personal Loan Expand ALL
Q.
What is a personal loan?

A personal loan is the money lent to an individual from a bank or NBFC for a short-term at pre-determined interest rates. The money can be used to fulfill any immediate or critical needs of an individual.

Q.
Who can apply for a personal loan?

The product has been designed to service the salaried & self-employed individuals.

Q.
What is the meaning of EMI?

The term EMI stands for Equal Monthly Installment which includes both the principal and interest amounts.

Q.
Is there any guidance on how to utilize the Personal Loan amount?

There are many ways in which the personal loan amount can be utilized by an individual. For example, it can be used to address any medical exigency, pay your credit card bills, take vacations, getting your child admitted to a school, down payment on your car/vehicle, having a get-together, for marriage-related expenses and any other. A personal loan is the perfect solution to all your worries.

Q.
What is the minimum tenure one can take a personal loan for?

An individual can opt for a personal loan for a minimum period of 12 months.

Q.
What is the maximum tenure one can take a personal loan for?

Generally, The personal loan can be taken for a maximum period of 60 months.

Q.
List of the major financial institutions which are offering personal loans?

There are a lot of financial institutions comprising Banks & NBFCs (Non- Banking Financial institute) which are offering personal loans of all shapes and sizes to cater all set of customers. List of leading Institutions are as follows: -

HDFC Bank: - HDFC Bank personal loan is one of the most aggressive products amongst all the Private Sector Banks. Apart from offering the personal loan, they offer personal accidental coverage up to Rs. 8 lakhs along with critical illness cover of 1 lakh.
To know more about HDFC Bank Personal Loan click here

ICICI Bank: -ICICI Bank personal loans are being offered to the salaried class & self-employed individuals.
To know more about ICICI Bank Personal Loan click here

State Bank of India Bank: -State Bank of India being the largest Public Sector bank India is the most preferred bank when it comes to availing loans. Like its direct competitors, State Bank of India offers personal loans to both salaried and self-employed individuals such as chartered accounts, doctors, engineers and architects.
To know more about State Bank of India Personal Loan click here

AXIS Bank: -Axis Bank's personal loan is yet another popular product in the market. Their customer experience and overall approach towards the loan process makes them a force to reckon with. Not only this, they have a reward program which allows the customer to earn reward points on taking a personal loan from Axis Bank. This program is called as the Axis eDGE rewards.
To know more about AXI S Bank Personal Loan click here

Q.
Will I be charged a processing fee?

Yes, the banks & lending institutions charge processing fee which ranges from 1% to 3% of the total loan amount. You can negotiate with the bank and can expect to get a certain level of waiver on the processing charges if you have a strong portfolio & relationship with the institution is good.

Q.
Do I need a guarantor to take a personal loan?

Typically, there is no need to present guarantor to avail personal loan but there are certain lending institutes which may ask you to provide a guarantor to support your personal loan application.

Q.
Can I get an option to choose between a fixed interest rate or a floating interest rate?

Absolutely, you can make a quick choice between which interest rate mechanisms you want to go ahead with. Please be mindful of what you choose because different interest regimes have their own advantages and pitfalls.

Q.
How important is it to have a healthy CIBIL score?

It is very important indeed to maintain a healthy CIBIL score. Nowadays almost all the banks and NBFCs check the customer's CIBIL score beforehand. In case, your CIBIL score is not at par or above the Bank's approved score limit, your loan application might get rejected. A CIBIL score above 750 is considered a good score.

Q.
How can I apply for a personal loan which will give me possibly the best loan deal?

Nowadays applying for a loan online is the best way to apply for a personal loan. You can enter your credential to know your eligibility. You can get the best possible solution, at the click of a button, 24* 7, from the comfort of your home.

Q.
How much time does it take to get the loan approved?

Different Banks and NBFC have different timelines for approval for different loans, so it depends entirely on the bank you are applying to. Typically, the customer can expect to get his loan approved within 48-72 hours of loan application submission.

Q.
How many days does it take to get the loan disbursal done?

Different Banks and NBFC have different disbursal guidelines and timelines. Disbursal of loan post sanction can take upto 7 days from the date of sanction.

Q.
Can I track my loan application?

Surely you can. Once you have logged your personal loan application with Afinoz, you will be issued a unique transaction ID. This ID can be used to track your application here. We notify the progress of loan application to customers, through SMS alerts on their registered mobile number.

