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In the times we are living in, there are some situations in your life when you are in need of urgent funds. This need can be for anything like buying the latest phone for yourself or traveling to the dream destination or buying some consumer durable for home or any other things. If your urgent need can be fulfilled with an amount below INR 2,40,000, there is nothing better than opting for a Home Credit Personal Loan at an affordable interest rate. Yes, Home Credit India Finance Pvt. Ltd, which is one of the leading Non-Banking Finance Companies (NBFCs) in the consumer lending sector, provides customized personal loans. Through this page, we will tell you everything about Home Credit Personal Loan so that you don’t have any doubts while choosing this loan for yourself.
Home Credit Personal Loan Interest Rates
While opting for a personal loan from any lender, the importance of interest rate becomes huge because of its role deciding the pattern of repayment. And this is the part, where you will find out how choosing a home credit personal loan interest rate is a huge benefit to you. You can look at some of the important features such as interest rate, loan amount, tenure, processing charges, and others in the table given below.
|Loan Amount||Upto ₹ 2,40,000|
|Flat Interest Rate||Upto 38.8% Per Annum|
|Tenure (Loan Term)||Upto 51 Months|
|Processing Charges||Upto 3% of the Total Loan Amount|
|Minimum Advance Cash/Down Payment||NIL|
|Monthly Customer Care Fee||NIL|
Why Choose Home Credit Personal Loan?
In times of financial emergency, there are a few important reasons that make Home Credit personal loans one of the best options available in the current financial market. Have a glance at some of them mentioned below!
Quick, Easy and Instant Approval: When you are in need of an amount upto ₹ 2,40,000, Home Credit is literally the best option you have due to its simple, quick and hassle-free loan approval process. You will get the instant digital approval on your loan application.
Easiest Application Process: When you decide to opt for any kind of loan in India, there is a hesitation of filling various complex application forms. That can lead you to commit errors, which can delay the process. Worry not, as you don’t have to face any such thing while opting for the Home Credit Personal Loan. You just need to provide basic information about yourself and documents like PAN and address proof to apply for a personal loan.
Fast Loan Disbursal: If all the details provided by you are verified, the loan amount will be disbursed into your verified account within a day.
No Collateral and Unnecessary Charges: Home Credit India Finance Pvt. Ltd. doesn’t ask for any kind of security or collateral to give you the loan amount. Also, the overall loan process is quite transparent and free from any hidden charges.
Home Credit Personal Loan EMI Calculator
With the help of the Home Credit personal loan EMI calculator, you can easily estimate the EMI amount. This estimation helps you manage your finances in a more organized way. And you will also be able to know if the EMI is within your repayment capability or not.
To use the EMI calculator, you will be required to have a few details at your disposal. Without these details, this tool won’t work. Check out the details below.
- Loan Amount
- Rate of Interest
Once you feed all these details into the calculator, it will fetch you the EMI amount and total interest outgo. For a better understanding of this, let us give you an example. For instance, an individual wants to opt for a Home Credit personal loan of ₹ 2,00,000 for a period of 4 years at an interest rate of 25% per annum. What will be the EMI and interest outgo? Check out the table below.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
|Loan Amount||Interest Rate||Tenure||Monthly Instalment||Total Interest Amount||Total Amount|
|₹ 2,00,000||25%||1||₹ 19,009||₹ 28,106||₹ 2,28,106|
|₹ 2,00,000||25%||2||₹ 10,674||₹ 56,183||₹ 2,56,183|
|₹ 2,00,000||25%||3||₹ 7952||₹ 86,271||₹ 2,86,271|
|₹ 2,00,000||25%||4||₹ 6631||₹ 1,18,308||₹ 3,18,308|
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|1||₹ 33,212||₹ 46,364||₹ 1,66,787|
|2||₹ 42,536||₹ 37,040||₹ 1,24,250|
|3||₹ 54,478||₹ 25,099||₹ 69,772|
|4||₹ 69,907||₹ 9805||₹ 0|
What is Home Credit Personal Loan Eligibility?
