Frequently Asked Questions About Loans and Loan Assistance

LoanBazzaar is a loan-assistance service with its office in Gomti Nagar, Lucknow. We help individuals and businesses understand their loan options, check basic eligibility, get their documents ready and apply with all major banks and loan providers. We are not a lender.

No. LoanBazzaar is not a bank, NBFC or lender, and we do not lend money ourselves. The bank or loan provider you apply with decides on approval, the amount, interest rate, tenure, charges and disbursement.

No, and no honest loan advisor can. We help you pick lenders that suit your profile and send a complete application, so it is not held up by missing papers. The lender makes the final decision after its own credit checks and verification.

Personal loans, home loans, business loans, loans against property, and Cash Credit or overdraft limits for businesses. We also help with balance transfers of existing loans. If you need something else, ask us.

Yes. We compare what all major banks and loan providers may offer for your profile, including the rate, fees, tenure and total repayment, and explain the differences in plain words. The offers you actually get depend on each lender’s assessment.

Yes. Talking to a loan advisor about your need and the loans that may suit you is free. If a LoanBazzaar service charge applies to your case, we tell you before you go ahead. Lender charges, such as the processing fee, are shown in the lender’s offer.

Return Gift is a LoanBazzaar benefit for eligible customers. After your loan is successfully disbursed and your case is verified, you can receive the applicable Return Gift under the offer running at the time. Not every enquiry or loan qualifies, so ask us about the current terms.

Only after the lender has disbursed your loan and we have verified your case against the offer terms. An enquiry or an approval message alone does not qualify. The Return Gift has no effect on the lender’s decision, rate or amount.

Ghar Baithe Loan is loan assistance from the comfort of home. You start on a call or WhatsApp, we explain your options and the papers you need, and we coordinate with the lender for you. Where available, we can also help with documents at your doorstep.

Much of the process can start from home, on a call or WhatsApp. Some steps may still need you in person, such as KYC, signing the loan agreement, showing original documents or a property visit. It depends on the lender and the loan, and we tell you up front which steps apply to you.

Partner Spot Payment is faster payout processing for eligible DSA and connector partners. Once a partner’s case is successfully disbursed, the bank or NBFC confirms it and the applicable verification is complete, the eligible payout is processed the same day. Partner terms apply.

Call or WhatsApp us, fill in an enquiry form on this website or visit our office in Gomti Nagar. A loan advisor asks about your need, income and existing loans, suggests suitable options and gives you a document checklist. You then apply with the lender you choose, with our help.

A loan advisor contacts you to understand the amount you need, your income and your existing loans. We then explain the options that may suit you and the documents to keep ready. A formal application to a lender needs your consent and your documents.

No. An enquiry only tells us what you need. A formal application to a lender needs your consent, your documents and usually a credit check, and you decide whether to go ahead.

You can discuss more than one need with us. But several formal applications at once mean several credit enquiries on your report, which can make lenders more cautious. We help you pick the most suitable loan first.

Yes. Tell us at any time before a formal application or disbursement and we stop. If the application is already with a lender, the lender’s cancellation process and any charges apply.

Yes, where updates are available. Call or WhatsApp us with your enquiry or reference ID and we share the latest update we have from the lender. The lender controls its own assessment stages and timelines.

Lenders look at your income and how steady it is, the EMIs you already pay, your credit score and repayment history, your age, the amount and tenure you want and, for secured loans, the property. Each lender weighs these differently, so eligibility can differ from one lender to another.

There is no single cut-off that every lender uses. A higher CIBIL or other credit score, built by paying EMIs and card bills on time, usually helps with both approval and the rate offered. Lenders also look at your income, existing loans and documents.

Sometimes. It depends on your income, your repayment capacity, any security you can offer, a co-applicant’s profile and the lender’s policy. A lower score can mean a smaller amount, a higher rate or stricter conditions. We can suggest steps to improve your score before you apply.

Our eligibility calculator does not, because it runs in your browser and no credit report is pulled. A first chat with our advisors does not need a credit check either. A formal application to a lender usually involves a credit enquiry, made with your consent, and many applications close together can lower your score.

Common reasons are income that is low for the amount asked, high existing EMIs, a weak or short credit history, missing or mismatched documents, an unsteady job or business, a profile outside the lender’s policy, property issues or failed verification. Ask the lender for the reason, then talk to us about what to fix before you apply again.

