Apply Online for Incred Personal Loan
Apply online for an Incred and experience quick, hassle-free approval with minimal documentation. Incred is designed to meet your financial needs, whether for home renovation, medical expenses, travel, or debt consolidation.
- Interest Rate 13.99% onwards
- Maximum Loan ₹ 15 lacs
- Processing Fees 0-1%
- Maximum Loan Tenure 1 to 5 years
1+ Million
Happy Customers
Rs. 250+ crore
Monthly Personal Loans Disbursal
Wide Range of 60+
Partner Banks & NBFCs
Support team 500+
Team Size of Experts
What is an InCred Personal Loan?
An InCred personal loan is a versatile financial tool designed to help you meet various personal needs without the hassle of extensive documentation or waiting times. Whether it’s a medical emergency, planning a dream wedding, pursuing higher education, or consolidating existing debts, an InCred personal loan offers an easy, quick, and reliable solution. With a fully digital application process, competitive interest rates, and flexible repayment options, InCred is committed to making borrowing as seamless as possible.
Eligibility Criteria for InCred Personal Loan
Before applying for an InCred personal loan, it’s crucial to understand the eligibility requirements. Meeting these criteria ensures a higher chance of approval and smooth processing:
- Age: Applicants must be between 21 and 55 years old.
- Income: Salaried individuals must earn a minimum monthly income of ₹15,000, while self-employed individuals need to demonstrate stable earnings.
- Employment: Salaried professionals and self-employed individuals with a consistent work history are eligible.
- Credit Score: A credit score of 700 or above is preferred for approval, as it demonstrates creditworthiness.
- Residency: Applicants must be Indian residents.
By meeting these criteria, you can ensure a smooth and efficient loan approval process.
Documents Required for InCred Personal Loan
InCred’s streamlined documentation process makes applying for a loan hassle-free. Here are the documents you’ll need:
- Proof of Identity: Aadhaar card, PAN card, passport, voter ID, or driving license.
- Proof of Address: Aadhaar card, passport, utility bills (electricity or water), or rent agreement.
- Income Proof (for Salaried Individuals): Last three months’ salary slips and six months’ bank statements showing salary credits.
- Income Proof (for Self-Employed Individuals): Last two years’ Income Tax Returns (ITR), profit & loss statement, and six months’ bank statements.
- Photographs: A recent passport-sized photograph.
Having these documents ready ensures quick approval and disbursal of your loan.
Features of InCred Personal Loan
InCred personal loans stand out due to their customer-centric features that cater to diverse financial needs. Here’s what makes InCred personal loans a great choice:
- Loan Amount: Borrow between ₹10,000 and ₹10 lakhs, depending on your requirements and eligibility.
- Competitive Interest Rates: Interest rates start from 13.99% per annum, making borrowing affordable.
- Flexible Repayment Tenure: Choose a repayment tenure ranging from 12 to 60 months, depending on your financial situation.
- Quick Disbursal: Get funds disbursed within 15 minutes of approval, perfect for emergencies.
- No Collateral Required: As unsecured loans, there’s no need to pledge any assets or provide guarantors.
- Digital Application Process: The fully online application ensures convenience and saves time.
- Minimal Paperwork: Submit only essential KYC documents to complete the process.
- Customer Support: Dedicated support to assist borrowers throughout the loan application and repayment process.
Fees and Charges of InCred Personal Loan
Understanding the fees and charges associated with an InCred personal loan is essential to manage borrowing effectively. Here’s a breakdown:
- Processing Fee: A fee of up to 5% of the loan amount is charged during the application process.
- Interest Rate: Ranges from 13.99% to 36% per annum, depending on your credit profile.
- Prepayment Charges: Up to 6% of the outstanding loan amount plus applicable taxes.
- Late Payment Penalty: A penalty of ₹30 per month for every ₹1,000 overdue.
- Cheque Bounce Charges: ₹1,000 per instance.
By understanding these charges, borrowers can plan their finances better and avoid unnecessary costs.
Types of InCred Personal Loans
InCred offers a variety of personal loans tailored to meet specific financial needs. Here are the types of loans available:
- Emergency Loans: Designed for unexpected expenses like medical emergencies or urgent repairs.