Q.
How to avoid loan rejection?

Afinoz ensures that the customer's application is processed and sent to institutions wherein the customer's profile would qualify for the loan. It is unlike dealing with other agents who send out your application without understanding your profile or credit score to multiple ineligible banks / NBFCs. This results in rejected applications from various institutions and also degrades your credit score.

Q.
Will Afinoz charge any fee from its customers?

All our services rendered to our customers are free of cost meaning Afinoz will not charge any commission or processing fee from its customers at any stage of the process. Be wary of unknown callers who may use our name and ask you to pay certain fees for your case or loan application.

Q.
What are the different types of personal loan?

One of the greatest advantages of a personal loan is that it can be used pretty much for any purpose, with no restrictions whatsoever on the type of end-use. Different types of personal loan are available to give you the absolute freedom to use a personal loan for different purposes :-

  1. Wedding loan- You can avail a personal loan of this type to meet sudden and out-of-the-budget expenses , which is so common during a wedding in your family.
  2. Two-wheeler loan- With an instant personal loan in this category, you can fulfill your desire to own a bike of your choice. Up to 100% funding is offered for this personal loan type.
  3. Home renovation loan- This is another personal loan type offered by many lenders to help you finance your home improvement work, which can be a costly affair, at times.
  4. Medical Emergency loan- Now you can easily counter a fund crunch which is so common in case of a sudden and unexpected medical emergency in family with a medical emergency loan. This is an instant personal loan scheme usually provided at low personal loan interest rates.
  5. Festival loan- This type of personal loan helps you to cover the festival expenses of an individual. Festival loans allow you to celebrate the festive season in full vigour, without any dip in your spirit.
  6. Travel loan- Fund your dream holiday with a travel loan. This personal loan for travel gives you instant funds so that the fear of expenses cannot dampen your spirits.

Q.
How to use Afinoz EMI calculator?

The Afinoz personal loan EMI calculator is an excellent tool where you can calculate your EMIs online. Your personal loan EMI will be displayed within just a minute. But you need to feed certain variables into it as inputs (in the appropriate spaces provided) before it produces the final result for you accurately.

a) Loan amount This is the amount you need to borrow from the lender and the interest is calculated from this amount. Higher is your personal loan amount, more you need to pay every month as EMIs.

b) Loan tenure This is the total time period within which you wish to repay your loan amount. Lenders often specify a range within which you need to pay back the personal loan amount, which may go up to 5 years. The longer is your personal loan tenure, the more will be the personal loan interest rates you need to pay. This, in turn, will increase your personal loan EMI outflow too. Therefore, you need to select a loan tenure so that your EMI remains in the affordable range.

c) Interest Rate It is the agreed rate at which the interest will be charged on your personal loan amount. The personal loan interest rates vary as per the loan amount and from lender to lender. It is imperative that you compare the personal loan interest rates offered by different lenders before making your final decision.

Q.
How to improve your chances of getting a personal loan?

Many personal loan applications get rejected as loan applicants are not able, at times, to fulfill the stated requirement criteria. You should check the following points before applying to a particular personal loan provider and to improve your chances of getting a personal loan.

Check your credit score

If you are not mindful of your credit score while applying for a personal loan, your loan application might get rejected. Even if your loan application gets approved somehow, you may be asked to pay a higher personal loan interest rate and may be offered unfavorable terms and conditions when you apply for personal loan, as compared to those borrowers with excellent credit scores.

Obtain your credit report, to identify your credit score and rectify errors, if any. You should take care to pay all your dues on time as your payment history takes care of 35 % of the credit score. A decent credit score can boost your chances of loan approval a great deal.

Have a check on your outstanding debt

Along with your income, your debt-to-income or DTI ratio gives an important account of how much your affordability is for borrowing a personal loan. It also indicates to the lenders whether you can pay the personal loan amount every month and whether you are responsible enough in handling your money.

A high DTI percentage shows that you are using a considerable part of your income to pay your existing debts. Hence, check your DTI and if it’s over 43 %, consider paying off some of your existing debts.

Provide truthful information

Personal Loan providers verify the information provided by you through supporting documents. They may possibly give you a call to verify your information personally. Therefore, you must provide factual information about your residential details, annual income, past loan repayments etc.

