.75% p.a. and 49.5% p.a.


A person can be the right funding support for everyone in need of emergency cash. Personal loans can also be a good option for those who need to borrow money quickly and do not have assets to use as collateral.

Yes, apart from interest rate a borrower will have to bear several other charges. These charges vary from lender to lender but the general ones are:

Processing Fees: While processing a loan there are many administration expenses which is charged by the borrower in the form of Processing Charges. These charges can vary from lender to lender but range between 0.5% to 2.50% on the total loan amount

EMI Default Charges: Once you take a loan ensure to repay its EMIs on timely periods. Any single delay in your payment can cause you the trouble of paying extra EMI DefaultS

Prepayment/Foreclosure: A prepayment or Foreclosure charge is a charge that one needs to pay in case they want to close their loan account before completing the fixed tenure of repayment 

The document requirement of a Personal Loan Differs from lender to lender. You may discuss this with your chosen lender before proceeding with the process. Whereas the general documents that most lenders ask for are Identity Proof, Address Proof, Income Proof, and a good cibil score.

The minimum required CIBIL Score for a personal loan varies on your choice of lender. Speaking of the majority, the ideal CIBIL Score to apply for a Personal Loan is 700 or above of it.


 A good CIBIL score lies between 720-900 which is based on your credit history and repayment capabilities.


Every lender has a specific list of factors that can affect your chances of getting loan approval. These factors can make or break the deal for you. The major factors that could affect your chances of getting approval on your personal loan are:

Low Income

Poor Credit History

Incomplete Information in Application

Previous pending loans

Job instability

High Debt-to-income ratio


If you are struggling with getting rejected for a loan application every time, then worry not. With the right steps, you can improve your chances of getting a loan application approved on the very first go. Let’s introduce you to a few of them:

Build your credit score

Look for ways to increase your income and pay down debt

Set for a realistic loan amount

Apply with a cosigner

Put up collateral 9if required)

Prequalify with several lenders

Try to avoid any loan debt

Mae sure you are stable in your job profile


When you take out a loan, the bank determines a minimum and maximum percentage of the loan amount that will be processed as fees. You can choose to pay these fees upfront or have them deducted from your loan when it is disbursed.

Online applications make it easy to keep track of your loan application status. All the top lenders in the market provide ways for customers to check on their applications.


Having a good-to-excellent credit score is important for securing a personal loan. Having a cosigner with an equally good-to-excellent credit score can help decrease your chances of being denied for a loan and secure you a better interest rate.


This can’t be stated certainly in any specific case. Whereas, by paying your bills on time and in full, you can talk to your lender about getting a lower interest rate, a longer repayment tenure, and lower EMIs.

You can easily calculate your Personal Loan EMIs online. Every lending platform provides an EMI calculator on its website. You can fill in your loan details and calculate an approx amount of your monthly EMIs.


Yes, some Personal Loan lenders charge prepayment penalties or foreclosure charges if you want to repay your loan early or transfer the balance of your current loan to another lender.


When you sign up for a loan, the bank will fix a date for your monthly installments. Once this date is set, it cannot be changed during the entire tenure of the loan. So, you should find out when you can pay off your monthly outgo without much discomfort.


Education loans and home loans are the only two types of loans that offer tax benefits. Personal loans and vehicle loans don't provide any tax breaks. Tax breaks can lower the effective cost of borrowing money and can be useful if you need to borrow.


Normally the bank would process the application within 30 days from the date of submission of all documents in full.


This online service it is possible to have a real-time tracking facility of all transactions and the status of the loan. Most banks and NBFCs are offering this service to help customers to get information faster and also to reduce email and call traffic.

What is the Maximum tenure of a Personal Loan?

The repayment tenure of Personal Loans varies from lender to lender. Whereas, most of banks provide you loans for a minimum of one year to a maximum of five years.


No, a Personal Loan is an unsecured loan so the borrower doesn’t need to provide any collateral. 

This depends on the set guidelines of the lender you’re opting for. Customers can make changes to certain editable fields. However, locked icons indicate that an item cannot be modified in that particular field.

Getting your hands on a Personal Loan that fits your requirements in every aspect is quite tough. But not when you keep your research work strong. To not get confused and choose the right personal loan for yourself, here are a few tips you could follow:

Keep your credit score in check

Compare interest rates

Shortlist your requirements

Check all the Charges

Evaluate your ability to repay on time


When the interest rate on a loan is less than the going rate, it's said to have been subsidized. The government sometimes subsidizes the interest rates on loans given to students or small businesses.

