Stocks & Commodities

What kind of returns can be earned from the equity market?

"Two types of returns can be earned from investing in equity markets:
1.) Dividend Returns: Dividends depend on profitability of the company &management decision and is distributed to the equity shareholders of a company.
2.) Capital Gain Returns: Capital gains is the profit earned by the investor from sale of share on the exchange i.e. it is the difference between the Market Price and Purchase Price of the share."

What services do you provide me in exchange for the brokerage I pay?

"Our associates - Sumpoorna, are an online cum full-service brokerage firm. The cost-savings achieved by economies of scale and having centralised operations are passed on to the customers in many ways:
1.) Charging a lower brokerage
2.) Providing & publishing research
3.) Providing a Relationship Manager"

What kind of assurances can you provide me that my money will be safe?

"There are many things that are already in place to ensure that your funds are safe. Here are a few key main things to remember:
1.) All brokers have to deposit a certain amount of money to be kept with the NSE and MCX to become members. This is to ensure capital adequacy and a minimum net worth policy. Client funds have to be kept in a separate bank account. A broker cannot mix client and pro funds together in any way.
2.) Every year, the exchanges perform a thorough audit spanning several days. They check when funds came in from clients, how much is with the broker, what they were used for, and many other detailed compliance checks. We have passed their check every single year. Our calls are on a recorded line. If the broker places an order on behalf of a client, he must have proof of doing that.
3.) Investor Protection Fund - Part of your transaction fees charged by the exchange go to this fund which is to help clients recover losses in case of electronic, systematic or other non-client related failures. This is maintained by the NSE/BSE/MCX."

Is the company licensed to provide such services by regulators?

"Sumpoorna is licensed by SEBI to provide broking services in the capital markets. The licences are mentioned below:
1.) Broking in Equiy Segment: INB231429037 (NSE); INB011429033 (BSE)
2.) Broking in Futures & Options Segment: INF231429037 (NSE); INF011429033 (BSE)
3.) Broking in Currency Derivatives Segment: INE231429037
4.) Broking in Commodity Futures Segment: 46150 FMC-MCX/TM/Corp/1927 (MCX); 1117 FMC-NCDEX/TM/Corp/1092 (NCDEX); 1080 FMC-ACEL/TM/Corp/0437 (ACE)
5.) Depository Services: IN-DP-CDSL-665-2012
6.) Providing Research Analysis: INH100002466"

What type of accounts can I open with you?

A client can open all types of account with Sumpoorna - for individuals, HUFs, proprietorships, partnerships, or companies

I have an existing Demat Account with my bank, is it compulsary for me to open another Demat Account with you?

No, there are no compulsions. Sumpoorna is a full-service broker and strives to provide such services to its clients, the client may or may not choose to avail such services.

Are there any tax benefits from share market investments?

"Certain tax benefits from share market investments are as follows:
1.) Investment in Equity Linked Saving Scheme: It is the part of section 80C which gives tax deductions upto the investment or expense of Rs 1.5 lakh.
2.) Investment in Rajiv Gandhi Equity Saving Scheme: It is for the new investor of the share market. The tax benefit is available upto the investment of Rs 50,000.
3.) Dividend earned Tax-Free in the hands of the shareholder
4.) No Long Term Capital Gains
5.) The ‘carry forward of loss‘provision can help to avoid short-term capital gains tax."

Can I add another person to my Trading account?

No, since trading accounts can be held only by individuals or corporations, two people cannot hold one trading account.

Can I add another person to my Demat account?

Yes, Demat accounts can be held by multiple people and also by companies and partnership firms. Thus, if you would like to have more than one person on a Demat account, you have to do so at the time of account opening. Once an account is already open, you cannot add another person to it. Your only alternative is to open another demat account.

What is a trading account? How is it different from a demat account?

A trading account lets you buy/sell shares on the exchange. A demat account is like a safe deposit in bank where you hold all your shares i.e. shares bought are deposited in and where shares sold are taken from. Originally, companies used to issue paper shares but this has now changed to a 'dematerialized' format, hence the short form 'demat.'

What is KYC?

Know Your Client (KYC) is a regulatory requirement mandated by SEBI that requires every investor in the securities market (stocks, mutual funds etc.) to be verified by a SEBI registered entity. This is a one time exercise and also lets investors invest separately in stocks/mutual funds over their lifetime.