Aim for a realistic loan amount

Often, many borrowers apply for an extremely huge amount which is mostly rejected by the lender. It is crucial to recognize how much you need to borrow.  Most lenders conduct a check of your income and repayment ability before approving your loan. Thus, aim for a reasonable amount in order to avoid loan rejection.

business Loan Expand ALL
Q.
What is a Business loan?

Business loan is an unsecured form of loan provided by banks and NBFCs (Non-Banking Finance Companies). Unsecured means that banks do not ask for any collateral or a guarantor for sanctioning it. Entities like proprietorship firm, partnership firm, private or public limited companies are eligible for this type of loan. The end use of the loan amount is left to the borrower’s discretion and can be used for working capital purposes, meeting short-term cash flow requirements, investments into plant and machinery etc.

Q.
What are the minimum and maximum loan limits for a business loan?

The minimum loan amount offered is INR 50,000. This may go up to a maximum of INR 40, 00,000. Higher loan amounts are possible but these are considered after an in-depth discussion between the borrower and the lending institution and a more detailed due diligence.

Q.
How much time does it take to disburse the business loan?

Afinoz will work with the concerned bank or NBFC and get you the loan within 5 to 7 working days of your submitting all the documents and completing all the formalities.

Q.
What is the minimum amount of security that needs to be provided for availing the term loan?

It depends from case to case and such requirements will be explained to you by the sales officer at the time of applying for the loan.

Q.
Is any collateral or additional security required for availing this loan?

No

Q.
Is pre-closure allowed in business loans?

Some banks & NBFCs have a lock-in-period of six months to one year for a business loan. Whereas some institutions even allow pre-closure right after the first EMI has been paid. Some banks or NBFCs restrict the borrower from foreclosing the loan by transferring the loan to another bank or NBFC. However, the borrower may foreclose the loan from his own funds in such cases. Some banks allow fore-closure without any charge while some others charge an upfront fee of 2% to 5% of the outstanding balance. Clarifications on this are to be sought from our business loan advisor during the processing of your business loan.

Q.
Is part payment allowed on a business loan?

Some lending institutions may allow part payment while some others may have restrictions on how many times in a year you can pay off your loan partially. Please remember part payments are in addition to the monthly EMIs the borrower is expected to pay. Banks generally also have guidelines on the minimum and maximum amounts that can be paid partially. Clarification should be sought from our loan advisor during processing of the loan regarding this.

Q.
How is a business loan repaid?

All business loans are repaid through EMIs or equated monthly installments from the borrower’s bank account. The borrower or customer is required to either give PDCs (Post-Dated Cheques) or sign an ECS (Electronic Clearing Service) mandate in favor of the bank disbursing the loan.

Q.
What happens if the ECS bounces or I miss an EMI payment?

The bank will levy ECS bounce charges. This will also get reported in your credit report. It depends upon the severity and the regularity of the miss; it will affect your credit score and will negatively impact your prospects of getting a loan in future. In addition to this, banks may also take legal action against the borrower.

Q.
What is the rate of interest & processing fee on business loans?

The interest rate varies from 13% to 35%. The processing fee charged up to 2.5% of the loan amount. Moreover, some banks may also insist on insurance cover.

home Loan Expand ALL
Q.
Who can apply for a Home Loan?

Any salaried individuals, self-employed person or businessmen who overcome the eligibility criterion set out by the lending institutions can avail the benefits of home loan.

Q.
Can I apply for the loan with a co-applicant?

Any immediate members of your family say your spouse/children/parents are allowed to act as your co-applicants in case of home loan.

Q.
What security do I need to provide to avail the loan?

The property deed of the house for which loan is being taken should be provided as security against loan. If the house is under construction and you are not able to provide the required documents, then any collateral as security such as bank deposits, government bonds, deeds of other immovable property you own would need to be provided.

Q.
How do I pay the EMI for a home loan?

Two options are available to repay your loan:-

  1. Post dated Cheques : In case you don’t have an account with the specific bank, then you can draw a cheque to pay the EMI’s at the end of the month.
  2. Debit from account : Your EMI amount will automatically be debited from your bank account.

Q.
What is the tenure of a home loan?

As home loans are related to long term loans their tenure ranges from a minimum of 15 years to the maximum of 30 years. It totally depends on your loan amount along with some other factors. Usually, the maximum tenure for salaried individuals is 25 years and for self-employed individuals, it is 20 years.

Q.
Can I save money by paying off my home loan early?

With prepayment, you will able to reduce the EMI, which in turn will result in the reduction of the principal loan amount. Low principal amount leads to lower interest. Thus, you will be able to save lots of money with lower interest payments.

