FAQs on Personal Loans at 5paisa
1) How can I take a loan through 5paisa?
You can avail loans facility through the 5Paisa web or mobile app by clicking on the loan's button under the user section.
Website: www.5paisa.com → Products → Loans
Mobile Application: www.5paisa.com → User section → Financial Products → Loans
2) What are the eligibility criteria for taking a loan from 5Paisa?
One should have a good credit score history, low debt-to-income ratio, and no default on a loan payment in the past are some of the basic eligibility criteria for availing the loan. However, there are other checks as well which happen in real-time, based on the customer details.
3) Is it necessary to have a Demat account with 5Paisa to avail the loan?
No, it is not necessary to have a Demat account to avail loan through 5Paisa.
4) What is the rate of interest charged on the loan amount?
The rate of interest varies from 12 % to 34% depending on the documents submitted and the loan amount applied for by the customer. Interest is calculated by the reducing-interest rate method. In this method, interest is calculated only on the outstanding principal liability and not on the total borrowed amount.
5) Will the interest rate be floating or fixed?
The interest rate will be fixed for the entire loan duration.
6) Are there any charges involved to avail the loan other than the Interest?
A one-time processing fee of 2-4% and an additional convenience fee of up to ₹500 is charged to the customer on every successful loan disbursal.
7) What documents are required to avail the loan?
- PAN card
- Address proof
- Bank Account details
- Bank Statement
8) What are the minimum and maximum amounts of loans that I can avail of?
The amount of loan can range from ₹5,000 to ₹5,00,000 respectively.
9) How do I pay my EMI?
EMI will be auto-debited from the bank account that you submitted during your loan application process.
10) What can be done if my loan’s EMI is not deducted from the bank account?
If your loan’s EMI is not deducted then you can download the IIFL Loans mobile application and pay the EMI online through this link:
11) Where can I see my repayment history?
You can download the IIFL Loans mobile application and see the repayment history.
12) From where can I download my loan certificate?
You can download your loan certificate from the IIFL Loans mobile application.
13) Can I pay advance EMIs, if yes then how?
You can pay the advance EMI via the IIFL loan application.
14) Can I foreclose my loan account, and are there any charges included for it?
Yes, you can foreclose your loan account but you have to pay certain charges. Below is the list of charges involved-
15) Where shall I contact for my loan-related queries?
You can write to us at support@5paisa.com or call on 022-089766 89766
16) In how much time will I get the loan amount in my account?
You will get the loan amount disbursed in the bank account within 24-48 hours after the successful submission of the loan application.
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