General FAQs

We go that extra mile in understanding the need of a customer to suggest an apt product for the loan not to be a burden on the borrower.

We offer complete loan solutions from home loan to personal loan, car loan, project loan, used car loan, business loan and loan against property.

We work with almost all of India’s top loan providers to find you the best deals. We follow up with you and take down your requirements and preferences and give you multiple options offered by various lenders. Effectively, you maximize your chances of getting the best deal possible without running from pillar to post.

This service is free of cost.

We take our consumer privacy very seriously. For details, please refer to our Privacy Policy.

We will try to resolve your complaint fairly and as quickly as possible. You can give us a quick call at +91-8427300900 or email us at for speedy resolution.

Home Loans

Home loan gets sanctioned within 2 weeks of documents submission and successful verification.

Home loam can be provided for the following purpose:

Home Purchase Loan: This is the most common loan for purchasing a home.

Home Improvement Loan: Implementing repair or renovation works can be done using this loan.

Home Construction Loan: This loan is made available to construct a new home.

Home Extension Loan: These are provided if you want to either expand or extend your existing home. For example, addition of an extra room etc.

Home Conversion Loan: This type of loan helps If you have financed your present home with a home loan and wish to purchase and move to another home and you need some additional funds. Through a home conversion loan, the existing loan is transferred to the new home, including the additional amount required, eliminating the need for pre-payment of the previous loan.

Land Purchase Loan: It is solely sanctioned for purchasing a land.

Bridge Loan: It is designed for people who wish to sell the existing home and purchase another simultaneously.

Home Loan Balance Transfer: It helps you to pay off an existing home loan with a higher interest rate, and avail another loan with a lower rate of interest.

Home Loans to NRIs:  NRIs wishing to build or buy a home in India can reap benefits of this loan.

Yes. Out of all the other loans, home loans are a great tool to avail tax benefit. This is offered to both the interest and principal components of home finance. Under section 24(1) interest repayment of Rs.1, 50,000 is eligible for exemption from tax while on the same housing loan a principal amount of Rs.1,00,000 is eligible.

Yes. You can apply jointly under your and your spouse’s name and both of your incomes will be considered for determination of loan quantum.

While buying a home loan jointly, generally any of your family members can be your co-applicant. The usual pairs are of husband-wife, father-son, and mother-son.

Choosing a lender is the foremost important thing to be kept in mind while deciding for a loan. Cheap Interest Rates should never be the only criteria considered. There are various factors to be well thought of like the tenure of the loan, its repayment amount etc.

We recommend floating rate loans over fixed rate ones. The core reason behind this is that we expect rates to trend down over coming months. Secondly, floating rate loans come with nil prepayment charges which are not possible with fixed rate loans.

Fixed rate loans may be advisable in a situation where you feel that your monthly cash flows (after paying off EMIs and other expenses) cannot take any additional burden/ unpredictable increases on account of interest rate rise. Fixed Rate loans, however come with a higher rate of interest than floating rate loans and typically carry a pre-payment penalty charge.

“How fixed is the so-called fixed rate?” is a different catch

A fixed rate is seldom fully fixed. Many of the banks offer fixed rate for the initial period and later convert them into floating ones. Though the total loan tenure might be of 30 years, fixed rate period may vary from 1-10 years. Many customers have often complained that they see a sharp increase in interest rate when the loan converts from fixed rate to floating rate. Always check first the applicable rate after the fixed rate period ends.

No. Usually, you don’t have to provide a guarantor. However, some lenders may demand one. For more details, you can visit our product browser section and get your queries solved.

Car Loans

No, there is no such compulsion of a personal guarantor when you apply for a car loan. It is required only at the instances where your credit profile does not match the lender’s requirements by any case. Applying with a co-applicant again relieves you with the formality of providing a guarantor.

If at all you need a guarantor, then it could be your father, mother, son, daughter, husband, brother, sister, son’s wife etc. However, to consider them as guarantors for the loan, they should abide by all the norms like age, profile, etc. of the lending bank or NBFC.

The processing takes 2-7 days after the submission of all the required documents.

The maximum loan amount that gets approved varies from one bank to another. In general, banks approve loan amounts ranging from 80-90% of the on-road price of the selected car. There are few banks who lend 100% of the car’s ex-showroom price as well. The percentage of the finance to be approved depends upon the type (standard/premium) and price of the car and also whether the loan is for a new car or a pre-owned/used car.

