Question 1

What documents are required for a loan?

Accepted Answer

To apply for a personal or business loan with Waqt Finance, you need Aadhaar card, PAN card, bank statements, and income proof such as salary slips or ITR. These documents are required for identity verification and income assessment.

Question 2

How long does loan approval take?

Accepted Answer

Loan approval is usually completed within 24 to 48 hours after successful document verification and eligibility check, depending on the applicant's credit profile.

Question 3

What are the interest rates on loans?

Accepted Answer

Interest rates start from 10.99% per annum and vary based on credit score, income level, and repayment history. Applicants with strong credit profiles may receive lower rates.

Question 4

Can I prepay my loan early?

Accepted Answer

Yes, borrowers can prepay their loan after completing the initial EMI cycle. Prepayment terms may include applicable charges depending on the loan agreement.

Question 5

Is Waqt Finance RBI registered?

Accepted Answer

Waqt Finance operates in compliance with RBI guidelines and follows all regulatory norms applicable to NBFC lending practices in India.

Question 6

What is the maximum loan amount available?

Accepted Answer

Waqt Finance offers personal loans up to ₹25 Lakhs and business loans up to ₹2 Crore depending on eligibility and income profile.

Question 7

Do you provide home loans?

Accepted Answer

Yes, home loan options are available with flexible tenure and competitive interest rates subject to eligibility and property verification.

Question 8

What is the eligibility for a loan?

Accepted Answer

Loan eligibility depends on income, credit score, employment type, and repayment capacity. A credit score of 700+ is generally preferred.

Question 9

Is there a processing fee?

Accepted Answer

A small processing fee is applicable depending on the loan type. The exact fee is disclosed transparently during loan processing.

Question 10

Do I need collateral for a loan?

Accepted Answer

Personal loans are usually unsecured and do not require collateral. However, secured loans may require collateral depending on loan type.

Question 11

What is the minimum credit score required?

Accepted Answer

A credit score of 700 or above is preferred for better approval chances and interest rates, but final eligibility depends on overall profile.

Question 12

Can self-employed individuals apply?

Accepted Answer

Yes, self-employed applicants can apply using ITR documents, bank statements, and business income proof.

Question 13

What is the loan tenure available?

Accepted Answer

Loan tenure ranges from 12 months to 20 years depending on loan type and repayment capacity.

Question 14

How can I apply for a loan?

Accepted Answer

You can apply online through the Waqt Finance website by submitting the loan application form and required documents.

Frequently Asked Questions