Frequently Asked Questions

Prime Capital offers a comprehensive range of loan products including:

• Personal Loans: For various personal needs like medical expenses, weddings, travel, or debt consolidation
• Home Loans: For purchasing, construction, renovation, or balance transfer of residential properties
• Business Loans: For working capital, expansion, equipment purchase, or business startup
• Education Loans: For tuition fees, study abroad programs, and educational expenses
• Car Loans: For new and used vehicle purchases

Each loan type has specific features, interest rates, and eligibility criteria tailored to different customer needs.

Prime Capital has been providing trusted financial services since 2005. With over 18 years of experience in the industry, we have:

• Processed more than 12,500 loan applications
• Disbursed over $2.5 billion in loans
• Maintained a 98% customer satisfaction rate
• Built partnerships with leading financial institutions
• Expanded our services across multiple states

Our longevity and track record demonstrate our commitment to providing reliable financial solutions to our customers.

Prime Capital is a licensed financial services company specializing in loan origination and financial advisory services. Here's what you should know:

• We are not a bank - We work as a loan originator and financial intermediary
• We partner with multiple banks and NBFCs to offer you the best loan products
• We are licensed and regulated by appropriate state authorities (NMLS ID: 1234567)
• We adhere to all financial regulations and compliance requirements

Our role is to help you find the right loan product from our partner lenders, guide you through the application process, and provide ongoing support throughout your loan tenure.

The loan approval timeline varies depending on the loan type and completeness of documentation:

• Personal Loans: 24-48 hours for pre-approval, 3-5 business days for final disbursement
• Home Loans: 5-7 business days for approval, 15-30 days for complete processing and disbursement
• Business Loans: 3-5 business days for approval, 7-10 days for disbursement

Factors that affect processing time:

1. Completeness and accuracy of submitted documents
2. Credit history verification time
3. Property valuation (for home loans)
4. Business verification (for business loans)
5. Response time for additional information requests

You can track your application status in real-time through your online account or by contacting your dedicated loan officer.

While you can submit multiple loan applications, we recommend the following approach:

• Single Application Focus: It's better to focus on one loan application at a time to avoid multiple hard inquiries on your credit report
• Multiple Loan Types: You can apply for different types of loans (e.g., personal and home loan) if you meet the eligibility criteria for each
• Credit Impact: Multiple applications in a short period may temporarily lower your credit score
• Debt-to-Income Ratio: Your total debt obligations will be considered for each application

Our Recommendation: Consult with our financial advisors who can help you determine the best loan product for your needs and guide you through a single, well-prepared application.

After submitting your loan application, here's our standard process:

1. Application Review (1-2 days): Our team reviews your application for completeness
2. Initial Contact (Within 24 hours): A loan officer contacts you to confirm details
3. Document Verification (1-3 days): We verify all submitted documents
4. Credit Check (1 day): We perform a credit check with your consent
5. Property/Business Verification (if applicable): For home/business loans
6. Underwriting Decision (1-2 days): Our underwriting team makes the final decision
7. Approval & Terms (Within 24 hours of decision): We communicate the decision and terms
8. Documentation & Disbursement (1-3 days): Signing final documents and fund transfer

You'll receive regular updates at each stage, and your dedicated loan officer will be available to answer any questions throughout the process.

Minimum credit score requirements vary by loan type:

• Personal Loans: Minimum 650 credit score
• Home Loans: Minimum 680 credit score
• Business Loans: Minimum 670 credit score
• Car Loans: Minimum 620 credit score

Important Notes:

1. Credit score is just one factor - we consider your complete financial profile
2. Higher credit scores typically qualify for better interest rates
3. If your score is below the minimum, we may still consider your application with additional documentation or a co-applicant
4. We use FICO scores for our credit assessments

Credit Score Ranges:

• 750+: Excellent (Best rates)
• 700-749: Good (Competitive rates)
• 650-699: Fair (Standard rates)
• Below 650: May require additional review

Yes, we absolutely offer loans for self-employed individuals. We understand that traditional income documentation may not apply, so we have specialized criteria:

Eligibility Requirements for Self-Employed Applicants:

• Business Duration: Minimum 2 years in current business
• Income Documentation: Last 2 years of tax returns (personal and business)
• Bank Statements: 6-12 months of business and personal bank statements
• Profitability: Business should show consistent profitability
• Credit Score: Minimum 680 for self-employed applicants

Additional Documentation May Include:

1. Business licenses and registrations
2. Articles of Incorporation/Partnership agreements
3. Profit & Loss statements
4. Balance sheets
5. Contracts with major clients

Our loan officers are specially trained to work with self-employed individuals and can guide you through the documentation process to make it as smooth as possible.

Income requirements vary based on loan type, amount, and your debt-to-income ratio:

General Guidelines:

• Personal Loans: Minimum annual income of $25,000
• Home Loans: Minimum annual income of $40,000
• Business Loans: Minimum annual business income of $50,000

Key Consideration - Debt-to-Income (DTI) Ratio:

We typically look for a DTI ratio below 43%, calculated as:

DTI = (Total Monthly Debt Payments ÷ Gross Monthly Income) × 100

Example: If your monthly income is $5,000 and your monthly debt payments (including the new loan) are $1,800, your DTI would be 36%.

