FAQs

All You Need To Know

About LoanAstra

LoanAstra is a digital platform which provide financial services that connects both borrowers and lenders with each other. A borrower can connect with top lenders in market for their money related requirements.

We work with multiple Lending partners across India, few of them are catering short loan services, others are the one who are offering personal Loans up to Rs.50 Lakhs and there are lenders who are giving services to Businesses, Entrepreneurs to provide them money as required and approved. Few of the top lending partners with us are Tata Capital, Bajaj Finserv, EarySalary, Loantap, Fullerton, Indialends and others to choose from.

  • • LoanAstra is a complete digital platform which offers requirement-based membership plans for customers and offers a direct and priority access with the Lenders.
  • • The process of registration and data access is very simple and easy to understand.
  • • The process of registration and data access is very simple and easy to understand.

LoanAstra is quite different from other websites in different ways like:
  • • User can access complete details of his activity.
  • • Regular notification and updates regarding the selected products as well as other similar one.
  • • Exclusive offerings from top lenders in the market.
  • • Less documentation and fast approvals for our beloved customers.

Creating a user account is very simple at LoanAstra, just click on Sign Up button on the Top right corner at the website and it will redirect to Registration page. Simple fill up required details and your account will be ready in a while.

It is quite simple; just enter your User Name or Registered Email ID and you will receive a link to reset your login password.

Yes, you can delete your account but keep it noted that once any account deleted, it will delete all the history of the account as well.

Yes, you can login with your registered Mobile number as well.

Why mobile number verification is mandatory at LoanAstra?

LoanAstra deals with four products as of now, which are:
  • 1. Credit Score
  • 2. Short/Salary Loan
  • 3. Short/Salary Loan
  • 4. Short/Salary Loan
NOTE – We are a Loan service provider not a Lender who is disbursing loans to customers.

Completely depends on you that how much tech savvy you are and do you carry all required documents with you. If all set then it will hardly take 5-7 minutes at LoanAstra.

Maximum of our lending partners are committing to share loan approvals to the customers in a time span of 24-hours.
NOTE- Time frame actually differ from lender to lender and borrower to borrower and based on the different documentation and requirements.

Although we aim to make the process very simple and quick but when this delay happens then it must be due to certain reasons like:
  • • Incomplete documentations.
  • • Incomplete verification.
  • • Poor Credit Health.
  • • Not able to connect with customer.

You will receive an Email as well as Phone call directly from the lending partner. So, always share your valid and working email id & mobile numbers.

We need you PAN number to know the status of your credit health and asking our lending partners to expedite your loan application process.

You will receive an Email as well as Phone call directly from the lending partner. So, always

It’s sad to hear the word rejection but not to worry since we work with multiple lending partners, so you can apply to the other lending partner without any wait period or so.

What is the Loan Application process at LoanAstra?
Step 1 – Create your account and share your requirements
Step 2 – Activate your Membership.
Step 3 – Get direct access to the leading lenders and get quick loan approvals.
NOTE- Once approved, you can take future loans within minutes.

About Credit Score

The Credit Score actually comes when Credit Information Companies (CIC) collect the records of your financial liabilities like loans and credit cards which are given by the banks and loan provider companies as this is a mandate by RBI. Basis on the records and credit analysis these CIC runs their own algorithms and define a particular Credit score for individual.

Below are the mandatory personal details to generate an authentic and accurate CIBIL score-
  • • Your Registered Name with Banks & other Lenders.
  • • Your Registered Phone Numbers with Banks & other Lenders.
  • • Your correct Date of Birth.
  • • Your accurate PAN number matching both above required fields.

Although, the Credit Information Companies (CIC) generates a score ranges in between 300- 900 but a person can have 0 credit score as well and cannot have any Cibil score due to no financial history.

The maximum CIBIL score has been assigned is 900 from Credit Information Companies (CIC).

TAny CIBIL score more than 700 is considered to be a good CIBIL score to apply for Credit Cards or any Loans. It further depends on different Banks as what is their benchmark to consider a customer is eligible for loans or other offers.

If you don’t have a CIBIL score or if you struggle to have a good CIBIL score then it is not good sign in your financial profile. But anyone can improve CIBIL score over a period of time and by following all the guidelines for a better credit score and few of the tricks are –
  • • Timely payment of your liabilities like Bill payments of your Credit cards, Loans etc
  • • The lesser unsecured loans you have active, the better your credit score.
  • • Proper utilization of your approved credit limit from different Credit Cards you possess.
  • • Create Credit history by choosing a different form of credits (Credit card, loans).
What will the frequent checking on CIBIL score will affect your profile? There are basically two type of Credit check enquiries which are called as Soft & Hard enquiries.
  • • TA Soft enquiry is one when a customer itself checks its CIBIL score from different companies and that usually will not have a negative impact on your history.
  • • TWhereas, a Hard enquiry, which is generally when a Lender or Credit Card issuer request CIBIL to check your credit reports.
Multiple hard enquiries by different lender shows a behavior of seriousness and doubt over financial profiles and that can hurt your credit score.

