Skip to main content

FAQs – General Questions

Who can apply for a loan in Paisabuddy?

Any resident of India above the age of 21 years with a 1 year long business or who is salaried or has a monthly source of income, any registered sole proprietorship or partnership company with a 1 year long business, may apply for loan from Paisabuddy.

What is the processing time of loans?

The processing time of each loan varies. Once the complete set of documents as mentioned in document segment are submitted, it usually take 3-4 business days to complete the loan process.

How does PaisaBuddy decide the amount given as Loan against property

The Company looks at criteria like Income, age, stability, existing loans the condition and location of property etc. For further details, please visit product section.

What is Loan Against property / Secured Loans

The loan which you take by keeping a self-owned property / security as collateral is called a Loan Against Property (LAP) or a secured loan. The value of the property determines the amount of loan that can be sanctioned.

I have been approved a loan by paisabuddy, what is the process for disbursement?

For disbursement clearance of securities provided is a must e.g in Loan against property – legal and technical clearance is to be availed from panel professionals of PaisaBuddy. However customer need not run around to get this done. This process is managed by team PaisaBuddy. Customer needs to sign agreement and provide repayment instruments.

Can my disbursement amount change even after sanction?

Yes, in case technical evaluation has not happened before sanction, then in such cases if valuation of proposed property is lower than estimated then disbursement / eligibility may go down.

Does PaisaBuddy provide Overdraft facility?

No. Currently we do not offer such facility

Can I take part disbursement as per my need?

Yes you can avail, in such conditions PaisaBuddy would evaluate the requirements and in case viable PaisaBuddy would part disburse the loan. Customer in such cases need to service simple interest on disbursement. EMI would start only after full disbursement

Is it allowed to sell the property during the period of Loan?

Yes, ONLY if the loan has been pre-closed. With ongoing loan, property cannot be sold as it is a legal offence. PaisaBuddy can help getting buyer of property with a loan and hence can do an internal transfer.

Does paisabuddy provide loan to me against property of friend?

No, PaisaBuddy offers loan against self-owned properties of self or of blood relative

Are there prepayment charges for early loan closure?

Yes, for details please refer your sanction letter or get details from our Relationship Officer at the time of proposal.

Can I avail additional loan on existing loan?

Yes. You can avail subject to eligibility.

Is it mandatory to take all property owners as borrowers to the loan?

Yes, it is mandatory to take all owners as borrowers / co-borrowers to the loan.

I have a partial constructed property, will PaisaBuddy finance me against such property?

Yes. PaisaBuddy on case to case basis takes such property as security, however initial funds provided will be for completing the property. Balance funds can be used for business / personal use.

For which purposes PaisaBuddy provides loan?

Loan provided by an NBFC / Bank is guided by rules and regulations of RBI which might change from time to time. e.g Usage of funds for Business expansion / machinery purchase/ small working capital requirement or personal uses like education / medical emergency / marriage etc is allowed. Use for speculative / criminal activities etc are not allowed

Can I change my tenure?

Yes, you can change your tenure by connecting with the branch.

Can I repay my loan before due date?

Yes, you can repay your loan before due date, however, pre-closure charges would be applied as per the terms mentioned in sanction letter.

How can I transfer the money online for EMI payment or loan foreclosure?

You can request a payment link by reaching out to us on our number (+91 7230074650) by your registered mobile number or reach out to us on [email protected].

What happens if I am unable to pay my EMI on time?

It is very important that you pay your EMI on time in order to avoid delayed additional charges, maintain a good credit rating, and avoid collections follow up. Please maintain adequate balance in your bank account around the repayment date. Not paying your EMI on time could result in your credit bureau score being affected, and also legal proceedings as per the guided law and regulations.

What is the advantage of choosing a loan from Paisabuddy over a loan from a bank?

Usually it takes more than a week to process any loan from bank and the process of applying the loan requires a lot of documents and frequent visits to the bank. However, with Paisabuddy you can apply the loan online, requires less documentation, and it hardly takes 15 minutes in the entire process. The amount is processed in lesser time and it’s transferred directly to your bank account, available for use anytime and anywhere as per your convenience.

FAQs – Credit

What is Credit Score and how much credit score do I need to apply for loan?

A Credit Score represents your credibility to pay back the loan. It can come between 300 and 850. The higher the score, the more likely you can get a loan. You need a minimum of 650 credit score to apply loan from Paisabuddy.

How do I check my credit limit amount?

You can check your credit limit or maximum disbursement amount on the Paisabuddy website in you’re my Account/Profile section.

How can I check my credit score?

You can check your credit score on our website by providing the relevant information.

How can I get my credit report rectified?

Credit report to be rectified either direct approach to CIBIL through CIBIL site or mail or call to the customer care of the respective financier.

Can I get a loan from Paisabuddy if I don’t have any credit history?

Yes, you can avail loan from Paisabuddy without any credit history. Check the eligibility required for loans in “Our Products” section.

Is credit report related to loan approval process?

Yes, your credit report provides the company with the information regarding your CIBIL score, your credit history, and credit worthiness. These criteria help in the process of loan approval.