Frequently Ask Questions
What is an EMI?
An EMI is the fixed monthly amount that a borrower owes to the lender on a specific date. It includes both the principal and interest on the loan. The interest rate is determined based on factors such as the borrower's income, credit score, employer, age, and other criteria. Kare Financial Services customizes loan offers based on information gathered from your application and other data sources.
What are the interest rate and other fees?
Interest rates and fees vary depending on the type of loan. Please refer to the individual product pages for more information.
What is the timeline for my repayment?
Repayment occurs annually on an EMI (equated monthly installment) basis, with the amount determined by the outstanding balance. Depending on the timing of the loan, one or two payments may differ.
What criteria does Kare Financial Services use to determine my creditworthiness, and how long does this process take?
Kare Financial Services conducts a comprehensive verification and credit check process for every customer applying for a loan. This evaluation is based on data from various sources, including the application form, credit bureaus, bank accounts, paychecks, and verification records. The entire process is fully automated and typically completes within seconds, providing you with approval shortly after submitting your application.
Is it possible for me to pay off my loan early?
Yes, you have the option to prepay your loan at any time.
What is the best way for me to make monthly payments?
You can pay your EMIs through ECS (electronic funds transfer).
What happens if a borrower misses or refuses to make a payment?
If a borrower's monthly payment is late for any reason, they may incur penalty fees and punitive interest. Additionally, late payments can negatively impact the borrower's credit file, making it harder to obtain credit in the future. Legal action against the borrower is also a possibility.
How long is my loan intended to last?
Kare Financial Services offers loan tenures ranging from one to twenty-five years. Opting for a longer tenure can result in lower monthly EMIs.
Who is eligible to be a co-applicant for my loan?
All co-owners of the property must be co-applicants for the loan. Additionally, individuals who are not co-owners may also apply as co-applicants for the loan. It's a straightforward process.