Often, yes. Adding an earning family member, such as a spouse or parent, lets the lender count both incomes for many loans, especially home loans and loans against property. The co-applicant’s credit history matters too, and they share responsibility for repayment.

Each lender sets its own rate based on the loan type, your credit score, your income or business performance, the amount, the tenure, any security offered and its pricing policy at the time. That is why two people can be offered different rates for the same loan.

We do not lend or set rates, so we cannot promise the lowest one. We compare offers from all major banks and loan providers for your profile and help you apply where it fits best, which helps you find competitive terms.

EMI stands for equated monthly instalment: the fixed amount you pay the lender every month until the loan is repaid. Each EMI covers that month’s interest and repays a part of the loan amount.

Your EMI depends on the loan amount, the interest rate and the tenure. Lenders use the formula EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r the monthly interest rate and n the number of months. The lender’s final schedule can differ slightly.

Usually, yes. Depending on the loan and the lender, you may pay a processing fee, GST on fees, legal and valuation fees for property loans, insurance where it applies, and charges for late payment, a bounced EMI or early closure. The lender lists them in its Key Facts Statement, so compare that, not just the rate.

Many lenders allow a part payment or full foreclosure, sometimes after a minimum number of EMIs. For floating-rate loans taken by individuals for personal use, RBI rules do not allow prepayment charges. Fixed-rate and business loans may carry a charge, so check your loan agreement.

No, it usually raises it. A longer tenure lowers your monthly EMI, but you pay interest for more months, so the total interest goes up. For example, ₹10 lakh at 10.75% costs about ₹2.97 lakh in interest over 5 years and about ₹6.36 lakh over 10 years.

Most lenders ask for PAN, Aadhaar or another photo ID, address proof, recent bank statements and income proof: salary slips and Form 16 if you are salaried, or ITRs and business records if you are self-employed. Home loans and loans against property also need property papers. We give you an exact checklist for your loan.

No. The list depends on the loan, whether you are salaried or self-employed, the amount, any property involved and the lender’s own rules.

Lenders need proof that you can repay, so some record of income or business cash flow is almost always needed. If you do not have the usual papers, other records such as bank statements may help with some lenders. Be wary of anyone who promises a loan with no income proof at all.

Never. Do not share an OTP, card PIN, UPI PIN or net-banking password with anyone, including LoanBazzaar staff or a lender. We will never ask for them.

LoanBazzaar uses your documents for your loan application and its verification, and shares them with the lender or service partner handling your case, with your consent. The Privacy Policy explains how your information is collected, used and stored.

Only to the official LoanBazzaar number shown on this website. For sensitive documents, follow the secure process your advisor shares with you, and never send them to an unknown or personal number that claims to be from us.

Almost any genuine personal need: medical bills, a wedding, education, travel, home repairs or paying off costlier debt. Lenders may ask about the purpose, and some uses, such as speculation, are not allowed.

No. A personal loan is unsecured, so you do not pledge property or gold. Approval rests on your income, credit score, existing EMIs and the lender’s policy.

It depends on your monthly income, the EMIs you already pay, your credit history, your job stability and the tenure you choose. Our eligibility calculator assumes your total EMIs stay within half of your net monthly income, but each lender sets its own limit.

Yes. Self-employed professionals and business owners can apply. Lenders usually ask for ITRs and bank statements instead of salary slips, and the amounts and terms on offer can differ from salaried loans.

It depends on how complete your documents are, the lender’s credit and verification checks and its own process. Having every paper ready is the best way to avoid delays. We help with that, but we cannot promise a fixed timeline.

Two limits apply. Your income, age, existing EMIs and credit history decide how much you can repay, and the property’s value decides how much the lender will fund. You get the lower of the two. A co-applicant’s income can raise the first limit.

No. RBI caps how much of the property value banks can lend: up to 90% for loans up to ₹30 lakh, 80% above ₹30 lakh and up to ₹75 lakh, and 75% above ₹75 lakh. Lenders may fund less. You pay the rest, plus stamp duty and registration costs, usually from your own savings.

Yes. Most lenders allow a spouse, parent or other close family member to apply with you, and both incomes count towards eligibility. Lenders often require every co-owner of the property to be a co-applicant.

Usually the sale deed or agreement to sell, the chain of earlier title documents, approved building plans, the builder’s allotment letter for a new project, and property tax receipts. The lender’s legal and technical teams check these before the loan is disbursed.

Yes, if the project, the builder and the approvals meet the lender’s rules. The loan is usually released in stages as construction progresses, and until possession you may pay only interest on the amount released.