When you use Internet banking, it is a good idea to link all your active accounts with your primary account number. This will make it easier for you to take out a loan number. Apart from this you can also contact the lenders or check the papers that your bank must have sent you while signing the loan account

In the event that the shares are held in physical form (as certificates), an individual can borrow up to 10 lakhs against them. If the shares are held in a dematerialized form (in a Demat account), then they can be used as collateral for a loan of up to 20 lakhs.


Business Loan

No, Business Loans can be used for business activities only. 

Some banks allow part payments. However, there are restrictions on how many times you can make a partial payment in a year and the minimum and maximum amount of your loan that must be repaid each time you make a partial payment. Please ask our or the bank's loan advisor for more details before signing the loan document.

The interest rates of any Business Loan may differ from lender to lender based on your eligibility. Whereas, generally the rate of interest varies from 16% to 23%.

The joining fee of any Business Loan may differ from lender to lender based on your eligibility. Whereas, generally the processing fee varies from o 2.5% of the loan amount. 

The answer to this question can’t be certain as every bank or lender has a different pre-set criteria of business loan eligibility which needs to be fulfilled to get a business loan. So it is advised to talk to your lender first about this before applying for a business loan.

To apply for a business loan with a reputed lender the minimum Cibil Score that you might require is 700 or above.

If you are struggling with getting rejected for a business loan application every time, then worry not. With the right steps, you can improve your chances of getting a loan application approved on the very first go. Let’s introduce you to a few of them:

Build your credit score

Keep your ITR documents checked

Look for ways to increase your income and pay down debt

Set for a realistic loan amount

Apply with a cosigner

Put up collateral 9if required)

Prequalify with several lenders

Try to avoid any loan debt

Make sure you are stable in your job profile

The approval of a loan is dependent on many factors based on the bank or lending institute one’s approaching. Although, some of the basic factors that could affect your chances of getting a Business loan are the borrower's creditworthiness, income, and other financial factors.

Most lenders prefer to lend money to businesses that have been in operation for at least two to three years.

Yes, you can apply for a business loan even if you have a construction business. There are many lenders who offer collateral-free business loans to construction businesses.

The eligibility of every Business Loan differs from lender to lender. Whereas, below mentioned are some basic eligibility that is mandatory with almost every lender.

The vintage of the business must be a minimum of 2-3 years

The business must be profit-making for the previous 2 years

The minimum age of the applicant must be 21

The minimum Annual Income (ITR) of the business must be ₹1.5 lakhs per annum

Applying for a business loan is a cakewalk these days. With an emerging number of lenders in the market, it’s quite easy to get a business loan. To get a business loan you can choose a lender based on your needs and visit their official website where you will be prompted for all the further steps. Although if you want to explore multiple business loan options on a single platform, you can visit https://referloan.in/ and apply for a business loan.

If your business loan application is getting rejected, the reasons could be different based on your eligibility and choice of lender. But here are some major points that could lead your business loan application toward rejection.

The chances of getting your business loan approved are based on many factors based on the bank or lending institute one’s approaching. Although, some of the basic factors that could affect your chances of getting a business loan are the borrower's creditworthiness, income, business vintage, business profit, and other financial factors.

The interest rates on Business loans vary from lender to lender but In India business loans usually range between 10% to 21%.

Lenders will generally evaluate the time that you have been in business, the credit scores, collateral, and the industry in which you are doing business in. These factors are evaluated by the lenders primarily.

You should keep the documents and related business and project reports on hand. The credit report should be handy for a lender to evaluate. It's important to mention repayment sources clearly in your loan application.

The maximum amount on Business loans differs from one bank to another. Whereas, in India, a business can borrow from Rs. 50,000 to Rs. 100 crores. 

If you want to check your eligibility for a Business Loan you can visit the official website of your chosen lender. Most such websites mention the eligibility requirements upfront on their website. A few banks have also started providing online loan eligibility calculators. 

Yes, there are many banks that offer Start-up loans. Startups can also apply for various Start Up India Loans initiated by the Indian Government for Start-ups and MSMEs.

Yes, you can easily apply for a business loan with a co-applicant.

No, it is only mandatory to have a co-signer when the primary applicant fails to meet the eligibility criteria of the lender.

You can simply download the mobile app of your lender or visit the bank's official website to check the status of your business loan application. You can also reach out to the customer care of your lender for detailed information.

If you want to apply for a business loan your minimum CIBIL Score must be 700 or above. 

If you fail to repay a business loan, your credit standing and creditworthiness will suffer. If this happens again, the lender can file a lawsuit against your business.

You can get an unsecured business loan without collateral via some lenders, but it may come with higher interest rates and stricter requirements for borrowers.

