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In our endeavor to make taking a Loan Against Property an easy process for you, we at Religare Finvest Ltd address all your queries about the repayment terms of Loans with respect to tenure,EMI,other charges etc

plusWhat is the repayment tenure?
Repayment tenure is the tenure for the number of year for which the loan gets sanctioned. We offer you a wide range of options for the tenure of the loan. You can take a Loan Against Property for up to 10 years provided you do not reach the age of 65 years or retire within that period
plusHow is the loan repaid?
All loan repayments are done via equated monthly installments (EMI).
plusWhat is an EMI?
An EMI refers to an equated monthly installment. It is a fixed amount which you pay every month towards your loan. It comprises of both, principal repayment and interest payment.
plusWhen does the repayment start?
EMI payments start from the month following the month in which the full disbursement has been made.
plusHow much loan can I get?
  • You can get a loan of upto Rs 5 Crores
  • You can get upto 55%/40% of the value of the property(residential/commercial), subject to a minimum valuation criteria.
    The amount varies depending on the nature of the property and term of the loan that you need
  • Your repayment capacity as determined by Religare Finvest Ltd, taking into account your age, income, qualification, number of dependents, assets, liabilities, stability/ continuity of your employment/ business and the co-applicant's income.
  • Loan eligibility is a function of financial underwriting along with other credit parameters.
plusWhat are the various charges for different services that I may avail

from time to time ?

