Are there any hidden T&C in Fi loan over mutual funds

[anony]

I have received the following email from Fi this morning. Flat 10.5% p.a looks attractive. Did anyone use this before? What are the probable hidden charges and things I should be expecting?

 

[Gaara]

I have received the following email from Fi this morning. Flat 10.5% p.a looks attractive. Did anyone use this before? What are the probable hidden charges and things I should be expecting?

Fi asserts that there are no hidden charges! However, keep in mind that if the loan is sanctioned by affiliated banks, they might impose additional fees or processing charges.

 

[iamdhamo]

Has anyone took this loan?

 

[sk767sk767 is verified member.]

I have not taken this loan but check the eligibility. Generally upto 60% of your holding amount.
Also, loans are disbursed by a partner bank - so there will be other charges like processing fee, pre closure fee etc.

 

[iamdhamo]

I have not taken this loan but check the eligibility. Generally upto 60% of your holding amount.
Also, loans are disbursed by a partner bank - so there will be other charges like processing fee, pre closure fee etc.

Was there a cibil enquiry? They say no cibil check but want to confirm the same

 

[Anupama_Jha]

Was there a cibil enquiry? They say no cibil check but want to confirm the same

What's the issue even if they hit a enquiry?

 

[iamdhamo]

What's the issue even if they hit a enquiry?

They are saying no inquiry and they are doing na. Frequent inquires can impact credit score as well

 

[Anupama_Jha]

They are saying no inquiry and they are doing na. Frequent inquires can impact credit score as well

I hit 5 enquiries every month, 60 enquiries/yr.

My CIBIL still stands at 777 from last 4 consecutive months.

Stop taking it so much serious........

 

[iamdhamo]

I hit 5 enquiries every month, 60 enquiries/yr.

My CIBIL still stands at 777 from last 4 consecutive months.

Stop taking it so much serious........

Ok that's fine but saying they won't do cibil enquiry and doing is not being transparent. How will one get trust?

 

[Anupama_Jha]

Ok that's fine but saying they won't do cibil enquiry and doing is not being transparent. How will one get trust?

Yeah that's the point☝🏻

In that case, just keep that screenshot safe mentioning "No credit score needed" and if you gets any enquiry, request them for removal. If not entertained, you know how to get it removed 😉

 

[Manav24]

I have a Loan against Mutual funds from Mirae Finance at 10.5%, its a overdraft facility, you pay interest for the amount you withdraw and processing fee is Rs999/- pa.