The length of time it takes to repay a loan largely depends on the term. A five-year loan should take five years to repay, but if you can pay it off early, that's a good thing as long as you don't incur a prepayment fee for doing so. If there is a fee, you might want to hold on to that loan a bit longer.

Yes, you can easily get a small business loan without any collateral.

The amount of each EMI that you will need to repay for a business loan depends on your loan amount and repayment tenure. To get better clarity, you can use a Business Loan EMI Calculator available on many lending platforms.

Home Loan

Yes. In accordance with the Income Tax Act of 1961, you'll be capable of receiving tax breaks on the amount paid in principal and yearly interest aspects of your home loan. Because these advantages may vary from year to year, you should speak with our loan consultant concerning the tax advantage available on the loan you are taking out.

 When the property is officially and technically monitored, all necessary record-keeping has been submitted, as well as you have put forth your own contributions in whole, you are eligible for the loan's disbursement.

You can apply for a home loan online in four simple steps:

 1. Register with your preferred lending institution.

 2. After that, fill out the form provided on the home loan application page.

 3. Add the required documents.

 4. Pay the processing charge.

 5. Wait for loan authorization.

According to RBI guidelines, no lending institution can make a 100% loan to any individual applicant. Banks can typically lend up to 80% of the total market value of a home.

Yes. In cases where someone's per-month earnings are low, banking institutions may allow co-applicants for a single loan.

The bank keeps the asset you bought as collateral for the loan. Although if the borrower's CIBIL score is poor, banking institutions may require a guarantor as well as extra security such as other property records, metals such as gold life insurance coverage, and shareholders.

Yes, you may utilise home loan products for remodelling, modifying, or strengthening your home.

Yes, if you chose the old tax regime, the home loan will be tax deductible under Section 80C. You may subtract up to 2 lakhs for interest in addition to up to 1.5 lakhs for the principal amount to be paid.

You must submit the required paperwork along with the application form.

Loans go through processing within 15 working days of receiving all of the necessary paperwork.

Any home loan application is subject to an initial non-returnable charge for processing. An administrative fee of up to 1% of the total amount of the loan, together with the relevant taxes, is charged to obtain a home loan.

A fixed-rate home loan holds a fixed rate of interest that persists unchanged throughout the tenure of the loan period, regardless of fluctuations in the market.

A floating-rate home loan is one in which the cost of interest on the loan fluctuates throughout the duration of the loan depending on volatility in the financial market. For example, if the RBI raises loan rates, consumers who have flexible-rate home loans may experience a hike in the volume of EMI they pay for the loan.

Amortization is a breakdown of the interest and principal amounts associated with every EMI submitted on a loan, as well as the amount that remains unpaid after every installment until the amount owing on the loan attains zero.

HDFC offers home loans of up to 90% of the purchase price. The funds from the loan are permitted to be applied to building a new house, remodelling, or home extensions.

 The banking institution will determine the amount of your home loan mainly based on your earnings as well as your capacity to repay it.

Home loans that have lower rates of interest are made available to female borrowers. Additionally, if a woman is a joint-owner or co-applicant, the lending institution may provide a lower interest rate on a home loan.

A home loan from the Bank of Baroda has an approximate tenure of thirty years.

Yes, you can pay off the loan in installments or in full.

No, almost all lenders demand at least 10%–20% of the value of the property as the initial deposit.

Yes, subject to certain terms and conditions, you can change from one that is floating to one that is fixed.

Being in default on your home's loan repayments can result in charges, action in court, and perhaps a state of foreclosure.

 A home loan's rates of interest are subject to change based on the lending company as well as the customer's credit score. In the Indian subcontinent, home loan rates of interest at present fluctuate between 6.70% and 9%.

The full form of FHOG is “First Home Owner Grant.”

 The FHOG, or First Home Owner Grant, is a governmental grant for those who are first-time home buyers.

A home loan offset account, also known as a mortgage offset account, is an account of savings connected to the home loan that is used to lower the interest demanded on the principal amount of the loan.

A home loan redraw facility allows the applicant to take funding from a loan they have made payments on.

The above condition is generally dependent on them being sufficiently in advance on their loan reimbursements. This isn't offered on every loan.

 A broker who deals with mortgages is an example of a financially knowledgeable person who specialises in locating home loans for their clients.

 A bridging loan, as the name suggests, is a form of short-term financing aimed at covering the cost of an additional property while giving you sufficient time to sell your current one, irrespective of whether you presently have an ongoing loan.

Vehicle Loan

The maximum amount of financing available using a vehicle loan is determined by the vehicle's price, the credit history of the applicant, and the lending institution's conditions of lending.

