Want to know everything about InCred Personal Loan? Here’s everything you need.
Getting a loan isn’t as difficult as it used to be back in the day. Not just banks, there are a lot of good financial services platforms that offer instant loans with minimum paperwork. Since lending has become so easy and convenient, more and more people are actually considering applying for loans.
Additional Reading: EarlySalary Short-Term Personal Loan
InCred is one such new-age financial platform that helps people avail quick and hassle-free loans for various purposes. The most unique thing about InCred is that it focuses on serving customers on the basis of their unique needs and circumstances. This, automatically, results in a world-class borrowing experience for the user.
What Loans Do They Offer?
Four main loan categories provided by InCred include Home Loans, Education Loan, SME Business Loans and Personal Loans. Here’s a bit more about each:
InCred Personal Loan
To help people deal with situations like medical emergencies, weddings, home renovation, etc., InCred offers tailor-made Personal Loan options.
InCred Home Loan
The main focus of InCred Home Loan is to help everyone, especially the least favoured segment by financial segments, afford their own homes. They offer a variety of affordable housing options, ranging between Rs. 10 to 30 lakhs.
InCred Education Loan
InCred Education Loan aims at helping students fight money woes and fund their higher education dreams. They offer loans to students studying in both India and abroad.
InCred SME Business Loan
To help young India realise its actual entrepreneurial potential, InCred offers SME Business Loan. These help small and new businesses establish themselves without having to worry about financial hurdles limiting them.
Additional Reading: CASHe Short-Term Personal Loan
Visu Leasing And Finance
This is InCred’s legal entity that owns the Non-Banking Finance Company (NBFC) license granted by RBI. InCred’s Personal Loan, Education Loan and SME Business Loan units lend through this entity.
How Is InCred Different From Other Financial Services Available In The Market?
The most unique thing about InCred’s approach towards lending is that it focuses on a human approach. It believes in making its products fully customised for people, in order to suit their different needs. Apart from this, they also believe in making the entire process of lending totally hassle-free and without involving a lot of paperwork.. By giving their customers a world-class experience, they believe in forming a long-term bond with them.
Additional Reading: 5 Popular Education Loans In India
How Can You Apply For A Personal Loan With InCred Through BankBazaar?
Applying for a Personal Loan with InCred through BankBazaar is incredibly simple. Visit the BankBazaar website. Check your eligibility for a Personal Loan. If InCred shows up in the list of Personal Loans you’re eligible for, apply for it. Once you complete the approval process, you’ll get the e-approval from BankBazaar instantly. After this, your application will be sent to InCred’s Personal Loan department for further review.
You’ll be eligible for InCred Personal Loan only if your minimum monthly income is Rs. 15,000 or more. New-to-credit customers can also apply for this loan.
In case you have any doubts regarding your application, you can always get in touch with BankBazaar’s customer care department. You can also track your application on BankBazaar’s mobile app.
What Are The Documents Required?
To apply for this loan, you’ll need to provide the following documents:
- Proof of identity
- Address proof
- PAN card
- Bank statement for past six months
Loan Amount & Tenure
Depending on your requirement, you can borrow any amount starting from Rs. 50,000 to Rs. 7,50,000. Tenure range is between one year and four years. The interest rate applicable on the loan is between 16% to 28%.
How Can You Repay The Loan?
Like every other loan, you can repay these loans in EMIs that will be deducted automatically from your account via NACH.
Can You Prepay The Loan?
You have the option to prepay the loan but that might mean some extra charges as prepayment fees. Also, prepayment is allowed only after six months of availing the loan.
Can Your Application Get Rejected?
Like every other loan application, you need to prove that you’re a genuine borrower and have no intention of a fraud. Submitting all the required documents and a clean credit history is normally all you need to get your loan approved. In case you fail to meet these requirements, your application is likely to get rejected.
How Will Your Loan Get Disbursed?
Once your application gets approved, the loan amount will get directly credited to your bank account.
What Happens If You Miss An EMI Payment?
Missing an EMI payment is never a good thing. Not only does it affect your Credit Score, it also drills a bigger hole in your pocket by penalising you for missing the payment. In case of a genuine emergency like loss of job, you should contact InCred’s sales team and inform them about the same. They can help restructure your loan accordingly.
Additional Reading: What Is EMI And How Is It Calculated?
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