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Frequently Asked Questions (FAQ)

1. What is LoanBazaarNow?

LoanBazaarNow.in is a leading online financial marketplace in India, connecting borrowers with trusted banks, NBFCs, and lending institutions. We simplify loan discovery by offering:

  • Comprehensive Comparisons: Compare 50+ loan offers across interest rates, tenure, and eligibility.
  • End-to-End Support: From application to disbursal, including document verification and lender negotiations.
  • Free Credit Health Check: Get your credit score analysis and personalized improvement tips.
  • Expert Advisory: Dedicated loan specialists available via chat/phone for complex queries.

As a neutral platform, we earn commissions from lenders, ensuring zero cost to borrowers. Our mission is to democratize access to fair credit through technology and transparency.

2. What types of loans do you offer?

We cater to 15+ loan categories with specialized sub-types:

  • Personal Loan (Unsecured):
    • Medical Emergency Loans (24-hr disbursal)
    • Debt Consolidation Loans
    • Wedding Loans (up to ₹50L)
  • Home Loan:
    • Purchase/Construction (6.5% onwards)
    • Home Extension Loans
    • Pradhan Mantri Awas Yojana (PMAY) Subsidy Assistance
  • Business Loan:
    • MSME Loans (CGTMSE Scheme)
    • Machinery Financing
    • Invoice Discounting
  • Education Loan: Covers tuition, accommodation, and even study abroad insurance.
  • Gold Loan: Get up to 80% LTV with doorstep gold appraisal services.

Specialized Options: Electric Vehicle Loans, Agricultural Loans, Startup Loans

3. How can I apply for a loan on LoanBazaarNow?

Our 4-Step Smart Application Process:

  1. Pre-Qualification:
    • Check eligibility instantly via our AI-powered tool
    • Get pre-approved offers without credit score impact
  2. Document Upload:
    • Scan documents via mobile (Aadhaar auto-fetch available)
    • Real-time validation to prevent rejections
  3. Loan Matching:
    • Side-by-side comparison dashboard
    • Negotiated rates exclusive to LoanBazaar users
  4. Disbursal Tracking:
    • Real-time application status updates
    • Average approval time: 18 hrs for personal loans, 72 hrs for mortgages

Pro Tip: Complete your profile 100% to unlock priority processing.

4. What documents are required to apply for a loan?

Core Documents (All Loans):

  • ID Proof: Aadhaar (e-KYC), PAN (Mandatory for loans above ₹50,000)
  • Address Proof: Utility bills (<3 months old) or Passport

Income Proof (Category-wise):

  • Salaried:
    • Latest 3 months’ payslips
    • Form 16 (2 years)
    • Bank statement (6 months, showing salary credits)
  • Self-Employed:
    • ITR-4 (3 years) with audit report if applicable
    • Business license/GST certificate
    • Partnership deed (for firms)

Loan-Specific Additions:

  • Home Loan: Property papers, NOC from builder/society
  • Education Loan: Admission letter, course fee structure
  • Car Loan: RC copy, dealer invoice

5. How do I calculate my EMI?

Our EMI Calculator uses the standard formula:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Where:
P = Principal Loan Amount
R = Monthly Interest Rate (Annual Rate/12)
N = Loan Tenure in Months

Example Calculation:
For a ₹5 Lakh personal loan at 11.99% p.a. over 4 years:
R = 11.99/12 = 0.999% monthly
N = 48 months
EMI = ₹13,186
Total Payable = ₹6,32,928 (Interest: ₹1,32,928)

Key Insights:

  • Reducing tenure by 1 year saves ₹23,455 in above example
  • Use our EMI Affordability Chart to align with your budget

6. What is the interest rate on loans?

Latest Rate Ranges (July 2024):

Loan TypeStarting RateKey Factors
Personal10.5%Credit Score >750, Salary ≥₹35k
Home6.5%**PMAY subsidy applicable
Business12%Turnover >₹40L, Vintage >3 yrs
Car (New)7%On-road price, EV discounts up to 0.5%

Rate Determinants:

  • Credit Tier: 300-579: +5% | 580-669: +3% | 700+: Best rates
  • Relationship Discounts: Existing bank customers save 0.25-0.75%
  • Processing Fees: 0.5%-2.5% of loan amount (negotiable)

7. What is the loan repayment tenure?

Tenure Options & Strategies:

  • Personal Loan: 12-84 months
    • Optimal Tenure: ≤36 months to keep interest under 20% of principal
  • Home Loan: Up to 30 years
    • Prepayment Tips: Use annual 25% prepayment without penalty
  • Business Loan: 6-96 months
    • Moratorium Period: Avail up to 6 months EMI holiday

Warning: Defaulting for >90 days leads to asset seizure (secured loans) and CIBIL downgrade (minimum 150 points).

8. Is my personal information safe on LoanBazaarNow?

We employ bank-grade security measures:

  • Technical Safeguards:
    • 256-bit SSL encryption
    • PCI-DSS compliant servers
    • Regular penetration testing
  • Data Practices:
    • Never store CVV/OTP/Card details
    • Mask sensitive data (e.g., Aadhaar XX**1234)
  • Compliance:
    • RBI NBFC-P2P guidelines (DNBR.PD.009/03.10.119/2016-17)
    • GDPR adherence for international students

Your data is shared only with consent-selected lenders. Full audit logs available on request.

9. How can I contact LoanBazaarNow support?

Multi-Channel Support (24/7):

Escalation Matrix:

  • Level 1: Support Executive (Resolution in 4 hrs)
  • Level 2: Relationship Manager (24 hrs)
  • Level 3: Grievance Officer (Email: grievance@loanbazaarnow.in)