Q.
Are there any penalties for pre-payment off a home loan?

Some banks such as SBI do not charge any penalty on pre-payment of home loans.

Q.
What happens if I don't pay the EMIs on time?

Banks will ask you to pay late payments penalty, you will be put on a high-risk loan borrower category and your CIBIL score will get affected.

Q.
What is the maximum amount of a loan that I can avail?

The maximum amount of home loan disbursed depends on two factors:

  1. Your credit score
  2. Your potential to repay the loan

Banks usually take into account 40 to 60% of your net annual salary for EMI and the market value of the property as a factor to decide on the maximum loan amount to be disbursed.

Q.
How can I estimate my monthly loan payments?

Your EMI is calculated using three main factors:

  1. Your borrowed loan amount
  2. Rate of interest
  3. Tenure of loan

You can easily calculate your estimated monthly loan payments by using this home loan EMI calculator available at afinoz.com.

Q.
Why should I apply for a Home Loan from Afinoz.com?

Applying for home loans from Afinoz.com has the following advantages:

  1. Convenient: Afinoz.com provides an online platform where you can do all your dealings with the lender online and you don't have to visit different banks for loans in person.
  2. Compare rates of different lenders at one place: Afinoz.com provides a fuss free loan comparison and application platform.
  3. No agent involved: Applying for a loan from Afinoz.com saves unnecessary expenses and delays with the loan procedure.

Q.
Should I go with the fixed or the floating interest rate?

Fixed interest rate means the EMI's are fixed for the home loan over the entire period of repayment of the loan. While in floating, the rate of interest on the loan borrowed fluctuates with the market conditions. Research thoroughly and do your inquiries before taking the loan as each one of them has their own benefits and drawbacks.

Q.
Can I trade my floating interest rate with fixed a interest rate?

Not many banks allow you to trade from floating to fixed interest rates. However, some banks can permit you to switch with a small penalty charge. Make an enquiry to your lenders about the requirements and the procedure.

Q.
Should I switch my base rate home loan to an MCLR lending rate?

Reserve Bank of India has introduced a new set of guidelines for banks called MCLR (Marginal Cost of Lending Rate) wherein banks are allowed to set their own convention of lending rates and give loans to the borrowers as per their creditworthiness. If you have taken a loan on the basis of base rate then it would be tangible for you to transfer to MCLR lending rates, as you can a save large portion of money with the drop of interest rate in the future.

Q.
How long does it take for the disbursement of the loan?

If all valid documents are submitted then the loan will be disbursed in 14-days. However, if you apply for a home loan online then after submitting all the prescribed documents online, it will take just 3 days for the approval of loan.

Q.
Does the bank disburse the loan amount in full or in installments?

Once the loan is sanctioned, banks will then dispense loan in 3 to 4 installments based on the sale deed and builders demand notes of payments.

Q.
Can I sell my property even before the loan amount is fully paid off?

You can sell your property after 7 to 10 years depending on the terms and conditions declared by the lender in the loan agreement.

Q.
Can a pre-payment of home loan affect my credit score?

Doing so will not have any effect on your CIBIL score, but it will definitely increase your eligibility for a home loan.

Q.
How can I apply for a Home Loan Online on Afinoz.com?

You can apply for home loan from Afinoz.com with these three hassle-free easy to understand steps:

  1. Enter all your personal and employment details such as your full name, employment type, contact details, date of birth and your new property details.
  2. In the next step, view and compare the specifications like tenure, EMI amount, processing fees of different lenders and apply to the one you find most suitable.
  3. Upload the specified documents and submit the application form to get the home loan approved.

Q.
What benefit can I get in terms of income tax on home loans?

You can get two benefits:

  1. 1. Tax benefits on interest - You can claim a benefit of maximum 2 lakhs on the interest amount paid on a home loan as stated in the section 24 of the income tax act.
  2. 2. Tax benefits on principal loan amount - You can also get a tax benefit of 1.5 lakhs on the repayment of principal home loan amount as per the section 80C of the income tax act.

Q.
Can I get a home loan if I have a low credit score?

Banks are very selective when it comes to credit score. A low credit score will make it difficult for you get a home loan. However, many NBFC’s can compensate your low credit score with higher interest rates for availing a home loan.

