Personal Loan FAQs- Get Solution for Your Personal Loan Queries
Do you require funds to cover any of your planned or unplanned expenses? If yes, you may apply for a Personal Loan for various purposes, such as a vacation, wedding, higher education, home improvement, medical emergency, or debt consolidation. As long as you fulfil our eligibility criteria and have a decent credit score, you may avail of our Personal Loan at competitive interest rates.
Here, we have listed a few Personal Loan FAQs that will familiarise you with the concept and help you make an informed decision.
We Have a Bevy of Personal Loan Offerings!
If you wish to make your vacation one to remember, then our personal loans for travel are perfect for you!
Attaining the best education is possible with Clix Capital’s personal loans for education!
Make your special day all the more memorable with Clix Capital’s personal loan for wedding!
Medical Emergency Loan
Never fret in case of a medical emergency – our personal loans for medical treatment will quell all your worries!
Home Renovation/Expansion Loan
Clix Capital will provide you with the means to turn your house into a dream home!
These are some common Personal Loan FAQs.
What can I use a Personal Loan for?
You can apply for a Personal Loan whenever you need urgent cash for a wedding, vacation, higher education, home renovation, medical emergency, or debt consolidation.
Do I need to pledge any collateral for a Personal Loan?
No. Personal Loans are unsecured loans that you can avail of without any collateral, security, or guarantor.
What is the maximum loan amount I can borrow as a Personal Loan?
At Clix Capital, you can borrow a Personal Loan of up to ₹ 10 lakhs. However, the loan amount sanctioned to you depends on your financial requirements, credit score, DTI ratio, and various other factors.
Does Clix Capital maintain secrecy about my details?
Yes, we maintain a high level of secrecy about your personal and financial details using state-of-the-art security systems. We never share your confidential information with any third party.
Want to apply for a Personal Loan? Here are some Personal Loan FAQs regarding the application process:
Where can I find the online Personal Loan application form?
You can find the online Personal Loan application form at our website at https://www.clix.capital/personal-loan/
What are the benefits of applying for a Personal Loan online?
With the online loan application procedure, you can apply for a Personal Loan anywhere, anytime, without visiting our office. It accelerates the process, due to which you may get your approval in as little as 15 minutes*.
Is the Personal Loan procedure completely paperless?
Yes. If your KYC is updated with your Aadhaar and PAN, you don’t need to upload or submit the documents anywhere. You can get them verified online within a matter of minutes, thereby making the documentation process 100% paperless.
How can I get the lowest Personal Loan interest rates?
If you want to get the lowest Personal Loan interest rates, you should maintain a high credit score, avoid multiple loan applications, have stability in your job, pay off your existing loans, and find ways to improve your income. All these factors play a crucial role in determining the interest rate offered to you.
Apart from the principal loan amount and the interest rate, what other charges do I need to pay?
You need to pay a variety of other fees and charges, such as processing fees, documentation charges, GST, and other taxes, to avail a Personal Loan.
Confused about your Personal Loan eligibility? Here are some Personal Loan FAQs to know.
Am I eligible to apply for a Personal Loan from Clix Capital?
Although we have easy eligibility conditions that anyone can fulfil, you must check them to ensure you are eligible. Firstly, you must be an Indian citizen between 25 and 58 years of age. Besides that, you must be a salaried employee earning minimum ₹ 25,000 per month, working in your current job for at least 6 months, and have a total work experience of 12 months. If you fulfil these conditions, you can apply for our Personal Loan.
I am already a home loan payer. Am I still eligible for a Personal Loan?
We consider your debt-to-income ratio while scanning your loan application. No matter if you are a home loan payer. If your DTI ratio is less than 30-40%, you can still get your Personal Loan approval.
What do you mean by minimal documentation requirements? What documents do I need to provide?
By minimal documentation requirements, we mean we simply need some basic documents to verify your identity, address, and income. We don’t have any extensive paperwork that you need to complete.
To apply for a Personal Loan, you just need to provide a passport size photograph, your identity proof like Aadhaar Card or PAN Card, or government ID for government employees, your address proof like Aadhaar Card, Voter ID, passport, driving license, etc., and your income proof, including your last month’s payslip or current year’s Form 16.
Can I get a loan with a low credit score?
Since Personal Loans are unsecured loans, we largely depend on your credit score to determine your credibility. You need to have a decent credit score to apply for our Personal Loan.
