Borrower FAQs

Borrower FAQs

Q. What is the eligibility criterion for a borrower?

A. A borrower should be/have:

  • An Indian citizen residing in India;
  • Above 21 years of age;
  • A valid bank account, PAN number, proof of income and educational qualifications (as applicable);
  • Valid KYC documents for ID and address proof (Aadhaar/Voter-id/Passport/Driving License);
  • At our discretion, you may additionally be required to provide proof of income tax paid, ownership of assets, and related documentation.
Q. What is the minimum and maximum loan amount?

A. Minimum and maximum amount that you can borrow on TachyLoans is Rs. 50,000 and Rs. 5,00,000 respectively.

Q. What is the minimum and maximum loan tenor?

A. Minimum and maximum loan tenor is 6 months and 36 months respectively.

Q. Why was my loan application declined?

A. TachyLoans reserves the right to decline a loan based on reasons including weak credit score, insufficient, inaccurate, or misrepresented information in your application. We may also choose not to disclose the specific reasons for a declined loan application.

Q. Can I apply for more than one loan at a time?

A. No, you can apply for only one loan at a time, and once it is repaid in full, you shall be eligible for another loan.

Q. Can I simultaneously be a borrower and a lender?

A. No, you can either be a borrower or a lender at any given time.

Q. My credit score is weak. Can I still apply for a loan?

A. We consider our internal credit scoring model, your payment and default history (if applicable), and any other mitigating circumstances. We reserve the right to ask for supporting documentation so that our underwriters can get a better picture of your ability to repay.

Whether you can apply for a loan or not is solely based on the credit evaluation check by our system. TachyLoans does not guarantee loans to borrowers.

Q. Can I avail loan from more than one lender?

A. Yes, the platform enables that every loan is funded by minimum 2 lenders. However a borrower cannot have more than 1 loan at any time unless specifically allowed by the platform.

Q. In how much time will the loan amount be disbursed?

A. At TachyLoans our endeavour is to work on ensuring quick TAT. However, a borrower must also understand that it also depends on a variety of factors like speed of document execution by both borrowers and lenders. Discretion of loan amount disbursal is completely on the agreement between the lender and borrower. Once the lender approves your loan and the agreement process is completed, the loan amount will be disbursed.

Q. What is the criterion for the interest rate determination?

A. We have a proprietary credit model which will assess your risk profile based on the details submitted by you, your credit score and various other parameters. You will then be assigned any one of the categories between ‘A & F’ based on the risk assessment, with ‘A’ being the low-risk profile borrower to ‘F’ being the high-risk profile borrower. Further based on the risk profile assigned, you will be eligible to avail loan at an interest from 11.5% p.a. to 25% p.a.

Q. How can I repay the loan?

A. We will register your bank account for NACH/ECS mandate. Your EMI will be processed on 10th of every month.

Q. What are the fees and charges?

A. There is one time registration fee of Rs. 400 (for Aadhaar based registration) and Rs. 600 (for non-Aadhaar based registration). There is also a loan processing fee between flat 2% to 5% of the loan amount, based on your risk profile. This processing fee will be deducted from your loan amount prior to crediting the funds in to your account. Along with these charges, costs associated with the platform may also get debited from your account.

Note: Registration fee is non-refundable.

Q. Can I repay my loan before the end of loan tenure fully or partially? Are there any prepayment charges?

A. Yes, you can repay your loan before the end of loan tenure in full or partially, as per your convenience. There are no prepayment charges.

Q. Will my personal details be public?

A. No, all your personal details remain secured with us and will not be shared with anyone. However, if there is a default in the loan repayment after the repeated reminders, we will be bound to share your details with the advocates who shall help the lenders to collect the unpaid loan amount.

Q. What happens if I miss my payments? What are the late payment charges?

A. We will proactively remind you of the payment due well in advance. However, if in case you fail to make the payment on or before the payment due date, you will be charged a late payment fee of Rs. 500. In addition, a penal interest of 3% per month or 36% per annum will be charged to your account on a daily basis on the overdue EMI amount, till the time we receive the total amount due. This will be in addition to the regular interest. Any other charges/costs incurred by the platform in recovering the overdue instalment(s) will have to be borne by the borrower.

Q. How do I ensure that my payments are being credited to the lender account?

A. You will receive a notification whenever EMI is deducted from your bank account and deposited in to the lender account.

Q. Is my late payment reported to the Credit Bureau?

A. Yes, your payment history gets reported to the Credit Bureau.

Q. What is the procedure to apply for a loan?

A. Please follow the steps below:

  • Register with us;
  • Submit your KYC documents;
  • Submit additional documents to support your loan application;
  • Apply for a loan.
Q. What are the purposes for which I can borrow money?

A. You can borrow money to fulfill your financial requirement for festival shopping, vacation travel, household appliances, or anything else you’ve been dreaming of.

Q. What is my payment due date?

A. Your payment due date is 10th of every month.

Q. How is my repayment applicable to the loan dues?

A. Your repayment first goes toward the interest on the loan amount, then principal amount is repaid and finally will be applied to any late fees and other charges accumulated on the account.

Q. Is it compulsory to give NACH debit instructions for loan repayment?

A. Yes, it is mandatory.

Q. What is the procedure to submit NACH debit mandate?

A. You are required to submit the duly filled NACH form along with your signature to us at the time of registration. After the receipt of NACH form, we will register your bank account for NACH/ECS mandate, post which; your EMI will be automatically deducted from your bank account on 10th of every month and get deposited to our Escrow account. Further, our Escrow bank will transfer the EMI to the lender account.

