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All About InCred Loan

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InCred is a new-age financial services platform that leverages technology and data- science to make lending quick and easy. InCred is credit for Incredible India. They believe that the traditional ways can nowadays be excluded due to them being outdated, rigid, and often inefficient processes. Also, the lending process has now become simplified having a sharp aim on serving borrower’s needs.

InCred is an NBFC (Non-Banking Financial Company) that offers financial assistance to make the life of applicants convenient and comfortable. They use specialized tools to analyze market situations and offer customized personal loans.

InCred Personal Loan – A Snapshot
Interest rates 16% to 36% p.a. onwards
Loan amount Up to INR 3 lakh
Loan tenure Up to 5 years
Preclosure Charges Applicable as per the loan agreement

 

Eligibility Criteria

Below mentioned are the eligibility criteria to apply for InCred Personal Loan:

  • An applicant must be a resident of India.
  • The age limit of the applicant should be in between 21-55 years.
  • An applicant must have a monthly income of INR 15000.

Documents Required

Below mentioned are the eligibility criteria to apply for InCred Personal Loan:

1. In the case of an Individual:

  • PAN Card
  • Last 3 months Bank Statement
  • Any Govt. issued ID proof like Aadhar Card, Voter ID, Driving License, or Valid Passport.

2. In the case of the Company:

  • Certificate of Incorporation
  • Memorandum of Association
  • Power of Attorney
  • Articles of Association
  • Board of Directors resolution

3. In the case of a Partnership Firm:

  • Partnership deed
  • Registration certificate

Interest Rates & Charges

Below mentioned are the interest rates and charges associated with InCred Personal Loan:

Loan Product Interest rates (p.a.)
Preclosure Charges ● Applicable as per the loan agreement

● Loan applicants can prepay their personal loans anytime within the loan tenure after paying their 6th EMI. No part-prepayment permitted.

Interest Rate ● 1.5% to 3% per month
Associated Charges ● Processing fee: 2%-4% of the withdrawal amount
Repayment Tenure ● 3 to 36 months

 

Personal Loan without CIBIL Score:

Below mentioned are the ways to get Instant Loan without CIBIL:

  • Opt for Collateral Based Loans
  • Prove Creditworthiness
  • Get a Guarantor for the Loan
  • Apply for a Lower Loan Amount
  • Request the Lender for a NA or NH on the Credit report
  • Check the Credit Report

Benefits of InCred Personal Loan

Below mentioned are the benefits to apply for InCred Personal Loan:

  • Affordable interest rate.
  • Online application is possible.
  • The application process is simple and quick.
  • The administration fees are reasonable.
  • Loan repayment terms that are flexible.
  • The ability to apply for a loan via the website or a mobile app.
  • The eligibility criteria to apply are simple.
  • Loan approval and disbursement are instant.
  • The documentation is scant.
  • Customer service is available 24/7.
  • According to customer feedback, this is the best product on the market.
  • The website and loan app are both secure.

How to Apply for an InCred Personal Loan

How to apply for an incred personal loan bank account

Below mentioned are the steps to apply for InCred Personal Loan:

Step 1: Provide personal and professional details online.

Step 2: From the list of loan offers, select the lending partner i.e. InCred.

Step 3: Select the loan amount and repayment tenure as required.

Step 4: The approval would be received in 2 minutes and the money will then be credited into the bank account within 4 hours.

Features of InCred Personal Loan

Below mentioned are the features of InCred Personal Loan:

  • No onboarding and annual charges.
  • It provides personal loans to both salaried and self-employed individuals.
  • The interest rate could rise from 18% to 33%.
  • A foreclosure fee is applicable.
  • There is no collateral.
  • Within 8 hours, the loan is credited to the borrower’s account.
  • Repayment terms range from 12 to 60 months.

Factors Affecting InCred Personal Loan Interest Rates

Below mentioned are the factors that affect InCred Personal Loan Interest Rates:

1. Credit Score:

An applicant must have a credit score of 750 or above to qualify for a personal loan. Also, in case of a high credit score, the lender will then offer a lower rate of interest.

2. Borrower’s Age:

Candidates aged 21 and up are more likely to be approved for a loan than those approaching retirement age. However, age alone does not determine eligibility for a personal loan. Lenders may be hesitant to provide loans to people about to retire since it may jeopardize their loan payback. Furthermore, in case an applicant is above 30, he/ she may have to pay higher interest rates to acquire a loan.

3. Occupation:

Salaried people may get a better bargain on interest rates than self-employed people. Hence, in the case of self-employed, avoid engaging funds in high-risk ventures.

4. Organization Reputation:

The reputation of the organization working for may be advantageous. If the borrower works for a reputable institution, they may be eligible for a lower interest rate on the personal loan.

5. Repayment Capacity:

In case of a lower debt-to-income ratio, an applicant will get the loan quickly.

Comparison of Interest Rates of Personal Loans from Top Banks

Banks/NBFCs Interest Rates(p.a.)
Axis Bank 10.49% onwards
IndusInd Bank 10.49% onwards
IDFC Bank 10.49% onwards
HDFC Bank 10.50% onwards
ICICI Bank 10.50% onwards
Kotak Mahindra Bank 10.99% onwards
Tata Capital 10.99% onwards
Bajaj Finserv 11.00% onwards
Federal Bank 11.49% – 14.49%
DMI Finance 12% – 36%
L&T Finance 12% – 36%
MoneyTap 12.96% onwards
Piramal Finance 12.99% onwards
Aditya Birla 13% onwards
MoneyView 15.96% onwards
Cashe 27.00% onwards
Kreditbee Up to 29.95%

 

InCred Customer Care

To get the queries related to InCred Personal Loan resolved, contact the support team using any of the ways mentioned below:

Helpline Number: 1800-102-2192

Email: care@InCred.com

Also, a letter may be written at:

Unit No. 1203, 12th floor, B Wing, The Capital, Plot No. C – 70, G Block, Bandra – Kurla Complex Mumbai-400051 Maharashtra
Website- www.incred.com

In the case of Redressal:

Firstly raise concerns via any of the channels mentioned above. And if the same is not resolved within 5 days or if the customer is not satisfied with the solution provided by the customer care service, then the customer may follow the below escalations for resolving their grievances.

Name: Ms. Rosy Dsouza
Contact: 022-42117799
Email Id: care@incred.com

In case the complaint is not resolved within a period of five days or if the customer is not satisfied with the solution provided by Mr. Kiran Gawand then the customer may approach the Grievance Redressal Officer. The name and contact details of the Grievance Redressal Officer is as follows:

Grievance Redressal Officer Name: Mr. Vaidyanathan Ramamoorthy

E-mail ID: incred.grievance@incred.com
ETelephone no.: 022-42117799

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