Based primarily on the lender's conditions of lending, the time frame for repayment for a vehicle loan may vary from one year to seven years.

The rate of interest on a vehicle loan can differ from one finance company to the next, However, it is usually between 8% and 12%.

Salary earners are eligible for a vehicle loan if they fulfil the lending companies' eligibility requirements.

Yes, individuals who are self-employed can submit an application for a car loan if they adhere to the lending institution's eligibility requirements.

The documentation needed for a vehicle loan can differ from one financial institution to the next. Identity proof, residential address or address proof, salary slip or income proof, statements from banks, and vehicle documentation are typically required.

Yes, recipients can pay off their vehicle loan early, but prepayment fees can be incurred.

Yes, consumers have the option of transferring their vehicle loan to another financial institution in case they observe cheaper interest rates or additional conditions to their agreement.

 Individuals cannot receive tax breaks on a vehicle loan.

 If somebody fails to make payments on a vehicle loan, the lending institution may take legal steps to get back the remaining debt balance, which may include taking away the vehicle.

The amount of margin necessary to obtain a vehicle loan varies by financial institution, but it is typically between 10 and 25 percent of the vehicle's price at the time of purchase.

 Individuals can get a car loan for a used car; however, the amount of the loan as well as the interest rate can vary compared to loans for a brand-new vehicle.

Consumers can obtain a commercial vehicle loan; however, the loan's total value and interest rate can vary from those available for personal automobiles.

 The processing charge for a vehicle loan varies depending on the financial institution, but it is typically from 1 to 2 percent of the loan's total amount.

 Yes, individuals may negotiate their interest rate on an automobile loan by evaluating offers from various funding sources and selecting the most favourable rate.

The highest possible LTV ratio for an automobile loan varies by financial institution, though it is typically no more than 90 percent of the vehicle's purchase cost.

Applicants are unable to get an automobile loan without making a down payment. A down payment of a certain amount must be made to cover the loan's margin.

 The term of an automobile loan varies depending on the lending company; however, it is typically within 1–7 years.

The greater part of traditional banks, which include

1. HDFC Bank

2. SBI

 3. ICICI Bank

 4. Union Bank

 5. Kotak Bank

 6. Axis Bank

 and several others offer automobile loans.

A couple of vehicle manufacturers, collaborating with the lending institution, present zero percent financing. A vehicle's manufacturer, rather than the person who borrowed the money, is accountable for repaying the cost of interest on the loan for the vehicle to the financier as part of this agreement.

No, financial institutions that offer automobile loans to customers only permit the vehicle to be traded to someone new after the loan amount is completely paid off.

No. A vehicle loan, compared to a home loan, possesses no tax advantages at all. As a result, auto loan quantities ought to always correspond to your actual needs, and spending money on a flashy car while taking out an excessive amount of money doesn't seem like an ideal choice.

A vehicle's on-road price represents the total amount that the buyer must pay in order to buy the automobile and make it roadworthy. It refers to the vehicle's ex-showroom cost, that is, the cost at the showroom, as well as any additional costs such as fees for registration, insurance coverage, road taxes, maintenance charges, and any other relevant expenses.

The EMI cycle or due date is entirely up to you. You can pick the day that works best for you. Though processing days are carried out automatically, certain lending banking institutions provide a particular day.

Most financial institutions can generally tolerate one- or two-time payment delays, whereas if you fail to repay the EMI entirely, the lending institution has full permission to seize your vehicle. Furthermore, missing EMI payments will harm your credit report in the coming years.

Yes. Lending institutions update the information on a regular basis.

Lending institutions typically charge minimal processing as well as record-keeping costs, in addition to any necessary stamp duties.

The term of a vehicle loan can range from 12 to 60 months. Regarding new automobiles, a few lenders offer auto loans with terms of as much as 7 years.

In such a scenario, reach out to your car insurance company. The insurance provider will determine the level of destruction while paying the lending institution as the claim continues.

Education Loan

Yes, you can use your education loan to study abroad too.

The expenses covered under an Education can be different based on the lender you are opting for. Whereas the general expenses that are covered under an Education Loan are:

Tuition Fee

Living Expenses

Expenses Related to Studies

Travel Tickets

HealthInsurance of the Student

No, you can’t make any changes to your existing Loan structure. An education loan is a one-time affair and making any sort of changes to the loan structure isn’t possible.

Yes, you can change your university and modify the loan details even after your education loan is sanctioned. However, you will need to fill out a new form with updated information like your new school name and tuition fees. Then you can submit it to the bank.

