Choosing the right auto loan is as important as buying the car itself. While buying a car, you must ensure that it meets all your requirements and is within your budget. The same goes for online car loans. Although getting an instant car loan online is relatively easy, you must avoid making mistakes in picking the one best for you.
The most important thing you need to do before applying for a loan is to do proper research instead of looking to secure funds as quickly as possible. You must closely study the terms and conditions to save yourself from paying higher interest rates or other hidden charges.
To make things simpler, here is a list of common mistakes you should avoid when you apply for a car loan online:
#1 Not searching for the best lender
Looking for the best lender when taking an auto loan is one of the most important factors to ensure you get the best deal. The interest rates vary across lenders; a higher interest rate means a higher repayment amount. So, before you apply for a car loan, conduct thorough research on all banks and Non-Banking Financial Companies (NBFCs) and choose the lender that provides the lowest interest rate.
You can also look for a cash loan online on car loan apps for better results. Ensure you consider important aspects like the repayment tenure, required documents, repayment options and eligibility criteria.
Your credit score plays a vital role in your instant car loan approval. A credit score of 750 to 900 will make it easier to get your loan. A higher credit allows you to better negotiate an affordable interest rate and keep costs low.
If your credit score is lower than 700, the lender may not give you a great deal on an auto loan. So, before you apply for a loan, check your credit score. Better yet, pick a lender like Fibe, which offers instant car finance without relying heavily on credit scores.
#3 Not having any other financial source
Always make sure that you are not solely relying on the credit offered by a lender. It is always advisable to have access to funds from your savings, investments and emergency corpus. This will help you pay the down payment fee, insurance fee and registration fee.
Lenders often suggest taking up personal loans along with auto loans to cover these expenses but taking an instant personal loan will add to your debt pile. So, be sure to choose your options carefully.
#4 Not selecting a short-term loan
Borrowers often select long-term loans because the EMIs are lower than short-term loans. But in the long run, the total interest you end up paying will be higher. Moreover, long-term loans also mean that you stay in debt for a longer period.
On the other hand, online car loans with short-term repayment schedules can help ensure that you repay the loan as early as possible and keep the costs to a minimum. However, you should make sure that you can afford to pay high EMIs in a short period, as your credit score will take a massive hit in case of defaulting on repayment.
#5 Buying unnecessary services
When you apply on car loan apps or on lenders’ websites, you are often given the option to purchase additional services like insurance schemes. Although these schemes are beneficial, it is important to remember that you may not need all of them. So, make sure you assess your needs and carefully select only the services that you need.
#6 Focusing solely on EMIs
Focusing solely on EMIs can often hurt your overall financial health. Low EMIs tend to attract borrowers, but it is not the only thing that you should consider. Before availing an instant car finance, ensure that you calculate other factors like the tenure, disbursement period, processing fees, early repayment penalties, late EMI fees and other terms. Considering these is crucial because, collectively, they can cost a hefty amount.
Making any of these mistakes could potentially harm your finances. For a smooth and hassle-free borrowing journey, avoid making these mistakes and always do your due diligence. Try to look for a car loan app that offers a simple and easy process.
You can opt for Fibe Car Loans and secure a stress-free option to get that dream vehicle quicker and without hassles! Download the Fibe app, or simply log in to our website and get started.
FAQs on Common Car Loan Mistakes
How to get a 100% loan on a car?
There are many factors that influence the car loan amount you can get. This includes your income, age, credit history, the model you select and more. However, if you have a good credit score, you have a better chance of getting a loan for 100% of your car’s value.
Can I get a car loan with a low CIBIL score?
Yes, lenders allow you to apply for a car loan online with a low score if you can provide proof of a stable income and assure timely repayment. Moreover, you can apply with a co-applicant or guarantor to get an auto loan.
Can I get a car loan with a 500 CIBIL score?
While most lenders have a minimum credit score requirement of 750, you can apply for a car loan with a 500 CIBIL score if you can afford to pay higher interest. You can also choose lenders like Fibe that do not rely solely on credit scores while assessing a loan application.
Can I get a car loan without a salary?
To get a car loan, you must have a steady income. However, if you don’t have proof of income, such as a salary slip, you can provide your bank statement as an alternative.
Can I get a car loan if my salary is ₹10,000?
Yes. You can apply for a car loan online if you have a steady job with a salary of ₹10,000 per month. However, the loan amount may be lower due to a lower repayment capacity.
Is it possible to get 0% interest on a car loan?
This is usually not possible in India as all banks charge you an interest on the financing they offer to purchase a car.
Can I buy a car with a ₹40,000 salary?
Your car loan eligibility depends on many factors, such as your monthly income, CIBIL score, existing credit, etc. However, many lenders will give you a decent loan amount with a 40k salary per month, provided you meet other parameters.
The festive season is finally here and with it have arrived some of the best deals, discounts, and cashback offers. E-commerce giants such as Amazon and Flipkart are gearing up for massive sales. Electronic gadgets such as phones, laptops, and cameras have been amongst the best sellers during the recently concluded shopping sales on e-commerce stores. With the recent launch of the iPhone 12 Pro, the media is abuzz with news about its first impressions and latest features. Considering getting it? Or any other iPhone? Do check out this list of the best deals on all iPhones this shopping season.
The Best Deals on All iPhones
#1 The Apple Days on Amazon India and Other Deals
Amazon India is offering some amazing deals for customers who buy Apple products on Apple Days. There are attractive deals and discounts available for all Apple iPhones ranging from the latest iPhone XS Max to the iPhone 6s. The iPhone 12 is selling with a whole bunch of cashback offers on SBI cards and Amazon’s own Pay card. There’s also the chance to win exciting rewards on every purchase, regardless of the iPhone you pick!
It is also interesting to note that the iPhone 11 price went below Rs. 50,000 mark for the first time during this season’s Amazon Great Indian Festive Sale. It was available for Rs. 47,999 at that time. Therefore, this version might just be the main focus of the upcoming shopping sales as well.
As of now, Amazon is offering a 10% discount on a minimum order value of Rs.5000 via SBI credit cards. This offer is available up to 13th November 2020. There are no-cost EMI options on select cards and a cashback of 25% up to Rs. 250 on Amazon Pay Later.
If you’re looking to get the most affordable iPhone out there, even the iPhone 7 is on sale at a price never seen before – just Rs 25,000!