Q.
What are the top financial institutions providing home loans in India?

Some of the stellar housing financial institutions in India are: HDFC Bank, State Bank of India (SBI), Housing Urban Development Corporation (HUDCO), LIC Housing Finance Limited, IHFL, ICICI Home Finance Company Limited, DHFL, CHFL, PNB Housing Finance institution, GIC Housing Finance Limited, and others.

For any further query, please contact us at Afinoz.com, mo: +91-120 411 0376 , email info@afinoz.com

education Loan Expand ALL
Q.
What are the benefits of an education loan?

Benefits of Education Loans:

Pursue higher studies: Best way to get higher education in India or abroad while avail financial support is by applying for an education loan.

Easy availability: Applying for educational loans through online service providers like Afinoz, has made it easy to process and get loans approved in no time.

No penalty for early repayment: No charges/penalties against pre-payment of the loan.

Deductible Interest rates: You can deduct the interest you are required to pay from your taxable income and reduce some of your burdens.

Q.
What type of courses can I apply an Education Loan for?

Education loans can be availed for all graduation, post-graduation and professional courses approved from foreign universities or universities authorized by the state and central government of India.

Q.
If the loan request has been rejected by bank once, can I apply again?

Yes, you can re-apply for an education loan to a bank if you have fulfilled all the requirements and the necessary documentation of eligibility.

Q.
Will education loan cover my accommodation expenses for courses in India?

An education loan generally covers your tuition fees, books and library fees, examination fees, lodging charges, travel expenses and if necessary some other expenses granted you are not exceeding your loan amount limit.

Q.
How is the disbursement of an education loan made?

The educational loan will be disbursed in full or in installments directly to the educational institute or university depending on the specific requirements of the institute. While the other expenses related to the loan like books, the hostel will be disbursed in installments over the duration of the study and will be transferred to co-applicant’s account. For abroad courses, a third party service provider will be consulted for loan disbursement.

Q.
Do I need to provide security/collateral while applying for an education loan?

If the loan amount is less than 4 lakhs then security is not required, but you need to provide a co-applicant as a guarantor. However, for loan amounts of more than 4 lakhs banks demand a tangible property of suitable value as a security.

Q.
When do I start repaying my educational loan?

If you want you can pay your EMI's or interest servicing during the period of your course. Generally, banks in India provide repayment option of one year after the completion of your course or 6 months after the starting of your job, whichever is early.

Q.
What are the charges for processing an education loan?

Most of the banks and NBFC's do not charge any processing fee for education loan. However, some banks may incur a small processing fee of 1-2% of the total loan amount to cover the operational costs.

Q.
What is meant by margin money?

Usually banks do not sanction 100% of your required loan amount. Only a portion is provided by banks, while the rest 20% needs to come from your funds. In an education loan, the student's contribution is referred to as the margin money. For example, let’s just assume your course fee is 10lakhs and bank agreed to fund 80% of your total loan amount. So, the remaining 20% (4lakhs), which is margin, needs to come from your pockets.

Q.
How much fee will be funded by the bank?

  • For loans up to 4 lakhs : Entire loan amount will be sanctioned by the bank.
  • For loans above 4 lakhs: Studies in India: 5% margin needs to be funded by the student.
  • Abroad studies : 15% margin needs to be brought by the student.

Q.
Can management quota students avail the benefits of education loans?

Yes, even management quota students can get educational loans for pursuing higher studies. But the rate of interest charged will be slightly higher based on the student's academic records and the credit history of co-applicants.

Q.
What is the repayment schedule for an education loan?

The repayment would begin one year after the course period or six months after you get a job, whichever is earlier. You are expected to pay a minimum amount equivalent to the EMI on a monthly basis. However, you can choose to pay more than the EMI, and we do not charge any prepayment penalty.

Q.
Do I need a co-applicant?

If the loan amount is less than 7.5 lakhs then bank demands for a co-applicant as a guarantor instead of any security.

Q.
What is a moratorium period?

In education loan, it is not mandatory for you to start repayment of the loan from the day you finish your studies. Bank provides you certain waiting period called the moratorium period after which the repayment of loan commences.

Q.
Can I make repayments during the moratorium period?

You can repay the interest credited during your moratorium period to reduce the burden of EMI’s to some extent afterward.

Q.
Will the education loan application process affect my credit score?

Like any other loan, education loans can also impact your credit score depending on your repayment behavior. Not paying your credit card dues on time or delayed EMI payments can have a negative effect on your credit score.