For your reference we have also included the schedule of charges which will answer the above question
Part prepayment /Foreclosure Charges
plusWhy Should I consider Religare Finvest Ltd?
  • Attractive Interest Rates
  • No fee on part prepayment upto 25% of principal outstanding *
  • Doorstep Service
  • Insurance options at attractive premium
  • Simplified Documentation
  • Loan tenor upto 10 years
* applicable after 12 months from the date of disbursal
plusWhat is the eligibility criteria to get a Loan Against Property?
EMI payments start from the month following the month in which the full disbursement has been made.
  • A minimum age of 21 years
  • Maximum age at loan maturity: Lower of 60 yrs or Retirement age.(salaried) and 65 yrs (self employed)
  • Employed or self-employed with a regular income
Owner of a self-occupied residential/commercial property
plusOver how many years can I repay the loan?
You have the option of selecting a term you are comfortable withdrawing
  • Upto 10 years for salaried and self-employed professionals
The term does not extend beyond your retirement age, or your reaching 65 years years whichever is earlier.
plusHow would the value of my property be determined?
The value of your property would be determined through a valuation conducted by Religare Finvest Ltd.
plusWhat are the stages involved in taking a loan?
There are three main stages
  • Application – Whereby you submit a completely filled in application with all necessary documents.
  • Sanction - Whereby you get an approval for a specific loan amount based on the value of your property and repayment capabilities.
  • Disbursement – Whereby the loan amount is transferred.
plusWhat are the various products under LAP that Religare Finvest Ltd provides?
  • LAP – Residential
  • LAP – Commercial
  • LRD – Lease Rental Discounting
plusWhat is a Monthly Reducing balance?
An Equated Monthly Installment (EMI) has 2 components, interest and principal. When the interest is calculated on monthly rests, the principal on which the interest is charged goes down every month. This results in a significant saving for the customer over the tenure of the loan
plusWhat is an amortization schedule?
An amortization schedule is a table giving the reduction of your loan amount by monthly installments. The amortization schedule gives the breakup of every EMI towards repayment interest and outstanding principal of your loan.
plusWhat are the Pre-payment charges?
There will be no pre-payment charges upto a maximum of 25% of your outstanding loan, once, every financial year. A pre-payment charge of 4% shall be levied for amount in excess of 25%                                        
plusWhy Religare Finvest?
  • Quick and Easy Processing
  • Doorstep Service
  • Simplified Documentation
  • Attractive Rates
  • Flexible repayments
plus What is the eligibility criteria to get a SME loan?
The following are eligible for a SME loan from Religare Finvest Ltd.
  • Self Employed professionals
  • Proprietorship Firms
  • Parnership Firms
  • Private Limited Companies
  • Limited Companies
Please note that we dont fund HUFs and Trusts.
plus How much loan can I get?
  • The minimum loan amount is Rs. 10 Lacs. There is no upper limit pre-defined for a loan. We may extend unsecured loans upto Rs. 50 lacs. However, loan size greater than 50 lacs will require collteral on the loan.
  • Loan eligibility is a function of financial underwriting along with other credit parameters.
plusHow do I approach Religare Finvest for a SME loan?
You can reach us in any of the following ways
  • Apply online
  • Write to us using the "Email Us" option
  • Call us at our 24 hour Customer Care Centre
  • You can just walk into any of our branches. (Addresses given at XYZ!!)
  • Contact any of our direct sales agencies.
plusCan I avail of fixed or floating rate loan?
You can choose for the fixed rate loan only. In the fixed rate loan, the interest rate is constant throughout the tenure of the loan. The rate of interest applies to reducing balance of the principal.
plusOver how many years can I repay the loan?
  • Max term is 4 years. The tenure is a subject of credit underwriting and will vary from case to case, depending on the repayment capacity of the borrower.
  • However in large ticket cases repayment terms can also be structured based on customer cash flow & fulfillment of Religare Policy.
plusHow do I repay the loan?
Please click here for information on repayment.
plusWhat are the stages involved in taking a loan?
There are three main stages -
  • Application – Whereby you submit a completely filled in application with all necessary documents.
  • Sanction - Whereby you get an approval for a specific loan amount based on repayment capabilities.
  • Disbursement – Whereby the disbursal amount cheque is issued for your business account.
plusWhat are the documents required in order to apply for a SME Loan?
  • Application form with colored photograph
  • KYC for Individuals and Company : Age Proof, Signature Proof, Identity Proof, Address Proof
  • Income Proof : 2 years’ audited financials, Balance Sheet, P&L Accounts, ITRs
  • Bank Statement of last 6 months
  • Repayment Tracks on other loans : 9 months track record
plusWhat are the various products under SME loan that Religare provides?
  • SME business loans for working capital and business expansion.
  • Bill discounting
  • Unsecured and Secured (collateral backed) loans.
* Collateral can be industrial equipment, plant & machinery, shares, property etc.
plusWhat is a Monthly Reducing balance?
An Equated Monthly Installment (EMI) has 2 components, interest and principal. When the interest is calculated on monthly rests, the principal on which the interest is charged goes down every month. This results in a significant saving for the customer over the tenure of the loan.
plusWhen will the loan be disbursed?
Your loan will be disbursed on:
  • Submission of the completed application form with all the documents.
  • Legal and technical clearance of the property
  • Sanction of the loan amount
  • Completion of sanction condition (if any)
plusWhat is an amortization schedule?
An amortization schedule is a table giving the reduction of your loan amount by monthly installments. The amortization schedule gives the breakup of every EMI towards repayment interest and outstanding principal of your loan.
plusHow can I foreclose the loan?
The Loan can be foreclosed by approaching our Religare Finvest branch representative, who will give you the working of your foreclosure subject to Religare norms. Then issue a cheque favoring Religare Bank upon clearance of which the documents will be released for that loan.
plusWhat are the charges on foreclosure?
The charges will be as per the rates mentioned in your agreement                            
plusWhat are the loan tenure options?
The tenure of the loan can range from a period of six months to sixty months depending on the product and your requirements.
plusHow is the interest charged/calculated?
Interest is calculated on a monthly reducing balance basis.
plusDo I have to pay any additional charges?
Yes, you have to pay Service Charge
plusWhat documents do I need to submit to avail a Commercial Vehicle Loan?
To avail a Commercial Vehicle Loan you will have to submit the following documents:
  • Proof of Address e.g. Passport, Ration Card, Voters ID
  • Proof of Experience in the relevant area
  • Track Record of past loans if availed
  • ITR in case of specific category of customers
  • Additional documents like the Financial statements for the last two years
  • Transportation Contracts to be submitted for higher quantum of funding.
plusHow do I approach Religare for a Commercial Vehicle Loan?
You can approach us in any of the following ways:
  • Apply online
  • Write to us using the "Email Us" option
  • Call us at our 24 hour Customer Care Centre.
  • You can just walk into any of our branches.
  • Contact any of our direct sales agents.
plusHow much time will it take for my loan to be decisioned?
The loans are generally decisioned within 24 to 48 hours of submission of complete documents. However, the time may vary depending upon the nature of the loan, quantum of funding, documents provided by the customer, etc.
plusWho can be the co-applicants for the loan?
You can have the following as your co-applicants depending upon your status:
  • Any existing customer of Religare Finvest Ltd
  • Any customer existong customer of CV/CE
  • Blood relatives in case of individuals.
  • Partners in case of Partnership firms
  • Directors in case of Private Ltd companies
plusWhat are the eligibility and Documents for Co-Applicants

for availing an religare Commercial Vehicle Loan?

