Loan Disclosure
At Lineup Loans, transparency is key. This Loan Disclosure provides important information regarding the terms, costs, and obligations associated with the loan products we offer. Please read this disclosure carefully before applying for or accepting a loan.
1. Loan Types Offered
We offer the following types of loans:
- Personal Loans
- Home Loans
- Business Loans
Each loan type may have its own specific terms and conditions, including interest rates, repayment periods, and eligibility criteria.
2. Loan Amounts
The amount you can borrow will depend on the loan type and your eligibility:
- Personal Loans: ₹50,000 to ₹20,00,000
- Home Loans: ₹5,00,000 to ₹1,00,00,000
- Business Loans: ₹1,00,000 to ₹50,00,000
The exact loan amount will be confirmed after reviewing your application.
3. Interest Rates
Interest rates are determined based on various factors, including your credit profile, the loan type, and market conditions. The applicable interest rate will be disclosed to you before finalizing the loan agreement. Interest rates may be:
- Fixed or variable, depending on the loan type.
- Typically range from 10% to 18% per annum.
4. Fees and Charges
In addition to the loan amount and interest, certain fees may apply:
- Processing Fee: Typically 1% to 3% of the loan amount, non-refundable.
- Late Payment Fee: A penalty charged for delayed payments. The exact amount will be specified in your loan agreement.
- Prepayment Penalty: Some loans may include a penalty for early repayment. This will vary based on the loan product.
All fees and charges will be clearly outlined in your loan agreement, and there are no hidden fees.
5. Repayment Terms
Loan repayment terms are designed to be flexible based on the borrower’s financial situation:
- Personal Loans: 12 to 60 months
- Home Loans: 5 to 30 years
- Business Loans: 12 to 48 months
You will be required to make regular monthly payments according to the repayment schedule agreed upon in your loan contract.
6. Repayment Methods
We offer multiple repayment options, including:
- Online Payments: Via bank transfer, UPI, or debit/credit card.
- Automatic Bank Deductions: Direct debit from your bank account.
- In-Person Payments: At designated physical locations (where applicable).
Ensure that you make payments on time to avoid late fees and penalties.
7. Late Payment Penalties
Late payments can result in additional charges. These may include:
- A late payment fee that is added to your loan balance.
- Additional interest charges on the overdue amount.
- Possible negative impact on your credit score.
The late payment fee and its calculation method will be clearly stated in your loan agreement.
8. Prepayment Options
You may choose to pay off your loan early. However, some loans may incur a prepayment penalty if you repay before the scheduled term ends. Please refer to your specific loan agreement for prepayment terms.
9. Credit Reporting
Your loan activity will be reported to credit bureaus. This can impact your credit score:
- Timely Payments: Can improve your credit score.
- Late Payments/Default: Can negatively affect your credit score and make future borrowing more difficult.
10. Loan Renewal
Loan renewal options may be available depending on the product. Please inquire with Lineup Loans if you wish to renew or extend your loan.
11. Default and Consequences
Failure to repay your loan as agreed can result in:
- Legal action to recover the outstanding amount.
- Negative reporting to credit bureaus.
- The involvement of collection agencies.
- Possible loss of collateral (in the case of secured loans).
12. Dispute Resolution
If you have any disputes regarding your loan, you may contact our customer support team at support@lineuploans.com. We will do our best to resolve any issues in a timely and fair manner.
13. Contact Information
If you have any questions or need more information regarding this Loan Disclosure, please contact us:
Email: support@lineuploans.com
Phone: +91-7777 7777 77
Address: Lineup Loans Pvt. Ltd., 123 Financial Hub, Sector 45, New Delhi, India