Upgrades and Exchanges: But for users seeking to upgrade their iPhone model, Amazon has an exchange offer that allows up to Rs.12,500 on exchange provided that certain conditions are met. In addition to this, there are also some partner offers, and Amazon Pay UPI cashback offer, and a 5% cashback offer with Amazon Pay ICICI Bank credit card.
#2 Flipkart Deals
Flipkart is gearing up for a major shopping sale from 8th November to 13th November 2020, with early access and exclusive offers to Flipkart Plus members. There are massive discounts including a 10% instant discount on Axis Bank, ICICI Bank, Citi Bank, and Kotak Bank credit cards and debit cards.
Currently, Flipkart is offering a flat Rs. 5,000 off with American Express and RBL Bank cards and even Federal Bank Debit cards. The iPhone XR on Flipkart gets an additional Rs 3000 off.
There is also an exchange offer that allows customers to get up to Rs. 14,100 off if eligible. Other offers include standard and no-cost EMI options, 5% unlimited cash back with Flipkart Axis Bank credit cards, and 5% off with Axis Bank Buzz credit cards.
#3 Offers by Apple
Apple has an ongoing offer for customers buying a new eligible iPhone, Mac, iPad, iPod touch or Apple Tv. This includes getting one year of Apple TV+ for free and three months of Apple Arcade free provided that certain terms and conditions are met.
EarlySalary is Here to Help
At Fibe, we’re on your side. There’s no reason to be putting off purchases for later and missing out on amazing deals during shopping season sales. For those of us seeking instant credit to shop on e-commerce websites during this festive season, Fibe has the perfect credit options. With low-cost EMI and an instant application process, the entire procedure is hassle-free and allows customers to pay later on Amazon or Flipkart as per their convenience.
Fibe’s EMI products and EMI options might just be the thing that helps you make your wishlists a reality this festive season. And we’re glad they are!
Feel free to get in touch with us for any questions on credit, loans, and your instant cash needs!
Download the instant loan app here, or log in to our website and be a part of the #OneSmallStep experience.
Besides the fact that taxes are often perceived as a financial burden, a lack of awareness about financial planning only adds more to the stress. A majority of taxpayers fail to fit the tax-saving piece into their financial puzzle. Maybe it’s time to teach students taxes when they’re still in school to train them for the unavoidable taxes as adults.
If this is something you can relate to, then fear not. To ensure your tax-planning journey is smooth sailing, we’ve compiled a comprehensive and elaborate tax-saving guide.
How can you save tax: A brief insight on the Income Tax Act
In 1961, the Income Tax Act came into effect. All activities relating to the collection, imposition, administration, and recovery of tax on income are covered by the Income Tax Act. Over the years, it’s of course, gone through several changes, the latest being its divergence into old and new tax slabs.
Being a taxpayer, you will have several income sources, and your income or gains in a given fiscal year incur taxes.
As an individual, you have to pay taxes to the government, whether you are an employed person or an entrepreneur. While you’re at it, here’s how you can indulge in some tax saving, particularly under section 80C and 80D of the Income Tax act.
To limit your taxable profits, do remember to use section 80C to your advantage. Made any investments in a PPF? Or an ELSS Mutual fund perhaps? Section 80C will allow you to shave off up to Rs 1.5 lakhs from your taxable income.
Purchase medical insurance & assert a premium exemption on medical insurance of up to Rs. 25,000 (Rs 50,000 for Senior Citizens) under Section 80D.
Do remember to claim a deduction under Section 80EEE of up to Rs 50k on your home loan interest.
If you don’t have many deductions to claim, seriously considering opting for the new income tax slabs to lower your effective tax rate. Check out this official old slab vs new slab tax calculator to determine which one saves you more tax!
1. Quoting Aadhaar is mandatory India’s Supreme Court asked the government to make quoting Aadhaar compulsory for all citizens. Thus, when filing the income tax return, the taxpayer must mention all the digits of the Aadhaar number or the Aadhaar enrolment number.
2. Main Changes in FY16-17 ITR Forms Some changes have been made by the tax board. Firstly, from nine to seven, the quantity of ITR forms has been reduced. Only ITR 2 is in use now.
3. It is critical that all bank account numbers and IFSC codes are listed by taxpayers in their ITR. However, it is not appropriate to note inactive accounts that have been in-operational for the last three years.
4. By now, all individual taxpayers from their respective employers must have obtained their Form 16. Type 16 is the employer’s certificate. It has information on the wages paid to you by them and the taxes deducted from it. Form 16 shall be issued on or before May 31 of the next year, once for a specific financial year. The taxable pay referred to in Form 16 shall be included in the income tax report under the pay head.
5. It is possible to download Form 26AS from the income tax website. This form has all the TDS that has been deducted from your income(s) in detail. It requires TDS deducted on wages and the same can also be seen in this tax credit statement when there is any TDS deducted on fixed deposit interest.
The Relationship Between Taxes & Financial Wellness
Financial wellbeing or wellness, in very basic terms, refers to the practice of handling one’s economic life effectively and efficiently. Financial well-being is a blend of understanding your investments, making sound financial choices, and consolidating other significant aspects of your life with financial decisions.
As you can guess, an optimal state of financial wellness would involve prudent tax decisions that not only save you money but even generate more income via investments. After all, financial wellness means the ability to successfully handle short-term finances and simultaneously plan for the achievement of long-term objectives.
So whether you’re filing your taxes for last year or planning for this one, some tasks are consistently worth remembering to do:
1. Have the right budget that factors in both savings and investments.
2. Keeping a tangible track of all documentation, bills, etc. to avoid last minute delays or even losses.
3. Don’t over-optimize your budget so save taxes. Be financially prepared for any emergency of any sort.
But perhaps most importantly, be ready to leverage the right tools to assist you financially whenever the need arises. For example, EarlySalary’s Credit Suite will be at your service for all needs – from instant, short-term loans and free credit score checks, to a class-leading SalaryCard that allows you to pay on the go.
In other words, taxes or no taxes, savings or no savings, you’re well-covered for all financial eventualities with the EarlySalary Credit Suite.
Feel free to get in touch with us for any questions on credit, loans, and your instant cash needs!
Download the Fibe app here, or simply log in to our website and be a part of the #OneSmallStep experience.
Stress is a universal issue, impacting professionals across sectors, designations, and organizations. It severely deteriorates an employee’s work performance and comes in different forms and shapes. Take financial stress – featuring challenges in meeting loan EMIs, or managing the usual daily bills at times. As any leader may guess, this can be a huge detriment to overall organizational productivity.
