Xpress Loans

Xpress Personal Loans as the name suggests, are designed to ensure that the customer gets express disbursal of the loan into his/her bank account within few hours of applying for the loan. These are small ticket size loans ranging from Rs.5,000 to Rs.2 Lacs

Institutes providing Xpress loans

India Infoline , Paysense , Qbera, Earlysalary

Purpose :

Customer can take this loan for any personal use. Such Loans helps customer to tide over any personal emergency or urgent cash requirement without having to wait for the next salary / borrow from friends or relatives etc.

Loan tenure :

Few days to 36 Months.

Eligibility :

Applicant must be a Salaried Individual

• Minimum monthly income should be between Rs.15,000 – Rs.20,000
• Applicant must have at least 6 months of Work experience.

Rate of Interest :

Typically between 13.50 % to 24.00 % p.a.

Documents :

• FAadhar Number to do eKYC
• ID Proof ( Not required if eKYC is done).
• Address Proof ( Not required if eKYC is done).
• Latest Salary slip for past 3 months
• Latest Bank statement for 3 months of Salary account
• Rent agreement ( If applicable)

Eligibility :

Take a glance at our Loan Eligibility Calculator for further actions.

• Individuals or Group of Individuals or Members of Cooperative Society
• Employed: 3 years confirmed service
• Self employed: 3 years in the business
• Not a defaulter and should not enjoy any other credit facility of same nature
• Should own the house in his name or spouse
• Applicant not more than 60 years

Amount :

• Many banks: Up to Rs.50 lacs for resident individuals
• HNI(High net worth Individuals) : Rs.2 crores
• Loan is fixed based on age and repayment capability of applicants

Security :

1st Mortgage of property financed. The land or property should be in the name of applicant or jointly with the spouse. The spouse can be the co-obligant. The property should have clear and marketable title of the property.

Disbursement :

Home loan interest rates vary on the basis of the loan amount, the credit history/score of the applicant as well as previous relationship of the borrower with the lender. Additionally, home loans are linked to the base rate prescribed by RBI, however, banks provide home loan online at a certain percentage above the base rate. Currently home loan interest rates start from 9.5% onwards.

• In case of construction of house, it is based on stages of progress.
• In case of flat, disbursement is on progress of construction.
• In case of completed flat, the disbursement is done in one go.

Moratorium :

Home loan interest rates vary on the basis of the loan amount, the credit history/score of the applicant as well as previous relationship of the borrower with the lender. Additionally, home loans are linked to the base rate prescribed by RBI, however, banks provide home loan online at a certain percentage above the base rate. Currently home loan interest rates start from 9.5% onwards.

• For construction of house: up to 18 months of Moratorium.
• Purchase of house or flat: 3 months of moratorium.

Prepayment Issues :

Many of the bank and NBFC are not charging this. If you have money pay it back to reduce the principal amt.

Moratorium :

• Normally: 15-20 years
• Some banks :25 years
• In case of fixed rate of Interest: 10 years.

ROI (Rate of Interest) :

• Depends on loan and repayment period.
• Depends on fixed or floating ROI
• Depends on fixed or floating ROI
• Mostly the ROI bank is from 8 to 11 at the present scenario.

Processing fee :

0.25% and some banks waive it.

Other products :

Banks and NBFCs have different other products for HNI and NRI. Loans are also given for home Improvements, furnishing Homes as add on loans in different brand names.

If you have any queries write us at [email protected]