The interest rates of an Education Loan depend on your choice of lender, loan amount, and creditworthiness. Whereas, the general starting interest rate of an education loan in India is between 7% to 15%.

If you fail to repay your education loan, the lender will send reminders to you and your guarantor. Failure to heed the warnings will result in loan default, negatively impacting your credit score. Ultimately you won’t be able to get any further loans in the future. 

Yes, it is possible to cancel an education loan even after its approval. However, you must be familiar with the requirements to follow to cancel the education loan. You must present certain proof in addition to fulfilling certain requirements to satisfy those particular requirements.

The answer is Yes, only if you meet the conditions for a second education loan. You have the option of getting this loan from the same bank from where you took the first loan or even looking for a different lender.

Yes, some lenders even fund travel expenses based on the loan limit sanctioned.

There is a certain eligibility criterion that an applicant needs to follow to get their loan application approved, and these criteria differ from lender to lender.

The borrower has to be an Indian citizen.

The co-applicant/s must also be an Indian citizen.

Ability to give collateral (specific cases).

4. Admission must be secured to any professional/technical course before disbursement of the loan.

5. The course and institution must be recognized.

Below mentioned is the list of general documents that are required to apply for an Education loan. The requirement can differ based on the choice of lender.

Proof of Identity (Any one)

Proof of Residence/ Address (Any one)

Passport (mandatory in case of Studies Abroad)

Academic Records:

10th Result & 12th Result, Graduation Result- Semester-wise (if applicable)

Entrance Exam Results through which admission is being taken

Proof of admission: Offer Letter or Admission Letter from the Institution. Conditional admission letters may be considered in the case of studies abroad.

Statement of cost of study/ Schedule of expenses

College / Course prospectus (if available)

2 passport-size photographs

A/C statement for the last 1 year in case of any previous loan from other Banks/Lenders

Yes. You can apply for an education loan before getting admission confirmation from the university or college of your choice. If your application is approved, you will receive an acceptance letter.

An official acceptance letter from your school/university/institute can be claimed as a proof of admission for an Education Loan. 

The repayment tenure of every education loan differs from lender to lender. The borrowers can take this loan as a term loan and repay the amount in monthly EMIs for upto a maximum of 15 years.

The minimum age limit for the co-applicant to get an Education Loan has to be between 21-70.

Yes, subject to certain terms and conditions, you can change from one that is floating to one that is fixed. Also, you might have to pay some charges for the same. 

Students can apply for an Overseas Education Loan if they wish to study abroad. The loan covers the airfare, accommodation, and tuition fee for students who satisfy the eligibility criteria.

The Education Loan moratorium period can be up to 6 months to 1 year from completing the course.

Yes, Banks generally charge interest for the moratorium period, which is later added to the principal.

The borrower's moratorium period is the time between graduation and loan repayment, during which he or she may take adequate time to sort out finances.

The tax benefit of taking education loans is that the interest paid on education loans can be claimed as a deduction while calculating your taxable income without any fixed upper limit.

You can only extend your moratorium period at the government bank and not private banks or NBFCs.

Yes, you can buy a computer under the amount of an education loan, although the cost should not exceed 20% of the entire loan amount. 

Graduation and post-graduation courses (professional/technical/diploma) conducted by approved universities or colleges under UGC, IMC, AICTE, government, AICTE, AIBMS, or CMR are covered under most education loans.

Yes, skill development courses and programs are also covered under an education loan.

Education Loans are granted to approved undergraduate programs, postgraduate programs, PhDs, diploma courses of six months or longer duration, job-oriented courses, and technical/professional courses.

Yes, you can get an education loan but you will have to apply with a co-applicant or guardian as a guarantor.

Under UGC’s Educational Loan, the applicant can get Loans up to Rs 15 lakh that can also be used for studying overseas.

You can easily calculate your Education Loan EMI through an EMI calculator available on most of the lender’s websites. 

Credit Cards

Standard Credit Cards

· Specialized Credit Cards

Credit cards, on the other hand, can be categorized as follows:

  General Cards

  Rewards Points Cards

 Cash-back Credit Cards

Travel Credit Card

Fuel Credit Card

Entertainment Credit Card

Student Credit Card

Business Credit Card

 A credit score is a measure of your creditworthiness based on factors such as payment history, credit usage, and length of credit history. expressed as a number. Your credit rating may affect your eligibility for credit products such as credit cards. Generally, the higher the credit rating, the higher the interest rate and the more favorable terms.

You can determine whether you are capable of receiving a credit card by reviewing the eligibility criteria listed on the official website of the bank. You can also check with the credit card companies customer service departments to see if you are eligible.

