General Questions
What is a personal loan?
A personal loan is an unsecured loan provided by Entitled via its NBFC partners to meet personal needs like personal expenses, home renovation, medical emergencies, or travel. It doesn't require collateral, and funds are disbursed as a lump sum with fixed EMIs over a set tenure.
Who can apply for a personal loan?
Eligibility typically includes being an Indian resident aged 21-50, minimum association with the current employer of 3 months, salaried or self-employed with stable income (minimum ₹8,000 monthly), and a good credit history. Provide documents like ID proof, address proof, income proof, and bank statements.
How do I apply for a personal loan on your website?
Fill the online application form from your Employer’s HRMS App or Employee App. Upload documents digitally. Our team verifies and approves eligible applications within 24-48 hours.
Loan Terms and Costs
What is the interest rate on personal loans?
Rates start from 18% to 36% p.a., based on credit score, income, employer, and relationship with the lender.
What are the loan amounts and tenures available?
Loan amounts range from ₹2,000 to ₹100,000, depending on eligibility. Repayment tenures are 2-12 months. Higher income profiles qualify for higher limits.
How can a worker determine the amount he is eligible for?
The exact loan amount eligibility is determined through a proprietary "Entitled Score" calculation based on various data points, including salary, experience, attendance, job type, performance rating, loan repayment and utilization, bank statement analysis, and more.
Are there any processing fees or hidden charges?
Processing fees are 1-4% of the loan amount (GST extra). Other charges include late payment penalties (₹500 per EMI) and bouncing charges (₹500). No prepayment penalty.
What is the EMI calculation formula?
EMI = P×r×(1+r)nP \times r \times (1 + r)^nP×r×(1+r)n / (1+r)n−1(1 + r)^n - 1(1+r)n−1, where P is principal, r is monthly interest rate, and n is tenure in months.
Approval and Disbursal
How long does loan approval take?
Instant approval for repeat customers via app/SMS. Otherwise, it takes 1-2 days. Disbursal happens within 24 hours post-document approval.
What documents are required?
Identity: Aadhaar, PAN, Passport/Voter ID.
Address: Utility bill, rental agreement.
Income: Salary slips (3-6 months), bank statements (6 months).
Can I get a personal loan with a low credit score?
Possible but at higher rates or lower amounts. Improve score by timely bill payments and credit utilization under 30%.
Is a personal loan guarantor required?
No, personal loans are unsecured—no collateral or guarantor needed.
Can I apply for multiple personal loans at once?
No, you can only take one personal loan at a time.
What if my application is rejected?
Common reasons: credit history, high debt-to-income ratio (>50%), or incomplete documents. Improve factors and reapply after 3 months. We provide rejection reasons via WhatsApp.
Repayment and Management
How do I repay my loan?
Loan repayments can be managed through salary deductions, NACH deductions, or offline collections.
How does loan deduction from salary work?
The employer deducts EMIs from the applicant’s monthly salary and transfers the EMIs to Entitled’s NBFC partner.
What if I miss an EMI payment?
Late payments incur penalties and hurt your credit score. Set up an auto-debit or NACH mandate. The grace period is usually 3-10 days.
What if I relocate or change jobs?
Inform us via WhatsApp/email with updated details. Auto-debit continues from your linked account.
Can I prepay or foreclose the loan?
Yes, partial prepayments and full foreclosure are allowed. No Charges apply.
What happens after loan repayment?
Receive a No Dues Certificate (NDC) and updated credit report. Improves your score for future loans.
Does repayment history affect future loans?
Yes. Timely repayment unlocks higher limits, lower rates, and priority processing.
Is the loan secure and private?
We use 256-bit SSL encryption and comply with RBI guidelines. Your data is never shared without consent.
How does a personal loan impact my credit score?
Positive impact with on-time EMIs (boosts score by 20-50 points over 6-12 months). High utilization or defaults drop it significantly.