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Incred Personal Loan
Rate of interest
@16% to 38%
Loan Amount
1 Lakhs - 25 Lakhs
Processing Fee
2% - 5%
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Tenure
1 year to 5 years
Rate of interest %
@16% to 38%
Loan Amount
1 Lakhs - 25 Lakhs
Processing Fee
2% - 5%
Tenure
1 year to 5 years
Features
InCred Finance offers a range of features designed to provide flexibility and convenience for those seeking personal loans. Here are some key aspects:
Customizable Loan Products: InCred personal loans are tailored to meet various individual needs like medical emergencies, weddings, and home renovations, ensuring that the loan fits the specific circumstances of the borrower.
Competitive Interest Rates: Interest rates for InCred personal loans start at relatively competitive rates, making the loans accessible to a broader range of borrowers.
Flexible Loan Amounts: The loan amounts can vary significantly, allowing borrowers to choose an amount that suits their financial needs without being overly burdensome.
Quick Approval and Disbursal: InCred focuses on swift loan approval and disbursal processes, which is crucial for those who need urgent access to funds.
No Collateral Required: The personal loans are unsecured, meaning they don’t require any collateral, which simplifies the application process.
Repayment Flexibility: InCred offers varied loan repayment terms, making it easier for borrowers to manage their repayments according to their financial situations.
Minimal Paperwork: The process is streamlined with minimal documentation requirements, facilitating a quicker and hassle-free application process.
These features make InCred a competitive option for those looking for tailored financial solutions in a convenient and efficient manner
Products
InCred Finance provides a variety of personal loan products tailored to meet specific needs and circumstances of different borrowers. Here are some of the main personal loan products offered by InCred:
General Personal Loans: These loans can be used for a wide range of purposes including debt consolidation, medical emergencies, home renovation, and other personal expenses. They offer flexibility in terms of usage without specific restrictions.
Medical Emergency Loan: Specifically designed for unexpected medical costs, these loans ensure that borrowers can quickly access funds in times of health crises without the added stress of financial strain.
Wedding Loan: These loans help cover the expenses of lavish weddings, allowing couples to fund their special day with ease.
Home Renovation Loan: Tailored for those looking to upgrade or refurbish their homes, these loans provide the necessary funds for home improvement projects.
Education Loan: Aimed at students or professionals looking to fund their education, whether it's in India or abroad, these loans support higher education aspirations.
Each of these products is designed with specific customer needs in mind, offering competitive interest rates and flexible repayment options to ensure that borrowing is as convenient and burden-free as possible.
Eligibility Criteria
To qualify for an InCred personal loan, applicants must meet certain eligibility criteria which typically include:
Age: Applicants should be between the ages of 21 and 60. This age range ensures that applicants are generally in their working years, capable of earning and repaying the loan.
Income: There is a minimum income requirement that applicants need to meet, which ensures that they have the financial capability to repay the loan. The exact income requirement can vary based on the loan amount and type.
Employment Status: Applicants should be either salaried employees working in registered companies or self-employed with a stable income. This helps in assessing the reliability of their income sources for loan repayment.
Credit Score: A good credit score is crucial as it reflects the applicant’s creditworthiness and repayment history. A higher credit score may lead to better loan terms such as lower interest rates and higher loan amounts.
Residential Status: Applicants should be residents of India and may need to provide proof of residence depending on the lender's requirements.
These criteria are designed to assess the financial stability and repayment capacity of the applicants, ensuring that loans are provided to individuals who are most likely to repay them without defaulting.
Fees and Charges
When applying for an InCred personal loan, you can expect a few standard fees and charges, which are important to consider as they impact the overall cost of the loan:
Interest Rates: These vary depending on various factors such as the loan amount, repayment tenure, and your credit profile. Generally, InCred's personal loan interest rates range from 16% to 24% per annum.
Processing Fee: InCred charges a one-time processing fee ranging from 2% to 4% of the loan amount. This fee is based on the loan amount and the specific terms of your loan.
Prepayment Charges: If you decide to prepay your loan, InCred imposes a fee that can range from 2% to 4% of the outstanding principal amount. This is fairly standard across the industry for early repayment.
Late Payment Charges: If you miss a payment, a late payment charge of 3% per month on the overdue amount is typically applied. This is a significant charge and underscores the importance of making loan payments on time.
These fees are indicative and subject to change based on InCred’s policies at the time of your loan application
Documents Required
To apply for an InCred personal loan, you will typically need to provide the following documents:
Proof of Identity: This can include your Aadhaar card, PAN card, passport, or driving license.
Proof of Address: You might need to submit documents like recent utility bills, Aadhaar card, passport, or rental agreement.
Income Proof:For salaried individuals: Recent salary slips (typically for the last 3 months) and bank statements (for the last 6 months) that reflect salary credits, as well as the latest Form 16 or income tax returns.
For self-employed individuals: Recent Income Tax Returns, financial statements (like profit and loss accounts and balance sheets for the last 2-3 years), and bank statements for the last 6 months.
Proof of Employment:For salaried individuals: An employment certificate, recent job offer letter, or employee ID card might be required.
For self-employed individuals: Proof of business existence and business profile documentation.
These documents help InCred assess your creditworthiness and repayment capacity.
Policies
Bank / NBFC :
Incred Finance
Applicable to :
salaried
NTH Salary:
Above 15,000
Age (Min/Max):
Loan Amt (Min /Max):
CIBIL (0 / -1):
Tenor (Min /Max):
Hostel Accommodation:
Listed/Non-Listed MCA:
Present Employment:
Total Employment:
Minimum Locking period :
Balance Transfer (BT):
Top up Policy:
Foreclosure/partial Policy:
21 yrs / 55 yrs
1 Lakh / 25 Lakhs
12 / 60 months
Yes
Yes
Listed and Unlisted companies.
1 Month
1 Year
12 EMI
Up to 3 BTs
No
After 6 EMI
Qredit
FINSAMUDRA PRIVATE LIMITED,
1ST FLOOR, NO.3013/7, SIMHA ARCADE, MKK road , Bangalore
560021 ( opposite metro pillar 207 )
