Q: How much can I borrow?
A: For Personal loan: Between Rs. 30,000 and Rs. 5,00,000
For Business loan: Up to Rs 25,00,000.
Q: Over what time frame can I borrow?
A: Right now, you can borrow minimum for 6 months and maximum for 36 months. FundingHub is working on making it operationally feasible to let Borrowers borrow for longer periods.
Q: Can I repay my loan early if I like?
A: Yes, and there is no prepayment penalty while at the same time,banks charge 2-4%
Q: Can I choose my monthly repayment date?
A: No, the repayment date has been fixed for the 10th of every month. FundingHub is working on making repayment dates flexible in future.
Q: What is the tenure of loans on FundingHub.com?
A: Borrowers can borrow money for 6 months / 12 months / 18 months / 24 months or 36 months only.
Q: What rates can I expect to pay?
A: Interest rates depend on the credentials of Borrowers and the ongoing demand of Lenders in the FundingHub marketplace. They can only be finalized once the concerned Borrower and Lender agree mutually on a particular rate.
Q: How does FundingHub check my credit?
A: FundingHub conducts a strict verification process of the data and documents provided by Borrowers. In addition we appraise each request to ensure the credit worthiness of Borrowers meets with the market standards. However, individual Lender is the ultimate judge.
Q: Why was my listing declined?
A: This may have happened if there was a deficiency found in the data and/or documents received from you.
Q: Why can’t I find a Lender?
A: You may not be able to avail a loan if there are no Lenders making offers to you basis the personal information and requested funds you have posted on your profile.
Q: What happens in case of delayed or non-payment of EMI?
A: In case the EMI is not paid by the due date, additional penal interest of 24% p.a. will be applied to the amount due for the duration of delay which Borrowers will be liable to pay their Lender(s) + collection charges of Rs. 500 will be charged to the Borrower by FundingHub. In the worst case scenario FundingHub will facilitate the collections through empaneled agencies. These are reputed collection agencies which are empaneled by banks and financial institutions. This also includes legal process for recovery of funds if required.
Q: I have defaulted on loan payments before, or Banks/Financial Institutions have rejected my loan application. Can I borrow on FundingHub?
A: No, unfortunately FundingHub will not approve of your listing if you do not meet with our credit and verification standards. However, you can work on improving your credit history by repaying your debt back and making future payments to your creditors on time and then try again once, your credit is good enough.
Q: How are repayments calculated?
A: Repayments are equated monthly installments calculated using the reducing balance method. Your installment per month will remain the same throughout the tenure of your loan. The first installment may be different depending on the date of disbursal.
Q: What is my credit score?
A: FundingHub does not provide you with your credit score. You may contact CIBIL and order your credit report for yourself.
Q: What information can be viewed about me?
Q: Are there any hidden charges?
A: No. Everything is transparently explained on the website and you will receive the Statement of Account that will show the details. We pride ourselves on our system’s transparency.
Q: Can I make one-off payments?
A: Yes, with no penalty.
Q: Can I change the amount I want to borrow after applying?
A: No, as the rate and the amount was agreed in the FundingHub marketplace. To increase the loan amount, you can create a fresh loan request for the difference
Q: Can my loan request be terminated or reviewed at any stage?
A: Yes, if at any stage the information furnished by you or the verifcation(s) initiated by us are found to be incomplete, fraudulent or unverifiable then funding request is terminated and consequently, the invest button on the profile would be de-activated. The registration amount excluding the listing fee would be returned accordingly.
Q: How do I cancel my loan application?
A: Please write to support@FundingHub requesting cancellation of your registration as Borrower. Loan cancellation can only happen prior to disbursal of funds.
Q: How do I change my bank details or set up a new direct debit?
A: Please write to support@FundingHub stating your old bank details and the new ones that should replace the old details. Swapping charges of Rs. 500 per swap will be applied to your account.
Q: Can I be both, a Lender and a Borrower?
A: No. At this time, you can be either Lender or Borrower. FundingHub is working on the operational feasibility of such a scenario.
Q. Why is FundingHub asking me to link my bank account?
A: FundingHub verifies the financial documents submitted by the borrower(s) which is considerably time consuming and thereby delays the borrower’s request being listed live on the marketplace for funding.
Having explored many options, we realized that an automated aggregation of bank feeds from an extensive range of financial institutions would enable us to serve you better and help in getting you funded faster. We have partnered with the world leader in bank feed aggregator, Yodlee. Yodlee currently serves Over 40 million consumers worldwide, 600 global financial institutions, and 8 of the top 10 U.S. banks in addition to top Indian banks to deliver bank feed aggregation.
Q: How does FundingHub facilitate my loan and repayment?
A: FundingHub facilitates secure transfer of funds electronically through an integrated payment system between Lenders and Borrowers.
Q: Is my account linkage secure?
A: Your account credentials are strongly protected with stringent security measures, regular security and compliance measures. Our partner, Yodlee undergoes examinations by U.S. Banking regulators including the Federal Financial Institutions Council and the Office of the Controller of the Currency. They are certified as a Payment Cards Industry (PCI) Level 1 Service Provider and have EU Privacy Safe Harbor certification. For what it’s worth, we believe that Yodlee’s Bank Aggregation service is a safe and convenient way to access your bank transactions, which is why we’ve chosen them as our partner. Ultimately though, it’s your call. We advocate complete freedom to our users to make their decisions.
Q: How are my Login details used?
A: Your Login details are securely stored and used for only one purpose: to retrieve transactions from your banking site for last 6 months. Nothing more. This is a purely “read only data”. There is no transaction possible by sharing the details, not even by you.
Q: Should I share my bank’s credentials?
A: This is an important concern, as some people may feel that using this service may be in violation of the Terms and Conditions of some banks against revealing their username and password but FundingHub cannot read, leave alone store any of your bank information. However, each bank will have its own stance stances on the use of bank aggregation, so you should make an informed decision about whether bank feeds are right for you.