Any Bank which issues you a Credit Card or any lender who gives you different kind of Loans or your financial needs are the one who ask for a good CIBIL score

TThere are multiple benefits to have a healthy CIBIL score and few of them are –
  • • Better offers for your needs.
  • • Easy approval when Loans needed.
  • • Better interest rates on loans.
  • • Good limit on loan amounts.
Pre-approved and tailor-made loan and card offers

About Short/Salary Loans

Short Loan which is also known as Salary loan is a part of Personal loan which is there in the market from NBFC Banks to fulfill short term money needs of customers. The disbursed amount is usually limited to Rs.50,000 in this category with a less documentation requirements and quick approvals.

Short Personal loans are very easy to apply and there are multiple lenders available in market which accept online application via their web portals as well as through their mobile applications.

Below are the few documents which lenders require from consumers –
  • 1. Your KYC documents.
  • 2. Employee ID proof.
  • 3. Last three-month salary slips.
  • 4. Last three-month bank statements.

The salary ranges are actually differed from lender to lender but the minimum salary range for this category of loans is Rs.10,000 per month.

Yes, it is always good to have a healthy credit score for fast and easy approvals. Few lenders ask for a Credit score of above 750. You can check your updated Credit Score at CreditBabu with ease

Although, it again warries lending party to party but usually a consumer can have a maximum of Rs.50,000 short loans in this module.

Short loans approval is one of the fastest and quickest service available in market. You can check the quotes within 5 minutes with LoanAstra and once you are done with your comparison then it only takes 2 hours for the final approval meeting all client requirements.

No, this category of loan is not asking for any collateral from customers.

Personal Loan

Personal loan application and process is very simple and quick as it doesn’t require any collateral from consumer.

    1. Your KYC documents 2. Employee ID proof. 3. Last three-month salary slips. 4. Last three-month bank statements.

You can use personal loan for multiple instances like
  • • Wedding expanses.
  • • Foreign travel & holidays expanses.
  • • Home décor needs.
  • • New Furnitures.
  • • Medical & Wedding emergencies .
  • • And many more where you need quick money.

The salary ranges are actually differed from lender to lender and for better knowledge this will be available when you show your interest to the particular lender and they will share the requirement with you.

Yes, it is always good to have a healthy credit score for fast and easy approvals. Few lenders ask for a Credit score of above 750. You can check your updated Credit Score at CreditBabu with ease.

Although, it again warries lending party to party but usually a consumer can have a maximum of Rs.25 lakh personal loan fulfilling all the lender requirements.

Personal Loan is one of the quickest loan available in market. You can check the quotes within 5 minutes with CreditBabu and once you are done with your comparison then it only takes 25 hours for the final approval meeting all client requirements.

No, this is the beauty of Personal Loan where the lenders are not asking for any collateral from you. Just give them basic documentation and they will issue the loan basis of your eligibility.

Yes, there are different provisions from different lenders and you can pre close your personal loan by paying the pending amounts.

There are three type of categories which can avail personal Loan facility –
Salaried Persons – These are the most common people who require personal loan and easily eligible for this.
Students – If you are a student going for Higher education or to make a big purchase, you can apply for a personal loan.
Retired Personals – If you are retired personal and still in need of extra money, you can take the personal loan.
Self-Employed – If you are in your own business and still in need of extra money, you can take the personal loan.
NOTE – Individual lender eligibility criteria & approval process is different, so do check with them before making a decision.

Pre-approved personal loans are the amount which are already decided by your banks where you have your Saving or Current account and the creditors are already evaluated your profile basis on your financial payment history and your dues payments or no pendency’s. You will not have to go through the initial loan filter application and other basic formalities and you loan process will became shorter and easier.

About Business Loans

Business loan application and process is very simple and quick as it requires your basics documentation given from different lenders.

Below are the few documents which lenders require from consumers –
  • 1. Your Business KYC documents
  • 2. Your business age & photo ID proof – any of the document will work out of these: Registration Certificate for Commencement of Business (CIN), GSTIN certificate, Business PAN Card etc.
  • 3. Business Owners KYC – KYC documentation of business owners.
  • 4. Business Proof –Copy of the last two years’ Income Tax Returns
  • 5. Existing Loan Details – to be provided via bank statements
  • 6. Last two years balance sheet and Profit & Loss accounts.
  • 7. Last three-month bank statements.

