How do I register on Droom Credit?
Simply signup from the side menu or register from home page as a borrower, where you’ll be redirected to Droom.in to select the vehicle you want to buy. Simply answer the questions that appear step by step such as your basic information, eKYC information, professional and residential information, submission of bank statements, followed by payment of a nominal upfront processing fees, and submission of few more basic documents. Once it is done, you’ll be automatically registered on Droom Credit, followed with your loan approval or rejection decision and more, if any.
How do I apply for loan on Droom Credit? Is it simple?
Yes, it is simple to apply for loan through Droom Credit. Once we are live, you can follow the given steps to apply for loan -
Get your next loan the way it should be – simple and fast. No more frustration, loan process is now a snap. Find out how it works:
- Step 1: Let’s start – Fill in your basic details and register quickly with simple and secure registration process, just enter your basic details and you are ready to apply for the loan. Isn’t it simple!
- Step 2: Congratulations you are eligible for loan Yeah! That’s right based on credit profile and details entered, we check your loan eligibility in real time. Our advance algorithms securely process the data provided by you. We are laser-fast!
- Step 3: It’s Paperless – Simply upload required documents for loan disbursal Let’s go green. No more compilation of files and hard copy of other documents Simply upload your documents and you are done. It’s is as simple as 1.2.3..!
- Step 4: Instant loan approvals – Check EMI’s payable and choose from the list of lenders Scroll to check the most preferred lender for you. We have listed various lenders with all the details. You can also check your EMI payable for the loan.
- Step 5: Wow! Your Loan Application is processed – We are fast! After you choose the lender, we send your pre-approved loan application to the lender for disbursal of the money. Just wait for a few days get your loan amount.
- Step 6: Go Get your Dream! – Hurray! It’s done! The seller will start receiving money directly from the lender.
Once my loan is approved through Droom Credit, can my application be rejected later?
Droom Credit uses advance technology and complex algorithms along with our financing partners (banks/NFBs) to do a series of checks on your application before the funds are available to you. If at any stage the information provided by you or the verification(s) initiated by us are found to be incomplete, fraudulent or unverifiable then your application will be terminated at the discretion of the financial institution you choose (Bank/NBFC). In this scenario, your approved loan application will be sent to the corresponding lending partner after paying a minimal and non-refundable processing fee, for final checks, if any, and for loan disbursal.
So, please provide us the correct information at the onset!
Do I have to pay interest? Is it high?
You must pay interest as per the bank's terms and conditions. The repayment tenure you choose will determine your EMIs.
The interest rate is equivalent to market rates for any ‘personal loan/auto loan’ with zero collateral or security. It can be as low as 1.25% per month depending on the partner bank and the credit profile of the user.
Is there a processing fee? How can I pay for the processing fee?
Yes, there is a nominal processing fee. We offer easy payment mode to our customers. You can pay the processing fee amount through Droom Credit using internet banking or any payment e-wallet. Your account will display the amount you owe.
Can I use Droom Credit for any other purpose?
Droom Credit offers easy financing and loans options, which can be used to meet your financial requirements while buying a vehicle, house or more.
What happens if I don’t pay back?
The same consequences apply as of not paying your bank loans. The Reserve Bank of India has nominated 4 credit agencies (e.g. CIBIL) to track your financial credit scores. If you do not repay or delay your repayment, our partner bank will automatically report it to these agencies, which will record the information. This can lower your credit score.
Once your credit score is affected, all your future loan applications will be negatively impacted. You might not be able to get loans easily to buy a house, a car or a two-wheeler or get a credit-card, as all the lending institutions in the country check with these agencies before approving your loan. The bank might also initiate legal recourse to recover the money from you.
How is the loan amount decided?
Our Financial Partner decides the loan amount based on your profile, income, credit history and other factors. The amount you apply for can be increased or decreased based on the bank's credit policies and the details provided by you while filling the registration form.
How do I know if my loan application is approved?
Droom Credit instantly approves your loan, which is notified through a pop-up message. After that, we also send you a notification for the same on your registered email id and mobile number regarding the same.
Whom should I contact for other queries?
Please contact us at email@example.com for any queries.
Who are eligible to apply for a loan?
Anyone can apply for a loan, who is:
- An Indian citizen
- Above 18 years of age
Employed, self-employed or businessman
How long will it take for my loan to get approved?
Droom Credit offers 21st century financing experience with its technologically advance platform wherein we provide instant loans through a paperless process. We will process your loan application and give a confirmation in 30 seconds regarding your loan process.
How long does it take to get the loan?
Droom Credit works in a fast-paperless environment and we normally process your loan application in 30 seconds and a few hours for the bank/NBFC to finally verify your documents, if needed. After that it depends on bank how long it takes to transfer the money directly to the seller/merchant.