Mutual Funds

What is the platform all about?

We provide a goal-based online investing platform. Unlike other investment platforms, you do not need to be an investment expert to use the platform. You just need to tell us your goals (retirement, vacation, children's education, or any other goal) and we will create, execute and manage an investment plan for you to achieve them according to your unique risk profile.

What can I do through the platform?

"We have built in a lot of flexibility to help you achieve your financial goals
1.) Save Tax: You can invest through us in the best Tax Saver Mutual Funds (ELSS) to save taxes under Section 80C of the Income Tax Act. You just need to tell us your income and we will calculate the tax that can be saved, recommend the Mutual Funds you should invest in and execute the transactions for you
2.) Plan Goals: We let you invest based on any goal that you might have. You just need to tell us your target amount and target year and we will curate and execute an investment plan to achieve the goal according to your unique risk profile.
3.) Relax: The investment process does not end at the time your investments are made, it only begins here and we understand that. We monitor and track your investments for you - we notify you and change funds if required and rebalance your portfolio periodically to keep it healthy and performing. If you go off track, we also give suggestions to get back on track to reach your goal."

Do I have to pay commissions over and above my investment amounts on my mutual fund investments

No!! We do not charge any commissions from our users!

Is my money safe with you?

Yes. Our website offers bank-level security for the information you provide. You should also know that at no point is the money transferred to any of our bank accounts. The investment is directly held in the name of the investor and the money moves directly from the investor account to the Mutual Fund's account. Hence, even in the unlikely event that we go out of business tomorrow, your money is safe and can be redeemed directly from the fund houses.

Which is the best tax saving product?

All investments depend on a persons risk-taking ability and capacity. That said, our team invests their money in Tax Saver Mutual Funds (also know as Equity Linked Savings Schemes or ELSS) and hence recommend the same. They have a lock-in of three years and even the returns of these mutual funds are exempt from tax. In comparison, Fixed Deposits have a lock in period of 5 years and investments in PPF of 15 years. Good ELSS have, in the past, returned in the range of 13-18% per annum over three year periods.

Are the returns assured by investing in Tax Saver Mutual Funds (ELSS)?

We can not , nor can anyone else, give you any assured returns in these Mutual Funds as these investments are linked to the performance of stock markets and hence are subject to market risks. But usually over long time periods, one does get rewarded by higher overall returns for sitting tight during bad phases. Good Tax Saver funds have, in the past, given annualized returns in the range of 13-18% over three-five year periods.

Do I have to fill out long forms to start investing?

SEBI regulations require us to collect certain personal details of our investors. This means that all our investors will have to provide details such as address, PAN card details etc. which may take longer than signing up for a website like say, Facebook. Though we assure you that if you sit prepared with bank and PAN details, filling the form should take no more than five minutes. This is a one time exercise only.

How do I get my printed and signed forms across to you?

You need to print and sign the form emailed to you and then send the courier to O2O Wealth Creators Private Limited, C-56a/13, 6th Floor, Sector 62, Noida, Uttar Pradesh.

What is Section 80C of the Income Tax Act?

Section 80C of the IT Act allows for certain expenses and investments to be exempt from the taxable income upto a maximum combined total of Rs. 1,50,000. These include contributions to the Public Provident Fund (PPF), the Employee Provident Fund (EPF), life insurance, interest payments on home loans, tuition fee of dependent children, Equity Linked Savings Schemes (ELSS), fixed deposits over five years etc. Most individuals claim exemptions on EPF, PPF and life insurance, but let a sizeable amount of exemptible income be taxed due to ignorance or indifference. As an example, an individual paying Rs. 1,00,000 in EPF, PPF and Life Insurance combined, is paying tax on Rs. 50,000 that she doesn’t need to. That is tax up to Rs. 15000 that can be saved.

Why should I invest in a mutual fund?

"The benefits of investing in mutual funds are as follows:
1.) Great convenience provided by expert managers 2.) Diversification: Mutual funds can invest in stocks, bonds, cash and/or other assets. 3.) Lower transactional & operation costs combined with great liquidity and transparency 4.) Potential to generate a higher return than other passive investments"

What is tax saving scheme?

These schemes offer tax rebates to investors under specific provisions of the Indian Income Tax laws. As the Government offers tax incentives for investments in specified segments of the economy these mutual fund schemes focus on securities in that particular segment and thus offer tax rebates. They are also called Equity Linked Saving Schemes. It comes with a lock-in period of three years.