But before we figure out how to deal with it, it’s important to know what causes it. Here are the most common causes of financial stress professionals of today must face:
Causes
Excess Debt: Taking too many loans at a time has people drowning in a sea of debt. Even before one debt has been paid up, another is taken. A certain life of thrift pushes folks towards taking too many loans and paying up huge credit card bills. The amount is often not small, and so is the interest.
Way of living: The current living standards all over have increased with the coming of easy EMIs. People are trying to keep up with a glorified idea of a lifestyle. But everything comes with a price. And this price becomes a big cause of financial stress at a later stage.
Insufficient savings: Despite a better stand of living, there are many of us living an urban equivalent of hand-to-mouth sustenance. Of course. And even if any savings are made, a thrifty nature ensures that even it is spent. In the end, all that remains is repayment.
Instability of markets: With a wide variety of changes taking place in the market, it has been difficult to keep your market parked with it. Risks are being taken without proper inspection which generally leads to losing lots of money in the financial markets.
Inadequate financial literacy: The majority of people with financial stress include millennials and youths. Being a newbie in the financial world, they aren’t very much acquainted with the nooks of their finances and are prone to hasty decisions. This reduces their chances of gaining success with money, thereby increasing their financial stress.
Personal Issues: A sole bread-winner of his family needs to take care of their finances well. The satisfaction of everyone’s needs creates a dearth of finances. Further in cases of emergencies like illness, accidents or any similar condition suddenly would send a surge in the need for financial assistance.
Other issues: Since some consumers are quite vulnerable due to their lack of financial knowledge, some institutions may take undue advantage of this, with high-interest rates, expensive prepayment charges, and more. As you can guess, this compounds the situation instead of making it any better.
Impact
Reduced productivity: Financial stress hampers mental health disabling better attention and thinking. This finally leads to a fall in productivity by an individual employee, and consequently a bigger fall for the organization in terms of productivity.
Absenteeism: Regular mental breakdowns of the employee lead him to take excessive breaks. This also adds up to increased absenteeism among the employees.
Disruption of health: Severe health problems can occur due to financial stress. Sleep disorders, headaches, heart ailments, hypertension are some of the possible impacts of financial stress. Further, stress clogs down the functioning of the brain which might lead to a bigger eventual shutdown of the body.
Lesser control: An employee gripped with financial stress has lower control over their mind and body. Unhealthy lifestyle habits, substance abuse habituation, and more become part of the package.
It’s easy to see how any, or all of these can be significantly detrimental to an organization’s output. A professional with any of this background is a professional very unlikely to be delivering their 100%.
How can organizations combat this?
Greater focus: A keen observation and look out for stressed employees will certainly. Understand the causes of financial stress and think of ways to help them.
Be empathetic: As a manager, put yourself in your employee’s shoes. Think about how you would have liked to be treated if it were you. Take care of your team in a similar way. Talk, counsel, and care.
Undertake financial wellness programs: Several service providers offer financial wellness and assistance programs as an ongoing attempt to combat such issues before they arise in organizations. Partner with them and try making appropriate changes. Fibe’s Financial Wellness service helps employees remain fully secured in financial terms. Be it a medical emergency or paying a child’s school fees, EarlySalary has got you covered, thanks to a keen understanding of the importance of financial education and experience in assisting under-served customers, with seminars on financial wellness, and support for instant credit, as part of the Fibe Credit Suite – a newly launched offering for aspiring Indian professionals of tomorrow.
When is your Organisation Getting Started?
Financial stress is a burden most young professionals face. In the modern world, however, a support system, with tech tools and concerned mentors and managers, can make the experience far easier to deal with. Undertaking better policies and programs will not only help in employee’s welfare but consequently help in getting closer to the organization’s future goals.
Feel free to get in touch with us for any questions on credit, loans, and your instant cash needs!
Download the instant loan app here, or simply log in to our website and be a part of the #OneSmallStep experience.
Yes, most of them are. But that ‘most’ is doing a lot of work and it’s worth understanding what separates a trustworthy app from one that could leave you in a genuinely bad situation.
The apps that are safe to use are backed by an RBI-registered bank or NBFC, follow the 2022 Digital Lending Guidelines and are upfront about what they charge. The ones that aren’t? They’re sometimes hard to spot. They look identical to the real thing, right down to the logo and the UI. That’s exactly the problem.
India now has one of the world’s largest digital lending ecosystems. Millions of people, many borrowing formally for the first time are turning to loan apps for quick credit. And while that’s genuinely a good thing for financial access, it’s also created an opening for bad actors. The RBI’s 2023-24 Annual Report recorded over 36,000 banking fraud cases in that year alone, a 166% jump over the previous year. Digital transactions are now the fastest-growing category within those numbers.
None of that should stop you from using a loan app. It should make you want to spend five minutes checking the right things before you do.
Why Loan App Safety Matters?
People tend to think of loan fraud as something that happens to someone else — someone less careful, less tech-savvy. That’s not really how it works. Fake loan apps are professionally designed. Some are near-perfect clones of legitimate lenders, distributed through social media ads or Telegram groups. They prey on urgency, which is exactly the headspace most people are in when they’re searching for a quick loan.
Here’s what’s actually at risk when something goes wrong:
Your Aadhaar, PAN, and bank details get harvested and sometimes sold to third parties
You pay a ‘processing fee’ upfront and never see a rupee of the loan
The app accesses your contact list and starts calling your family, colleagues, or employer if you miss a payment
In documented cases, scammers have used morphed photos as leverage to extract more money
With no RBI registration behind the app, you have zero legal recourse
-> One case that made the rounds: a Mumbai resident paid ₹2,300 as a processing fee to an app she found through a Telegram link. She never got the loan. What she did get was 47 abusive calls and a message threatening to share her contact list with her employer. The RBI flagged hundreds of unauthorised lending apps in its 2023 review – this kind of thing isn’t rare.
The flip side is equally true. Apps operated by RBI-registered lenders are required to follow strict data handling norms, must show you the full cost before you accept anything, and can’t demand permissions that aren’t necessary for the loan. The rules exist – you just need to know how to check whether a particular app is actually following them.
