At Arav Digital Fincare, we connect borrowers with leading banks to provide fast loan approvals with minimal documentation and competitive rates.
Find answers to the most common questions about our loan services.
A DSA (Direct Selling Agent) is an authorized entity that represents multiple banks and financial institutions. We help customers get the best loan deals by connecting them with the right lenders based on their needs and eligibility criteria. As a loan DSA, Arav Digital Fincare acts as an intermediary between borrowers and banks, simplifying the loan application process and helping you secure favorable terms.
No, applying for a loan through Arav Digital Fincare is completely free. We do not charge any upfront fees for processing your loan application. Our service fee is paid by the banks we partner with. However, please note that the bank or financial institution providing the loan may charge their standard processing fees, documentation fees, and other applicable charges as per their policies.
The approval time varies depending on the type of loan and the bank's policies. Generally, personal loans are approved within 24-48 hours, while home loans may take 3-7 business days. Business loans typically take 3-5 business days for approval. At Arav Digital Fincare, we work to expedite the process as much as possible by ensuring your application is complete and submitted to the right banks based on your profile, which helps in getting faster approvals.
Several factors affect loan eligibility, including:
Yes, we work with various lenders who offer loans to customers with different credit profiles. While a good credit score increases your chances of approval and better interest rates, we can help explore options even if you have a low credit score. In such cases, we might recommend secured loans, loans with co-applicants, or lenders who consider alternative credit assessment methods. Our experts can guide you on improving your eligibility and connecting you with the most suitable lenders based on your specific situation.
The maximum personal loan amount can range from ₹50,000 to ₹50 lakhs, depending on your income, credit score, employment status, and the lender's policies. Salaried individuals with good credit scores and stable employment often qualify for higher loan amounts. Self-employed professionals with proven income stability can also avail substantial personal loans. At Arav Digital Fincare, we help you identify lenders offering the maximum loan amount based on your financial profile.
The typical documents required for a personal loan include:
Personal loan interest rates typically range from 10.5% to 24% per annum, depending on your credit profile, income, relationship with the bank, and the lender's policies. Borrowers with high credit scores (750+) and stable employment with reputed companies often get the lowest rates. At Arav Digital Fincare, we help you compare rates from multiple banks to ensure you get the most competitive interest rate possible for your personal loan.
Yes, most banks allow prepayment or foreclosure of personal loans. However, there may be certain conditions:
At Arav Digital Fincare, we can help you find banks with minimal or zero prepayment charges, giving you more flexibility in managing your loan.
Personal loans are versatile and can be used for various purposes including:
Unlike specific-purpose loans like home loans or car loans, banks generally don't track how you use the personal loan amount once it's disbursed.
Home loans can be used to finance various types of residential properties:
The property should have clear titles, necessary approvals, and comply with local building regulations to be eligible for a home loan.
Typically, banks finance up to 75-90% of the property value, which means you need to arrange for a down payment of 10-25% of the property cost. The exact percentage depends on:
At Arav Digital Fincare, we help you identify lenders offering the highest LTV ratio suited to your profile, minimizing your immediate cash outflow.
Home loans typically offer tenures ranging from 5 to 30 years. The maximum tenure depends on several factors:
Longer tenures reduce your EMI amount but increase the total interest paid over the loan period. We can help you balance these factors to choose an optimal tenure based on your financial goals.
Home loans offer several tax benefits under the Income Tax Act of India:
Note: For rented properties, the entire interest paid can be claimed as a deduction without the ₹2 lakh limit. We recommend consulting a tax professional for personalized advice based on your specific situation.
Yes, you can transfer your existing home loan to another bank through a process called balance transfer or refinancing. This is beneficial when:
The process involves applying for a new loan with the new bank, which will then pay off your existing loan. At Arav Digital Fincare, we can help you compare offers from multiple banks for balance transfer and handle the entire process smoothly, ensuring all documentation and transitions are seamless.
There are several types of business loans available to cater to different business needs:
At Arav Digital Fincare, we help identify the most suitable type of business loan based on your specific business requirements and financial situation.
The documentation required for business loans typically includes:
The eligibility criteria for business loans typically include:
At Arav Digital Fincare, we help assess your business's eligibility and connect you with lenders whose criteria align with your business profile.
Business loan interest rates typically range from 12% to 24% per annum, depending on various factors:
We help you compare offers from multiple banks to ensure you get the most competitive interest rates for your business loan.
Yes, startups can get business loans, although the options might be more limited compared to established businesses. Startup financing options include:
For startups, lenders often focus more on the business plan, market potential, and the founder's experience and financial standing. At Arav Digital Fincare, we can guide startup founders through the available options and help prepare compelling loan applications.
The loan application process with Arav Digital Fincare involves the following steps:
Throughout this process, our relationship managers keep you updated and handle any queries or issues that may arise, ensuring a smooth experience.
You can check your loan application status through multiple channels:
We believe in keeping our clients fully informed, so you'll receive proactive updates at each stage of the process without having to follow up.
If your loan application is rejected, we take the following steps:
Our goal is to find a solution rather than accepting a rejection. Many of our clients have successfully secured loans after initial rejections by following our guidance and applying with more suitable lenders.
The timeline for the entire loan process varies depending on the loan type:
These timelines assume that all required documents are provided promptly and there are no complications. At Arav Digital Fincare, we work to expedite the process without compromising on the quality of service or loan terms.
Yes, you can apply for multiple loans simultaneously, but there are important considerations:
At Arav Digital Fincare, we can help you develop a strategic approach to multiple loan requirements, ensuring that one application doesn't negatively impact others. We might recommend sequencing applications or finding comprehensive solutions that address multiple needs.
Didn't find the answer you were looking for? Our experts are here to help you with any questions related to loans or financial services.
Apply now and let our experts guide you through the entire process for a seamless experience.