Frequently Asked Questions

Personal Loan

What is a Personal Loan?

A personal loan is an unsecured loan, which means you don't need to pledge collateral to receive funds. You can use the money for any personal expense.

Where can a Personal Loan be used?

Personal Loans can be used for any personal expense, like Shopping, Home Renovation, Higher Education, Debt Consolidation, Tour Travel, Wedding, Medical emergency, etc.

What is the eligibility for a Personal Loan?

The following people are eligible to apply for an Instant Personal Loan:

  • Individuals between 21 and 60 years of age.
  • Individuals who have had a job for at least 1 year.
  • Employees of private limited companies, employees from public sector undertakings, including central, state and local bodies.
  • Those who earn a minimum of Rs. 15,000/- net income per month.
How to apply for a Personal Loan in Our Partnered NBFCs?

With Nowofloan's Premium Membership, people can apply for a Personal Loan in our Partnered NBFCs.

What credit score is required for a Personal Loan?

Usually, the required credit score for a Personal Loan is 650 or more.

What CIBIL Score is required for a Personal Loan?

Commonly, the required CIBIL score for a Personal Loan is 650 or more.

How long will it take for my Personal Loan to be processed?

Once your application is submitted along with your documents, it can take anywhere between 1-7 days for your personal loan to get approved and a couple of days after that for the disbursement. The final loan approval/sanction depends on the NBFCs’ criteria and the customer profile.

Can my CIBIL Score affect my loan sanction?

Your CIBIL score is a crucial factor that plays an important role in your loan process and sanctions.

Can I claim tax benefits on personal loans?

Yes, only if you use your personal loan amount for certain purposes like investing in a business, buying a residential property, investing in other assets, etc.

Can I apply for a personal loan online?

Yes, you can apply for a personal loan in our NBFC Partners by buying our Premium Membership.

Can I take a personal loan to repay my education loan?

A personal loan can be taken to effectively pay back the educational loan or any sort of loan or debt.

What are 3 things banks consider when giving loans?
  • CIBIL Score
  • Income Proof & Stability
  • Age of the loan applicant

Business Loan

What is a Business Loan?

A business loan is an unsecured credit you can avail to meet your urgent business requirements. Business loans allow you to usher in funds for your enterprise to expand your business.

Where can a Business Loan be used?

You can use that money for any business expense like business expansion, boost production, buying new machinery, etc.

What is the eligibility for a Business Loan?

The following people are eligible to apply for an Instant Business Loan:

  • Age should be between 21 to 65 years.
  • CIBIL score must be 700 or more.
  • The candidate should own a business at least profitable for three successive financial years.
  • The business turnover must display an upward trend.
  • Your balance sheet must be audited by a registered Chartered Accountant (CA).
How to apply for a Business Loan in our NBFC Partners?

With Nowofloan's Platinum Membership, you can apply for a Business Loan in our Partnered NBFCs.

What credit score is required for a Business Loan?

Usually, the required credit score for a Business Loan is 650 or more.

What CIBIL Score is required for a Business Loan?

Commonly, the required CIBIL score for a Business Loan is 650 or more.

How long will it take for my Business Loan to be processed?

Once your application is submitted along with your documents, it can take anywhere between 1-7 days for your business loan to get approved and a couple of days after that for the disbursement.

Can my CIBIL Score affect my loan sanction?

Your CIBIL score is a crucial factor that plays an important role in your loan process and sanctions.

What are the documents required for Instant Business Loan?

Following documents are required for availing a business loan:

  • Business proof
  • KYC documents of the company
  • KYC documents of the business owners
  • Photo Identity Proof (Aadhar card/ Driving license/ Voter ID/ Passport)
  • Last six months company bank statements
  • GST Certificate
  • Last two years Income Tax Returns
  • Last two years Balance sheet and Profit & Loss accounts
  • A report with detailed information about how the candidate will utilise the business loan

FinMax Capital

What is the Nowofloan FinMax Capital?

Through FinMax Capital, you can avail expert financial consultation and help improve your financial facets. As financial consultation is very imperative for everyone, FinMax Capital focuses on letting you access the industry-best personal and business financial consultation.

How Can I Purchase FinMax Capital?

You can purchase the FinMax Capital after a quick registration through an easy and convenient payment mode.

Why Should I Purchase FinMax Capital?

The FinMax Capital enables you to access industry-leading personal/business financial consultation. Give your finances a better direction to achieve desired outputs.

What are the Benefits of FinMax Capital?
  • Loan Process in Multiple NBFCs
  • 100% Online Financial Consultation
  • Access Personalized Tracking Portal
  • On-Call Expert Consultancy
  • Dedicated Loan Expert Assigned
  • No Impact On CIBIL

Channel Partner

What is the advantage of being a Nowofloan Channel Partner?

With a fantastic earning opportunity with very low investment, Nowofloan.com provides a personal dashboard to their Channel Partners where they can get Commission Report, Sharing Report, Payout Report, Profile Information, etc.

How can we join the Nowofloan Channel Partner Program?

Go to Nowofloan.com and visit the Channel Partner section. Then, apply for joining the program.

Why should I join Nowofloan Channel Partner Program?

Nowofloan.com is a rapidly growing company and its Channel Partner Program is the most rewarding B2B affiliate program in India. As a Nowofloan.com Channel Partner, you not only get to earn unbeatable commissions but also you can offer a delightful and convenient instant personal loan or instant business loan experience to your customers.

How much can I earn with the Channel Partner Program?

With the Nowofloan.com Channel Partner Program, you get paid on a sales conversion basis, depending on how many company memberships are sold through your referral link. The better they do, the more you earn. There is no cap on how much you can earn.

How can I track my earnings?

You can instantly manage your customers as well as track your earnings directly from your Channel Partner dashboard on Nowofloan.com.

Who can join Nowofloan Channel Partner Program?

If you're aged between 20 and 60 years, you can join the Nowofloan Channel Partner Program. Apart from this, there are no other criteria.

Membership

What is Nowofloan Membership?

Nowofloan's Membership is the most optimised way to get the industry-best financial consultation and services and relish some other great benefits as well.

How can I buy a Membership?

Just after a quick registration, you can choose the convenient Membership and purchase it.

Which Membership should I buy?

Nowofloan.com offers two types of Membership:

Premium Membership for personal financial consultation

Platinum Membership for business financial consultation

What are the benefits of buying a Membership?
  • Loan Process in Multiple NBFCs
  • 100% Online Financial Consultation
  • Access Personalized Tracking Portal
  • On-Call Expert Consultancy
  • Dedicated Loan Expert Assigned
  • No Impact On CIBIL
What if I, by mistake, do more than 1 payment? Am I eligible for a refund?

In case a customer has mistakenly made more than a single payment, the customer will be eligible to get a refund. The customer will have to request a refund within 48 hours of the payment through the Raising A Request section of the website or by calling on the company's registered contact number.

Can I get a refund if I buy Subscriptions/Memberships from multiple companies that belong to your group of companies?

In case a customer has bought Subscriptions/Memberships from multiple companies that belong to our group of companies, the customer will be eligible to get a refund. The customer will have to request a refund within 48 hours of the payment through the Raising A Request section of the website or by calling on the company's registered contact number.