Income Types We Consider:

• Salary and wages (with pay stubs and W-2 forms)
• Self-employment income (with tax returns)
• Retirement income (pensions, Social Security)
• Investment income (dividends, interest, rental income)
• Alimony or child support (if you choose to disclose it)

Interest rates are determined by several factors that assess the risk and cost of lending:

Primary Factors:

• Credit Score: Higher scores typically receive lower rates
• Loan Type: Different loan products have different rate structures
• Loan Amount: Larger loans may qualify for better rates
• Loan Term: Shorter terms often have lower rates
• Market Conditions: Based on benchmark rates and economic factors

Additional Considerations:

1. Debt-to-Income Ratio: Lower DTI ratios are viewed favorably
2. Employment History: Stable employment may lead to better rates
3. Collateral: Secured loans typically have lower rates than unsecured loans
4. Relationship with Prime Capital: Existing customers may receive preferential rates

Rate Types:

• Fixed Rates: Remain constant throughout the loan term
• Variable Rates: May change based on market conditions

Your final interest rate will be disclosed in your loan agreement after the underwriting process is complete.

Loan fees vary by loan type and amount. Here's an overview of common fees:

Common Loan Fees:

• Origination Fee: 1-3% of loan amount (covers processing costs)
• Application Fee: $0-$100 (many loans have no application fee)
• Late Payment Fee: $25 or 5% of payment (whichever is less)
• Prepayment Penalty: Typically $0 (most loans allow prepayment without penalty)
• Returned Payment Fee: $35 per returned payment

Home Loan Specific Fees:

• Appraisal Fee: $300-$500
• Credit Report Fee: $30-$50
• Title Search & Insurance: $400-$900
• Recording Fees: $50-$150
• Underwriting Fee: $400-$900

Important:

1. All fees will be clearly disclosed in your Loan Estimate and Closing Disclosure
2. We follow the "No Surprises" policy - no hidden fees
3. Some fees may be negotiable or waived based on your credit profile
4. You can use our online calculators to estimate total loan costs

Home loan applications require comprehensive documentation. Here's a checklist:

Personal Identification:

• Government-issued photo ID (Driver's license, passport)
• Social Security card or ITIN document
• Proof of legal residency (if applicable)

Income Verification:

• Last 2 years of W-2 forms
• Recent pay stubs (last 30 days)
• Last 2 years of tax returns (all pages)
• Proof of additional income (bonuses, commissions, overtime)

Asset Documentation:

• Last 2-3 months of bank statements (all pages)
• Investment account statements (retirement, stocks, mutual funds)
• Gift letter (if using gifted funds for down payment)

Property Information:

• Purchase agreement (signed by all parties)
• Property address and legal description
• Homeowners insurance quote

Additional Documents (if applicable):

• Divorce decree or separation agreement
• Bankruptcy discharge papers
• Rental income documentation
• Explanation letters for credit inquiries or employment gaps

Pro Tip: Start gathering these documents early to speed up the application process. Our loan officers can provide specific guidance based on your unique situation.

Yes, most Prime Capital loans allow prepayment without penalty. Here are the details:

Prepayment Options:

• Full Prepayment: Pay off the entire loan balance early
• Partial Prepayment: Make extra payments toward principal
• Increased EMI: Raise your monthly payment amount
• Lump Sum Payments: Make additional payments when you have extra funds

Benefits of Prepayment:

1. Interest Savings: Reduce total interest paid over the loan term
2. Faster Debt Freedom: Pay off your loan sooner than scheduled
3. Improved Credit Score: Demonstrates responsible debt management
4. Financial Flexibility: Frees up cash flow for other goals

Important Notes:

• No Prepayment Penalty: Most loans have no penalty for early repayment
• Specific Terms: Check your loan agreement for any prepayment conditions
• Tax Implications: Consult a tax advisor about potential implications
• Notification: Inform us if you plan to make a large prepayment

How to Prepay:

1. Log into your online account
2. Use the "Make Extra Payment" option
3. Specify that the extra amount should go toward principal
4. Or contact customer service for assistance

If you miss a loan payment, here's what happens and what you should do:

Immediate Actions:

1. Late Fee: A late fee may be charged (typically $25 or 5% of payment)
2. Grace Period: Most loans have a 15-day grace period before fees apply
3. Notification: We'll send you a reminder about the missed payment

If Payment is 30+ Days Late:

• Credit Reporting: Late payment may be reported to credit bureaus
• Increased Interest: Some loans may have penalty interest rates
• Collection Efforts: We may initiate collection procedures

What You Should Do:

1. Contact Us Immediately: Call our customer service as soon as possible
2. Explain Your Situation: We may offer temporary relief options
3. Make the Payment: Pay as soon as you're able
4. Set Up Auto-Pay: Consider automatic payments to avoid future issues

Assistance Options Available:

• Payment Plan: Temporary reduced payments
• Forbearance: Temporary pause on payments
• Loan Modification: Permanent change to loan terms
• Due Date Change: Adjust your payment date

Prevention Tips:

• Set up payment reminders or auto-pay
• Keep emergency funds for unexpected expenses
• Contact us before you miss a payment if you anticipate difficulty
• Review your budget regularly