|InCred Personal Loan Highlights|
|Interest Rate||11.49% p.a. onwards|
|Loan Amount||Rs. 75,000 to Rs. 15 lakh|
|Loan Tenure||Up to 60 months|
|Foreclosure Requirement||Allowed after payment of 6 EMIs|
Salaried as well as self-employed individuals can avail a personal up to Rs. 15 lakh from InCred to deal with various personal financial expenses. InCred Personal Loans come with a flexible repayment tenure of up to 60 months, can be easily availed online and involve minimal documentation. The following are some key details regarding personal loans from InCred.
Features of InCred Personal Loan
- Loan amount: You can avail a personal loan ranging between Rs. 75,000 to Rs. 15 lakh from InCred to meet various personal financial needs.
- Online application: You can easily apply for InCred personal loan online from the comfort of your home/office through a hassle-free application process.
- Attractive interest rate: Personal loan interest rates offered by InCred start from 11.49% p.a.
- Flexible repayment tenure: InCred offers multiple loan repayment tenures options including 12, 24, 36, 48 and 60 months so that borrowers can arrange repayment as per their convenience.
- Quick disbursal: InCred typically approves and disburses a personal loan within 3 working days after successful verification of the financial background and loan documents.
InCred Personal Loan Interest Rates
InCred personal loan interest rate starts at 11.49% p.a. However, interest rate applicable to a person varies with his/her individual applicant profile including the person’s credit score, customer segment, loan amount and tenure desired, etc.
The eligibility criteria for InCred personal loan are as follows:
- You should be a citizen of India.
- You should meet the defined age criteria of InCred.
- You should be an earning person, whether you are an employee in a company or a self- employed individual.
- You should be employed in a stable job or business
Documents Required for Loan Application
The following documents are required to avail an InCred personal loan:
- KYC Documents: Aadhaar card/ PAN card/ Voter ID, etc.
- Income Proof
- Address Proof: Utility Bill (less than 2 months old)/ Rent Agreement, etc. (any one)
- Passport size photograph(s) of the applicant
How to Apply for InCred Personal Loan with Paisabazaar?
To apply for InCred Personal Loan through Paisabazaar simply follow the steps given below:
- Visit the Paisabazaar website and fill out the online personal loan application form to check offers.
- You will receive offers from multiple banks and NBFCs listed as per the chances of approval.
- Either choose InCred from the list or any other lender of your choice or contact Paisabazaar for assistance.
- Complete and submit your personal loan application online.
Personal Loan Verification Process
Once you have applied for a personal loan through Paisabazaar, the verification process that follows usually involves the following steps:
- Paisabazaar forwards your personal loan application to the chosen bank/NBFC following which you will get a verification call from the lender’s representative typically within 48 hours.
- The prospective lender either schedules a pickup of your income, KYC, etc. documents or provides you an option to upload them online.
- Once the lender’s verification is successfully completed and the loan is approved, you will receive another call to verify the loan offer and ask your consent for disbursal.
- Once you accept the loan offer, the loan amount gets disbursed to your account within 48 hours.
Note: The turnaround time mentioned above for personal loan verification/disbursal may vary, depending on the lender’s internal requirements as well as other criteria.
Check InCred Personal Loan Application Status
You can check the status of InCred Personal Loan application using any of the following means given below:
- You can login to your account on the InCred website or mobile app and know the status of your loan application
- You can also send an email from your registered email id to care@InCred.com
- You can call the toll-free customer care number 1800-102-2192
Fees and Other Charges
Given below are some of the key fees and charges associated with InCred personal loan:
|Processing Fee||As per the guidelines in force|
|Prepayment or Foreclosure Charges||Foreclosure allowed after payment of at least 6 EMIs as per schedule of charges. Part prepayment not allowed|
How to Login on InCred Portal
To login to InCred’s internet banking portal, simply follow the steps given below:
- Go to the ‘Sign In’ page on the InCred website.
2. Enter your mobile number and OTP to login to your account.
InCred Personal Loan Statement
You can get your InCred personal loan statement both online and offline:
- You can login to your account on the InCred mobile app or website to view or download the loan statement.