Red Flags of a Fake or Unsafe Loan App
Before getting into what a safe app looks like, it helps to know the warning signs. Walk away if you notice any of these:
Red Flag
What It Usually Means
No NBFC or bank name is mentioned anywhere in the app or on the website
The app is being shared via WhatsApp forwards, Telegram links, or APK downloads
Bypasses Play Store safety checks; almost always fraudulent
It asks for access to your full contact list, photo gallery, or call logs
Data harvesting – violates RBI’s 2022 data permission guidelines
Interest rates are only revealed after you’ve already submitted your PAN and Aadhaar
Classic bait-and-switch; designed to trap you after you’re already invested
There’s a processing fee to be paid before the loan is released
Advance-fee fraud – once you pay, they’re gone
No grievance officer contact, no mention of RBI Ombudsman
Non-compliant; you’d have no formal path to raise a complaint
The Play Store developer profile is new, unnamed, or has very few downloads
Fake or newly created account – a consistent pattern in fraudulent apps
Privacy policy is missing, very short, or full of vague language
Your data has no real protection
How to Check If a Loan App Is Safe: A Step-by-Step Checklist
Going through all of this takes under five minutes. That’s worth saying clearly, because the trap with loan apps is that speed feels like the whole point and it is, but not at the cost of skipping the basics.
Step 1: Look Up the Company Behind the App
Every legitimate lending app is run by or has a formal agreement with a registered financial institution. Before you download anything, find the lender’s name and look them up. A trustworthy app will show you:
The lender’s full legal name (the brand name alone doesn’t count)
A working phone number and official email address
A physical office address you can verify on Google Maps
An actual website – not a landing page, a real site with an About Us and Contact section
Missing any of these? Don’t install the app. Real companies don’t hide their addresses.
Step 2: Verify RBI Registration — This Is the Big One
In India, only RBI-registered banks, NBFCs, and their officially partnered Lending Service Providers (LSPs) can legally offer loans. Everything else is operating outside the law.
The app’s footer or About page should show the NBFC name along with its Certificate of Registration (CoR) number
Take that name to the RBI’s NBFC list at rbi.org.in and check it directly
If the app uses an LSP or fintech partner model, the NBFC tie-up must still be disclosed clearly
No lending partner mentioned anywhere? That’s a dealbreaker.
If you ever come across an app that seems fraudulent, report it at sachet.rbi.org.in. It’s RBI’s dedicated portal for financial fraud complaints.
Step 3: Check the Play Store Developer Profile
Most people glance at the star rating and move on. The more useful thing to look at is the developer profile, tap the developer name on the Play Store listing and check:
Is it a registered company, or does the name look like a random individual or generic alias?
Does the developer have a working website linked from the profile?
How many reviews does it have, and how long has it been listed?
Is the same app also available on the iOS App Store? Legitimate lenders usually list on both.
Brand-new accounts with low download numbers and aggressive social media promotion are a combination worth being very cautious about.
Step 4: Go Through the App Permissions Before Accepting
This is where a lot of people get tripped up. When an app asks for permission to access your phone’s data, it feels like a standard setup step – you click through without really reading it. Worth slowing down here.
The RBI’s 2022 Digital Lending Guidelines are clear about what regulated lenders can and can’t collect. Here’s a quick reference:
Not needed for lending; commonly used for recovery harassment
Photo gallery access
Red Flag
Breaches RBI data guidelines — no lending purpose
Call logs
Red Flag
Invasive; no legitimate use in loan processing
Always-on location
Red Flag
Unnecessary and potentially used for surveillance
Any app that requests your contacts, gallery, or call logs at the point of installation is not following RBI guidelines – full stop.
Step 5: Find the Key Fact Statement Before You Sign Anything
Under the 2022 Digital Lending Guidelines, every regulated lender is required to show you a Key Fact Statement (KFS) before you accept a loan. It’s a document that lays out the actual, all-in cost of what you’re borrowing – no fine print, no surprises after the fact.
It should include:
Annual Percentage Rate (APR): This captures everything, not just the interest rate
Processing fee and applicable GST
Late payment charges and how they’re calculated
The full repayment schedule
If the app asks you to submit your documents first and shows you the rate afterward – that’s intentional. It’s harder to walk away once you’ve already uploaded your Aadhaar. A legitimate lender shows you the numbers upfront.
Step 6: Read Reviews – But Read Them Carefully
Play Store ratings are, to be blunt, not the most reliable signal. They’re easy to inflate with fake reviews. That said, reviews are still worth reading – just focus on the right things:
Sort by ‘Most Recent’ and read the 1-star reviews from the last 30 days
Look for patterns – are multiple people describing the exact same problem? That’s a signal
Search the lender’s name on the National Consumer Helpline portal (consumerhelpline.gov.in)
Repeated complaints about harassment, hidden fees, or funds not being disbursed should make you stop
A single bad review is just noise. Twenty reviews in the same month describing the same recovery script are something else entirely.
The most reliable checks are the boring ones – developer profile, RBI registration, and the privacy policy. A fake app looks shinier than a real one because shine is cheap. Compliance documentation is not.
Borrow Safely with Fibe
If you’re looking for an instant loan app that you don’t have to second-guess, Fibe is one of the more trusted names in this space. It’s backed by an RBI-registered NBFC, shows you a clear Key Fact Statement before you accept anything, limits data permissions to what’s actually needed, and has a proper grievance redressal setup including an escalation path to the RBI Ombudsman.
With Fibe, you can access instant credit of up to ₹10 lakhs in a few minutes. Some specifics:
Fully digital application – no branch visits, no paperwork
Interest rates and fees shown clearly before acceptance
Encrypted document handling throughout
Named grievance officer + RBI Ombudsman escalation
Direct disbursal to your bank account
Visit the Fibe website or download the app today and run it through the checklist above while you’re at it.
Detailed – includes data retention and third-party disclosure
Vague, incomplete, or absent
FAQs on the Safety of Loan Apps
1. Are instant loan apps safe?
They can be, yes — but the answer depends entirely on who’s running them. Apps backed by RBI-registered banks or NBFCs and operating under the 2022 Digital Lending Guidelines are genuinely safe. The risk is almost entirely concentrated in unregulated apps that are distributed outside official app stores. Stick to apps with verifiable RBI registration and you’re in a much safer position.
2.How do I know if a loan app is RBI approved?
Look at the app’s website or the About section inside the app. There should be an NBFC name and a Certificate of Registration (CoR) number. Once you have the NBFC name, cross-check it directly on the RBI’s official list at rbi.org.in/Scripts/BS_NBFCList.aspx. If the name is on there and the registration is active, the app has a legitimate regulatory backing. If there’s no NBFC name to be found anywhere – don’t use it.
