InCred Personal Loan
Looking for a personal loan that can help you meet your immediate financial needs? InCred Personal Loan offers a seamless, fast, and flexible borrowing solution with loan amounts of up to ₹10 lakhs. Whether it's for a medical emergency, home renovation, travel, or any other personal expense, InCred can provide instant personal loans with minimal documentation and fast approval.
In this blog, we’ll dive into the features, benefits, eligibility criteria, and document requirements for InCred Personal Loans, so you can make an informed decision and apply with ease.
InCred Personal Loan
Loan Amount :Up to 7500000 | Tenure : 1 Years to 4 Years
Rate of Interest : Strting @3.99% to 42% P.A | Processing Fees : 3% of Loan Amount
100% Paperless Application Process & 0% Service charge
Eligibility Criteria for InCred Personal Loan
To apply for an InCred personal loan, you must meet the following eligibility criteria:
1. Age
You should be between 21 to 58 years of age. This ensures that you are in your working years and capable of repaying the loan.
2. Income
You must have a minimum net monthly income of around ₹25,000, though this requirement may vary based on your profile, location, and the loan amount you are applying for.
3. Employment Status
You must be either a salaried employee with a stable job or a self-employed individual with a steady source of income. InCred considers both types of employment, making their loans accessible to a wide range of professionals.
4. Credit Score
A good credit score (usually 750 or above) will significantly improve your chances of approval. However, InCred is also known to consider applicants with lower credit scores, as long as they meet other criteria like income stability and job tenure.
5. Residential Status
You should be a resident of India and provide a valid address proof for verification.
6. Work Experience
InCred typically requires a minimum work experience of 1-2 years to ensure you have a steady income source.
Document Requirements for InCred Personal Loan
InCred aims to simplify the loan process by requiring minimal documentation. Here’s what you need to submit when applying for an InCred personal loan:
1. Proof of Identity
A government-issued ID proof, such as:
- Aadhaar card
- Passport
- Voter ID
- Driver’s License
2. Proof of Address
A document showing your current address, such as:
- Utility bill (electricity, water, etc.)
- Bank statement
- Rent agreement
3. Income Proof
To verify your income, you may need to submit:
- Salary slips for the last 3 months (for salaried individuals)
- Bank statements for the last 6 months
- Income tax returns (for self-employed individuals)
4. Photographs
Recent passport-sized photographs for identification purposes.
Once you submit these documents online, the verification process is quick, and you can get approved for your loan in no time!
Features of InCred Personal Loan
InCred is known for offering hassle-free personal loans with the following standout features:
1. Instant Loan Approval
InCred offers instant loan approvals, meaning you can get a loan decision in just a few minutes. No more waiting for days to get approved!
2. Disbursement in as Little as 15 Minutes
Once approved, you can access the loan amount in your bank account in as little as 15 minutes. This makes InCred a great option when you need emergency funds.
3. Loan Amount up to ₹10 Lakhs
InCred offers personal loans ranging from ₹50,000 to ₹10,00,000. Whether you need a small loan or a larger sum, InCred has you covered.
4. Flexible Loan Tenure
The repayment tenure for InCred loans typically ranges from 12 months to 60 months, giving you ample time to repay the loan comfortably according to your financial situation.
5. Competitive Interest Rates
InCred offers attractive interest rates on personal loans, starting from 10% to 25% per annum. The exact rate will depend on various factors like your credit score, loan amount, and repayment term.
6. Completely Online Process
The entire process of applying for, getting approved for, and receiving the loan is done through InCred’s easy-to-use mobile platform. You can apply from the comfort of your home, saving you from standing in long queues or submitting multiple documents.
7. No Hidden Charges
InCred ensures transparency in its lending process. There are no hidden charges or prepayment penalties, so you know exactly what you’re paying for.
Benefits of InCred Personal Loan
1. Quick and Easy Application Process
The application process is entirely digital and can be completed in a few simple steps through the InCred app or website. You don't need to visit a branch or deal with unnecessary paperwork.
2. Transparency in Terms
InCred provides clear and transparent terms, including the interest rate, repayment schedule, and other charges. You won't have any surprises when it comes to your loan repayment.
3. Flexibility
You can choose your loan amount and tenure based on your needs. Whether you're planning a wedding, renovating your house, or consolidating debts, InCred makes it easy to customize your loan.
4. Quick Disbursement
The fast disbursal process, which can happen within 15 minutes after loan approval, ensures you get the funds when you need them the most.
5. Minimal Documentation
InCred requires minimal documentation to process your personal loan. This makes the entire process quicker and more convenient.
FAQs for InCred Personal Loan
1. What is the minimum salary for an InCred personal loan?
To be eligible for an InCred personal loan, you must have a minimum monthly income of ₹30,000. This ensures that the applicant has the financial stability to repay the loan.
2. Is InCred Finance RBI approved?
Yes, InCred Finance is a RBI-registered Non-Banking Financial Company (NBFC). This means it is regulated by the Reserve Bank of India, ensuring a safe and trustworthy lending experience.
3. What is the interest rate for InCred personal loan?
The interest rate for an InCred personal loan starts at 7.99% per annum. The exact rate depends on factors like your credit score, loan amount, and repayment tenure.
4. What is the CIBIL score required for InCred personal loan?
To qualify for an InCred personal loan, you should have a CIBIL score of at least 650 or higher. A higher score increases your chances of getting approved for a loan at a competitive interest rate.
5. Can a person with a ₹15,000 salary get a loan from InCred?
InCred typically requires a minimum monthly income of ₹30,000 for salaried employees. However, applicants with a ₹15,000 salary may still be eligible based on other factors, such as their credit score, job stability, and other financial commitments.
6. Who is the owner of InCred Finance?
InCred Finance was founded by Bhupinder Singh, a seasoned entrepreneur with experience in the financial sector. He is dedicated to providing innovative financial solutions to individuals and businesses.
7. Is InCred money safe?
Yes, InCred Finance is a registered NBFC regulated by the Reserve Bank of India (RBI). It follows strict compliance and financial guidelines, making it a safe option for personal loans. However, as with any financial product, it's important to ensure that you can comfortably manage your repayments.
8. How do I clear my InCred personal loan?
To clear your InCred personal loan, you can make your monthly EMI payments through various payment options such as online bank transfer, NEFT/RTGS, or by visiting the nearest InCred branch. You can also choose to prepay or close your loan early by contacting InCred and paying the outstanding balance.
9. What is the processing fee for InCred personal loan?
The processing fee for an InCred personal loan typically ranges from 1% to 3% of the loan amount, depending on the applicant’s profile and loan details. This fee is deducted from the approved loan amount.
10. How much will the EMI be for a ₹5 lakh loan from InCred?
The EMI for a ₹5 lakh personal loan from InCred depends on several factors, including the loan tenure and interest rate. For example:
- Loan Amount: ₹5,00,000
- Interest Rate: 7.99% (for a person with a good credit score)
- Loan Tenure: 5 years (60 months)
Your approximate EMI would be around ₹10,000 to ₹12,000, but you can use InCred's EMI calculator for an exact amount based on your loan details.