It means moving your existing home loan to another lender, usually for a lower rate. It makes sense when the interest saved over the remaining tenure is clearly more than the costs of switching, such as processing, legal and valuation fees.

Proprietors, partnership firms, LLPs, private limited companies, traders, manufacturers, service businesses and self-employed professionals such as doctors and chartered accountants, as long as the business meets the lender’s rules on vintage, turnover and credit history.

Lenders look at your turnover, profit, cash flow and bank statements, how long the business has been running, the EMIs it already pays, your credit history and any security offered. ITRs and GST returns are the main proof.

Yes. Many lenders offer unsecured business loans to established businesses with steady turnover, regular banking and a good credit record. A larger amount or a weaker profile may need security such as property.

If your business has to register for GST, lenders usually ask for your GST certificate and returns. A business below the GST threshold can often apply with other proof, such as ITRs, bank statements and a trade licence or Udyam registration, depending on the lender.

It is harder. Most business loans need a track record, often two years or more. A new venture may need a secured loan, a loan under a government scheme or a loan based on the owner’s own income and credit. We can tell you what fits your situation.

A secured loan for which you mortgage a residential or commercial property you own. The amount depends on both your repayment capacity and the property’s value. Because it is secured, the rate is usually lower and the tenure longer than for an unsecured loan.

Yes, in most cases you can keep living in it, run your business from it or rent it out. The lender holds a charge on the property until the loan is repaid, and your loan agreement sets out any limits, such as on selling it.

The lender sends an approved valuer to check the location, construction, condition, approvals, use and how easily the property could be sold. The lender then funds only a part of that value, depending on the property type and your profile.

Yes, if all the owners agree. Lenders usually require every co-owner to join the loan as a co-applicant and sign the mortgage documents.

Missed EMIs bring penalty charges and hurt your credit score. If the default continues, the lender can take legal steps to recover its dues, including selling the mortgaged property. If you expect trouble paying, speak to your lender early about the options.

A Cash Credit (CC) limit is a working capital facility for businesses. The bank sanctions a limit, usually against your stock and receivables, and you can withdraw and repay within it as often as you need, paying interest on the amount you use.

Drawing power is the amount you can actually withdraw from your CC limit at a given time. The bank works it out from your eligible stock and receivables, after deducting its margin, often 25% or more. If your drawing power is lower than the sanctioned limit, the lower figure applies.

No. Interest is usually charged on the amount you actually use, worked out on the daily balance. Some banks also charge for unused limits, renewals or late statements, so check your sanction letter.

Yes, for most CC limits. Banks usually want a stock and receivables statement every month. A late or incomplete statement can reduce your drawing power or attract a penalty.

Yes, if your turnover and working capital needs have grown. The bank reviews your latest financials, stock and account conduct before deciding on an enhancement. A well-run account with regular statements helps.

Introduce someone who needs a loan, with their consent. We contact them and help with their application. If the lender disburses the loan and every programme condition is met, the referral can qualify for a reward under the programme terms.

No. Submitting a referral does not earn a reward by itself. It depends on the person’s consent, duplicate checks, a successful loan disbursement, verification and the programme terms.

The referral is treated as an existing or duplicate lead and usually does not qualify for a reward, under the programme’s lead rules.

Where tracking is available, use your registered mobile number or referral ID to see the stage your referral has reached. You will not see the other person’s private loan or document details.

Yes. A reward can be held, reversed or cancelled if the loan is cancelled or reversed, fraud is found, or the programme conditions are not met.

To understand your enquiry, contact you, check which loans may suit you, work with the lender or service partner on your case, and meet legal requirements. The Privacy Policy explains this in full.

LoanBazzaar does not sell your details as a separate data product. They are shared with the lenders and service partners needed for the help you asked for, with your consent and as set out in the Privacy Policy.

Yes. Ask us on a call, on WhatsApp or by email and we stop marketing messages. If you have an active application, we may still need to contact you about it until it is closed.

Contact us on the official number or email shown on our contact page, or choose Report suspicious activity in the contact form. Share the number, the date and what was asked. Never share an OTP, PIN or password, and never pay money into an unverified personal account.

No payment can guarantee a loan, and LoanBazzaar does not approve loans. Any genuine charge, such as a lender’s processing or valuation fee, is shown to you in writing through an official channel. If anyone asks for an upfront fee to “release” a loan, report it to us.