3.How do I report a fake loan app in India?
You have a few options, depending on how urgent the situation is:
Sachet Portal (sachet.rbi.org.in) – the RBI’s primary platform for reporting unauthorised financial entities
RBI Integrated Ombudsman (rbi.org.in/ombudsman) – for formal grievances against regulated lenders
National Cyber Crime Reporting Portal (cybercrime.gov.in) – for fraud, harassment, or data misuse
Local cybercrime police cell – for urgent situations involving threats, extortion, or identity theft
4.Can a loan app sell my personal data?
A regulated one? No. The 2022 RBI Digital Lending Guidelines explicitly prohibit registered lenders from sharing borrower data with third parties without your consent, and data has to be stored on India-based servers. An unregistered app has none of these constraints – they can do whatever they want with your data, and often do. This is why checking RBI registration before you upload anything is so important.
5.How safe is it to avail of online loans?
Quite safe, provided you’re borrowing from a verified lender. Read the repayment terms before you accept, make sure you’ve seen the Key Fact Statement, and never pay any fee before your money has actually been disbursed. Those three things cover most of the risk.
6.Can a loan app access my bank account?
A real one won’t access it directly. What happens instead is that legitimate apps use RBI-approved account aggregators – third-party services – to verify your bank statements. You give them permission to view the data; they don’t get your login credentials and can’t initiate transactions. Any app that asks for your net banking password or asks to log in on your behalf is not operating legitimately.
7.Is it safe to share documents on loan apps?
With a registered lender like Fibe, yes – documents are encrypted in transit and at rest, handled in line with RBI data guidelines, and not shared with anyone who doesn’t need them. The short answer: check the registration first, then share the documents. Never the other way around.
8.What should you avoid when availing of a loan?
Taking a loan without reading or understanding the repayment terms
Using any app that wants a fee before releasing the money
Accepting very high interest rates without comparing a few options first
Installing apps downloaded from APK links, Telegram, or random social media ads
Going with any app that doesn’t clearly name its RBI-registered lending partner
9.What are instant loan apps and why be cautious?
They’re digital platforms offered by banks, NBFCs, or fintech companies where you can apply for and receive a personal loan without visiting a branch. The whole process happens on your phone, usually in under 30 minutes. That convenience is real and valuable. The caution comes from the fact that fraudsters have gotten very good at building lookalike apps. The safer you are upfront – verifying registration, checking permissions, reading the KFS – the less likely you are to end up in a situation that’s hard to undo.
The festive season is finally here, and it brings with it much-awaited shopping sales. With the global pandemic, there has certainly been a slump in the economy as people have put off making big purchases. But as the economy restarts again, e-commerce giants like Flipkart and Amazon have geared up for major shopping sales. Let’s see how we can save big on these sales.
#1 Look out for coupon codes
One of the most significant discounts one can get is through coupon codes. While some coupon codes are already listed on the checkout page of a website, others may be obtained through awards, promotional offers, etc. It is important to consider that oftentimes, it is only possible to apply one coupon code to the transaction. Also, some coupon codes might offer a high discount rate but only up to a certain limit, while others may offer a lower discount rate with a higher limit and a minimum purchase value.
Big purchases often clear the minimum purchase value cut off, which means that there is a wider choice of available coupon codes. Therefore, for significant savings, you must strategically choose the most appropriate code.
#2 Benefit from your reward points
Many stores and e-commerce websites (and even your payment methods) have a system of reward points. If you are a returning customer, you may have some reward points accumulated in your account that you can redeem at the time of purchase.
An interesting example is Flipkart, which offers Flipkart Supercoins on every purchase and these can later be used to buy select products or to avail a Flipkart Plus membership.
#3 Which payment method is the best?
Some stores or websites may offer special discounts on certain credit cards or debit cards, such as 10 percent off on an ICICI Bank card or an HDFC Bankcard. This could vary for different shopping sales and websites. Others may offer discounts if payments are made through online wallets, such as Paytm or PhonePe.
Whether it’s credit cards, mobile wallets, or UPI transactions, selecting an appropriate payment method can offer better savings.
Perhaps the best payment method is the Salary Card from Fibe. A crucial component of the recently launched Fibe Credit Suite – it allows you to convert your purchases into no-cost EMIs at the click of a button.
#4 Price Comparisons: Is your wishlist really on a discount?
A lot of discounts depend on shopping from the right place and on the right day. Prices can fluctuate on a daily basis and across platforms. A good way to keep track of these can be by setting up price alerts.
For comparing prices across e-commerce websites, you can also use price comparison apps and websites that track price changes of an item and allows you to see if you’re indeed getting a good deal or not.
#5 Consider EMIs or instant credit
Oftentimes, an EMI option can prove to be a better deal. A scenario where a massive price drop occurs during a sale sometimes cannot be missed and for this, considering instant credit options or EMI could pay off. Fibe offers low cost and flexible EMIs for shopping at Amazon and Flipkart.
What are you buying?
Making any large purchase is hardly ever an instantaneous decision. It involves weeks or even months of thought and planning. It is always important to research the product, compare its features with other versions, and get a reasonable idea about its price. But with such extravagant shopping sales, coupled with class-leading credit solutions from EarlySalary, you’d be the odd one out if you’re not out grabbing those deals.
That doesn’t mean you shouldn’t take into account the multiple factors that go into getting the best deal, such as choosing the perfect product, considering the shipping costs, warranty period, accessories offered, and installation charges wherever applicable. Interacting with friends, checking online shopping communities, and maintaining a general awareness about discounts and cashback offers can be of great help for getting the best offers during this shopping season.
Feel free to get in touch with us for any questions on credit, loans, and your instant cash needs!
Download the personal loan app here, or simply log in to our website and be a part of the #OneSmallStep experience.
Based on your loan history (of all kinds), a credit score is a number that measures and rates your financial health. To decide whether to accept someone for a loan or credit card and to determine what interest rate to charge, lenders use credit scores.
In order to decide whether to rent your house, give you a job, or how much to charge you for car insurance, other businesses may also use your credit score.
Let us understand what credit scores really are
The credit score ranges between approximately 300 and 850. “Good” scores are considered in the range of 600. When you have a higher score, you have a greater chance of being accepted for loans in more favorable conditions. You can visit the EarlySalary Free Credit Score check to get an idea of your credit scores. The free credit score facility is also part of the EarlySalary Credit Suite – a complete offering for aspiring Indian professionals, featuring Instant loans, a Salary Card, and much more!
