Q: What is a CIBIL score?
A: It is a 3-digit numeric summary of your credit history, ranging from 300 to 900. A score of 750 or above is generally considered good for loan approval in India.
Q: Can I get a home loan with joint application?
A: Yes, you can apply for a home loan jointly with your spouse, parents, or siblings to increase your eligibility and potentially share the tax benefits.
Q: Is a gold loan safe?
A: Yes, reputable banks and NBFCs store your gold in high-security vaults and provide insurance for the pledged jewelry.
Q: What is the processing fee for personal loans?
A: Processing fees typically range from 1% to 2% of the loan amount, but some banks offer waivers during festive seasons.
Q: Do education loans have tax benefits?
A: Yes, under Section 80E, you can claim a deduction for the interest paid on your education loan for up to 8 years.
