Frequently Asked Questions

1. Why do you require the supporting documents that you are asking for?
2. How much can I borrow?
3. What is the tenure of loans on billionloans?
4. Can I pre-pay my loan instalment? Can I repay my loan early if I like? Are there any charges?
5. What rates can I expect to pay?
6. On what parameters does billionloans verify my profile and check my credit-worthiness?
7. How long is the disbursal process?
8. Why was my application declined?
9. What happens in case of delayed or non-payment of loan amount?
10. Can I change the loan amount I want to borrow after applying?
11. How do I cancel my loan application?
12. How do I change my bank details?
13. What are the eligibility criteria for borrowers?
14. What are the typical documents required as part of the loan application process?
15. What are the options for loan repayment?
16. For what purposes are loans available?
17. Can I use my CKYC Identifier for the Billionloans KYC process?
18. How do I keep my personal and financial transactions safe online?

The documents are required to verify your identity and asses your credit-worthiness before registration. Apart from the CIBIL score, we use various other parameters like ability to pay, income stability, past performance and intention of the borrowers, which are evaluated on the basis of these documents.

Loan disbursal is dependent on the type of loan requirement as well as other parameters like income and credit strength. The maximum loan amount differs from product to product and is more specifically stated in the product description on our website. Please note that the final amount you may be eligible for could be lower than the maximum allowed and will be decided based on the credit assessment of your profile.

Loan tenure depends on your loan requirement as well as other parameters like income and credit strength. The maximum loan tenure differs from product to product and is more specifically stated in the product description on our website. Please note that the final tenure you may be eligible for could be lower than the maximum allowed and will be decided based on the credit assessment of your profile.

Pre-payment charges will vary from product to product and such charges, if any, are specified in the Key Facts Statement and loan agreement.

Interest rates charged to you depend on your loan requirement as well as other parameters like income and credit strength. Interest rates differ from product to product and are more specifically stated in the product description on our website. Please note that what is indicated is a range and the final interest rate charged could be within the range or outside it based on the credit assessment of your profile.

We use a highly-developed, technology-driven process of verification across various criteria based on the personal and financial information and documents provided by the borrower. Each borrower’s identity is verified against government databases and credit risk assessed using a methodology designed by our experienced team. The ability to repay, income stability and intention of borrowers is evaluated.

The time for disbursal includes the time taken to verify your identity, assess your creditworthiness and complete loan documentation. The time taken for each of these steps varies from case to case and is dependent on many things, including the completeness of documentation submitted to support the loan. We try to ensure that disbursal is completed as soon as possible. Our aim is to complete the post-documentation loan disbursal within a week.

billionloans can decline to proceed with an application if the borrower and/or application does not meet its internal credit worthiness criteria. The decision to lend or not is based on the evaluation of multiple criteria and is not linked to any one parameter. In addition, the borrower’s application will be declined if KYC cannot be verified, documentation is incomplete or cannot be authenticated, physical verification of the borrower’s address is negative or if the borrower is found to have provided incorrect, incomplete or misleading information with the intent to cheat billionloans, its employees, directors, its customers, or any other entity associated with it.

In case a borrower does not pay the loan/instalment amount by the due date, penal charges will be applied to the amount due for the duration of delay. Applicable penal charges can be found in your loan agreement and Key Facts Statement. Please review the details of penal charges before signing the loan agreement.

Further, we will be reporting all overdue payments/loans to recognised credit bureaus like CIBIL as Overdue, Special Mention Account (SMA), or Non-performing Asset (NPA) as applicable. This can be better understood with the following example:

• Due date of loan/instalment: 15th January
• Overdue: If not paid by end of working day on 15th January, the loan will become Overdue on 16th January
• NPA: If the loan remains unpaid/overdue for 90 days, then it is classified as NPA. In the above example, the overdue loan will be classified as NPA at the end of the working day on 30th April
• SMA: Loans that are overdue but not yet NPA are classified as SMA

No, you cannot make changes to details of a loan once you have applied. Any changes, including a reduction in loan amount, that are required to comply with billionloans’ policies will be communicated to you and made by us after your agreement.

Please write to support@billionloans.com requesting cancellation of your registration as Borrower. Loan cancellation can only happen prior to disbursal of funds.

Please write to support@billionloans.com stating both your old and new bank details and we will inform you of the documents required to make the change.

An individual borrower on billionloans should:

• Be a resident of India.
• Be at least 21 years of age on the date of application

A Non-individual borrower on billionloans should:

• Be an entity registered under the relevant government agency or act of law e.g. under the Indian Companies Act for corporates, under the LLP Act for LLPs, under the Shops and Establishments Act for retailers etc.
• Be in business for at least 2 years.
• Be permitted by existing government regulations and internal rules to borrow.

Borrowers will typically be required to provide billionloans with following documentation along with the loan application (this does not include the loan documentation that will need to be signed at the time of disbursal).

Borrowers can repay through multiple electronic means available on our website like debit card and net banking as well as through NEFT. Further, the option of auto debit from bank accounts is also available. As a part of loan documentation, the borrower will also have to provide one or more post-dated cheques as security against default covering the entire principle and interest payable over the term of the loan. Please note that billionloans does not deal in cash.

At billionloans, we provide loans for business purposes. This could be financing working capital or for financing small machinery and equipment, or for other legitimate business requirements. We encourage our borrowers to be responsible and aware of their own repayment capabilities and avoid over burdening themselves and/or their businesses with debt.

Yes, you can submit your CKYC Identifier received from a Central KYC Records Registry (CKYCRR) along with an explicit consent to Billionloans to download records from the CKYCRR during the KYC process. The advantage of using the CKYC Identifier is that you don’t have to submit your KYC documents separately in every financial institution. All other steps required for KYC verification as per RBI regulations and government laws will continue to be applicable.

You can find more details on CKYC Identifier at the following link: CKYC Details

a) Do not open any links or install any mobile apps without verifying the source of the same.
b) Do not share your passwords or OTPs with anyone else
c) Beware of offers or schemes on social media from strangers claiming to be from a bank, NBFC, or government agency. The following are major types of these frauds:

• Investment Scams: Scammers lure individuals with promises of high returns on fake investment schemes. They may target victims through phone calls, social media messages, or convincing websites, leading them to invest money in fraudsters accounts.
• Government Impersonation: Fraudsters pose as officials from reputed organizations like the Central Bureau of Investigation (CBI) or the Income Tax Department. They threaten legal action or heavy fines to extort money from victims.

Victims of such frauds are advised to report such incidents immediately to 1930 or cybercrime.gov.in

Please see detailed guidelines on cybersecurity at the link below
Cybersecurity Guidelines PDF