InCred Finance Personal Loan: Transforming Financial Solutions with Technology-Driven Loans and Transparent Practices
About InCred:
InCred Finance is a modern financial services platform based in India, established in 2016. They harness technology and data science to offer diverse loan products to individuals and businesses. As of July 2022, they have achieved a significant milestone with ₹5,000 Crore in Assets Under Management (AUM).
Products & Services:
- InCred Personal Loans:
- Unsecured loans for various purposes like debt consolidation, medical emergencies, or home improvement.
- Instant approvals and flexible repayment options.
- InCred Education Loans:
- Loans for both domestic and international studies.
- Competitive interest rates and flexible repayment options.
- InCred SME Business Loans:
- Tailored for small and medium-sized enterprises (SMEs) for business expansion and working capital needs.
- InCred Merchant Loans:
- Specifically designed for merchants to manage cash flow and inventory.
- InCred Pronto:
- Offers instant salary advances to salaried individuals.
Key Features:
- Technology-driven:
- InCred utilizes technology to streamline the loan application process, ensuring a faster and more convenient customer experience.
- Data-driven decision-making:
- Leveraging data science to assess creditworthiness and provide competitive interest rates.
- Focus on transparency:
- Emphasis on transparent loan terms and fees.
- Wide reach:
- Presence across India with over 100 branches.
InCred Personal Loan: FEATURES & BENEFITS:
- Quick Processing:
- Swift processing of personal loans.
- Convenience Guaranteed:
- The loan process is designed for maximum convenience.
- Completely Digital:
- The entire process, from application to disbursal, is conducted digitally.
- Pay for What You Borrow:
- Flexible repayment options based on the borrowed amount.
InCred PL Policy Highlights:
👍🏻 Minimum NTH salary >15K:
- Minimum net take-home salary requirement of over 15,000.
👍🏻 Minimum CIBIL: 650:
- Minimum CIBIL score of 650 required for loan approval.
👍🏻 Age criteria: 21 to 56:
- Applicants must be aged between 21 to 56.
👍🏻 Eligible Employment Types:
- Funding available for various employment types, including Proprietorship, Partnership, LLP, Pvt Ltd, Public Ltd & Govt (class 4).
👍🏻 Loan Amount: up to 10 Lakh:
- Personal loans offered with amounts up to 10 lakhs.
👍🏻 Tenure: up to 60 months:
- Flexible repayment tenure of up to 60 months.
👍🏻 FOIR: up to 65% (Salary-wise):
- FOIR can go up to 65%, based on salary.
👍🏻 New to Credit: Yes (-1/0 CIBIL):
- Funding available for individuals with limited or no credit history (CIBIL score -1/0).
👍🏻 EPF Check for New to Credit:
- Funding up to 3.5 Lakhs with EPF check.
👍🏻 Zero Deduction Salary Employees:
- Funding available for employees with zero deductions from their salary.
👍🏻 Accommodation Funding:
- Funding available for bachelor accommodation, with specific conditions for different employment categories.
👍🏻 Balance Transfer: Yes (up to 3 CC or 3 PL):
- Option for balance transfer of up to 3 Credit Cards or 3 Personal Loans.
👍🏻 Login to Disbursal TAT: 24Hrs for FTR cases:
- First Time Right (FTR) cases can expect login to disbursal within 24 hours.
Documents required for login:
- Aadhaar, PAN (clear copy)
- Latest 3 months net banking (PDF) statement / Scanned in a single file.
- Latest 3 months payslips
- Address proof (Aadhaar, Voter ID, DL, Passport, Postpaid bill, Bank statement, Gas bill with Gas passbook with present address, Rental agreement)
- Passport size Photo
Note: It is advised to ensure First Time Right (FTR) by avoiding photo cropping from Aadhaar or PAN and providing clear and original copies of the documents.
Excluded sectors: Security services, media, TV, film, entertainment, publishing, lawyers, police, Army, DSAs, collection, jewellers, liquor shops, massage parlours.