You can use home loan for multiple instances like –
  • • Expansion of your business.
  • • For new start of your idea.
  • • To manage the ongoing cash flow for your staff and your vendors.
  • • To purchase a new warehouse for your business.
  • • To add new inventories into your running business.

The income ranges are actually differed from lender to lender and for better knowledge this will be available when you show your interest to the particular lender and they will share the requirement with you

Yes, it is always good to have a healthy credit score for fast and easy approvals. Lenders prefer a healthy financial profile with a Credit score of more than 700. You can check your updated Credit Score at CreditBabu with ease

Although, it again warries lending party to party but usually a self-employed can have a business loan starting from Rs.5 lakh to Rs.5 Crore basis of individual business eligibility.

Usually, the business loans are of short term as the requirements are also for short tenures, so typically the business loans last till 36 months or so.

Well, this is tricky to say because these interest rates keep on changing basis on government rules and regulations as well as from the banks and other private lenders based on their own metrics. But you can find out the lowest and highest interest rates from our business loan interest rate table below.

Business Loan is also one of the quickest loan available in market. You can check the quotes within 5 minutes with CreditBabu and once you are done with your comparison then it only takes 7-8 days for the final approval meeting all client requirements.

Usually, the business loans with maximum lender are collateral-free Business loans and they will not ask you to put your personal assets in order to grant the business loan.

Yes, there are different provisions from different lenders and you can pre close your home loan by paying the pending amounts.

There are three type of categories which can avail home Loan facility – Individuals – An individual who has an idea or who want to start their own business can take Business loans.
Existing Businesses– If you are in your ongoing business and want to expand your business can take Business Loans.
Partnership & Sole Proprietorship Firms – Companies with a registration under Partnership agreement can also take Business Loans.
Private Limited Firms – Companies with a registration under Private Limited status can also take Business Loans.
Public Limited Firms – Companies with a registration under Public Limited status can also take Business Loans.
Hospitals & Diagnostic Labs – Medical institutions performing full scale Hospital services as well as the one who are having a Laboratory business can avail Business Loan facility.
Societies Firms – Companies with a registration under a tag of Societies registration can also take Business Loans.
Trusts– Companies with a registration under charitable Trusts status can also take Business Loans.
NOTE – Individual lender eligibility criteria & approval process is different, so do check with them before making a decision.

About Payments & Membership Plans

LoanAstra offers four different services which are there for:
1. Credit Score named under Silver Membership plan
2. Short/Salary Loan named under Gold Membership plan
3. Personal Loan named under Diamond Membership plan
4. Business Loan named under Platinum Membership plan

The charges are different for different service which are as below:
1. Silver Membership start at just Rs.199
2. Gold Membership starts at just Rs.499
3. Diamond Membership starts at Rs.1999
4. Platinum Membership starts at Rs.2999

We support almost of the payment methods like:
• Via Net Banking
• Via Credit/Debit Cards
• Via UPI & Wallets
So, you can choose as per your convivence.

There are multiple benefits to opt for different membership with LoanAstra, few of them are:
• Direct access to top Loan providers.
• Priority dealing after membership activations.
• Less documentations.
• Quick approvals.
• Exclusive deals and offerings.
• And many other different deals and offers.

Yes, you can extend your membership plan till next tenure. You will receive an email and call notification before a certain time period to notify you about the expiry of your membership plan.

Yes, you can select as many as plans you want to opt for. There is no as such restriction applied from LoanAstra.

Yes, all the membership plans are inclusive of GST charges with it.

Yes, you will get an invoice over your email and you can also download the copy from your Login Dashboard as well.

Unfortunately, NO, because this is you who select the plan and activated after opting for the services. But yes, if there is any technical fault at our website or at our payment gateway partner side where you are not able to access the services related to the membership which you paid for then you will get 100% money refund.

Refunds are only applicable in case when transaction not successful due to technical reasons and for that you can drop an email at payments@loanastra.com and the same will be credited in next 7-days’ time frame

Yes, you can cancel the membership plan but the money is not refundable in any case.

You can find complete details about your transaction history in My Login section under Transaction Details tab.

About Support

You can contact us via email:
For generic queries, drop us an email at – customer@loanastra.com
• For technical glitch and difficulties in login section, drop us an email at – technical@loanastra.com
• For queries related to payments & refunds, drop us an email at – customer@loanastra.co