Frequently Asked Questions
We are a start-up in the financial services space based out of the garden city of Bangalore. We are three young guys who having worked in top corporates decided to start something new. Through Cashkumar we try to offer you a technology platform which helps you save maximum money from your financial requirements like loans, forex, insurance etc.
Quite simply we act as a mediating platform between financial institutions like banks/NBFCs/money changers and people like you. We take your request to these institutions and try to get you the best product/service/deal from their many offerings. This way you don’t have to contact multiple parties to find the best option.
OK, remember when you last bought a phone or a toaster and found out after 5-10 days that you could have got a better deal if you had visited another store or bought it online. Well, you don’t want this happening when you take a loan or while buying forex. It is just too costly a mistake to find out you might have got a better interest rate or exchange rate with someone else. We help you totally minimize this risk by presenting the best options from every bank/institution. So no regrets post purchase.
It’s easy as well as difficult. We each out to you through various ways, take your details and run it past the specifications of every bank through a smart algorithm. We then present you with the best options and if you agree, we process your requirement. In cases like forex, we actually are a marketplace (like one of your online shopping websites). We place your requirement in front of many vendors and they bid to fulfil your requirement. Which means, you get a rate which is better than the best currently available while offering full security - We only work with authorized agents.
The fact that we have to answer this question itself indicated we will have to work extra hard to satisfy you. So yes we do try extra hard but in addition we also provide doorstep service to complete formalities which others might not do personally. We are available around the clock, keep in touch with you constantly and ensure you are always informed till your requirement is satisfied. Even if we cannot provide you with the service, we recommend other people who can help you. Fulfilling your need is more important to us than even revenue.
The process is simple and easy to understand. First, when you visit our website just choose the kind of service you require from among loans, forex and insurance. Within that particular section you will find form requesting details which you need to fill. Next our experts will call you to verify the details which they will use to get the best options available and present them to you. Once you accept, we will visit you to collect the required documentation (which you will be informed of beforehand) and process your request. So voila!! No need for you to even step out of the house.
An EMI or an Equated Monthly Instalment is a periodic payment you make to your lender to pay back the money you borrowed from him. It is an easy and simple way of retiring a debt be it a personal loan, home loan, business loan, mortgage or goods purchase.
The EMI you pay is dictated by the principal you borrowed, interest rate and tenure of repayment. The formula for calculating EMI is (Principal*Rate of Interest*(1+Rate of Interest)^Tenure in months/((1+Rate of Interest)^Tenure-1)
Every bank has their own criteria on when an EMI has to be paid but it is generally in the first week of every month. If you miss paying the EMI on time, you have to pay an interest on the EMI for the number of days you miss the deadline by. Not paying 3 consecutive EMIs is considered a default and can lead to repossession of prosecution.
It is simple. You go to the loans page of the site and enter details of the money you want to borrow, your salary, tenure and present liabilities. Our smart tool will show you the best rate of interest and EMI you have to pay. If you are happy, just enter your contact details in our short form and we will take over. Click here to apply.
After you apply, one of our experts will call you and get more details. They will consult with you, understand your specific requirement and discuss different options. We will then prepare a case scenario and present it to the lenders, who will approve/reject the application and give their rates. We will present the best deal to you and if you agree we will let you know the documents required which will be collected by our staff from your house.
Normally it takes about 4 days from the time you apply to disbursal for a personal loan. In case of a home loan, business loan or mortgage, it can take 10 days. But we cannot promise this every time. Many things depend on the lenders as well as you on how long you take to make up your mind.
Yes you can have a co-applicant for a loan. In fact it is better to have a co-applicant because the combined salary increases your eligibility as well as the amount of the loan.
If you default, you will be issued notices by the lending institution. If you ignore, your mortgaged property, in the case of secure loans, will be taken over by the bank. You will also be liable for prosecution and your CIBIL Score will get negated preventing you from getting any other loan or financial product in the future.
Most banks charge a processing fee which is a percentage of the loan amount when they disburse a loan. Apart from this some banks may have additional charges. You will need to clarify these with the bank when finalizing your application. The charges are deducted from the total amount when the loan is finally issued.
No Cashkumar or any of our collection agents will not charge you anything at any stage of the process from application to document collection to approval to loan disbursal. This service is absolutely FREE for loan seekers. In case any person from our team asks you for any kind of payment, please stop the process the immediately and report the case to us.
Yes, most banks and financial institutions offer a business loan to self-employed individuals provided they meet the eligibility criteria.
Yes, most banks and financial institutions offer a top-up loan if you have paid the past 12 EMI’s on the current loan without default.
Yes, it is possible to do a balance transfer of your personal loan from the current bank/NBFC to some other one if you have paid the past 12 EMI’s on the loan without default.
Most banks and NBFC’s provide you with three ways of paying your EMI’s which include a direct debit if you already have an account with the bank, Post-Dates Cheques (PDC’s) issued to them at the start of the tenure and finally through Electronic Clearing Service (ECS).
Yes, you can change your mode of payment by informing the bank in advance of the same. The PDCs issued in advance will be defaced by the bank. Conversely you can also claim them by informing the bank in advance of the same.
The Credit Information Bureau India Limited (CIBIL) was formed through an association of a closed group of banks and financial institutions to collate the credit information of customers of these entities and assign a credit score to them. The organization assigns this score based on their historical financial transactions. The rating given by CIBIL indicates the risk in extending credit to any person with a score. To know more about CIBIL click here.
In very simple and basic terms, a bank is a financial institution which can take deposits from the public at a certain rate and then lend them to people who need money at a higher rate. A Non-Banking Financial Institution (NBFC) is a financial institution which does not have the authority to take deposits. They can only lend their own funds to people. But both are authorized by law to lend money to borrowers.
A Personal Loan is a financial instrument extended by banks and NBFC’s to individuals and businesses to meet their immediate financial needs. The loans are given at a fixed interest which is calculated on the principle of diminishing principal. Personal Loans are unsecured in nature so you need not provide any security, guarantor or collateral to obtain them. Since they are unsecured, personal loans are also risky investments for the bank/NBFC and hence they exercise a lot of caution while giving them.
The data that you fill in our forms will be encrypted and will be safe with us. We work on secure servers and the whole process is encoded. As per due process, your data will not be shared with any third party other than the bank you agree to share it with.