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Incred offers personal loans to customers to help them with their financial needs. In addition, it is famous for its simple process, quick approval, and instant disbursement. Through Incred Personal Loan up to Rs. 50,000 to Rs. 7.5 lakhs are available. Furthermore, the repayment period at Incred ranges from 24 to 60 months.
Borrowers can obtain personal loans for various purposes like weddings, vacations, education, paying bills, etc. Meanwhile, it also involves minimal documentation to make getting the loan easy.
Dive deeper into this article for an in-depth understanding of all you need to know about Incred Personal Loan.
InCred Personal Loan Interest Rate
Incred Personal Loan interest rate starts from 18%. Apart from this, the borrower’s profile, credit score, tenure, and other things decide which rate should apply to them. Further, borrowers should need to evaluate every aspect.
|Interest Rates||18% to 33% p.a.|
|Loan Amount||Rs. 50,000 - Rs. 7.5 Lakhs|
|Tenure||24 to 60 months|
|Processing Fee||2% to 5% of withdrawal amount|
|Administration Fee||1% to 5%|
|Foreclosure Requirement||Allowed after payment of 6 EMIs|
Benefits of Incred Personal Loan
The benefits of Incred Personal Loan are:
- 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.
Documents Required to Apply for InCred Personal Loan
The documents required for an Incred Personal Loan are:
Documents Required for Individuals
Individuals who need to avail of the personal loan need to submit these documents:
- Identity Proof
- Passport size photo
- Address Proof
- Pan Card
- Bank statements for the previous six months
Documents Required for Companies
Company who need to avail the personal loan need to submit these documents:
- Certificate of Incorporation
- Memorandum of Association
- Power of Attorney
- Articles of Association
- Board of directors resolution
Documents Required for Partnership Firms
Partnership firm who need to avail the personal loan need to submit these documents:
- Partnership deed
- Registration certificate
Features of Incred Personal Loan
Mentioned below are the features of personal loans offered by Incred:
- 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%.
- 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.
The following factors determine Incred personal loan eligibility:
- Both paid and self-employed workers are eligible to apply.
- Borrower should be a citizen of India.
- Individuals must be at least 23 years old and no older than 55 years old to apply.
- A monthly net income of Rs.20,000 is required to obtain a loan.
- There was no default in the prior 24 months.
- Residents of Delhi/NCR, Mumbai, Chennai, Bengaluru, Pune, and Hyderabad can obtain Incred Personal Loan.
- Borrower should have a 625 or high CIBIL score.
Factors Affecting InCred Finance Personal Loan Interest Rates
Personal loans may get affected by several factors. Incred personal loan is easy to obtain; however, certain aspects may influence it.
To qualify for a personal loan, you must have a credit score of 750 or above. Furthermore, the lender will offer you a lower interest rate if you have a high credit score.
The age of the borrower influences the interest rates. 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, if you are over 30, you may have to pay higher interest rates to acquire a loan.
Your occupation is critical in obtaining a personal loan. Salaried people may get a better bargain on interest rates than self-employed people. Therefore, if you are self-employed, avoid engaging in high-risk ventures.
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.
If your debt-to-income ratio is lower, you will quickly get a personal loan.
Incred Customer Care
If you have any problems while obtaining Incred Personal Loan, you can contact the support team. You can use any of the methods listed below.
Helpline Number: 1800-102-2192
Compare the interest rates of different lenders before applying for a personal loan. Some lenders are offering loans at lower interest rates than others. As a result, it is advised to first compare and then apply. Apart from interest rates, there are other considerations such as processing fees, late payment fees, etc. As a result, you may arrive at a figure for which lender should be considered for a personal loan, importantly.
Additionally, do not apply for a personal loan with multiple lenders at the same time. It may harm your credit report. Maintaining a strong credit score can help you receive a personal loan with a lower interest rate or a longer repayment period.
Grievance Redressal Mechanism
How to log in a complaint/where can a complaint be made
Any customer having a grievance/complaint/feedback with respect to the product and services offered by InCred Financial Services Limited (hereinafter referred to as ‘the Company’) may write to the Company’s Customer Service Department through any of the following channels:
Call at 18001022192
You may write a letter at the address- Unit No. 1203, 12th floor, B Wing, The Capital, Plot No. C – 70, G Block, Bandra – Kurla Complex Mumbai-400051 Maharashtra
Whom to approach for redressal
Customers are requested to first raise their concerns through 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 below escalations for resolving their grievances,
Name: Ms. Rosy Dsouza
Email Id: firstname.lastname@example.org
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: email@example.com
ETelephone no.: 022-42117799
Address: Incred Financial Services Limited, 1203, 12th Floor, B Wing, The Capital, Bandra Kurla Complex, Mumbai – 400 051
Details of InCred Personal loans can be found at https://personal-loans.incred.com/personal-loan