Frequently Asked Questions
What is EMI?
Equated Monthly Instalments (EMI) give you the ease and benefit of paying back the personal loan amount in smaller convenient instalments. The instalments consist of both the principal and interest amounts.
And how long is this approval valid?
This in-principle approval is valid for 3 months to give you sufficient time to choose a flat/house of your choice.
How long does it take to get my loan sanctioned?
Your loan can get sanctioned in a matter of days provided you have all the documents in place.
What security do I have to furnish?
All banks requires a mortgage of the property for which the loan is being taken. Where mortgage can’t be provided, other tangible security would need to be provided. The title of the property should be clear, for which a certificate would be required from the Bank’s approved advocate, safeguarding your interests as well as Bank’s interests.
What is a Monthly Reducing balance?
An EMI has two components i.e. interest and principal. While the interest is calculated on monthly rests, the principal on which the interest is charged decreases every month. This reduction is known as monthly reducing balance. This results in a significant saving for the customer over the tenure of the loan.
How to use EMI Calculator ?
Fill the following information :
- Principal loan amount. The loan amount you want to borrow.
- Loan tenure. The maximum time period to repay the loan.
- Rate of interest. The amount charged by a bank.