Yes, you can take out cash from an ATM using your credit card. Taking out cash through a credit card, on the other hand, accumulates an extra fee that can range between 2.5 and 3.5%.

Banking institutions as well as credit card connections charge fees for converting different currencies when you make a transaction worldwide.

Yes, the money you spend with a credit card can be converted into EMIs

 You can check through

Online Banking

Mobile Application

Requesting the customer support number from where you have issued your card.

Visiting the branch from which you have issued the card

Check the detailed statement in your mailbox.

You can activate your card online or by calling the number given on the card sticker. Otherwise, you can visit the bank branch where you have issued the credit card.

 Yes, but there are better options available for you, discuss with our experts once.

Many financial institutions (banks) employ this strategy to drive customers to switch to another credit card. The balance transfer is associated mainly to get the advantages concerning low rates on interest as well as avoiding any present debts on credit cards. 

. Annual Fee

· Balance Transfer Fee

· Cash Advance Fee

· Late Payment Fee

· Foreign Transaction Fee

A credit score is a measure of your creditworthiness based on factors such as payment history, credit usage, and length of credit history. expressed as a number. Your credit rating may affect your eligibility for credit products such as credit cards. Generally, the higher the credit rating, the higher the interest rate and the more favorable terms.

A credit score is a measure of your creditworthiness based on factors such as payment history, credit usage, and length of credit history. expressed as a number. Your credit rating may affect your eligibility for credit products such as credit cards. Generally, the higher the credit rating, the higher the interest rate and the more favorable terms.

 In case your credit card gets lost or stolen, address it to your card issuer promptly. The issuer will cancel your card and deliver you a new card. You may also be held responsible for unauthorized charges to your card before reporting the card lost or stolen.

Pay off your credit card balance in full by the due date each month to avoid interest. If you are unable to pay your balance in full, pay at least the minimum amount on time to stay away from late interest and negative impact on your credit score.

When making a choice about a credit card, look at factors such as your expense habits, credit history, and fees and interest rates corresponding with the card. Look for cards that offer perks and perks that suit your expenditure habits as well as lifestyle.

You will get benefits such as reward programs, cashback rewards, and fraud protection.

You can also build a credit history that will help you pass for future loans and other financing products.

Credit card rewards can generally be redeemed for cash, bank statements, gift cards, merchandise, or travel rewards.

Credit card rewards programs allow you to earn points, miles, or cash back on your purchases.

A credit card statement is a monthly statement that displays all of your purchases, transaction, and balances for the previous month.

Yes, you are allowed to make International purchases with your credit card, however, international transaction fees may apply.

You can improve your credit history and improve your credit score by using your credit card responsibly and paying on time. However, high balances or non-payments can damage your credit history.

A cash advance is experienced when you use your credit card to withdraw money from an ATM or bank. Cash advances generally generate from higher interest rates as well as fees than regular purchases.

Yes, you can request a credit limit increase from your card issuer bank. They may ask you to submit updated income or credit information before approving the limit-increasing request.

Your credit limit is the highest possible amount you can borrow against your credit card.

The grace period is the period between the end of the billing cycle and the due date.

APR stands for Annual Percentage Rate. The rate of interest applied to the credit card balance.

The annual interest rate on your credit card is applied depending on the lenders

as well as depends on aspects such as your credit score, credit history, and present market interest rates.

 If you are confident there is an error on your credit card statement or an unauthorized charge, you can file a dispute with your card issuer bank.

Your credit utilization rate is the percentage of your present credit

limit in use. A low credit utilization rate is generally good for your credit score.

Yes, you can cancel your

credit card, but your credit score may be affected and cancellation fees may apply.

Eligibility Criteria Help Desk

The eligibility criteria for a business loan vary from lender to lender. Here we will mention the generally followed criteria by most of the lenders.

The age of applicants must be between 21 to 70

The business must have a profit-making history of the past 2 years.

The minimum vintage of the company must be 2 years

The minimum CIBIL Score of the applicant must be min. 700 or above

The turnover of the business must be a minimum of Rs. 10 lacks and above for existing enterprises

The eligibility criteria for an education loan vary from lender to lender. Here we will mention the generally followed criteria by most of the lenders.

The age of applicants must be between 18 to 35

Must have a good academic record

The parent/guardian must have a prominent source of income

The student must be pursuing a graduate/postgraduate degree or a PG diploma

The applied university must be well-recognized in India/Abroad

The applicant must have an Admission Confirmation Letter in hand

The minimum CIBIL Score of the applicant must be min. 700 or above

The eligibility criteria for a Loan Against Property may vary from lender to lender. Here we will mention the generally followed criteria by most of the lenders.