- Wedding Loans: Fund your dream wedding without financial worries.
- Education Loans: Cover tuition fees, course materials, or any other educational expenses.
- Debt Consolidation Loans: Combine multiple debts into one, simplifying repayments and potentially lowering your overall interest rate.
- Travel Loans: Plan domestic or international trips without straining your savings.
- Home Renovation Loans: Upgrade or renovate your home as per your desires.
These options make InCred personal loans versatile, ensuring that your specific needs are catered to.
EMI Calculation of InCred Personal Loan
The Equated Monthly Installment (EMI) is a crucial factor in loan repayment planning. EMI is the fixed monthly amount you pay towards repaying the loan, which depends on three factors: loan amount, interest rate, and tenure.
EMI Formula
The formula to calculate EMI is:
EMI = [P x R x (1+R)^N] / [(1+R)^N - 1]
Where:
- P = Principal loan amount
- R = Monthly interest rate (Annual interest rate divided by 12 and then by 100)
- N = Loan tenure in months
Example Calculation
For a loan of ₹5,00,000 with an annual interest rate of 13.99% and a tenure of 3 years (36 months):
- P = ₹5,00,000
- R = 13.99% / 12 / 100 = 0.0116583
- N = 36
Using the formula:
EMI = [5,00,000 x 0.0116583 x (1+0.0116583)^36] / [(1+0.0116583)^36 - 1]
After calculations, the monthly EMI will be approximately ₹17,134.
Use InCred’s online EMI calculator to simplify this process and find an EMI plan that suits your budget.
Why Choose InCred Personal Loan?
InCred personal loans are designed to make borrowing stress-free and customer-friendly. Here’s why you should consider InCred for your financial needs:
- Convenience: Apply online from the comfort of your home.
- Quick Processing: Fast approvals and disbursals, ideal for urgent requirements.
- Affordable Interest Rates: Competitive rates ensure manageable EMIs.
- Flexible Repayment Options: Tailor your repayment schedule to your financial situation.
- No Collateral Needed: Unsecured loans eliminate the need for asset pledging.
- Transparency: Clear and straightforward terms with no hidden fees.
- Customer Support: Dedicated support to address your queries and guide you through the process.
InCred combines the best of technology and customer service to provide a seamless borrowing experience.
Frequently Asked Questions (FAQs)
1. What is the maximum loan amount I can borrow from InCred?
You can borrow up to ₹10 lakhs, subject to your eligibility and credit profile.
2. What is the interest rate for InCred personal loans?
Interest rates start from 13.99% per annum and can go up to 36%, depending on your creditworthiness.
3. How quickly can I get the loan amount?
InCred typically disburses the loan amount within 15 minutes after approval, making it ideal for emergencies.
4. Is collateral required for an InCred personal loan?
No, InCred personal loans are unsecured, meaning you don’t need to provide collateral or guarantors.
5. What documents are required to apply for an InCred personal loan?
You need proof of identity, address, income, and a recent photograph to complete the application.
6. Can I prepay my InCred personal loan?
Yes, prepayment is allowed, but charges may apply depending on the outstanding loan amount.
7. What happens if I miss an EMI payment?
A penalty of ₹30 per month for every ₹1,000 overdue will be charged. Additionally, missing payments can negatively impact your credit score.
8. How do I check my loan eligibility?
You can use InCred’s online eligibility calculator to determine the maximum loan amount you qualify for based on your income, expenses, and credit score.
9. Can self-employed individuals apply for an InCred personal loan?
Yes, self-employed professionals and business owners are eligible, provided they meet the income and documentation requirements.
10. How do I contact InCred for support?
You can reach InCred’s customer support through their official website, email, or helpline number.
InCred personal loans are a reliable and efficient solution for a variety of financial needs. With their customer-friendly features, competitive rates, and quick processing, they make borrowing simple and accessible. Whether you need funds for an emergency or to fulfill a long-term goal, InCred is your trusted financial partner. Visit their website to learn more or apply today!
1+ Million
Happy Customers
Rs. 250+ crore
Monthly Personal Loans Disbursal
Wide Range of 60+
Partner Banks & NBFCs
Support team 500+
Team Size of Experts
Incred Personal Loan EMI Calculator
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