Home Credit Personal Loan

Home Credit Personal Loan Highlights 2023
Interest rates	2% per month onwards
Loan amount	Up to Rs 5 Lakhs
Tenure	For Existing Customers: 9 months to 51 months
	For New Customers: 6 months to 48 months
Minimum Income	Rs 10,000
Processing fees	0% to 5%
Foreclosure fee	Nil

Note: Interest rates as of 30th January 2023

Home Credit Personal Loan Interest Rate

Home Credit Personal Loan Interest Rate start from 2% per month.  The final personal loan interest rate offered would depend on various factors including the borrower’s occupation profile, age, income, etc.

Home Credit Flexible Personal Loan Interest Rate: 24% – 56.5% p.a.

Home Credit Personal Loan Amount

	Minimum loan amount	Maximum loan amount
Existing Home Credit Customers	Rs 10,000	Rs 5,00,000
New Home Credit Customers	Rs 25,000	Rs 2,00,000

Comparison of Home Credit India Finance PL vs Other Lenders

Banks/NBFCs	Interest Rates(p.a.)
HDFC Bank	11.00% onwards	Apply Now
SBI	10.90%-15.40%
ICICI Bank	10.75% onwards	Apply Now
Axis Bank	10.49% onwards	Apply Now
Kotak Mahindra Bank	10.99% onwards	Apply Now
IndusInd Bank	10.49% onwards	Apply Now
IDFC First Bank	10.49% onwards	Apply Now
Bajaj Finserv	11.00% onwards	Apply Now
Tata Capital	10.99% onwards	Apply Now

Home Credit Personal Loan Fees and Charges

Processing fee

Personal Loan	0-5%
Flexible Personal Loan:	2.5% of the loan amount

Late Payment Charges (Home Credit Personal Loan)

APR (Annualized Percentage Rate)	Starts from 24%
Days Past Due	1 day	30 days	60 days	90 days	120 days	150 days	180 days
Late Payment Charges	Rs 350	Rs  450	Rs 550	Rs 750	Rs 750	Rs 750	Rs 750
Total Late Payment Charges	Rs 350	Rs 800	Rs 1350	Rs 2100	Rs 2850	Rs 3600	Rs 4350

Note:

1. Additional fees will be levied for Value Added Services (if opted).
2. The annual interest rates and processing fees may vary based on the risk profile of the customers.

Late Payment Charges (Home Credit Flexible Personal Loan)

Days Past Due	Outstanding Principal Amount
	Less than or equal to ₹ 5,000		More than ₹ 5000 & Less than or equal to ₹ 50,000		More than ₹ 50,000
	Late Payment Charges	Total Late Payment Charges	Late Payment Charges	Total Late Payment Charges	Late Payment Charges	Total Late Payment Charges
1 Day	₹ 150	₹ 150	₹ 350	₹ 350	₹ 500	₹ 500
30 Days	₹ 200	₹ 350	₹ 450	₹ 800	₹ 600	₹ 1100
60 Days	₹ 300	₹ 650	₹ 550	₹ 1350	₹ 700	₹ 1800
90 Days & Above	₹ 450	₹ 1100	₹ 750	₹ 2100	₹ 1000	₹ 2800

Note: In case of non-payment, Late Payment Charges will be levied on the total outstanding principal amount of the loan.

Types of Home Credit Personal Loans

Home Credit Flexible Personal Loan

• Purpose: It is a credit line facility offered by Home Credit India wherein customers can withdraw any amount starting from Rs 5000 to upto Rs 90,000, anytime for various purposes like travel, education, wedding, home renovation, etc.
• Tenure: Up to 3 years. If borrowers are unable to repay the loan within three years, they can convert Flexible Personal Loan into a term loan for upto 2 years.
• Loan Amount: Up to Rs 90,000

Home Credit Personal Loan for Travel

• Purpose: To meet the financial requirements for travel
• Tenure: 6 months to 51 months

Home Credit Personal Loan for Medical Emergencies

• Purpose: Medical Loan to bear emergency medical situations
• Tenure: 6 months to 51 months

Home Credit Personal Loan for Marriage

• Purpose: For meeting the financial requirements for a wedding
• Tenure: 6 months to 51 months

Home Credit Personal Loan for Small Businesses

• Purpose: To bear new business commencement expenses
• Tenure: 6 months to 51 months

Home Credit Personal Loan for Home Renovation

• Purpose: Collateral free loans for home renovation related expenses such the cost of contractors, interior designers, raw material purchase, etc.
• Tenure: 6 months to 51 months

Home Credit Personal Loan for Education

• Purpose: Unsecured loan for bearing education related expenses
• Tenure: 6 months to 51 months

Home Credit Personal Loan for Self-employed

• Purpose: To bear expenses for business expansion
• Tenure: 6 months to 51 months

Value added services offered by Home Credit:

• Payment holiday: This feature allows the borrowers to postpone their EMI in emergency situations. It does not have a negative impact on the borrower’s CIBIL score.
• Free early repayment: Borrowers can close the loan account anytime without any extra cost.
• Life cover: Borrowers can opt for life cover of up to 1.25 times the loan amount to help the repayment of the outstanding loan amount in case of their untimely death.

Eligibility Criteria for Home Credit Personal Loan

• Indian citizen
• Employment: Salaried and self-employed professionals or pensioners
• Age: 19 to 68 years
• Active bank account
• Gap between two 2 Home Credit loan application should be 90 days

In addition to the above-mentioned eligibility criteria, Home Credit may also consider the credit score, occupation profile, employer’s profile, etc of its personal loan applicants, as used by many lenders for evaluating the personal loan eligibility of their applicants.

Documents Required for Home Credit Personal Loan

• PAN Card
• Form 60 if PAN card is not available (with one of the following documents — Passport, Voter ID and driving license — for ID proof)
• Valid address proof:
  • Voter ID Card
  • Driving License
  • Passport Government House Allotment Letter
  • Property Tax Receipt

Home Credit Personal Loan EMI Calculator