There are two types of credit scores – generic & custom scores:
To assess general credit risk, credit scores are utilized by several forms of businesses and lenders. Using the same formula for all three credit reporting agencies, you can access the generic score as one score.
Custom scores are for individual lenders. It relies upon credit score reports and other data from the lender’s own portfolio, such as account history. These are unique to a single organization or may be used by specific forms of lenders. For specific types of lending, for example, mortgage or auto loans, custom credit scores can apply.
What Kind of Borrower are you: What a Credit Score Reveals
History of Payments
When they give somebody money, there is one main question that lenders have in their minds: “Will I get it back?”
The following factors are taken into account in this portion of your score:
For each account on your credit report, have you paid your bills on time? Paying late has a detrimental impact on your ranking.
How late were you—30 days, 60 days, or 90 + days if you paid late? The later you are, the worse your score is.
Have some of your collection accounts been sent to you? To potential lenders, this is a red flag that you could not pay them back.
Owed amounts
This second-most critical portion discusses the following considerations: How much would you intend to give on those forms of accounts, such as mortgages, car loans, credit cards, and payment accounts?
How much do you owe in total and how much do you owe in installment accounts as opposed to the original amount?
How much did you use your total usable credit? Nothing is better, but owing a little can be better than owning none at all. That way, lenders get to see that you are accountable and financially secure enough to pay it back if you borrow money.
Credit History duration How long you’ve been using credit also takes into account your credit score. You’ve had commitments for how many years? What is the average age of all your accounts and how old is your oldest account?
New credit The credit score takes into account how many new accounts you’ve got. It looks at how many new accounts you have recently applied for and when you opened a new account for the last time.
Credit forms in use If you have a combination of various forms of credit, such as credit cards, store accounts, revolving loans, and mortgages, is the final thing you consider when deciding your credit score. It also looks at how many accounts you have in total. As this is a small component of your ranking, don’t worry if you don’t have accounts in any of these categories, and just increase your mix of credit types by not opening new accounts.
Small tips to keep in mind while you apply for a loan
Pay the bills on time, and don’t be more than 30 days late if you need to be late.
Don’t open lots of new accounts all at once or even over a span of 12 months.
If you plan to make a big purchase, such as purchasing a house or a car, which would require you to take out a loan, check your credit score about six months in advance.
Keep the balance of credit cards below 15-25 percent of your total credit available.
Do you always need a credit score?
Although your credit score is important for getting accepted for loans and getting the best rate of interest, to get the kind of score that lenders want to see, you don’t need to stress about the scoring criteria. With credit solutions like Fibe that offer more than just instant loans, there may not be any reason for you to consider a traditional lender. Fibe’s Credit Suite is a revolutionary new all-in-one package for aspirational Indians of this next decade. With a free credit score facility available instantly, there’s also:
Short term, Instant loans with ₹8000 to ₹5 lakhs limit
Long Term Personal Loans with the 12-months to 36-months EMI options
Free credit score facility for a detailed snapshot of your credit financial position
All-new digital Fibe Card with customized credit solutions customized features
Buy on EMI functionality so you can ‘Pay Later’ during checkouts.
Sure, your score will shine if you handle your credit wisely. But your finances can shine without a credit score too!
Feel free to get in touch with us for any questions on credit, loans, and your instant cash needs!
Download the personal loan app here, or simply log in to our website and be a part of the #OneSmallStep experience.
Over the years, an individual’s or even an organisation’s creditworthiness has come to be defined by their credit score. A loanee’s traditional data (e.g. credit history, types of credit, credit utilisation, etc.) is usually the only factor considered by credit scoring systems to evaluate their creditworthiness. The problem with this system is that a significant part of the population has an insufficient or nonexistent credit history – making their credit invisible. Indeed, the most common barrier many loanees in India face is the lack of a credit score.
To provide credit access to a wider audience and achieve financial inclusion, loaning institutions must consider a different approach to confirm a loanee’s creditworthiness. This is where alternative credit data comes in.
What is Alternative Credit Data?
Alternative credit data, sometimes categorised as big data, is any data that’s not directly related to a client’s credit conduct. Alternative data regarding a client can be obtained from a number of non-traditional data sources- e.g. digital platforms that can provide information on consumer activities for credit risk assessment. Before lending out to a customer, lenders can have credit risk management models leverage alternative data to develop credit scores and ensure their customers’ creditworthiness.
Alternative data for credit scoring can be a combination of the information collected from multiple sources, including a consumer’s utility, rental, insurance and other bill payments history, social media usage, employment history, travel history, e-commerce, government transactions and property records.
However, when collecting alternative data for credit risk analysis, it’s important to remember that the gathered data must consist of data points that show the loanee’s habits, preferences, behaviour and character- which is one of the five C’s of credit risk (the others being capacity, condition, capital and collateral).
It’s also important to make sure the borrower cannot directly or indirectly manipulate any of the given data. This ensures a thorough evaluation of the potential loanee’s financial abilities and credit risk profile.
How Reliable is Alternative Data When Predicting Credit Risks?
When it comes to using alternative data in credit risk analysis, there’s no specific set of guidelines to follow. Since this approach to credit risk analysis is also fairly new, it’s still in its tentative stages – there’s no extensive historical evidence available to guarantee alternative data’s effectiveness or reliability when it comes to credit risk predictions.
However, it’s undeniable that even with the traditional way of risk assessment, there’s always going to be risks in the lending business. The alternative data system, keeping up with the digital age, has certainly proven to be more efficient in credit risk analysis since it focuses on a loanee’s behaviour and can bring up data points that the traditional methods might have glossed over. An added benefit of using alternative data in risk appraisal is the increased levels of accuracy compared to the traditional way of credit scoring.
In recent years, the general market practices have slowly evolved, with more and more lenders using additional information related to the user along with the traditional credit report to make better lending choices. According to Experian, 65% of lenders in 2019 used some information beyond the traditional credit scores to make lending decisions.
Whether combined with traditional credit scores or not, alternative data provides a detailed picture of a potential loanee’s creditworthiness. It allows creditors to expand their reach and recognise new, profitable lending opportunities. Plus, with advanced ML implementation (more on that later), alternative metadata can be translated into reliable credit scores.
Where to Get Alternative Credit Data?
A wide range of non-traditional data can attest to a loanee’s creditworthiness – the sources and sorts of data used in the credit risk analysis depend entirely upon the creditor organisation.
