Loans in India - Easy EMI, Eligibility & Benefits

The eligibility criteria vary by loan type, but generally include age (18-65 years), income requirements, credit score, employment status, and documentation. Specific requirements depend on the loan amount and type you're applying for.

Loan processing time typically ranges from 24 hours to 7 days, depending on the loan type, documentation completeness, and verification requirements. Personal loans are usually faster than vehicle or home loans.

Interest rates vary based on loan type, amount, tenure, and your credit profile. Vehicle loans typically range from 8-15% p.a., personal loans from 10-24% p.a., and home loans from 6.5-12% p.a. Rates are subject to change.

EMI is calculated using the formula: EMI = [P x R x (1+R)^N] / [(1+R)^N - 1], where P is principal amount, R is monthly interest rate, and N is tenure in months. You can use our EMI calculator for accurate calculations.

Prepayment charges vary by lender and loan type. Some lenders offer zero prepayment charges, while others may charge 2-4% of the outstanding principal. It's best to check with your specific lender.

Your credit score is crucial for loan approval as it indicates your creditworthiness. A score above 750 is considered excellent, 700-749 is good, and below 700 may limit your options or result in higher interest rates.

Common documents include identity proof (Aadhaar, PAN), address proof, income proof (salary slips, bank statements), employment certificate, and loan-specific documents like property papers for home loans or vehicle registration for vehicle loans.

Common rejection reasons include low credit score, insufficient income, unstable employment, high existing debt, incomplete documentation, and age factors. Improving your credit score and ensuring complete documentation can help avoid rejection.