  • Minimum age of Applicant: 18 years
  • Maximum age of Applicant at loan maturity: 60 years
  • Minimum employment: At least 2 years in business
Address proof: The documents collected towards identity proof to reflect the current address of the concern/firm.
plusWhat security/collateral do I have to provide?
No additional collateral required other than the vehicle on which the funding is extended.
plusWhat are the stages involved in taking a loan?
The various stages involved are:
  • Application
  • Discussion on specific requirements
  • Evaluation and Approval
  • Documentation
  • Completion of formalities and disbursement.
plusHow much loan can be availed under the scheme?
Loans may start from Rs 50K to Rs 500K
plusWhether the income of the spouse is also taken into account

for determining the amount of loan?

Yes, income of the spouse can also be taken into account for determining the amount of loan
plusWhat will be the repayment period?
Amount of loan together with interest shall be repayable maximum in 60 equal monthly installments.
plusWhat is the rate of interest charged?
The rate’s may vary from customer/asset segments. Religare assures that the best prevailing market rates are offered to its customers.
plusWhether interest applicable is flat rate or at reducing balance?
Interest is charged on reducing balance.
plusWhat formalities are to be completed for availing the facility?
The following documents are required to be submitted:
  • Proforma Invoice of CV/CE to be purchased.
  • Proof of residence
  • Proof of Income
  • Details of guarantor
plusWhat is the purpose of Commercial Vehicle Loan Scheme?
To finance new trucks / tankers / trailers / tippers / luxury buses including take over of existing similar loans from other banks / institutions, subject to applicability of Bank's take-over norms.
plusWho can avail this facility and what are pre-conditions?
  • Profit making Corporate/Non-corporate owners of fleet of trucks/ tankers/trailers/tippers/luxury buses (surface transport operators) owning more than 10 well-maintained vehicles (including the proposed), holding valid route permits and willing to exclusively bank with us.
  • The chief promoter/executive and the unit should be income-tax assesses.
  • The registered/administrative office of the unit should be situated in metro/urban/semi-urban centres.
  • Applicant must have valid route permit/national permit/state permit as the case may be.
Operators of oil tankers should have valid agreements with IOC/BPCL/HPCL or ONGC/RPL etc. Those who are in the truck business should be either major sub-contractors for reputed transport companies of India or contractors directly dealing with two or more reputed corporates of India.
plusWhat is the limit of Finance?
Corporates- Minimum Rs. 10 lacs, Maximum Rs. 10 crores.
Non-Corporates- Minimum Rs. 10 lacs, Maximum Rs. 10 crores
plus How much loan can I get?
  • The minimum loan amount is Rs. 10 Lacs. There is no upper limit pre-defined for a loan. We may extend unsecured loans upto Rs. 50 lacs. However, loan size greater than 50 lacs will require collteral on the loan.
  • Loan eligibility is a function of financial underwriting along with other credit parameters.
plusDo you finance on all makes of CVs?
We finance all models of leading manufacturer’s of Commercial Vehicles in India.
plusDo you finance on the body for commercial vehicles?
Yes, upto 50%, subject to meeting the eligibility criteria.
plusDo you quote on a flat rate basis or on diminishing balance basis?
We quote on a flat rate basis.
plusIs there any service charges or document charges?
We do not levy any service charges. We only collect stamp charges and charges levied by any statutory authority: that varies depending on the place of execution of the contract.
plusHow much time do you take to sanction a loan?
Normally the approval is accorded in one working day on submission of all the required documents and information.
plusWill you give me a copy of the agreement duly filled in for my records?
Yes
plusDo you need any collateral security?
No
plusDo you have tie-up with leading automobile manufacturers/ dealers?
Yes. Special schemes in tie-up with various dealers will be running at various locations and at various points of time. Click here to send us a mail to find out whether any special scheme is running in your area.
plusCan I change dealers at any point of time?
Yes, this is subject to certain terms and conditions.
plusCan I remit the instalment in any branch?
Yes. You can remit your instalment in any of our branches. Click here to view our list of branches
plusCan I issue cheques drawn on banks where you do not have branches?
Yes. However, a charge is leviable for collection of such cheques.
plusWhat is the procedure in case I wish to foreclose my account?
Upon your specific request, we will advise the settlement amount to you and on remittance of the same the necessary termination papers would be issued.
plusCan the basic terms of the contract be altered?

