Frequently Asked Questions

Loan settlement, also known as a One-Time Settlement (OTS), is an arrangement between a borrower and a lender to close a loan by paying an agreed-upon lump sum that is less than the total outstanding amount. Depending on the lender’s terms, a portion of the outstanding principal, interest, or applicable penalties may be waived. Loan settlement is generally considered when a borrower is facing genuine financial hardship and is unable to repay the full outstanding amount.

Yes, loan settlement can negatively affect your CIBIL score. The account is usually marked “Settled” instead of “Closed,” which may impact your credit score and future loan approvals. However, your credit score can gradually improve through timely repayments and responsible credit management.

Do not ignore a legal notice from a bank. Read it carefully to understand its purpose, the action required, and the response deadline. Since timelines vary depending on the type of notice, consult a legal professional for guidance. Acknowledge the notice in writing where appropriate and, if you wish to settle the outstanding dues, consider negotiating with the lender through a formal written communication.

Yes, recovery agents may visit your home to discuss overdue loan payments, but they must follow applicable RBI guidelines only between 7 AM and 7 PM and fair recovery practices. They must not threaten, harass, abuse, or use force against you. If an agent behaves inappropriately or violates applicable guidelines, you can raise a complaint with the lender and seek further assistance.

A loan is generally classified as a Non-Performing Asset (NPA) when the principal or interest remains overdue for more than 90 days, subject to applicable RBI norms. Once classified as an NPA, the lender may initiate recovery proceedings and report the account status to credit bureaus, potentially affecting your CIBIL score. In certain cases, the account may be regularised by clearing the overdue amounts and meeting the lender’s applicable requirements.

Improving your CIBIL score after loan settlement takes time and depends on your overall credit history and financial behaviour. Although the “Settled” status may remain on your credit report for an extended period, its impact can gradually decrease as you build a positive credit history. Making timely payments, maintaining low credit utilisation, and managing new credit responsibly can help improve your score over time.

You can start by visiting the Hello Credit website and completing the personal loan application form with the required details. Based on your profile and eligibility, you may be connected with suitable lending partners. The lender determines the final approval, loan amount, interest rate, and repayment terms.

The minimum CIBIL score required for a personal loan varies by lender. Some lenders may consider applicants with lower credit scores based on their income, repayment history, employment stability, and other eligibility criteria. A higher credit score may improve your chances of approval and access to better loan terms.

Yes, some lenders may consider applicants with a low CIBIL score, depending on their overall financial profile. Factors such as monthly income, existing EMIs, employment status, and repayment history can influence eligibility. However, loan approval is not guaranteed, and the available interest rates and terms may vary.

The documents required depend on the lender and your profile. Common requirements may include PAN, Aadhaar or other accepted identity and address proof, bank statements, salary slips, and income details. Additional documents may be requested during the verification process.

The loan amount you may be eligible for depends on the lending partner's policies, your monthly income, credit score, existing financial obligations, and repayment capacity. You can explore available loan options through Hello Credit, subject to eligibility and lender approval.

The approval and disbursal timelines depend on the lender, document verification, eligibility checks, and completion of the application process. Some lenders may provide quick decisions, while others may require additional verification. The actual disbursal time varies by lender.

Checking your own CIBIL score is generally considered a soft inquiry and does not lower your credit score. However, when a lender checks your credit report as part of a formal credit application, it may be recorded as a hard inquiry. The impact depends on your overall credit profile and inquiry history.

You can improve your CIBIL score by paying EMIs and credit card bills on time, keeping credit utilisation low, avoiding unnecessary loan applications, reviewing your credit report for errors, and maintaining a healthy mix of credit where appropriate. Consistent responsible credit behaviour can help improve your score over time.

Hello Credit helps users explore business loan options through lending partners, subject to availability and eligibility. The loan amount, interest rate, repayment period, and documentation requirements depend on the lender and the applicant's business profile.

Business loan eligibility varies by lender. Common factors include the applicant's age, business type, business vintage, turnover, bank statements, credit history, and repayment capacity. Some lenders may also require business registration documents and financial statements.

Eligibility depends on the lending partner and the specific loan product. Some lenders offer personal loans to salaried employees, while others may consider self-employed applicants. Applicants should review the lender's eligibility criteria before proceeding.

Hello Credit helps users discover loan options and connect with lending partners. The actual loan is subject to the relevant lender's eligibility checks, approval process, and terms and conditions. Applicants should review the lender's details before accepting a loan offer.

If your application is rejected, check the reason provided by the lender. Review your credit report, verify the accuracy of your application details, reduce outstanding debt where possible, and improve your repayment history. Avoid submitting multiple applications within a short period, as repeated hard inquiries may affect your credit profile.

For assistance with loan discovery, application-related queries, or other services, visit the official Hello Credit website at https://hellocredit.in/ and use the available contact options.