INCRED Personal Loan
InCred offers flexible personal loans designed to meet a variety of financial needs, starting with competitive interest rates from 16% per annum for amounts up to ₹3 lakh. With repayment terms extending up to 5 years, these loans are perfect for funding significant life events like weddings, vacations, or medical emergencies, as well as for purchasing consumer goods. As a non-banking financial company (NBFC), InCred streamlines the entire borrowing experience, enabling customers to apply, process, and receive their loans entirely online, making it both convenient and efficient. Whether you’re looking to cover unexpected expenses or plan for a special occasion, InCred provides a reliable solution tailored to your financial goals.
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Required documents to Apply for INCRED PERSONAL LOAN
- KYC of Applicant (Adhar Card+Pan Card+Passport Size Photo)
- Last 3 month Salary Slip
- Last 6 month Bank Statement in PDF
- Form 16 of last 2 year
- Rent Agreement if rented or Utility Bill if residence is owned
- Sanction Letter of all current running loan if any
- Office ID Card or Official EMAIL ID if any
About INCRED Personal Loan
InCred offers flexible personal loans designed to meet the diverse needs of borrowers, ranging from ₹1 lakh to ₹20 lakh. With competitive interest rates and a straightforward application process, InCred ensures that individuals can access funds quickly and efficiently. The entirely digital and paperless system allows applicants to submit KYC documents and e-sign their applications seamlessly, making the process hassle-free. Whether you’re looking to cover wedding expenses, consolidate debt, or finance a major purchase, InCred provides tailored solutions, even for those with limited credit history. Their commitment to customer satisfaction and transparency makes them a reliable choice for personal financing.
Let us take an example, How EMI is being calculated
For instance, if “Rohan” applies for a personal loan of INR 1.5 Lacs and gets the loan sanctioned at a rate of 14% with a tenure of 36 months, his EMI would be INR 5,000. The total repayment amount over the 36-month period would be INR 1,80,000 (i.e., 5,000 EMI * 36 months), where the total interest amount is INR 30,000 and the principal repayment is INR 1,50,000. Additionally, a one-time processing fee of 2% of the disbursed amount + GST of the loan amount may apply. T&C apply.
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FAQ
An InCred personal loan can be used for a wide range of expenses, including weddings, vacations, medical emergencies, purchasing consumer goods, home renovations, and debt consolidation. It provides the financial flexibility to meet your various needs.
InCred offers personal loans of up to ₹3 lakh, allowing you to borrow a sum that aligns with your financial requirements and repayment capacity.
The approval process for an InCred personal loan is designed to be fast and efficient, with most applications processed and approved within a few hours. Once approved, the funds are disbursed quickly, often on the same day.
InCred is committed to transparency, so there are no hidden fees in their personal loans. All applicable charges, including processing fees and interest rates, are clearly outlined during the application process.
You can easily apply for an InCred personal loan through their user-friendly online platform. The application involves filling out a form and uploading necessary documents, allowing for a completely paperless experience.
To qualify for an InCred personal loan, you typically need to be a salaried employee or a self-employed individual with a stable income. You should also meet the minimum age requirement, usually 21 years, and have a satisfactory credit score to enhance your chances of approval.
Yes, InCred allows you to prepay or foreclose your personal loan without any hassle. While there may be a nominal fee for prepayment, this option can help you save on interest payments and settle your loan early.
No, InCred personal loans are unsecured, meaning you do not need to provide collateral or a guarantor to secure your loan. Your creditworthiness and income are sufficient for the application process.
To apply for an InCred personal loan, you typically need to provide proof of identity (such as an Aadhaar card or PAN card), proof of address, income documentation (like salary slips or bank statements), and a recent passport-sized photograph. The process is entirely online, making it easy to submit your documents.
The interest rate for an InCred personal loan is determined based on various factors, including your credit score, income, employment history, and overall financial profile. This personalized approach ensures that you receive a rate that reflects your individual circumstances.
