Q. What is the criterion which Rupee Station follows to evaluate my credit worthiness and how much time does it take?
A. The applicant who wishes to seek funds on the Rupee Station portal needs to go over an uncompromising verification and credit assessment process. These evaluations are entirely depended on the data which is obtained from numerous sources which incorporate an application form, credit bureaus, bank statements, pay slips, verification reports, social media, etc. All the process as mentioned earlier is automated so that there is no scope for fraud operation. It occurs within seconds. Therefore, the applicant can get an instant approval immediately after they apply.
Q. Why my loan application got rejected? What could be the reason?
A. The organization follows a specific policy provided by the financial institution and the main reason for rejection of the application is because the credit profile which the applicant registered with did not match the criteria specified in the policy. Hence, the organization might be able to authorize your application at some point later. Provided if by then the credit file has changed or been fixed, then there are changes that your application might get approved.
Q. How do I determine my repayment schedule?
A. Repayment of every applicant is scheduled at the end of the month on the basis of EMI (Equated Monthly Installment). The amount balance of a particular aspirant is based on amortizing balance. There may be a variation in one or two installments which depends on the timing of the loan
Q. What amount of money can be borrowed and in what time duration?
A. Rupee Station offers Personal Loan to it applicants who wish to borrow funds starting from Rs. 25,000 up to Rs.25 lakh. These loans can be issued in the time duration varying from one to five years
Q. Is it possible to repay the loan amount early?
A. Definitely yes, the applicants who have issued funds from Rupee Station have the authority to prepay their loan as early as possible. There is no limitation or time constraint in this domain.
Q. If in case a borrower misses the payment or a situation of non-payment occurs, what are the consequences?
A. Delay in the payment by the borrower would result in a penalty fee, and penal interest is charged at the same time. Not only this but the borrower credit file is also affected which would lead to low credits of the individual. Legal action is also taken against the applicant.
Q. What data is accorded with the lenders who are scanning through the profiles?
Q. If I want to modify or change my loan request, how do I do it?
A. If the applicant seeks to change the request for the loan credits, then they can connect to the website firstname.lastname@example.org. The support team would help and assist with all the changes. In addition to Loan requests, it can only be canceled prior to loan disbursal
Q. How should I perform my monthly payments?
A. The applicants have the right to pay their monthly payments or EMIs (Monthly Installment) with the help of electronic transfer of funds
Q. How would the bank disburse the loan amount?
A. As soon as the bank approves the loan, the funds are transferred to the bank account at that particular time.