If so, which components could be altered?

We can alter the amount of finance & tenure on execution of a supplemental agreement if agreed upon mutually.
plusWhat should I do when my contract tenure gets over?
On payment of the last instalment and any other dues as per the agreement, the termination papers including the RTO related papers would be issued.
plusWhat papers do I have to collect on termination?
The hire purchase termination letter, the no-objection letter addressed to the RTO and insurance endorsement cancellation letter
plusAt what frequency do you send me periodical statement of account?
Statement of accounts would be sent only on a request from you.
plusWhat should I do in the case of address change?

Whom should I intimate?

You can intimate the branch, which you normally deal with.
plusIs third party insurance cover alone sufficient?
No. Comprehensive coverage is required.
plusDo you insist that insurance has to be done only through your agent?

Can I take responsibility for insurance on my own?

We do not insist on this, but should ensure to arrange for comprehensive insurance and produce the policy copy with our hire purchase endorsement in time. However, if you pay the premium deposits along with your monthly instalments we can take care of your future insurance needs.
plusWhat are the eligibility and Documentation required for availing

an Religare Equipment Loan?

Type of products
  • New Equipment Finance (for Road construction,Mining and Infrastructure projects)
  • Used Equipment Finance
  • Operating Lease's
Eligibility
  • Any individual / Partnership firm / company with more than 2 years business experience.
  • Funding extended to First Time User, Contractors and Captive Consumers.
Documents required:
  • Proof of Identity:- Passport , Photo Credit Card, PAN Card, Voters Id car, driving license, Employee ID issued by Government of India, PSU, Limited companies, Local Panchayat ID card, Notary certification with Photograph.
  • Address Proof: - Lease Agreement, Ration card, Driving license, House Tax Challan, Housing Society Bill, Voters card, passport, telephone bill, electricity bill, Water Tax Challan, Telephone Bill / WLL Connection, Credit Card Statement, Post Paid mobile bills (2 bills required - bill of the last completed month and of 6 month before the last completed month), PAN Card, Bank Certification / Statement duly certified by the bank in original, Gas Connection Bill.
  • Address Proof:- The documents submitted towards identity proof to reflect the current address of the concern/firm.
plusWhat are the loan tenure options?
The tenure of the loan can range from a period of one to five years.
plusHow is the interest charged/calculated?
Interest can be charged in any of the following ways, as opted by you:
  • Equated monthly instalments with flat rate of interest
  • Structured monthly instalments with interest on reducing balance method.
We can also structure the repayments based on your business needs.
plusHow do I approach Religare for a Construction Equipments Loan?
You can approach us in any of the following ways:
  • Apply online
  • Write to us using the "Email Us" option
  • Call us at our 24 hour Customer Care Centre
  • You can just walk into any of our branches
  • Contact any of our direct sales agents
plusHow much time will it take for my loan to be approved?
The loans are generally approved within 1 working days of submission of complete documentation.
plusWhat security /collateral would be required?
The equipment that we finance is taken as primary security. The requirement for any additional security will be based on profile and financial strength of the customer.
plusIf I do not meet all the criteria for the loan, can I still

avail of a loan?

Yes, you can still avail of a loan based on your profile, credit strengths and other criteria as may be decided by religare from time to time.
plusCan I prepay my loan?
Yes, we will give you the opportunity to prepay your loan fully at any point of time during the tenure of the loan.
plusDo I need to open an account with Religare for availing

and/or servicing the loan?

We will encourage you to start a relationship with us so that we will be able to offer host of other value added services, which are complementary to the loan. However, opening an account with us is not mandatory.
plusWhat are the stages involved in availing a loan?
The stages involved are:
  • Application along with necessary supporting documents
  • Documentation and Processing of the Application
  • Sanctioning the Loan
  • Disbursement of the Loan
plusCan I avail a loan if I am entering into hiring or contract business

for the first time?

Yes, you can. We will consider your application based on the strength of the co-applicant or guarantor, who should have experience of minimum three years in business.
plusWhat are the types of equipments that will be financed?
We finance all types of new construction and material handling equipments
plusWhat is the margin that I need to pay for availing a loan?
We normally insist a margin of 10%, but this may vary on your eligibility criteria.
plusHow Long Does It Take To Get The Application Approved?
Generally, 24-48 hours. Sometimes we will require additional information to complete a credit file, but with all information received, the application decision is usually made in 24-48 hours or less depending on each transaction.