What is SelFin and how does it work?
SelFin India Financial Services Pvt. Ltd. is a registered NBFC operated by an ambitious team of senior professionals with deep experience in lending. We offer short-term personal loans, travel loans and education loans.
Are you a bank or an NBFC?
We are an RBI registered NBFC (Non-Banking Financial Company).
What cities do we serve?
Presence across Mumbai.
Does SelFin have a mobile app?
SelFin has no customer app. All lending and collections are done through our company executives and authorised partners, in legal and ethical ways as prescribed by RBI.
What loan products does SelFin offer?
- Short-term Personal Loan: ₹1,000 – ₹50,000, without collateral, repay in up to 120 days
- Travel Loan
- Education Loan
How quickly can I get a short-term personal loan?
Apply online through our complete digital journey: the formalities take about 20 minutes, and the amount is disbursed within 24 hours of approval.
What is the minimum and maximum loan amount that can be availed?
Short-term Personal Loan: minimum ₹1,000, maximum ₹50,000, repayable in up to 120 days. Travel and Education Loan limits are shown on each loan page.
Are there any full pre-payment charges?
- 5% of outstanding principal if prepayment occurs during the first 3 months
- 4% of outstanding principal if prepayment occurs after the first 3 months
What documents are required for a SelFin loan?
- ID Proof: PAN Card, Driving License, Passport, Voter ID
- Age Proof: School Leaving Certificate, Passport, Driving License, Voter ID Card, Birth certificate by local authority, PAN Card
- Residence Address Proof: Voter ID, Driving License, Aadhaar card, Bank account statement or passbook (first page & page bearing latest transactions)
- Income Proof: salary slips or proof of self-employment income
- Signature Proof: Passport, PAN Card, Banker Verification
- Residence Stability Proof: Owned – utility bills; Rented – rental agreement
- For education loans: admission letter or fee receipt
What documents are considered as a valid ID proof?
PAN Card, Driving License, Passport and Voter ID.
What documents are considered as a valid address proof?
Voter ID, Driving License, Aadhaar card, Bank account statement or passbook (first page & page bearing latest transactions).
How do I know if I qualify for a SelFin loan?
- Indian resident, salaried or self-employed
- Aged 21 – 60 years
- Regular income and a bank account in your name
- Good repayment history with credit bureaus
What are the reasons for a loan application getting rejected?
- Income proof is insufficient
- Bureau report is not favourable
- Address could not be verified
- No KYC documents
What is an EMI?
EMI or Equated Monthly Instalment is a fixed amount that a borrower pays to the lender, consisting of both interest and principal. It is paid on a specific date every month during the loan tenure.
What would be my instalment payment date?
Instalment is paid on the 5th of every month during the loan tenure.
What are the modes of EMI payment?
- Post-dated Cheque
- Direct debit from bank account via NACH mandate