Can a mutual fund change the asset allocation while deploying funds of investors?

Yes, after take a look at the market trend the fund manager can change the asset allocation viz-a-viz what was disclosed in the offer document to protect the Net Asset Value.

Can I appoint a nominee for my investments in mutual funds?

Yes, if you are an individual investor then you can appoint a nominee!


After I execute a transaction, where does my money get transferred?

The investment is directly held in the name of the investor and the money moves directly from the investor account to the Mutual Fund's account.

I can't start a monthly investment (SIP) on all days. Why?

Each Mutual Fund Scheme has specific days that it allows for transactions (as given in the scheme related documents). Therefore, depending on the Mutual funds, those specific transaction dates are shown when you are starting your Monthly Investments (SIP).

What if SIP debit date falls on a holiday?

If the SIP debit date falls on a holiday, the NAV for the investment would be as on the next working day.

What is KYC?

Know Your Client (KYC) is a regulatory requirement mandated by SEBI that requires every investor in the securities market (stocks, mutual funds etc.) to be verified by a SEBI registered entity. This is a one time exercise and also lets investors invest separately in stocks/mutual funds over their lifetime.

What is the difference between a "cancelled" transaction and a "rejected" transaction?

1.) A cancelled transaction is a transaction that has been cancelled by the investor.
2.) A rejected transaction is a transaction that has been disallowed by the mutual fund company for reasons such as insufficient funds etc."

Does my transaction date differ based on the amount of money I invest?

For amount under Rs. 2 lakhs, the transaction will be executed on the same day if made before 1 PM, and on the next working day if made after. If the investment amount is above Rs. 2 lakhs, the transaction can take upto 2 working days.

My Account

I have given my account details incorrectly, how can I correct them?

"You can send a mail to care@goalwise.com from your registered e-mail address asking for the corrections.
Note that changes such as bank data should be accompanied by bank statement/cancelled cheque of the new account since we will need to verify the new information."

I want to make my spouse a joint account holder in all my investments, what should I do?

Please send in a request to Goalwise at care@goalwise.com from your registered e-mail address and we’ll send you the form needed to be filled.

Somebody called me asking for my Card details including CVV and ATM Pin, should I give it?

No, please do not. We not require any credit card/debit card details from any user and do not solicit these details over phone or in person. Investors are requested to refrain from providing these details to anyone!

I want to change my bank account, what should I do?

"You can request for a change in bank account via your registered e-mail to care@goalwise.com, with a cancelled cheque/bank statement of the new account attached. If you’re interested in an SIP, a new mandate will also be sent to your registered e-mail address, which will have to be signed and sent to Goalwise. The process of changing the bank account can take upto one month."

I want to add/change my nominee, what should I do?

Nominee details can be changed by sending a mail to care@goalwise.com from your registered email address.


Would you charge me any brokerage/ commission/ service fee for helping me with insurance products?

The services are free for each of our users.

Can I get a quotess less than those shown to me?

No! IRDAI regulates all the prices & premiums. So, the quotes for the respective products from individual insurance companies would be same everywhere. Please note that car insurance might have differential pricing.

How do I pay?

Unfortunately, we can’t support cash on delivery or cheques, just because we want to keep it online and simple. We do encourage the use of credit cards, debit cards, & net banking.

How do I get my policy copy?

"Once you choose your product and make your payment, it’s sent to your email ID. No hard copies, so you can access he policy whenever you require from anywhere! In case the policy issuance is delayed due to any reason, such as, a medical check or an expired vehicle inspection, we promise to keep you in the loop."

Who can I speak with for assistance with my insurance needs?

All your service requests will be attended by an insurance specialist via the phone. The insurance specialist does not represent any insurer - be rest assured that they will take care of all your needs. They would call you within 15 minutes of you requesting a call. Whether its purchase of a new insurance policy, renewal of an old one, or claims assistance - we are just a phone call away!

How secure is the transaction while buying insurance online?

The transactions you make and the information you share with us are completely safe & private.

Car Insurance

Is car insurance mandatory?

Yes, under the provisions of India Motor Vehicles Act 1988, all the vehicles operating in public places should have car insurance policy at least to cover ‘third party liability’ in India.

What are the different types of car insurance?