The age of the applicant must be between 25-70 years

The applicant can be salaried or self-employed

The minimum CIBIL Score of the applicant must be min. 700 or above

There must be no debt on the acquired property

Must have adequate ownership documents of the property

The eligibility criteria for a Vehicle Loan may vary from lender to lender. Here we will mention the generally followed criteria by most of the lenders.

The age of the applicant must be between 21-65 years

The minimum annual income of the applicant must be 3 Lakhs

The applicant can be a salaried Individual or self-employed

The applicant must have a minimum stay of a year in their current residence

The applicant should be employed for a year at least

Self-employed applicants must be in the same line of business for min. 3 years

The eligibility criteria for a Home Loan may vary from lender to lender. Here we will mention the generally followed criteria by most of the lenders.

The age of the applicant must be between 18 to 70 years

The minimum monthly salary of the applicant must be Rs. 25000

The minimum CIBIL Score of the applicant must be min. 700 or above

The applicant can be salaried or self-employed

The applicant must have a minimum work experience of 2 years

Property must be - Completed /Under Construction Project, Land/Plot, build on own Land, Buy Land and Build Home

The eligibility criteria for a Loan Against Security may vary from lender to lender. Here we will mention the generally followed criteria by most of the lenders.

The age of the applicant must be between 18 to 70 years

The applicant can be self-employed as well as a salaried individual

The applicant must be holding a DEMAT Statement

The minimum security value must be Rs. 50,000

The applicant must be an Indian

The eligibility criteria to apply for a Credit Card may vary from lender to lender. Here we will mention the generally followed criteria by most of the lenders.

The minimum age of the applicant must be 18

The applicant must have a stable monthly income

The minimum monthly salary of the applicant must be Rs. 15-25,000

The applicant can be a self-employed as well as a salaried individual

The minimum CIBIL Score of the applicant must be min. 700 or above

The minimum monthly salary of the applicant to apply for a credit card must be Rs. 15-25,000

The minimum required salary to apply for an AU Bank Credit Card varies from card to card. You can reach out to the bank for a better idea.

The minimum required CIBIL Score to apply for AU Bank Credit Card is 750

No, you can’t apply for an AU Bank Credit Card with a low CIBIL Score of 600 as the min. The requirement for CIBIL Score is 750.

Any applicant between the age of 21 years to 60 years is eligible to apply for AU Bank Credit Card.

No, a student can’t apply for an AU bank credit card as they lack a stable income and are unable to repay the amount. Although students can get an Add-on card with a primary holder.

If you are a salaried individual your net monthly income must be at least Rs.25,000. And if you are Self-employed your Income Tax returns must be Rs.5 lakh or above.

No, you can’t apply for a YES Bank Credit Card with a monthly salary of Rs. 10,000 as the minimum required monthly salary for the same is Rs. 25,000. Although you can get in touch with the bank in case of any exceptions.

To apply for a YES Bank Credit Card the applicant needs to have a CIBIL Score of 750 or above.

The average age requirement for an applicant for all types of cards should be a minimum of 18 years old and a maximum of 70.

No, if you are a student with no income, you can not get an HDFC Credit Card. Although you can get an Add-On credit card with the support of your parent’s credit card.

On average, the minimum income requirement to apply for HDFC Credit Card is between Rs 1,44,000 and Rs 25,00,000 per annum for both salaried persons and self-employed.

No, To be eligible for any of HDFC's credit cards, you must have a minimum CIBIL score of 750 or above.

Yes, any salaried job individual can easily apply for an HDFC Credit Card 

The age limit to apply for a Kotak Credit Card is 18 to 75 years

The credit card applicant must prove that you have a minimum salary of Rs. 400,000 per annum. (The minimum salary requirement depends on your credit card issuer)

No, to apply for a Kotak credit card your minimum income should be Rs. 4 lakhs per annum

If you are someone who is willing to apply for a Kotak Bank Credit Card your age needs to be between 18 to 6 years, your minimum income should be Rs. 4 lakhs annually, and you must have a credit score of 750 or above. Whereas, the eligibility requirement may differ based on your choice of credit card.

To apply for a Kotak Bank Credit Card, the applicant needs to have a CIBIL Score of 750 or above. 

No, to apply for a Kotak Bank Credit Card, the applicant needs to have a CIBIL Score of 750 or above.

Your age must be between 21 and 65 years

● You must be having a stable monthly income

● You belong to the credit card sourcing cities/locations of the bank

● You must agree to all applications being subject to credit and other policy checks of the bank

The minimum age to apply for Standard Chartered Credit Card is 21.

