1. What is the eligibility for taking a loan?
Nobcredit, the loan feature, is accessible to only users who have a minimum of $100 in their BTC wallet and can access up to 50% of their BTC wallet value.
2. What is the minimum loan that I can take?
The minimum amount of loan you can take is $50.
3. What is the maximum loan that I can take?
The maximum amount of loan you can take is $2500.
4. What is the interest rate on Bitnob's loan?
The interest rate ranges between 17% - 19% per annum; it varies based on your loan-to-value ratio, which means that the more collateral you put down, the lower the interest rate you pay.
5. What is the payment period for Bitnob's loan?
The repayment period is between 3 months to 12 months.
6. What is LTV?
The Loan-to-Value ratio is the ratio of your loan to the value of your collateral.
7. How soon can I get my collateral when my Loan payment is completed?
It takes a maximum of 24 hours for your Bitcoin collateral to be paid back into your wallet upon full loan payment.
8. What is the difference between principal and interest payment?
Principal repayment is splitting up and repaying the total amount you borrowed, inclusive of the interest on the loan within the loan period, while interest repayment is paying only the interest on the loan within the repayment period.
9. Can I take a loan on Bitnob without collateral?
No, you cannot take a loan without collateral.