Q. Is there any Insurance Cover available?

A. Yes, the money you borrow is insured through Borrower Insurance.

Q. Is there any collateral required to avail loan?

A. No, there is no need of any collateral.

Q. Can I negotiate on the interest rate with the lender?

A. Yes, our platform gives the choice to negotiate on the interest rate at which you want to borrow money from the lender.

Q. Is it possible for a non-Individual to borrow funds?

A. At present, we don’t have this facility available.

Q. Do we have a Co-Borrower?

A. No, as of now we don’t have a Co-Borrower facility on our platform.

Q. Is it possible for the borrower to change the loan amount post the loan approval?

A. No. Not possible as the lenders have already committed the amount.

Q. Is it possible to change the bank account details once the EMI repayment has begun?

A. No, you cannot change the bank account details. However, only under exceptional circumstances this can be permitted. In such a scenario, you will have to write to us at hello@tachyloans.com or call/WhatsApp at +91-9108900900.

Q. Is it possible to withdraw the loan request?

A. No, once the loan request is approved by the lender, you cannot withdraw the same. However, if you wish to withdraw the loan request under exceptional circumstances, a penalty of flat Rs. 5,000 per occasion will be levied.

Also, more than two instances of loan request withdrawal will lead to cancellation of registration on our platform.

Q. What are the modes to repay the loan?

A. At present, NACH is the only mode to repay the loan. Keep checking on our platform for any updates.

Q. What are the documents do I need to upload during registration?

A. You are required to upload the following documents based on your profession/employment type:

1.       For Salaried individual:

  • PAN card (Mandatory)
  • Aadhaar card (Mandatory to sign the loan agreement electronically)
  • Address Proof (Aadhaar/ Voter ID/ Passport/ Driving Licence). It is recommended to upload as many documents as possible for better loan eligibility.
  • Salary Slips - Latest & Previous month salary slips are mandatory, 3rd month is optional (PDF)

Note: One of the address proof documents is mandatory.

2.       For Self-Employed Professional/Business

  • PAN card (Mandatory)
  • Aadhaar card (Mandatory to sign the loan agreement electronically)
  • Address Proof (Aadhaar/ Voter ID/ Passport/ Driving Licence). It is recommended to upload as many documents as possible for better loan eligibility.
  • Balance Sheet - Latest & Previous Year (PDF)
  • ITR - Latest & Previous Year (PDF)

Notes:

v  Your current address should match the address mentioned in Aadhaar. Also, as per government norms your mobile number should be linked to your Aadhaar. In case your mobile number is not linked to Aadhaar, please contact your nearest Aadhaar enrolment center to link your mobile number to Aadhaar.

If your current address does not match the address mentioned in Aadhaar, please upload any of the following document(s) which contain the address same as your current address:

ü  Voter ID

ü  Passport

ü  Driving Licence

v  One of the address proof documents is mandatory.

Q. What is the minimum salary requirement for the Borrower?

A. Your gross annual income should be minimum Rs. 1,20,000.

Q. Why my loan application got rejected despite of good bureau score?

A.  We have a 360 degree view to assess borrower’s creditworthiness that include assessment of over 500 parameters and constitutes KYC documents verification, meeting borrower in person, verification of original documents, employment and income details, etc. The bureau score is not the only parameter based on which a borrower becomes eligible for the loan.

Q. Is it mandatory to upload the salary slips?

A. Yes, you are required to upload latest 3 months’ salary slip if you are a salaried employee. Latest & Previous month salary slips are mandatory, 3rd month is optional.

Q. Is it mandatory to have current address and permanent address as same?

A.  No. However, it is mandatory to upload at least one of the address proof documents (Driving Licence/ Aadhaar/ Voter ID/Passport) that has the address same as your current address.

Q. Is it mandatory to mention my office email address?

A. Yes, office email address is mandatory if you are a salaried employee. Please ensure that you enter the correct office email address as you will receive an OTP on the same for verification.

Q. What do I need to do if I don’t have an office email address?

A.  In case you don’t have an office email address, you can mention your manager/HR’s office email address.

Q. What all social media accounts do I need to link?

A. You are required to link the following accounts:

  • Your email account (Outlook/ Yahoo/ Gmail)
  • Your Facebook account.
Q. How do I link my bank account?

A. Click on ‘Get Started’ button, select your bank from the list and login to your account.

In case your bank name is not in the list, you are required to enter the following bank details:

  • Your name as mentioned on your bank account
  • Account Number
  • Bank IFSC code
  • Bank City/State
  • Bank Name

Select the check box: ‘Please select this checkbox if you can’t find your bank above’ and upload latest 3 months bank statement.

Q. Is it mandatory to upload my Aadhaar as an address proof?

A. No. However, it is mandatory to upload your Aadhaar to sign the loan agreement electronically.

Q. Is it mandatory to have my mobile number linked to my Aadhaar?

A. Yes, it is mandatory to have your mobile number linked to Aadhaar as per the government norms. Please note; you will receive an OTP on your mobile to sign the loan agreement electronically.

In case your mobile number is not linked to Aadhaar, please contact your nearest Aadhaar enrolment center to link your mobile number to Aadhaar.