"The basic types of motor insurance policies are as follows:
1.) Third party liability coverage: It covers any legal liability by way of damage or injury caused by the insured to another person or property i.e. third party when you are at fault.
2.) Comprehensive plan: It offers overall protection against damages to your car. This scheme is extensive and it covers damages to car, theft, legal liability to third party and cover for personal accident cover."

What is the liability only policy?

Liability only policy covers third party legal liability for bodily injury or death, property damage and personal accident cover for owner-driver. It is also called third party cover or Act only cover. It is mandatory under provisions of the India Motor Vehicles Act 1988.

What does comprehensive car insurance policy cover?

Comprehensive car insurance covers damage (natural or manmade) to own car along with third party liability. This scheme is extensive and it covers the following:
• Fire, explosion, self-ignition, or lightning. 1.) Fire, explosion, self-ignition, or lightning.;
2.) Natural disasters like floods, hurricanes etc;
3.) Burglary, housebreaking or theft;
4.) Riot, strike or terrorist activity;
4.) Accidents;
5.) Malicious act;
6.) While in transit by road, rail, inland, waterway, lift, elevator or air. Comprehensive cover includes personal accidental benefit for the owner of the car.

Health Insurance

What is Health insurance?

Health insurance is a protection against the loss by illness or bodily injury. It covers the insured from the cost of medical or surgical expenses. Most plans cover for medicine, visits to the doctor or emergency room, hospital stays and other medical expenses.

Why do I need health insurance sooner than later?

Medical care can be expensive. Presently, even if we are healthy, as we age we develop certain medical conditions. At the time of taking a new health insurance policy, these are considered as Pre-existing illnesses and are covered after a long waiting period by insurance providers. In certain conditions for pre-existing diseases, health insurance may even be denied. Further, the cost of insurance increases with each pre-existing illness and higher age. Thus, it is better to buy a health insurance as soon as possible.

How much health insurance do I need?

A thumb rule approach to know how much health insurance cover is required by you is percentage of your income, like let’s say 100% of your income or else consider 50% of income plus 100% of last 5 years expenses on health (hospitals). The healthcare needs of each individual are specific to their age and medical history. Also, you must always factor in medical cost inflation.

How are premiums determined incase of health insurance?

"Factors which affect determination of health insurance premiums are as follows:
1.) Age: young people tend to experience fewer health problems, thus the risk exposure to the insurer is less. Hence, the longer you wait to get insured, the more expensive it will get.
2.) Individual versus Group Health Insurance: Group policies/ family floaters cover more number of people, thus there’s an increased possibility for them to land up in poor health i.e. the size of risk pool is larger and hence premiums higher
3.) Health condition of the person(s) to be insured – Factors like obesity, usage of tobacco, smoking, alcohol consumption have a negative impact on premium determination
4.) Family health history - If you come from a lineage that has seen common medical ailments, your premium will rise
5.) Location, climate, general lifestyle are also considered to determine premium"

Does the premium change from year to year?

The premiums charged by the health insurance company is usually the same for specific age groups such as 0 - 18, 19 - 30, 31 - 45, 46 -55, 56 60 and 60+. The premium usually remains constant as long as you are in the same age bracket. But once you shift from one age bracket to another the premium will increase. Also, if you make a claim, then chances are your renewal premium will be increased. However, nowadays insurance companies do not load premiums for first five years irrespective of your claim history and instead offer a bonus for no claim.

Child Insurance

What is a Child Life Insurance policy?

Child life insurance plan is a financial toll offering savings and protection. It allows you to build a corpus/fund for important milestones in the life of your child like higher education or marriage. The child plan remains in force even if something happens to you during the term of the policy.

What are the traditional Child insurance policies?

"The traditional child insurance policy has guaranteed returns i.e. no risk as the premium amount is invested in debt instruments and a fixed maturity amount is given to the insured at a specific age. There are two types of traditional child plan, namely:
1.) Child endowment policy: Under this the child receives a fixed lump sum amount on maturity of the plan.
2.) Child money back policy: In this case, the child receives fixed periodic pre-determined portions of the sum assured and finally, on the policy maturity date, the child receives balance maturity amount."

What is a Child ULIP plan?

Child ULIPs are market based investment cum protection plan and carry risk unlike the traditional child plans which are risk free. The premium paid by the insurer flows into a collective pool of funds that is invested both in debt and equity instruments. The returns under child ULIP depend on the type of funds and market conditions at the time of maturity. Thus, one must choose the child plan that suits their risk profile.