As per this research conducted by the management consulting firm Oliver Wyman, a meticulous alternative credit data source should have these features:
Coverage: A data source will ideally have broad and consistent coverage (for instance, the mobile phone market is more concentrated than most others, so data collection is easier there).
Specificity: The data source should contain detailed information about the individual/organisation applying for a loan. (e.g., timely/late payments over a particular time period, income data, etc.).
Accuracy and Timeliness: The data considered must be accurate and updated frequently.
Predictive Power: The information should be relevant to the specific consumer behaviour being assessed.
Orthogonality: Ideally, the data source would complement traditional bureau data so that its use would improve the accuracy of traditional credit scores.
Regulatory compliance: Alternative credit data sources must abide by existing regulations for consumer credit.
A few types of alternative data frequently used in credit risk analysis are:
Phone, Rent and Utility bills: Since all of these payments have to be made periodically, they are some of the most trustworthy sources for alternative data collection. Periodic payments provide frequently updated insight into a consumer’s financial behaviour.
Social Media Accounts: A consumer’s social media pages (for example, LinkedIn, Facebook, Instagram and Twitter) can bring forth a lot of information, including their employment status, lifestyle, spending habits etc. However, the data displayed on social media can be inaccurate and is also directly influenced by the consumer; therefore, the credibility of alternative data procured through social media can be diluted.
ML Adoption in Extracting and Processing Alternative Data:
When it comes to processing the gathered alternative credit data, manually going through a loanee’s information would be incredibly taxing, not to mention the quite high chances of human errors or oversight. Therefore, it’d be in the best interests of lending corporations to look into advanced technologies such as machine learning and AI (artificial intelligence) that can take over the process on their behalf.
ML, or machine learning, comes with superlative analytical frameworks that could help in evaluating data accurately and recognising the key patterns in customer behaviour under different circumstances. The convergence of different ML techniques with alternative data could prove revolutionary in credit risk analysis. Some of the advantages that ML can provide are:
Rooting out only the useful information out of sizable data sets
Lowering data processing time
Giving a full rundown of a customer’s creditworthiness based on the collected data
Recognising key patterns in consumer behaviour under different circumstances
Interested in learning more about the whys and hows of integrating machine learning into credit risk analysis? We’re happy to share our thoughts on the convergence of machine learning and big data in credit risk management.
With the number of people looking to get personal loans for varying purposes increasing with every passing day, the credit industry needs to realise the significance and benefits of financial inclusion. After all, only a small percentage of people in Asia have a formal credit history; to work towards closing the lending gap that still exists, companies need to look into other ways to evaluate a person’s creditworthiness. It’s realities like these that led to Fibe and all its innovations in the credit space.
As the usage of smartphones grows and the financial systems worldwide gradually become internet-based, tracing a person’s digital footprints has become a lot easier. Besides, collecting alternative data has inarguably gotten simpler than accumulating traditional credit data.
Keeping pace with the advancements in individual technologies, the introduction of an alternative data-based credit risk management system in loaning organisations only seems reasonable. Taken into account the sheer amount of still unrealised possibilities that ML incorporation into credit risk analysis brings, the future of credit risk management sure looks bright.
FAQs on alternative credit data
What is alternative data in credit scoring?
Alternative credit data refers to data unrelated to the borrower’s credit information. The data is then processed to reach an alternative credit score. This determines the borrower’s creditworthiness.
What are the types of alternative credit?
Types of alternative credit data sources include:
utility bill payments
insurance
social media
bank history
alternative credit (BNPL)
What is alternative data for credit scoring in India?
Alternative credit scoring data sources in India include utility bills, rent payments, insurance, and more. These cover all sources that give insight into the consumer’s fiscal responsibility.
Why is alternative data important?
Alternative credit data is important because it helps lenders analyse a borrower’s creditworthiness comprehensively. It also helps with financial inclusion by making credit available to consumers who do not have a traditional credit score.
When it comes to loans, perhaps even before you finalise the loan amount, the first thing that comes to your mind is repayment. This is the right way to go about it as you are responsible for paying your loan on time. So, when you are borrowing, plan the budget accordingly and ensure that it accounts for all expenses, yearly and monthly. EMI payments are a key part of the loan experience and must not be overlooked.
Generally, your Equated Monthly Instalments (EMIs) depend on the amount of money you borrow and the repayment tenure. These factors, combined with the given interest rate determine your EMI amount. Failing to plan repayment can be stressful and may even hurt your savings. This is why we have curated a checklist to help you plan your monthly instalments on Instant Money Loans!
Here are 5 ways to plan EMI payments on Instant Money Loans:
List down your monthly expenses
This is considered to be one of the most important steps. When you’re availing an instant money loan, it is important to consider your overall expenditure and total income. This can help you determine the amount you have to repay every month through EMIs without affecting your finances.
Before figuring out the repayment plan, chart out all your expenses to understand where your money is spent and minimise unnecessary expenses. Moreover, it is also important to plan for emergency expenditures such as medical bills and family expenses, so that your loans do not affect your regular and household expenses.
Keep a separate account for servicing the loan
To track your spends and plan EMI payments better, maintain separate accounts based on your expenses. This makes monitoring easy, efficient, and accurate compared to having a single account for managing all expenses. Additionally, you can also identify patterns and types of expenses that may be draining your savings.
Ideally, you should make a separate account to handle all your monthly instalments. This way, you can divert the required funds at the start of the month and ensure that your payments are done on time. While having a separate account and segregating the money, make sure you are disciplined and using the separate account for loan payments only. Do not use it on unnecessarily or for luxury expenses and ensure that you maintain the required balance so that your loan payments go through.
Reinvent how you approach your finances
‘Do not save what is left after spending, but spend what is left after saving.’ This is the golden rule you must apply when keeping a tab on your expenses. For example, if you spend 10% of your salary on eating out every month, consider reducing it or finding alternative ways to fulfil that need. The more you save, the easier and better your EMI repayments will be.
By eliminating unnecessary spends, you pave the way for more stable finances down the line. You can even use a digital EMI planner to visually understand your monthly outgo and plan accordingly. The main takeaway should be to rethink your approach to finances and practice healthier money management habits, especially when repaying a loan. Mismanaging your money could lead you to miss loan payments and defaulting on your loan attracts a hefty penalty.