Required Documents - Help desk

The generally required document to apply for a business loan varies from lender to lender. Here we will mention the generally required document by most of lenders.

  • Identity Proof ( for both company and individuals)
  • Address Proof ( Voter ID, Aadhar Card, Passport, or Driving License)
  • Bank statements for the last 6 months
  • Income Documents for the last two years
  • Prood of Continuation ( ITR, Trade License, Sales Tax Certificates)
  • ITR for the last three years

The generally required document to apply for a Loan Against Property varies from lender to lender. Here we will mention the generally required document by most of lenders.

  • Application form with a Passport size photograph
  • Identity Proof (Passport Copy /Voter ID card /Driving License /PAN Card)
  • Proof of Address (Ration card /Telephone Bill /Electricity Bill /Rental agreement /Passport copy /Bank Passbook or Statement /Driving's License)
  • Proof of Income
  • Property ownership proof
  • Account statement for last 6 months

The generally required document to apply for a Car Loan varies from lender to lender. Here we will mention the generally required document by most of lenders.

  • Identity Proof
  • Address Proof
  • Income Proof ( Salary slip, 3-6 months bank statement, Form 16, IT Returns)
  • Age Proof
  • Performa Invoice of the quoted Vehicle

The generally required document to apply for an Education Loan varies from lender to lender. Here we will mention the generally required document by most of lenders.

  • Identity Proof
  • Address Proof
  • Age Proof
  • Academic Records of the Students
  • Financial Documents
  • Collateral Documents
  • Proof of Admission from the Applied University


Most of the top lenders or banks do not avail of Business Loans without going through your proof of income as it shows your capabilities to repay the loan on time. But you can opt for any NBFC or MFIs.

Most lenders require you to go through your Incom proof before availing of any Personal Loan. As these documents represent your capabilities to repay the loan amount on time.


Basic documents that show your source and stability of monthly income fall under the category of Income Proof, such as - Bank statements, salary slips, filed ITRs, Form 16, etc.


Yes, you can use your passport as address proof to apply for a Personal Loan


A proforma invoice is used to indicate the desired loan amount. Most banks offer up to 95% of the price of the car as a loan.

If you don’t have your Aadhar Card or it’s under process, you will have to provide a substitute Identity proof such as your Passport or Driving license. Only then you can get your loan approval. 

If you don’t have your PAN Card or it’s under process, you will have to provide a substitute Identity proof such as your Passport or Driving license. Only then you can get your loan approval.


The required document to apply for HDFC Credit Card may vary based on your choice of card. Here we have mentioned the basic documents required by HDFC Bank for credit card application.

Identity Proof - ( PAN card, Voter ID card, Passport, Photo ID card issued by a public sector undertaking (PSU), Ration card, Aadhaar card, Driving license, Government-issued photo ID card)

Address Proof - ( Aadhaar Card, Passport, Latest utility bills (not older than 3 months from the date of application, Government-issued photo ID card with address, Last bank account statement)

Income Proof - ( Bank statement (last 3 months), Salary slips (last 3 months), Audited financials for the last two years (for self-employed individuals), Form-16 (for salaried employees)

The required document to apply for Kotak Bank Credit Card may vary based on your choice of card. Here we have mentioned the basic documents required by Kotak Bank Credit Card for credit card application.

Identity Proof - ( PAN card, Voter ID card, Passport, Photo ID card issued by a public sector undertaking (PSU), Ration card, Aadhaar card, Driving license, Government-issued photo ID card)

Address Proof - ( Aadhaar Card, Passport, Latest utility bills (not older than 3 months from the date of application, Government-issued photo ID card with address, Last bank account statement)

Income Proof - ( Bank statement (last 3 months), Salary slips (last 3 months), Audited financials for the last two years (for self-employed individuals), Form-16 (for salaried employees)


The required document to apply for SBI Bank Credit Card may vary based on your choice of card. Here we have mentioned the basic documents required by SBI Bank Credit Card for credit card application.

Identity Proof - ( PAN card, Voter ID card, Passport, Photo ID card issued by a public sector undertaking (PSU), Ration card, Aadhaar card, Driving license, Government-issued photo ID card)

Address Proof - ( Aadhaar Card, Passport, Latest utility bills (not older than 3 months from the date of application, Government-issued photo ID card with address, Last bank account statement)

Income Proof - ( Bank statement (last 3 months), Salary slips (last 3 months), Audited financials for the last two years (for self-employed individuals), Form-16 (for salaried employees)


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