Why should I buy a Child plan?/What are the advantages of Child plan?

"Buying child insurance plan helps discipline your savings for your child. There are many advantages of child plan, some are as follows:
1.) Builds a corpus for your child’s education
2.) A fund that can be used for your child’s medical treatment if the situation ever arises
3.) Supports the child in the absence of parents
4.) Premium waivers in case of demise of insured within premium collection period.
5.) Secured loans are widely available against child insurance plans.
6.) Tax benefits under various sections of Income Tax Act"

Who can buy a child life insurance policy?

An adult who has dependent child/(ren) upon them i.e. child's parents, grandparents or legal assigned guardians can buy a child insurance plan.

Investment Insurance

What is investment insurance plan?

Investment linked insurance plans are life insurance plans that offer savings/investment options with coverage. A part of the premium paid provides insurance and a part of it is invested for the purpose of wealth generation. You can choose between traditional investment plans and Unit linked plans.

What are the benefits of an investment insurance plan?

"Benefits of investment insurance plans:
1.) Risk cover against uncertainties of life
2.) Helps meet financial goals like childrens education, marriage, building dream home etc
3.) Builds the habit of saving to build a decent corpus to help meet financials needs at various life stages
4.) Safe and profitable investment option. It is highly regulated by IRDA, through various rules and regulations that ensures the safety of the policyholder's money.
5.) Tax benefits under Income Tax Act section 80 C and 10D(D)
6.) Facility of loans without affecting the policy benefits
7.) Insurance acts as an effective tool to cover mortgages and loans taken by the policyholders so that, in case of any unforeseen event, the burden of repayment does not fall on the bereaved family."

What are the tyes of investment insurance plans?

"The basic types of investment insurance plans are as follows:
1.) Guaranteed savings plan
2.) Unit Linked Investment plan
3.) Endowment plan
4.) Guaranteed return plan"

What are traditional investment plans?

Traditional plans invest in low risk return options and offer guaranteed maturity proceeds along with declared bonuses. They are more like savings plan where your money is invested largely in debt funds and fixed deposits. Bonus or loyalty additions are the only benefits that are non-guaranteed and may or may not form a part of the returns, depending upon the policy. Market fluctuations do not impact the returns. They can be a. Endowment plans or b. Money back plans. They are ideal if you wish to save for a purpose and cannot take the market linked risk.

What is a money back plan?

Money back plan also called the endowment plan with liquidity benefit, is an investment cum insurance plan for pre-determined period where the benefits come in installments instead of a lumpsum at the end. These payments are a fixed percentage of the assured survival benefit. In case of death of the policy holder during the term of the policy, full sum assured is payable without any deduction of survival benefits paid earlier to the nominee. Also, any additions if applicable are paid at the maturity date or with the sum assured.

Pension Insurance

What is a pension plan?

Pension plan also called a retirement plan is an investment product that is designed to generate regular income for individuals after retirement. Under this plan the insurer pays regular premium to the insurance company to a build a corpus which upon maturity/retirement is paid back to the insurer in the form of regular income. It consists of two stages namely accumulation phase and income phase.

What is traditional pension plan?

A traditional pension plan is an insurance cover wherein the returns are fixed and guaranteed i.e. it has no risks. Under this, the premium paid by the investor is usually invested in bonds, G-Secs & money market. You pay a fixed premium for a definite number of years till you reach the vesting date to get minimum fixed maturity amount. Insurance companies also give out guaranteed additions and announce bonus from time to time which is added to the maturity amount at the maturity date.

What is ULPP?

ULPP or unit linked pension plan is a market linked investment product where the investment amount (premium) is invested in equity after deducting certain expenses and charges. The growth of the corpus depends on the market, thus there is high risk involved. The investors have complete transparency how their plan is being managed. There usually is a lock in period in ULPP.

What are the advantages of pension plans?

"Some of the major advantages of pension plan are as follows:
1.) Regular income (annuity) after retirement
2.) Liquidity when required – Some plans offer lump sum payments to meet major expenses.
3.) Insurance cover along with retirement plans protect family’s income
4.) Tax benefits"

How does a pension plan work?

