Let’s Know What is Home Credit!
Home Credit is a lending platform application. It provides instant loans (Mobile Phones on EMIs, Home Appliances on EMIs, Personal Loans, Insurance and Services Etc.) to all the salaried people, Self Employed, and professionals.
It B.V. is an international non-bank financial institution founded in 1997 in the Czech Republic and headquartered in the Netherlands. The company operates in 9 countries and focuses on installment lending primarily to people with little or no credit history. As of 30 June 2020, the Group has cumulatively served over 135.4 million customers. The major shareholder of the Group is PPF, a privately held international investment group whose founder and the major beneficiary was Petr Kellner with an 88.62% stake.
- Personal Loan
- Home Loan
- Mobile Phones on EMIs
- Home Appliances on EMIs
- Home Credit Ujjwal (EMI) Card
- Two-Wheeler Loan
What is the minimum & maximum loan amount I can borrow?
- For Salary Advance loans you can borrow Rs 10,000 to 2,40,000/-
- borrow up to Rs 2.5 lakhs.
What are the interest rates of loans?
- Repayment Tenure: 06 to 51 months
- Minimum Annual Percentage Rate (APR): 19%, Maximum APR: 56%
- Processing Fees: 0% to 5%
- For 10,000 borrowed for 12 months, with an annual interest rate (APR) of 19%*, a user would pay:
- Processing Fees = 0 %
- Interest = 1900
- Monthly EMI= 992
- The total amount repaid after a year = 11,572
What are the eligibility criteria?
Our simple and easy eligibility criteria help almost everyone to apply for a personal loan.
- Age: Between the age group of 19 to 68 years
- Income source: Salaried or Self-employed or Pensioner
- Documents: 1 ID proof and 1 Address Proof
- The gap between 2 Home Credit loan applications: 90 Days
- Bank account: Should have an active bank account
What Documents are required Home Credit App for Loan?
- Pan Card (If PAN Card is not available) Otherwise Form 60
One of the three below documents (Voter Id card | Driving Licence |Passport
- Aadhar Card
- Profile pic
- Proof of current address (electricity bill, phone bill, etc.)
Do I have to pay any additional charges for a Personal Loan?
A processing fee (0-5% of the loan amount) may be levied on the loan as defined by the pricing matrix followed by Home Credit India
Can I get a top-up loan on my existing Personal Loan?
Yes, Home Credit India provides top-up on the existing personal loan based on the repayment history and applicable credit policies.
Why I should choose on Home Credit App?
- 100% paperless and digital process on mobile
- 24×7 access to loan/money
- Quick Approval
- Low processing Fee, longer tenure, and attractive interest rate
- Fast Disbursal
- Directly disbursed to your bank account
- Pan-India access
- The convenience of payment through various methods
- Repay on time improves credit score and get access to higher amounts
- Repay later option lets you pay part of the loan on the due date & extend the repayment term multiple times.
What happens if I default on my loan?
Loan default is a serious offense and is highly non-advisable. In such a case, RBI has mandated all banks and NBFCs to report the default to all 4 Indian credit bureaus (CIBIL, Experion, etc.). As a result, you will not be able to avail of a loan from any other bank or NBFCs in the future. In addition, we may prosecute you for default under Section 138 of the Indian Penal Code if deemed necessary.
What happens if I am unable to pay EMI on time?
Please let us know if you are unable to pay back your loan in due time and we will be happy to extend our best support. Typically, we charge a late payment penalty on any delayed loan repayment. The late payment penalty amount depends on your profile, loan amount, and extent of delays.
What is the process to apply for a loan via Home Credit?
Simply, you can download our application on the Google play store, Then Fill in basic details; upload your KYC document, and Income proof Then We will notify you of your loan sanction decision on a near real-time basis upon the completion of your KYC details.
How can I find the status of my personal loan application?
Once your loan is approved, you can check the status on Home Credit Mobile App. The loan amount usually gets disbursed into your bank account within 5 working days from the day of signing the contract.
Disclaimer: We only give information about applications, Loans, NBFCs, banks, Jobs, and New schemes by reading their official website and analyzing all the things. You will get the loan through Home Credit App.