Frequently Asked Questions (FAQs)
Why should I use LoanTrust?
By using LoanTrust you get Credit Evaluation is done and instant loans through our affiliate banks and NBFCs.
Why LoanTrust, if I can get a loan from the bank holding my savings account?
Product offered on Loantrust platform are flexible and custom made for you. The speed of disbursal, No Penalty on Pre-Payment* (Part or Full), Lower cash outgo, Higher loan amount and all our services are doorstep.
How does LoanTrust assess my credit worthiness and how long does this take?
Each consumer wishing to borrow on the LoanTrust website will need to go through rigorous verification and credit assessment process. The assessment is based on information collected from various data sources like the application form, credit bureaus, bank statements, pay slips, verification reports, social media, etc. The above process is automated and happens within seconds. Hence, you can get an approval shortly after you submit your application.
How can LoanTrust help me in getting a personal loan and maximum amount & duration?
Yes, at LoanTrust, we help you to get personal loans starting from Rs. 25,000 up to Rs.25 lakhs for 1 to 5 years.
Can I repay my loan early?
Yes, you can pre-pay your loan as and when you want.
Reasons for my application getting rejected?
The reason your application was rejected was that your credit profile did not match the criteria stipulated in the policy provided by the financial institution at the time. However, the institution might be able to approve your application at a later date, if by then your credit file has improved or there have been changes in the policy.
What information is shared with the lenders browsing through the profiles?
How will you disburse the loan amount?
At LoanTrust we ensure 100% safety & transparency to carry out every truncation through online process only. Soon after the loan is approved, the funds will be transferred right into your bank account.
What is a credit score?
A credit score is the measure of an individual’s creditworthiness. The higher the score, the better-placed one is to have access to any credit– a credit card, a personal loan, a car loan or even a home loan. It is usually a three digit number between 300 and 900 which is calculated based on the individual’s repayment history on credit products.
Is it free to check my credit score on LoanTrust?
Yes, free to check your credit score on LoanTrust.
What is a credit report?
Credit report, which is provided by CIBIL, is a report card based on your performance on loans. Banks use this information to assess your loan applications. It is the single most significant criteria for evaluating your loan application.
Why do I need to upload KYC documents?
KYC documents help us identify you. We want to make sure that we share your credit report with you and only you. We only ask for documents that banks recognize as a form of KYC, e.g., Passport, Aadhaar, Bank Statements, etc.
Once the loan is repaid, and the outstanding has been cleared, will the Bank send me some confirmation?
The Bank / NBFC issues its customer a “No Due Certificate” on the closure of the loan.
Do you offer Balance Transfer facility?
Yes, we offer Top up facility if you have paid 6 EMI on the existing Personal Loan.
Do I have to provide any security or collateral?
No security or collateral or guarantors are required for obtaining loans.
How secure is my information?
For LoanTrust, data security is of utmost priority. All of your data is kept strictly confidential and is shared with the funding institution of your choice, based on your application.
Are there pre-closure charges?
Our affiliate NBFCs don't levy any pre-closure charges, post six months of Interest servicing
Do you have hidden charges?
At LoanTrsut, we promise you there are no hidden charges. The complete list of Fee and Interest are provided at the time of disbursal as part of loan schedule. Our affiliate NBFCs levy only one-time processing fee equal to 2% plus applicable Taxes, of the sanctioned amount. Particular Purpose Loans can carry higher processing fees.
What would be the duration of a loan?
Our affiliate NBFCs offer loans with durations anywhere between 1 year to 5 years. Individual purpose loans are provided from 10 Days to 33 months, as per the agreement term.
How do I pay the installments?
Through NACH to our affiliate NBFCs wherein your account will automatically get debited on due dates.
What all documents do I need to submit to get credit evaluation done?
Pan Card Copy, 6 Months Bank statement of salary account, Latest salary slip and Address Proof.