By now you must have enough details about a personal loan. But there is one thing without which all your information will be incomplete. This thing is known as none other than the eligibility criteria. These are actually a set of conditions that the bank sets for an individual to meet. These include age, monthly income, employment type, and other parameters. It’s important to know about them so that your application doesn’t get rejected.
You can look at the eligibility criteria mentioned below.
- Eligible Indian residents can apply for this personal loan
- Salaried, Self-employed and Pensioner applicants are eligible for this loan
- The minimum age of an applicant should be 19 years with a maximum allowed upto 68 years
- The applicant must have his/her current address proof, PAN, and a bank account with the Internet Banking Facility attached to it
- The monthly income must be a minimum of ₹10,000
Know about Home Credit Affordability Calculator!
There is this common question among individuals about what EMI amount would suit them keeping in mind the expenses they make. If you are also troubled by this question, then you don’t need to worry about it anymore. Why? Because you can know it with the help of the Home Credit Affordability Calculator.
To use this, you will just need to feed a few details into the calculator. These details are your Monthly Income, Additional Family Income (if any), approximate household monthly expenses and any other financial commitments. Based on these details, the calculator will tell you about two things which are as follows.
- Home Credit Recommended Savings
- Affordable Monthly EMI amount
So, using this calculator, you will have a better idea about what EMI amount you can afford with the monthly income you get in your hand and the expenses you make.
In order to apply for a Home Credit personal loan, you will need a certain set of documents. It’s important to know them beforehand so that you don’t have to face any kind of problem afterward. The list of documents you need is mentioned below.
- PAN Card or Form 60
- Voter ID Issued by the Election Commission of India
- Driving Licence
- Adhar Card
- Job Card announced by NREGA
- The letter declared by the National Population Register
- Passport having the expiry date not within three months of the Application
How to Apply for Home Credit Personal Loan?
Now you have known almost everything about the Home Credit personal loan, you must have this curiosity of how to apply for it. Well, don’t worry as we will be telling you about the method by which you can apply for the loan. All you need is one smartphone and do what’s desribed in the following pointers.
- Download the Home Credit Application from the Application Store.
- Register the application by filling the details like your name, age, state, PAN, Aadhar, Monthly income, etc.
- Choose the Loan Amount and Tenure according to your repayment capability. After choosing this, you just need to visit one of the KYC Centres around only for one and final time with the required documents.
- As soon as your KYC completes, the amount will be transferred into your account within a day.
After getting the loan amount, you will also be getting several amazing offers. You can directly chat with the customer representatives to get any of your loan queries resolved.
Home Credit Personal Loan EMI Payment Methods
We want to tell you that there is more than one way by which you can pay the EMI. Have a peek at all the methods by which you can make the EMI payment below.
Through the Home Credit Website
On visiting the official website of Home Credit, you will see the ‘PAY EMI’ button on the top of it. As soon as you click on it, you will need to enter the required loan details and monthly installment. Choose the payment method you want to use.
Pay through Home Credit Mobile Application
Other than the website, you can also make the EMI payment through the Home Credit Android Application.
Via Cash at Authorized Branches
If you don’t want to opt for any of the online methods and instead rely on the traditional offline payment method, you can opt for the cash deposit method. You just have to visit the branches of any of the Home Credit authorized channel partners such as Axis Bank and ICICI Bank. You just have to fill the loan details on the deposit slip, and through this slip, you will be able to deposit the cash to make the EMI payment.
Pay EMI through Net Banking
Other than all the above-mentioned methods, you can also pay your EMI through direct bank transfer using any of the NEFT or RTGS.
How to Get in Touch with Home Credit Personal Loan Customer Care?
If at any point, you come across any question or query regarding your personal loan, you have the option of contacting the Home Credit personal loan customer care in a different way. These methods are Online Form, Call and Email.
Through the Online form, you can get your queries solved or give suggestions about any of the services. You just have to go to the official website of the Home Credit and there you will get the option of filling the application form.
Other than this, you can call on +91-124-662-8888 to get in touch with the customer care executives who are available from Monday to Sunday from 9 pm to 6 pm. You just have to tell your loan account number or your registered mobile number to register your complain or query. The representatives will hear your problems with patience and resolve the same as soon as possible.