Personal Loan App FAQs

Personal Loan App FAQs

You can also make use of the Finserv MARKETS app to place a request for a personal loan. Being one of the best personal loan apps available for borrowers, the application offers an easy and receptive user interface that’s simple to use and quick to respond. With many user-centric features like exclusive offers and deals, support for digital payments, and prompt assistance from YARA, the friendly chatbot, this tool from Finserv MARKETS may just be the apt for personal loan applicants looking for a smooth and hassle-free experience.

If you’re interested in availing a loan through the Finserv MARKETS app, you’ll find these personal loan FAQs very useful. Take a quick look to understand the features and details of these loans better.

Personal Loan FAQs

1. What documents do you need to apply for a personal loan?

You only need to submit basic KYC documentation to apply for a personal loan. Here’s the list of documents needed.

• Aadhaar card/passport/driving license

• PAN card

• Bank account statement for the previous three months

2. How much can you borrow in the form of a personal loan?

The amount of loan that you can borrow depends on your individual profile. Broadly speaking, you can get instant personal loans up to Rs. 25 lakhs on Finserv MARKETS.

3. What is the rate of interest charged on personal loans?

The interest rate charged typically varies from one applicant to another. However, rest assured that you can get affordable rates of interest on personal loans on the Finserv MARKETS application.  Interest rates start as low as 12.99% per annum.

4. What is the loan tenor?

You can choose your repayment tenor from flexible options, which lie between 12 months and 60 months.

5. Is a collateral/security needed for a personal loan?

Personal loans availed on Finserv MARKETS are unsecured borrowings. So, you do not need to offer any security or collateral.

6. How long does it take for the loan amount to be disbursed to your account? 

The turnaround time for the loan disbursement depends on when you submit your documents, and on whether they are accurate and in order. Once your KYC details have been verified, the loan is disbursed quickly to your account, often within 24 hours.

7. Where can you submit your documents?

You don’t need to go to any extra lengths to get your paperwork to us. In fact, you can submit soft copies of your documents on the Finserv MARKETS app itself. 

8. How can you update the contact information you provided?

You can use the Finserv MARKETS app to update your personal details.

9. Why do we need your bank details?

We only ask for your bank details because we need it to verify your details and to sanction the personal loan offer.

10. Are there any processing fees charged for the loan?

We charge a minimal processing fee on personal loans. The fees do not exceed 3.99% of the loan amount.

11. Can you set up an automatic repayment arrangement on the loan?

Yes, it’s possible to set up an automatic repayment arrangement on the loan. This helps you pay your EMIs promptly and eliminates the possibility of you accidentally skipping a payment.

12. How do you keep track of your loan certificates and other related documents?

You can log in to the Finserv MARKETS app using your credentials and use the app to track and save these documents.

13. What are the foreclosure charges charged on personal loans?

The foreclosure charges come up to around 4% of the current principal outstanding (POS), plus taxes applicable, if any.

14. What are features of a Hybrid Flexi personal loan?

• With this loan, you enjoy the flexibility of prepaying the loan if you have any surplus funds lying idle.

• At any point in time, you can also re-avail the amount prepaid within the drop-line facility without any need to submit additional paperwork, as long as this is within the tenor of the loan.

• You also get to save on interest costs, since interest in Flexi loans is payable only on the amount of loan utilized.

15. Can you partly prepay the loan?

Yes, you can make part-prepayments on your personal loan without any trouble at all.

16. What happens if the app crashes before you finish applying for a personal loan?

In case the app crashes before the process of loan application is complete, you can always try to launch the app again, so you can apply for the loan once more.

Now that you have the answers to these personal loan FAQs, you can go ahead and use the app to submit an application. Once you use the app, you’ll see why it just may be one of the best app for personal loan applicants. You get to enjoy several benefits such as exclusive in-app offers, zero collateral requirements, and assured flexibility with regard to repayment tenures ranging from 12 months to 60 months. There’s also minimal paperwork required, no third-party involved, and several value added services to look forward to.