Q.
Is there a penalty for repaying the loan early?

No penalty is charged on the applicant for early loan repayment.

Q.
Can I get an education loan in the second or third year of my studies?

The answer is yes. If your percentages are good then you can avail an educational loan during any time of your course studies.

Q.
What is the maximum amount of education loan, which I can avail?

For abroad studies, the maximum amount of loan you can get is up to Rs. 20 lakhs. While the maximum loan amount sanctioned for studies in India is 10 lakhs.

Q.
What is the mode of repayment?

You can draw a cheque in favor of the borrowed bank or if you have an account with the bank then the monthly EMI will be directly debited from your account on due dates.

Q.
What is the tenure of the loan?

The commencement of repayment starts after one year of course completion or 6 months from joining a job. The loan should be re-payed within the tenure of 5 to 7 years after the commencement of repayment.

Q.
What tax benefit do I get by taking an education loan?

As per the Income Tax Act Section 80E, you might be eligible for a deduction from your taxable income on entire loan interest. Given the loan was taken from a recognizable financial or charitable institution.

car Loan Expand ALL
Q.
What is the maximum amount of a loan that I can avail?

If your income does not meet the credit criteria, then you may require a security/guarantor to stand surety for your loan.

Q.
Can I negotiate the loan interest rates?

Of course, you can and you definitely should. If you have a good credit score and have overcome all the eligibilities set out by the bank, then you may be entitled to lower interest rates.

Q.
What is the tenure of a car loan?

The tenure of the loan decides the amount of EMI (Equated monthly installment) that you need to pay back for your loan. Car loan is generally available for tenure of up to 7 years

Q.
Can I save money by paying off a car loan early?

Yes, you can save money as you are already halfway through with your loan and most of your payment is currently going towards the principal loan.

Q.
Are there penalties for paying off a car loan early?

You will be charged a small fee as a pre-payment penalty which will depend on the principal leftover amount.

Q.
What happens if I don't pay the EMI's on time?

Two or three missed EMI payments are allowed by most of the banks. But more than that can affect your credit score declaring you as a defaulter and the respective bank might seize your vehicle. This will definitely reduce your eligibility of getting any loans in the near future.

Q.
What is the maximum amount of a loan that I can avail?

  • Maximum amount mainly depends on two factors:
    • Price of the car
    • Your monthly in-hand salary.
  • Salaried individuals can get a car loan up to three-times their yearly salary, while self-employed professionals can borrow up to six-times their yearly income.
Q.
How can I estimate my monthly loan payments

You can find your estimated monthly loan payments by using this car loan calculator available at afinoz.com.

Q.
Should I go with the fixed rate of interest or the floating rate of interest?

Fixed interest rate means the EMI's are fixed for the car loan over the entire period of repayment of the loan. While in floating the rate of interest of the acquired loan varies with market status. Research thoroughly and do your inquiries before taking the loan as each one of them has their own benefits and drawbacks.

Q.
Can I utilize a car loan to purchase car accessories?

Most of the banks do not extend their loans to buy car accessories. But some banks, like SBI, can cover car accessories such as leather seat covers or rust painting in a loan.

Q.
How long does it take for getting the car loan sanctioned?

The loan processing begins immediately once you submit your documents on our website. Then it may take around 4 to 8 days for the loan getting sanctioned.

Q.
Can I sell my car even before the loan amount is fully paid off?

Unless and until you get a NOC (No Objection Certificate) from your bank, you cannot sell your car. You can have your NOC from the ba nk after you have paid off your entire loan.

Q.
How do I repay the loan?

If you have an account with the bank, then issue for direct monthly debit from your account. In case you don't have an account in the bank, you can draw Cheques and DD's and make payments.

Q.
Can an early car loan payment affect my credit score?

Doing so might influence positive points on your credit report. But in actuality, it has very little impact.

Q.
Can I still get a loan if I don't have an account with the bank?

You are not required to have an account with the bank to apply for a loan.

Q.
What are the lending rates for a Car Loan?

The lending rates vary on the basis of car model and loan tenure selected.

Q.
What happens when I pay off the last EMI?

After the loan is paid off entirely; the bank will then issue you a Form 35 along with a NOC certificate. Submit these to RTO to get the lender's name canceled from the RC book.

For any further query, please contact us at +91-120 411 0376, or email us at info@afinoz.com.