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It is a one-to-five year ‘unsecured’ loan offered by Non-Banking Financial Companies (NBFCs), Peer-to-Peer (P2P) lending platforms, and banks. These loans are given without any hypothecation of assets, or any other collateral or guarantor requests. Ultimately, the usage of this loan depends upon the will of the borrower.
It depends on the company where you work and which companies do the bank outline. They analyse their selected segments such as A, B, C, etc. alongside analysing the financials and credentials of your company. The other factors include:
• Gross/Net Salary
• The reflecting credit score in the Equifax report of CIBIL
There are banks that enable you to pre-close after the first EMI has been debited and there are some banks that have a lock-in period of 6 months to a year. Sometimes, to pre-close your loan, you may also come across various restrictions regarding using own reserves. There are chances that banks can permit pre-closure charging a nominal fee or go for a no-cost way.
Normally, the loan amount offered by banks ranges from Rs 50,000 to 30,00,000. On the other hand, the banks also give higher loan amounts that require some personal discussions. In such cases, the bank prefers to have a word with the borrower and proceed with the request accordingly.
The above factors have their dependency on the amount of loan disbursed. This also includes company categorization, tenure of the loan, and customer salary. Moreover, the bank account in which the salary is going to be credited also play a vital role in determining the ROI, processing fee, and pre-closure.
It’s obvious that the bank will come in with some penalties or ECS bounce charges for sure. This can a bigger impact on your future credits that you never thought of. There are chances to miss a car or home loan opportunities. You can also come across situations where the bank can take legal action against you.
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