Question 1

Do you work with only one bank?

Accepted Answer

No. LJ Consultancy works with multiple banks and financial institutions to provide the best available loan options.

Question 2

Can I transfer my existing loan to another bank?

Accepted Answer

Yes. We assist customers with loan balance transfer to banks offering better interest rates and terms.

Question 3

Can I close my loan before the tenure ends?

Accepted Answer

Yes. Most loans can be closed before the end of the tenure, subject to the lender's policies.

Question 4

Can I apply for a loan from a bank where I don't have an account?

Accepted Answer

Yes. Existing bank accounts are generally not mandatory for applying for a loan.

Question 5

Can a self-employed person get a personal loan?

Accepted Answer

Yes. Eligible self-employed individuals can also apply for personal loans.

Question 6

How long does loan approval usually take?

Accepted Answer

It varies by lender and loan type, but with complete documentation most applications are approved within a few business days.

Question 7

What is the maximum home loan amount I can get?

Accepted Answer

Loan amount depends on your income, credit score, property value, and existing obligations. Most banks fund 75–90% of the property value; we compare lenders to find you the highest eligible amount.

Question 8

Can I transfer my existing home loan to get a lower rate?

Accepted Answer

Yes. A home loan balance transfer moves your outstanding loan to a bank offering a lower interest rate, reducing your EMI or tenure. We handle the comparison and paperwork for you.

Question 9

Is collateral required for a business loan?

Accepted Answer

Not always. Many business loans, especially smaller unsecured ones and CGTMSE-backed facilities, don't require collateral. Larger amounts may need security depending on the lender's policy.

Question 10

What is a Loan Against Property (LAP)?

Accepted Answer

A Loan Against Property lets you borrow funds by pledging a residential or commercial property you own as collateral, while retaining ownership and use of the property.

Question 11

Is a Loan Against Property cheaper than a personal loan?

Accepted Answer

Yes, typically. Because it's secured against property, LAP interest rates are usually lower than unsecured personal loans, with higher loan amounts and longer tenures.

Question 12

How quickly can I get a personal loan?

Accepted Answer

With complete documentation, many personal loans are approved and disbursed within 24–72 hours, since they're unsecured and don't require property verification.

Question 13

What is working capital finance?

Accepted Answer

Working capital finance is short-term funding that covers a business's day-to-day operational needs — inventory, payroll, receivables — rather than long-term asset purchases. It's available as Overdraft, Cash Credit, or CGTMSE-backed loans.

Question 14

What is the difference between Overdraft and Cash Credit?

Accepted Answer

Overdraft is typically linked to a current account and is more flexible, while Cash Credit is a dedicated facility secured specifically against stock and receivables. Both are revolving, short-term facilities but differ in structure and eligibility.

Question 15

What is CGTMSE and who is eligible?

Accepted Answer

CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises) is a government scheme that guarantees collateral-free loans to eligible Micro and Small Enterprises, so no collateral or third-party guarantee is required from the borrower.

Question 16

What is a CRE loan used for?

Accepted Answer

A Commercial Real Estate (CRE) loan is used to purchase commercial property such as office space, retail or showroom units, warehouses, or industrial property — for business use or investment.

FAQ

Frequently asked questions

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