How does the lender calculate eligibility?
Loan eligibility is calculated based on the ability to repay. Factors such as income, age, qualifications, number of dependants, spouse’s income, assets, liabilities, stability and continuity of occupation and savings history are taken into consideration. 4: How do I repay the loan? You can repay the loan in Equated Monthly Installments (EMIs) comprising principal and interest. Repayment by EMIs commences from the month following the month in which you take full disbursement. Till then, you only need to pay the interest on the amount disbursed. 5: What is pre-EMI interest? Before final disbursement, you may have to pay interest on the portion of the loan disbursed. This is called pre-EMI interest. Pre-EMI interest is payable every month from the date of each disbursement up to the date of EMI commencement. 6: Is there a fixed interest rate for the duration of the loan? Most HFCs offer the fixed rate as well as the variable rate options to customers. 7: What is a fixed rate loan? A rate
