Welcome to Finvare

For a personal loan, you typically need to provide the following documents:

Identity Proof (Any one)

• Aadhaar Card
• PAN Card
• Passport
• Driving License
• Voter ID Card

Address Proof (Any one)

• Recent Utility Bill (Electricity, Water, Gas)
• Bank Account Statement
• Rental Agreement
• Property Tax Receipt

Income Proof

For Salaried Individuals:

• Last 3 months salary slips
• Last 6 months bank statement
• Form 16 for the last 2 years

For Self-Employed Individuals:

• Business registration proof
• Last 2 years ITR
• Last 6 months bank statement
• P&L Statement and Balance Sheet

Photographs

• 2 recent passport size photographs

Additional documents may be required based on your loan amount and lender's policies. Our loan executives will guide you through the complete documentation process.

At Finvare, we strive to provide quick loan approvals. The timeline varies based on the type of loan and your documentation:

Personal Loans

• In-principle approval: Within minutes of application
• Document verification: 24-48 hours
• Final approval and disbursal: 24-48 hours after verification
• Total time: Typically 2-4 working days

Home Loans

• In-principle approval: Within 24 hours
• Legal and technical verification: 3-5 working days
• Final approval: 1-2 working days after verification
• Disbursal: 2-3 working days after approval
• Total time: Typically 7-10 working days

Business Loans

• Initial assessment: 24-48 hours
• Business verification: 2-3 working days
• Final approval: 1-2 working days
• Disbursal: 24-48 hours after approval
• Total time: Typically 5-7 working days

These timelines are indicative and may vary based on the completeness of your documentation and specific requirements. We recommend keeping all your documents ready to expedite the process.

Yes, you can prepay your loan at any time. The prepayment charges vary based on the type of loan and lender policies:

Personal Loans

• Prepayment charges: Typically 2-5% of the outstanding loan amount
• When charges apply: Usually within the first 6-12 months of the loan tenure
• After lock-in period: Many lenders allow prepayment without charges after a certain period
• Partial prepayment: Allowed with minimum amount restrictions

Home Loans

• Prepayment charges: Generally lower or no charges for floating rate loans
• Fixed rate loans: May have prepayment charges of 2-3%
• Regulatory guidelines: As per RBI guidelines, no prepayment charges on floating rate home loans
• Partial prepayment: Allowed without restrictions

Business Loans

• Prepayment charges: Typically 3-5% of the prepaid amount
• Lock-in period: Usually 6-12 months
• After lock-in: Charges may reduce or be waived
• Terms: Vary based on business loan agreement

Before making a prepayment, we recommend checking your loan agreement or contacting our customer service to understand the exact charges applicable to your loan. Prepaying can help you save on interest costs in the long run.

While a credit score of 750 or above is considered ideal for loan approval, we at Finvare consider applications with credit scores as low as 650. Here's how credit scores impact your loan application:

Credit Score Categories

• 750 and above: Excellent - High chances of approval with best interest rates
• 700-749: Good - Good chances of approval with competitive rates
• 650-699: Fair - May get approval with slightly higher rates
• 600-649: Poor - Limited options with higher rates and stricter terms
• Below 600: Very Poor - Difficult to get approval, may need collateral

How to Improve Your Credit Score

• Pay all your bills and EMIs on time
• Keep your credit utilization below 30%
• Maintain a healthy mix of secured and unsecured loans
• Avoid multiple loan applications in a short period
• Regularly check your credit report for errors

Options for Low Credit Scores

• Apply with a co-applicant who has a good credit score
• Opt for secured loans against collateral
• Start with a smaller loan amount and build credit history
• Consider credit counseling to improve your score

At Finvare, we understand that credit scores don't tell the whole story. We consider your overall financial profile, income stability, and repayment capacity while evaluating your loan application.