Frequently Asked Questions

A personal loan is an unsecured credit facility where a lender gives you a lump sum that you repay in fixed monthly instalments (EMI) over an agreed tenure. Since it's unsecured, no collateral is required. The interest rate depends on your credit profile, income, and the lender.

Most banks offer up to ₹40–50 Lakhs for personal loans. The exact amount depends on your income, CIBIL score, employer type, and existing obligations. BharatFincred connects you with lenders offering up to ₹50 Lakhs.

Most banks require a minimum CIBIL score of 700. Some NBFCs approve for scores between 650–700 at higher rates. Scores below 650 will face difficulty. Use our free CIBIL check tool to know your score.

Yes — for self-employed individuals, lenders accept 2 years of ITR with computation instead of salary slips. Some digital lenders also offer loans based on bank statement analysis. Salaried individuals typically need 3 months of salary slips.

After 6–12 EMIs (the lock-in period), you can partially or fully prepay your loan. Banks regulated by RBI cannot charge foreclosure fees on floating-rate personal loans. Fixed-rate loans may have a 1%–5% foreclosure charge. Check your loan agreement for specifics.

Lenders typically fund up to 80–90% of the property's registered value (LTV ratio). Your income and existing EMIs determine the repayment capacity, which is the second eligibility factor. Use our eligibility calculator for a personalised estimate.

You can claim: (1) Principal repayment under Section 80C — up to ₹1.5 Lakh per year. (2) Interest payment under Section 24(b) — up to ₹2 Lakh per year for self-occupied property. Total annual tax benefit: ₹3.5 Lakhs.

A floating rate is linked to RBI's repo rate and changes with market conditions — currently more popular and lower. A fixed rate is locked in for 2–5 years before becoming floating. For long tenures (20–30 years), floating rates are generally recommended.

Yes. Adding an earning co-applicant (spouse, parent, or earning child) increases your combined income and eligible loan amount. Both applicants share the EMI responsibility and the tax benefits. All co-applicants must have a good CIBIL score.

Even a 0.5% rate reduction on a ₹50 Lakh home loan with 20 years remaining can save ₹4–6 Lakhs in total interest. BharatFincred helps you compare BT offers from multiple lenders. Calculate your savings with our Balance Transfer tool.

Most lenders require ₹20–40 Lakhs annual turnover and 1–2 years of business vintage. NBFCs are more flexible than banks. For micro businesses, Mudra loans under PMMY are available without these requirements.

Yes. Several lenders offer unsecured business loans up to ₹50 Lakhs based on turnover, CIBIL score, and cash flow. For higher amounts (₹50L+), collateral in the form of property, machinery, or FD may be required.

Lenders use your GST returns to assess turnover and cash flow without needing formal financial statements. These are faster to process and great for businesses with consistent GST compliance. Approval can happen in 24–48 hours.

Start-ups under 1 year face difficulty with traditional lenders. Options include: Mudra Shishu/Kishore loans (up to ₹10L), Stand-Up India scheme, start-up credit cards, revenue-based financing from fintech lenders, and personal loans against strong personal CIBIL.

A BT is worth it when: (1) Your current rate is at least 1.5–2% higher than the new rate, (2) You have more than 12 months remaining, (3) The total interest savings exceed the foreclosure fee and new processing fee.

Foreclosure charges range from 1%–4% of outstanding principal. Banks regulated by RBI cannot charge foreclosure fees on floating-rate loans. Fixed-rate loans may have charges. Always get a foreclosure statement before transferring.

Yes. Most lenders allow you to borrow additional funds (top-up) alongside the balance transfer. The top-up amount depends on your eligibility and the lender's policy. Top-up rates are typically 1–2% higher than the BT rate.

Typically 10–21 working days — including credit assessment, property legal verification, MOD (Mortgage of Deed) discharge from existing lender, and registration. Our team tracks the entire process on your behalf.

Personal loans, car loans, consumer durable EMIs, and credit card outstanding balances can typically be consolidated. Home loans and education loans are generally not included in standard debt consolidation products.

Short term: A slight dip due to new hard inquiry and account opening. Long term: Closing multiple accounts and maintaining timely EMI improves your CIBIL score within 6–12 months. The net effect is typically positive.

BharatFincred's partner lenders offer a consolidated rate starting from 11.5% p.a., subject to your CIBIL score and income. This is significantly lower than credit card rates (36–44%) and most personal loan rates above 14%.

The moratorium period is the time during which you do not have to pay EMIs — typically the course duration plus 12 months. Simple interest accrues during this period and is either paid during the moratorium or added to the principal for EMI calculation.

The entire interest paid on an education loan is deductible under Section 80E — with no upper limit — for up to 8 years from the year you start repayment. This is available for loans from approved banks and NBFCs for higher education in India or abroad.

Up to ₹4 Lakhs: No collateral needed (IBA model loan). ₹4L–₹7.5L: Third-party guarantor may be needed. Above ₹7.5L: Tangible collateral (property, FD, LIC policy) is typically required. Some lenders offer up to ₹75 Lakhs without collateral for top-tier institutions.

Yes. BharatFincred partners with HDFC Credila, Avanse, Auxilo, and InCred — all of which offer loans for overseas universities. Admission to an accredited institution and a co-borrower (parent/spouse) are the primary requirements.

CIBIL score ranges from 300 to 900. 750–900: Excellent — best rates, fastest approvals. 700–749: Good — most lenders approve. 650–699: Fair — NBFCs may approve at higher rates. Below 650: Poor — most lenders reject.

No. Checking your own score is a "soft inquiry" and has zero impact. Only when a lender checks your score (a "hard inquiry" during a loan application) does it temporarily reduce your score by 5–10 points.

Key actions: (1) Pay all EMIs and credit card bills on time, (2) Keep credit card utilisation below 30%, (3) Don't apply for multiple loans simultaneously, (4) Maintain a mix of secured and unsecured credit, (5) Don't close old credit cards — they add to your credit age.

Lenders report data to CIBIL every 30–45 days. So your score is updated approximately monthly. If you repay an overdue amount, it can take 30–60 days for the improvement to reflect in your score.

Yes — our CIBIL check is completely free, it's a soft inquiry (no score impact), and your data is protected with bank-grade encryption. We never share your data with lenders without your explicit consent.

No. BharatFincred is a registered Direct Selling Agent (DSA). We do not lend money directly. We partner with 30+ banks and NBFCs and help borrowers find the best loan offer. Our service is completely free to borrowers — lenders pay us a referral fee after successful disbursement.

Yes. We use bank-grade 256-bit SSL encryption. Your data is shared with lenders only after your explicit consent. We never sell data to third parties. You can request data deletion at any time by emailing privacy@bharatfincred.com.

For personal loans: 1–3 working days. Business loans: 3–7 working days. Home loans: 2–4 weeks (includes property verification). Our team actively follows up with lenders to expedite your application.

Rejection is not the end. Our team analyses the reason — CIBIL score, income, FOIR, property issues, etc. — and suggests corrective steps or alternative lenders. Many customers who were rejected by one lender get approved elsewhere through our network.

Like a real estate agent who works for the buyer but is paid by the seller, we earn a referral fee from lenders upon successful loan disbursement. This fee does not increase your loan cost — it's part of the lender's customer acquisition budget.