InCred Personal Loan – Details you Must Know
Personal Loans are fast becoming the top choice of the people to meet their financial goals, which otherwise would have been difficult to achieve in the shorter duration. With the advancement of technology, many innovative schemes and offers are pushing the availability of personal loans to the new height. With the better exposure of the personal loans and constant changing lifestyle of the people, the personal loans demands have been pushed to new limits.
Know about InCred
Many innovative technologies have been adopted by several Indian banking institutions and many others are jumping into the ship. The same is the case with InCred, which is a non-banking financial Company, founded in 2016 and based in Mumbai address to the needs of the people with their several innovative loan products. It extends the services beyond the traditional methods of working, where it utilizes the concept of the internet and mobile to the best to provide innovative solutions to the people. The Company holds the vision to offer the helping hand in bringing the country nearer to the adoption of technology into the financial needs and plans to target the sections of the society which are under-penetrated by the lenders functioning through the traditional concept.
Offerings by the InCred
The InCred as of now offers some of the most needed loan products to the various sections of the society. The InCred deals with the following offerings:
Two Wheeler Loan
InCred Personal Loan
Among the four different Loan Products, the Personal Loans as offered by InCred will be discussed here. The Personal Loans are the fastest growing segment in the loan sector, which gained stature over the better exposure, instant availability and due to its unsecured nature. The InCred Personal Loan aims to offer the people with the financial cash availability to meet something sudden and unexpected.
What for InCred Personal Loan is available for?
The InCred Personal Loan is available to meet all emergency needs of the people and at the same time, is entirely available to the people to meet some happy events of the life, like wedding and trips, which still need some financial help. Thus, the InCred Personal Loan is available for the complete sections of the society, who just want to take a personal loan to meet the demands and needs of their own and the best thing is that you can avail the Personal Loan by InCred without mentioning any reason. The people can avail Personal Loan for various purposes, like Covering Medical Bills, for buying expensive gadgets, for buying household items, for home construction, for planning any trip, for covering tuition fees, for medical bill payments, for debt consolidation and for wedding etc. There is indeed no restriction at all on how a person spends the money borrowed from InCred as InCred Personal Loan.
Eligibility Criteria for InCred Personal Loan
Below mentioned is the Eligibility Criteria for InCred Personal Loan:
The Loan Applicant should be a citizen of India
The Loan Applicant should meet defined age criteria
The Loan Applicant should be an earning applicant; either should be an employee in a company or should be self-employed
The Loan Applicant should have the clear financial history
Documents Required for the InCred Personal Loan
The following is the set of documents required for the InCred Personal Loan:
Proof of Address
Passport size photograph
Application form signed by the applicant
Bank Statements justifying Income
Details of InCred Personal Loan
The following are the details of the InCred Personal Loan:
Rate of interest – Starting from 11.49% per annum
Loan Amount – 10k to 7.5 lacs
Loan Tenure – 3 Months - 5 years
Prepayment or Foreclosure Charges – NA
Any Other Details - NA
InCred Personal Loan Fees and Charges
The InCred Personal Loan accompany with some additional fee and charges, which can be found below:
The Processing fee of 1% to 3% is applicable on each Personal Loan processing
Factors that affect your InCred Personal Loan
The Personal Loan varies considerably in the terms of rate of interest, owing to different factors. Here factors are listed below:
Monthly Income of the Loan Applicant: It's the monthly income of the loan applicant, which makes a considerable difference in how much the loan applicant can borrow from the InCred. While the monthly income of the loan applicant is a determinant factor in the loan amount, the same is also a deciding factor in the interest rate as applicable on the entire loan. The more is financially stable, a person is, the better his repayment capability is and thus the more will the confidence of the InCred towards their loan not going default. Thus, the more is the Monthly Income of the loan applicant, the more the loan applicant can borrow at the better rate of interest.
Age of the Applicant: The age of the applicant is another deciding factor in the rate of interest being charged by the InCred. It's the age of the applicant, which if towards the younger generation mark, indicates the free lifestyle of the loan applicant and thus the risk attached to the loan going as NPA is more, and thus more will be the rate of interest, while the loan applicant towards the older age, indicates a sense of more responsibility and thus, the rate of interest is towards the lower side.
Financial History of the Loan Applicant: The Financial history of the loan applicant is another determinant in the decision in the rate of interest. While, the InCred is always open for all the loan applicants, even for those, who have less CIBIL Score or have no credit history, the rates of interest will vary of course. The sound financial history of the Personal Loan applicant imbibe a sense of confidence and thus the rate of interest in such a case is low, while for the loan applicant who has defaulting status in the history or has bad financial status, the rates of interest will be towards the higher mark, in order to cover the risk associated with such borrowers.
Salient Features of the InCred Personal Loan
The InCred Personal Loan offers some great benefits and advantages to the loan borrowers. Every InCred Personal Loan is accompanied with several salient features, which are listed below:
Quick and hassle-free online process.
Faster approval Personal Loan process
Less Documentation is involved
Complete transparent process in the entire working process of the InCred
The entire loan product can be customized based on your demands and needs
Flexible repayment methods are available
Online loan account management facility available
Instant disbursement of the loan amount
Low rate of interest
No collateral required at InCred Personal Loan
Finance is available for all-purpose; do whatever you want to do with the loan amount
Reducing Interest rate is applicable on a monthly basis as per your repayment
The option to pay your EMIs through your debit card or post-dated cheques
High-end customer service for all customers
You can skip your EMIs due to genuine reasons; just make a call to the customer care and get the entire loan restructured accordingly
The Success Story of InCred
The InCred ever since began its operations in the month of April 2016, has collected hugely appreciated figures until now. The Company has managed to collect considerably great numbers when it comes to the lending books. Started by the former Investment Banker, Mr. Bhupinder Singh, the InCred started its operation with the 100 crore loan book within 2 months.
Strategically, InCred has entered into various strategic partnerships in order to serve the customers better, and with the motive to expansion, growth and scalability and thus leaving the traditional branch networks behind and paving a new way of customer acquisition, digitally. The InCred has been a fast prospering non-banking financial company, which established its presence in the market within these 2 years. While other companies may have taken long years to mark its presence, the company immense zeal and firm dedication towards exploring the loan market digitally has pushed its presence in a short time.
The InCred Personal Loan offers a very genuine chance to the Personal Loan Seekers to meet their financial needs and demands with the easy and quick Loan approval. Offering a very relaxed and hassle-free loan process, the InCred Customers are always ensured with the best services for all loan products including Personal Loans.
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