In almost all banks, there is no specific salary requirement. But your loan application might get rejected sometimes in case your salary does not exceed a predetermined threshold of a specific bank you opt for.

To avoid rejections in such cases, you can apply with a co-borrower and thus increase your chances of successful car loan application.

Though missing one or two payments are ignored by most of the banks, you must pay the EMI’s regularly. In case you do not pay them on time, your credit score takes a hit and reduces your chances of acquiring loan in future. Your future eligibility for loan comes on stake.

The key difference is of the interest rates which are different for new/used car. Although the loan covers actual price of the car, other charges such as transfer fees, registration etc. costs are to be paid by the buyer.

Personal Loans

The limit of a personal loan depends upon the repaying capacity of the individual. Generally, it ranges from Rs.50,000 to Rs.15,00,000. Other factors which are equally considered are the submitted documents, the residence proof of the borrower, the city he/she lives in and his/her work place. Last but not the least, an important aspect which is reflected while sanctioning a personal loan is the bank’s wish which demands that the EMI should not exceed 30 to 40 percent of a borrower’s net salary or 2-3 times the amount of income tax return.

From 72 hours to a week is a general period required to get the complete loan amount disbursed once all the required documents are submitted although it varies from bank to bank. Thus, it is always recommended to keep your documents ready to avoid any delays.

Relationship discounts are the discounts which a bank offers to those who are already having a relation with that specific bank. This relation can either exist by having a salary account in that bank or any loan taken until that time. These discounts are given in the form of reduction in interest rates or reduction in processing fees. Sometimes discounts are also granted by providing additional services like submission of fewer documents or fast processing.

Yes, one can prepay the entire outstanding loan once the first six instalments are paid. The bank charges a prepayment penalty which varies from 2 percent to 5 percent paid at the time of pre-closure (returning the money before the stipulated tenure of the loan). Applicable prepayment charges would be levied on the outstanding loan amount.

Yes, personal loan can be applied with a co-applicant who can be either your spouse or your parents. Thus it allows you to show a higher income and avail for a larger amount as the total loan is calculated on the sum total of the two incomes.

Business Loans

You can avail the loan amount from Rs.50, 000/- to Rs.1, 00, 00,000/. It depends upon your repaying capacity, income, its source and respective location product cap.

Business loan demands no security or collateral while availing it.

You can repay your loan over a period of 12 to 36 months. Choosing a higher tenure to repay the loan reduces the EMI burden and in some cases eligibility of the loan amount gets increased as well.

We at Express Paisa will help you compare loan amount, tenure and rate of interest available from different banks and financial institutions suitable for you.

Loan Against Property

The time required for a loan against property to get sanctioned could be anywhere from 15 days to a month. Sometimes it might take more than a month as the factors such as title of the property, CIBIL of the borrower, financials of the borrowers, etc. are also considered while sanctioning this secured loan.

The maximum time period for which you can take a loan against property is 180 months i.e. 15 years. This tenure is subject to matter.

The rate of interest varies from one financial institution to other. Some banks make LAP available only under floating interest rates. Fixed interest rates are limited. Thus you need to confirm all the details first and then apply for a loan against property.

As the name implies, to avail a loan against property, you need to keep your property on mortgage.

The title deed – Collateral security in the form of title deeds needs to be deposited with the bank and ensuring that the title to the property is clear, marketable and free from encumbrance is vital.

The collateral security can also be any assignable financial instrument like assignment of insurance etc. if deemed mandatory by the bank.

An important clause in the mortgage is that the mortgage should be free from any existing loan or litigation.

Project Loans

The project loan quantum is decided based on your requirement, credit assessment and repayment capacity. However, it is limited to Rs.40 crore.

A wide range of securities is accepted here. The spectrum includes land & real estate property, plant & machinery, equipment, Fixed Deposits, Deposit Certificates, KVP, NSC, securities issued by Central and State Governments, gold and other cash equivalents; life insurance policies and others.

A project loan gets processed within 3 weeks of submission of all required documents.

You have the flexibility of opting for Equated Installment, Bullet Repayment or Ballooning Repayment (depending on the requirements of your business). PDCs, ECS mandate or Electronic Transfers are all accepted means of payment.

Yes, you can prepay the project loan. Foreclosure charges from 2-4% shall be applicable on the outstanding loan amount.