Look for minimal or zero prepayment charges
Loans can often have hidden charges that ultimately cost you more and make your EMIs unaffordable. You may also end up paying a huge sum every month, which may not be feasible for an extended period of time. In such a scenario, you should consider paying a portion of the outstanding principal ahead of time. This is called prepaying the loan and some lenders may charge a fee for doing so.
Hence, before taking instant money loans, look for companies that offer minimal prepayment charges. Fibe’s instant money loans come with zero prepayment charges if you decide to repay the loan earlier than the agreed duration. Plus, there are no other hidden charges too!
Prioritise your loans
Due to the convenient and hassle-free nature of instant money loans provided by lenders such as Fibe (Formerly EarlySalary), you can take more than one loan provided you close one and then apply for your next loan. For instance, it isn’t uncommon to serve customers with a Fibe loan and SBI loan, both active and being serviced regularly.
In such situations, you should know to prioritise wisely. Based on the EMI amount you owe, the period for repayment, etc., sort these loans so you can first pay off the loans with the highest interest rates. If you miss paying a loan with a high interest on time, you can end up paying a heavy penalty than any other loan with a lower interest rate.
When it comes to borrowing money through loans, consider all the factors involved wisely. This includes the lender and you should pick one that has the right features for you. Fibe is one such lender to consider, as you can get a personal loan without any hassles. Thanks to the digitised process, you can skip the lengthy paperwork. You also have access to attractive interest rates with no prepayment charges.
Download the instant loan app here or simply log in to our website and be a part of the #OneInAMillion experience.
When applying for a personal loan, one of the biggest concerns borrowers have is understanding all the costs involved. What is the processing fee for personal loan? Are there any personal loan hidden charges that might surprise you later? Getting clarity on these questions helps you plan your finances better and repay without stress. Being aware of the different personal loan charges upfront also protects you from unexpected expenses. Most trusted lenders remain transparent about these costs, so you know exactly what to expect before disbursal.
In this blog, we’ve explained the key charges you must know before applying for a personal loan.
Hidden Charges in Personal Loan Process
Check out some of the most common charges most financial institutions charge you when you opt for a loan:
Processing Fees: This is either charged upfront or deducted from the disbursed loan amount. This fee is generally non-refundable, ranging between 0.5% and 5% of the loan amount.
Cancellation Charges: Today, this has become a feature of every kind of service you avail of, be it flights and train bookings or availing a instant personal loan. The charges vary from one institution to another. They can start at flat ₹1,000 to around ₹ 3,000 with an additional 18% GST.
Prepayment Penalties: Remember, as a customer, personal loans repayment includes interest. If you have the funds available, you can close the loan before the tenure ends and save on interest. For this, lenders charge penalties of 2-5% of the outstanding loan amount. Why do prepayment penalties exist? According to financial institutions, they lose out on the interest they would otherwise get with regular EMIs.
Late Payment Charges: You must pay late payment charges as a penalty if you do not pay your EMIs by the due date. The late payment fees may go up to 1-2% of the EMI amount.
Effective Interest Rates: The effective interest rates on personal loans range between 10.99% and 44% p.a. The upper limit may also go higher in the case of non-salaried individuals. Furthermore, other factors like credit score, relationship with the bank and financial stability help in determining the applicable interest rate.
Repayment Mode Swapping Charges: If the mode of repayment is suddenly switched, say from paying via cheque to auto-debit, you will be charged for this, too. Lenders usually charge around ₹500 + 18% GST as the swapping charge during the loan tenure.
Duplicate Documentation Charges: The financial institution charges an extra fee for reissuing loan-related documents. These can include statements, NOCs, credit reports, etc. This charge is somewhere between ₹200 to ₹500 (plus 18% GST) for duplication.
Other Charges: There could be various applicable charges depending on the lender. This may be based on the type of lender, the customer’s repayment behaviour, the loan sanctioned, or even the place from where it is sanctioned. You may even need to pay stamp duty and other legal charges.
GST: Earlier, the service tax and VAT were applied to loan-related services. Now, it’s the Goods & Services Tax (GST). This is barely ever mentioned in the loan documentation process but suddenly arises during the payment.
The amount in India is relatively high, as the standard is 18% on any loan processing service. This means that for every ₹100 you are told about, an additional ₹18 is added as GST.
Ways to Find Out Hidden Charges in A Personal Loan?
The RBI mandates that all lenders need to outline all charges applicable to the loan in the Key Fact Statement. This not only helps increase transparency, but also eliminates the chances of you getting surprised by hidden charges.
The following are some ways you can find all the fees and charges for your loan.
Ask Your Lender Directly: It’s best to communicate with your lender and clear any doubt about the fee structure to avoid confusion.
Read the Loan Document Carefully: Once you have applied for the loan, the lender will send a document detailing all your loan details, including the fees and charges. Reading this document carefully will give you all the information on various charges.
Visit the Website: If you want to know the estimated cost of borrowing, simply visit the lender’s website and check the rates. In case the fee structure is not mentioned on the website, this may be a red flag.
Remember, before you avail of your personal loan, check all information and research from several sources. This will help you make an informed decision and select a suitable offer.
You can get a Fibe Instant Cash Loan of up to ₹5 lakhs and enjoy a 100% digital application with 0 prepayment charges. Download the Personal Loan App here or simply log in to our website to get funds hassle-free.
FAQs on Personal Loan Hidden Charges
What are the additional charges on a personal loan?
Here are some common charges apart from the personal loan interest rate:
Processing fee
Preclosure charges
Late payment fees
Repayment mode swapping fees
Duplicate documentation charges
Can I prepay my personal loan without any extra charges?
Yes, you can prepay your loan without any additional charges by choosing digital lenders like Fibe. There are no prepayment charges, making it easy for you to become debt-free sooner.
What are loan placement fees?
These fees are generally taken by brokers who take care of financial transactions. It can be calculated as a percentage of the total value of the transaction. In simple words, loan placement fees are just a brokerage fee to complete the application on behalf of a client.
How much is the processing fee for a personal loan?
Lenders in India usually charge up to 5% of the outstanding loan amount. At Fibe, the fee starts from just 2% of the loan amount.
How can I reduce my processing fees?
Since the processing fee can amount to a significant sum, lenders may sometimes waive it. This may apply to women borrowers, creditworthy borrowers, or existing customers.
What are foreclosure charges for a personal loan?
Personal loan foreclosure charges refer to the fees lenders levy when you pay more than the EMI amount. The charges vary for part-prepayment and full prepayment or foreclosure. At Fibe, you can prepay your loan freely, as there are 0 foreclosure charges.
