Frequently Asked Questions

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For Individuals 

1. Customer Identification (CID): 

• Passport size photograph (Mandatory - recent) 
• Any TWO OVDs from RBI approved list:
  ✓ Aadhaar Card
  ✓ PAN Card
  ✓ Voter ID
  ✓ Passport
  ✓ Driving License
  ✓ NREGA Job Card 

2. Financial Information (Income Proof): 

• 6 months bank statements 
• Last 2 years ITR (authenticated) 
• Last 3 months salary slips 

3. Address Verification (Proof of Residence): 

• Any ONE from approved list (not older than 3 months):
  ✓ Electricity bill
  ✓ Water bill
  ✓ Landline telephone bill
  ✓ Property tax receipt
  ✓ Pension Payment Order (PPO) 

For Businesses (Proprietary/Partnership) 

1. Customer Identification (Per Proprietor/Partners): 

• Passport size photograph (Mandatory per proprietor) 
• Any TWO OVDs (as above) 

2. Business & Financial Due Diligence: 

• 6 months current account statements 
• GST returns (last 3 quarters) 
• 2 years ITR (business income) 
• Latest financial statements (P&L, Balance Sheet) 
• Business Establishment Proof (ANYONE):
  ✓ GST Registration Certificate
  ✓ Shop & Establishment License
  ✓ MSME Registration
  ✓ Trade License 

3. Address & Collateral Verification: 

• Office address proof (utility bill/rent agreement) 
• Residential proof (as individuals above) 
• Property documents (LAP) OR Vehicle valuation (CV) 

Fixed: Same EMI throughout tenure  

Floating: Linked to external benchmark (RBI Repo + spread), may vary

 Interest rates up  to 30% p.a. are fixed or floating, calculated on reducing balance method. Rates depend on: 

• Credit score (650+ minimum requirement) 
• Loan type (secured lower, unsecured higher) 
• Income/turnover levels 
• Collateral quality and LTV 

 Fixed rates locked at disbursal. Floating rates adjustable per RBI guidelines (90-day notice required). No unilateral increases. 

Hypothecation creates lender's legal charge on financed vehicle/property without ownership transfer. Noted as "HP" in RC book. Charge: As per company policy (one-time, vehicle loans only).  

1. NOC from lender 
2. Form 35 submission to RTO 
3. HP Removal Fee: As per government charge 

CERSAI (Central Registry) mandatory for secured loans (LAP, vehicle loans) above ₹10 lakhs. Registers lender's charge on property/vehicle. Free for borrower - lender pays filing fee.  

Registered Mortgage is a legal charge created on property through a Mortgage Deed registered at Sub-Registrar office. Unlike equitable mortgage (document deposit only), it creates public record of lender's rights. Used in Loan Against Property.   

• Property title deeds 
• Encumbrance certificate (last 30 years) 
• Property tax receipts 
• Approved building plan 
• KYC + Income documents 
• Mortgage deed  

1. No Dues Certificate (NDC) from BLFL 
2. Mortgage release deed executed 
3. Registration of release at Sub-Registrar 
4. Clean title restored (15-30 days) 

How long does loan approval take?
     Vehicle Loans: up to  48 hours (post KYC/valuation)
     Personal/Business: up to 3 days
     LAP: 7-15 days (property verification + registration)
Disbursal: Same day post approval (NEFT/RTGS)
Factors affecting timeline: Complete documents, clear title, CERSAI filing