Once applied, there are some approval-related Personal Loan FAQs:
I need immediate funds for a medical emergency. How much time does it take to get Personal Loan approved?
Personal Loans are the most appropriate source of funds in case of emergencies. If you fulfil our eligibility conditions, submit the necessary documentation requirements, and have a decent credit score, you may get your loan approval in as little as 15 minutes*.
Will I get the loan amount I need for sure?
The loan amount we can sanction for you depends on a variety of factors, including your income, age, employment, credit score, DTI ratio, and repayment capacity. If you have a high credit score with a high repayment capacity, we will approve the loan amount you require for sure.
How do I get the approved loan amount?
Once you get your loan approval, we electronically transfer the approved amount to your bank account within minutes.
After loan approval comes the time for repayment. These are some Personal Loan FAQs related to your loan repayment:
What is the repayment tenure I get?
At Clix Capital, we offer flexible repayment tenure that borrowers can select according to their repayment capacity. When you apply for a Personal Loan from us, you get the option to choose a repayment tenure of 12 to 48 months. You can find a loan term with EMIs you can afford and opt for it to keep your EMIs easily manageable.
What is a Personal Loan EMI calculator?
A Personal Loan EMI calculator is a free-to-use online tool that you can use to calculate your EMIs based on your loan amount and loan term selected. Using this tool, you can get an estimate of the EMI amount you have to pay every month for the chosen loan amount and repayment tenure. It can be of great help in keeping your EMIs affordable since it helps you choose your repayment tenure according to your monthly budget and repayment capacity.
Should I opt for the lowest possible EMI while selecting my loan tenure?
If you choose a long repayment tenure, the EMI amount will be low, because your borrowed amount will be divided into a greater number of EMIs. However, since you will need to pay the interest along with each EMI, you will end up paying a higher interest outgo by the loan term-end. Therefore, choose the loan tenure with the maximum amount of EMI you can afford every month to save on the interest outgo.
What does activating e-mandate mean?
When you activate e-mandate, your EMI amount is automatically deducted from your linked bank account on the due date. This saves you from remembering and manually transferring the loan EMI every month.
What will happen if I miss an EMI?
If you miss a loan EMI, you will have to pay the late-payment charges, which is a small percentage of the due amount. The missed payment is also recorded in your credit report, which reduces your credit score by a few points. Therefore, try to stay consistent with your loan EMI repayments on top priority.
If I change my job during the loan term, will it affect my EMI amount?
Not necessarily, as long as you are paying your EMIs regularly. However, don’t forget to update the information in our records.
Where can I get more information about Personal Loans?
* T&C Apply
What Documents Do I Need to Provide?
Completed Application Form
- We will provide you with a run-of-the-mill application form to detail out all the information we need before processing your personal loan request.
- This photograph should be fairly recent and indicative of your current physical appearance.
Identity (ID) Proof
- This can be either your Aadhaar Card, PAN Card, or Government ID (if you happen to be a government employee).
- Your Aadhaar Card is the go-to document here. In case your current address is not updated in Aadhaar card, one certified copy of any Official Valid Document (OVD) is required. These OVDs are either your Passport, Voter ID, or Driving License.
- This comes in the form of your latest one-month pay slip or Form 16 for the current year.
How Do I Apply For Personal Loan online from Clix Capital?
- Fill our application form. It only takes 3 minutes to do so!
- Our customer representative will talk to you for a quick chat.
- Congratulations! You’re on your way to secure a personal loan!
How do I avail a personal loan from Clix?
There’s a space at the top and bottom of this page to put in your phone number. Just provide the same and our customer representative will speak with you shortly to get a personal loan online!
What will be the tenure, down payment, EMI, and interest rate for my personal loan?
At Clix Capital, you can choose from customised repayment (EMI) and down payment options. However, the interest rate of your personal loan depends on various factors, such as the specifics of your application (including metrics like date and income). We’ll tell you the final applicable interest rate once we go through your application form and all supporting documents.
Do I need any collateral to avail a personal loan?
Not at all! There is no additional collateral or guarantors required to have your personal loan application approved.
How can I reach out to Clix for any other information on my loan?
Just call us on 0124-4545965 or 0124-3817400 between 9:30am-6:30pm from Monday to Saturday (except public holidays). Alternatively, you can also write to us at firstname.lastname@example.org to resolve your queries around personal loan.