- You can also request for a statement of your loan account by calling up the InCred customer care number – 1800-102-2192 or by sending an email from your registered email id to care@InCred.com
Given below is a sample of monthly EMI payouts calculated using the personal loan EMI calculator of Paisabazaar.com for varying InCred Personal Loan principal amounts, loan tenures and interest rates:
|Loan Amount (Rs.) and Interest Rate|
Monthly EMI Payout (Rs.)
|1-year loan tenure||2-year loan tenure||3-year loan tenure||4-year loan tenure||5-year loan tenure|
|1 lakh @ 12% p.a.||8,885||4,707||3,321||2,633||2,224|
|5 lakh @ 15% p.a.||45,129||24,243||17,333||13,915||11,895|
|15 lakh @ 20% p.a.||1,38,952||76,344||55,745||45,646||39,741|
Comparison of InCred Personal Loan vs Other Lenders
The following table gives a comparison of the key features of a personal loan from InCred with other top lenders in the country:
|Interest Rate||11.49% onwards||13% to 24.03%||12.24% onwards||33% to 36%||24% to 30%||11.99% to 59.99%|
|Tenure||12 to 60 months||2 to 36 months||2 to 15 months||2 to 12 months||90 days – 365 days||3 to 36 months|
|Loan amount||Rs. 75,000 to Rs. 15 lakh||3000 – 5 lakh||1000 – 2 lakh||9,000 – 3 lakh||8,000 – 2 lakh||500 – 5 lakh|
|Processing Fee||As per the guidelines in force|
|Upto 2% of borrowed amount plus GST (everytime you withdraw from the available credit limit)||Upto 3.5% of the loan amount||Upto Rs.1500 or 3% of the principal amount (whichever is higher)||Up to 1.50% of the loan amount||0-10% (excluding GST)|
InCred Customer Care
In case of queries or issues relating to InCred personal loans, you can contact the lender’s customer care using any of the following means given below:
- By Phone: You can call toll free on 1800-102-2192
- Email: You can email at care@InCred.com
- Chat on WhatsApp: You can also chat with the customer support team on WhatsApp. The contact number to avail this facility is (+91)882-627-2192.
- Branch Visit: You can also visit the nearest branch of InCred.
Benefits of Applying for Personal Loan at Paisabazaar
Given below are a few key benefits of applying for a personal loan at Paisabazaar:
- Paisabazaar is a completely online platform and thus, borrowers need not physically visit the branch office or website of multiple prospective lenders.
- You can access the Paisabazaar website anytime and anywhere at your own convenience.
- With Paisabazaar you can choose the most appropriate option for yourself, as it provides you the option to compare key personal loan features including interest rate, processing fees, foreclosure charges, etc. of several personal loan providers on a single platform.
- Paisabazaar.com lets you apply for a personal loan for free without paying any charges.
- com also lets you know the EMIs that you would be paying on a personal loan even before you apply for it. This helps in better financial planning and management of finances.
Given below are a few key aspects that you must consider when applying for a personal loan with InCred:
- To secure the best deal, try and compare different interest rates and charges online before you actually apply for a personal loan.
- Evaluate the complete cost of the loan. Besides interest there are other charges including processing fees, late payment fee, etc. which must be considered before you finalize upon a particular personal loan.
- Avoid applying for a personal loan with several lenders at the same time. It shows you to be credit hungry and also leads to an increase in the number of hard inquiries for your credit report which may negatively affect the chances of approval of your personal loan.
- Check your credit score before you apply for a personal loan. A good credit score may help you avail a personal loan more easily. It may also help you secure a personal loan on more favourable terms such as a lower interest rate or a longer repayment tenure, etc.
- Borrow according to your need and repayment ability. Avoid borrowing simply because you are eligible to borrow a higher amount.
Q1. What is the minimum and maximum loan amount that I can avail on a personal loan from InCred?
InCred offers minimum personal loan amount of Rs. 75,000 and maximum of Rs. 15 lakh. However, InCred uses your income and various other parameters to determine the actual loan amount that you are eligible to avail.
Q2. What are the options available for making EMI payments?
You can repay the EMIs through National Automated Clearing House (NACH) mandate using which EMIs will be automatically debited from your bank account on the EMI due date.
Q3. What is the tenure for which a personal loan can be availed?
You can avail an InCred Personal Loan with a repayment tenure ranging from 12 months to 60 months.
Q4. Are there any additional charges for InCred personal loan?
A processing fee is charged when you avail an InCred personal loan and it is automatically deducted from the disbursal amount that is payable to you.
Q5. Can I foreclose my personal loan?
Yes, you can foreclose your personal loan from InCred only after payment of at least 6 installments. Part prepayment of the loan is not allowed by InCred.
Q6. How does the loan amount for InCred personal loan get disbursed?
After your personal loan application is approved, the loan amount gets automatically transferred to your bank account by the lender.
Q7. Can I transfer my existing personal loan from another lender to InCred?
Yes, InCred does offer the option of balance transfer for your existing loan as well as credit card outstanding, provided you meet the lender’s various terms and conditions.