"A typical pension plan begins with the ‘accumulation phase’ i.e. the period of time you pay premiums until you retire, which will be suitably invested. The premiums are eligible for tax benefit under Sections 80C/80CCC. Upon retirement you can withdraw 1/3rd of the accumulated corpus. This withdrawal is tax-free. The balance amount has to be utilized to buy an annuity plan. This annuity plan will be the source of regular pension until your death. This is called the ‘annuity phase’. "


What is loan?

Yes, you can choose to prematurely close your home loan. Some banks do not allow you to close the loan in the first six months of the loan tenure. You are advised to read all the terms before signing the loan agreement.

Home Loan

What are the types of home loans?

"Some main types of home loans available are as follows:
1.) Home Purchase Loan: This loan is for purchasing a home.
2.) Land Purchase Loan: This loan is given for purchase of land.
3.) Home Construction Loan: This loan is given for the construction of a new home.
4.) Home Extension/expansion Loan: Loans for extending your home.
5.) Home Improvement Loan: This loan is provided for doing repair works and renovations.
6.) Balance transfer loans: when an individual wants to transfer his existing/remaining home loan from one bank to another bank.
7.) Bridge Loan: The Bridge Loan is meant for those who wanted to sell their home and wished to purchase a new home. Thus, bridge loan helps in financing their new home unless the old home is sold.
8.) Home Conversion Loan: For those who have already financed the present home but they want to switch to another home for which more funds are needed. "

What are the steps involved in taking a home loan?

"There are three main steps involved in taking a home loan, they are as follows:
1.) Application – You submit a filled application form with all the essential listed documents;
2.) Sanction – You get an approval for a specific loan amount based on the value of your property, security cover and repayment capabilities; and
3.) Disbursement – The loan amount is transferred to the applicant."

What is a down payment?

Down payment refers to the amount of money a home buyer has to contribute in addition to the home loan sanctioned. Generally, the down payment amount lies between 15% to 30% of the property, depending on how much loan has been sanctioned. It has to be paid before the loan amount is disbursed.

What are the determinants of the interest rate of a home loan?

Some of the main factors affecting the interest rate charged by a bank/financial institution for a home loan are as listed below:
1.) Base rate and repo rate charged by the RBI
2.) Credit history of the applicant
3.) Nature of the applicant – individual, self-employed, professional, company, partnership etc.
4.) Loan amount
5.) Loan tenure
6.) Type of loan being fixed rate or floating rate home loan

What is the security required while applying for a home loan?

The underlying asset/property which is to be purchased itself becomes the security and is mortgaged till the loan is repaid with the finance institution. However, some financial institutions may ask for additional security including life insurance policies, FD receipts etc.

How does loan repayment happen?

Home loan repayments happen in the form of an Equated Monthly Instalment through the customer’s bank account. The customer needs to give Post-dated cheques and sign an ECS mandate in favour of the bank disbursing the loan.

What are the tax benefits available on a home loan principal and premium amount?

Section 80C and Section 24 grant income tax rebates to people who have taken home loans. These tax deductions are capped at 1 lakh for the principal repaid and 1.5 lakhs for the interest repaid.

Can I prematurely close my home loan?

Yes, you can choose to prematurely close your home loan. Some banks do not allow you to close the loan in the first six months of the loan tenure. You are advised to read all the terms before signing the loan agreement.

Personal Loan

What is a personal loan?

Who is eligible for a personal loan?

What is the minimum and maximum amount of personal loan that can be availed?

Personal borrowing range varies across different financial institutions and also differs considering the applicant’s profile. However, broadly, you can avail of loans ranging from Rs 50,000/- to Rs.20,00,000/- depending on your eligibility, income and repayment capacity.

What is the minimum and maximum term period of a personal loan?

Personal Loans are short term loans. The minimum tenure is usually 12 months and the maximum tenure is 60 months. A select few financial institutions offer 7 year tenures as well.

What are the key factors that determine the interest rate charged to me?

"The interest rate of a personal loan is determined by the following main factors:
1.) Loan amount as compared to income;
2.) Tenure;
3.) Credit report score"

What is a processing fee?

Most of the banks take an upfront fee to process the loan request. Such an amount needs to be paid to the bank only after you receive the approval for the loan.

Can I repay my loan before the tenure is over? Are there any charges?

Yes, you can repay your loan before the tenure is over subject to certain prepayment charges. Such charges are called 'prepayment penalty charge' and may range from 3% to 5% of the 'outstanding loan amount'.