Q1. What is the eligibility criterion to avail a loan?
A. A borrower should be/have:
- A Resident Indian
- Above 21 years of age
- A valid bank account, PAN, proof of income and educational qualifications (as applicable)
- PAN & Aadhaar/VoterID/PassPort/Electricity Bill/Water Bill/Landline Telephone Bill
- At our discretion, you may have to provide any other additional information as may be required
- Minimum salary requirement - Net monthly income of INR 21,000/- (For Salaried Employees)
Q2. What are the purposes for which I can borrow money?
A. You can borrow money to fulfill your financial requirements for payment of your kid’s school fee, to enroll for online training/professional courses, skill development/vocational training courses. Loans are also available to corporate employees for any of the purposes not limited to a vacation, purchase of household appliances, wedding, medical expenses or anything else.
Q3. What is the minimum and maximum loan amount?
A. It is INR 50,000 and INR 500,000 respectively.
Q4. What is the minimum and maximum loan tenor?
A. The minimum loan tenor is 6 months while the maximum tenor can be up to 36 months.
Q5. How do I apply for a loan?
A. Loan application process includes the following:
- Register at www.tachyloans.com
- Enter your Personal & Professional details
- Upload KYC documents. Documents to be uploaded includes the following based on your profession/employment type:
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For Salaried individual:
- ID Proof - PAN (Mandatory)
- Aadhaar card (Mandatory to sign the loan agreement electronically)
- Address Proof - Passport/Aadhaar/Voter ID/Electricity Bill/Water Bill/Landline Telephone Bill, etc. It is recommended to upload as many documents as possible to improve your chances of loan eligibility
- Salary Slips - Latest 3 months (PDF) - Mandatory for Salaried Employees
- Bank Statement (Latest 9 months - PDF)
- Form 16 - PDF
- ITR (Latest & Previous year - PDF)
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For Self-Employed Professional/Business:
- ID Proof - PAN (Mandatory)
- Aadhaar card (Mandatory to sign the loan agreement electronically)
- Address Proof - Aadhaar/Voter ID/Passport. It is recommended to upload as many documents as possible to improve your chances of loan eligibility
- Balance Sheet (Latest & Previous year - PDF)
- ITR (Latest & Previous year - PDF)
Note: If your current address does not match the address mentioned in Aadhaar, please upload any of the following documents as proof of your current address:
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Voter ID
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Passport
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Water bill
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Electricity bill
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Domestic LPG bill
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Link your social accounts (Facebook and Email - Gmail/Yahoo/Outlook)
Q6. Is it mandatory to have current address and permanent address as same?
A. No. However, it is mandatory to upload at least one of the address proof documents (Passport/Aadhaar/Voter ID/Electricity Bill/Water Bill/Landline Telephone Bill) that has the address same as your current address.
Q7. Is it mandatory to mention my office email address? What do I need to do if I don’t have an office email address?
A. Yes, office email address is mandatory if you are a salaried employee. Please ensure that you enter the correct office email address as you will receive an OTP on the same for verification. In case you don’t have an office email address, you can mention your manager/HR’s office email address.
Q8. Why am I required to link my Social and Bank account?
A. There are multiple benefits of linking your social and bank accounts:
- It helps us to understand you and your borrowing requirements better
- It also increases your chances of getting listed on our platform and avail a loan
Q9. Can I apply for more than one loan at a time?
A. No, you can apply for only one loan at a time, and once it is repaid in full, you shall be eligible to apply for another loan.
Q10. My credit score is weak. Can I still apply for a loan?
A. Yes, we consider our internal credit scoring model, your payment and default history (if applicable), and any other mitigating circumstances. However, we reserve the right to ask for supporting documentation so that our underwriters can get a better picture of your ability to repay. The final decision on whether to approve a loan application or not rests with our Lenders.
Q11. Can I have a Co-Borrower?
A. Yes, for certain type of loans/certain category of borrowers, having a co-borrower is mandatory.
Q12. I receive my salary in cash and don’t have a pay slip. Can I apply for a loan?
A. No, you cannot apply for a loan if you don’t have a pay slip issued by your employer and your salary is not credited through bank transfer.
Q13. What is the criterion for interest rate determination?
A. We have a proprietary credit model which will assess your risk profile based on the details submitted by you, your credit score and various other parameters. You will then be assigned any one of the categories between ‘A and F’ based on the risk assessment, with ‘A’ being the low-risk profile borrower and ‘F’ being the high-risk profile borrower. Further based on the risk profile assigned, you will be eligible to avail loan at interest rates ranging from 11.50% to 25% p.a. Note: These interest rates are subject to change from time to time.
Q14. Will I receive any notification for loan approval?
A. Yes, once the Lender approves your loan application you will receive a notification on your registered E-mail Id.
Q15. In how much time will the loan amount be disbursed?
A. You will be required to sign an agreement (online/offline agreement) with the Lender and provide NACH debit mandate for EMI payments, post which the requested loan amount will be disbursed to your bank account/directly paid to the institute in case of educational/skill development loan.
Q16. How can I repay the loan? What will be my EMI due date?
A. We will register your bank account for NACH mandate for loan repayments. Your EMI due date will be decided by the Lender and the same will be communicated to you in the loan agreement. For loans disbursed through TachyLoans, the normal EMI date is 10th of every month.
Q17. Is it compulsory to give NACH debit instructions for loan repayment?
A. Yes, this is a pre-disbursal condition.
Q18. Can I repay my loan before the end of loan tenure fully or partially? Are there any prepayment charges?
A. Yes, we offer you the flexibility to prepay loans in part or full, after a minimum period of 6 months. Prepayment charges will be decided by the Lender and the same will be communicated to you in the loan agreement.
Q19. What are the late payment charges in case I miss my payments? Does my late payment get reported to the Credit Bureaus?
A. A cheque/NACH bounce charge of INR 500/- per instance of dishonor will be levied in addition to penal interest @ 3% p.m. on the overdue amount till date of payment, subject to a minimum of INR 500/-. Yes, your payment history gets reported to the Credit Bureaus.
Q20. I did not receive an OTP on my phone. What should I do?
A. This may occur because of DND activation on your phone, use of dual SIM or mobile network issue. Kindly check for these. If you still did not receive the OTP, feel free to contact us at 080-48529911/+91-9108911911.