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- How is my loan interest rate decided?
- Based on loan amount, tenure, credit score, and internal risk assessment.
- Why is my rate higher than what I saw in advertisements?
- Advertised rates are “starting rates” and actual rates vary based on eligibility.
- Can I reduce my interest rate after loan approval?
- Once approved, the rate is fixed as per agreement and cannot be reduced.
- What is the difference between flat interest rate and reducing balance rate?
- Explains how EMI is calculated differently under both methods.
- Does my credit score affect my loan interest rate?
- Yes, a higher score can help in availing loans at better rates.
- Where can I check the exact interest rate charged on my loan?
- In your loan agreement under “Offer Details” or “Loan Terms & Conditions.”
- Why do interest rates differ between customers?
- Due to varying credit profiles, repayment history, and assessed risk levels.
- What other charges should I be aware of besides interest?
- Processing fees, late payment penalties, and foreclosure charges (if applicable).
- How is my EMI calculated?
- EMI is calculated using loan amount, tenure, and applicable interest rate.
- Can I prepay or close my loan early to reduce interest burden?
- Yes, prepayment/foreclosure is possible as per terms in your loan agreement.