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InCred Financial Services offers personal loans, including weddings, travel, medical emergencies, and purchasing consumer durables. The loan application process is 100% online, and the loan disbursal is quick. The loan is available for applicants with no credit history as well. InCred leverages technology and data science to provide customised solutions to its customers.
InCred Financial Services offers a number of features and benefits. Some of the most advantageous ones are listed below:
You must meet the following InCred personal loan requirements to avail one hassle-free:
Borrowers applying for a personal loan with InCred may have to pay certain fees and charges as listed below:
| Processing Fees | According to the current guidelines |
| Charges for prepayment or foreclosure | Foreclosure is permitted only after payment of at least 6 EMIs as per the schedule of charges. Prepayment in instalments/parts is not allowed. |
Given below are the documents required for the InCred Finance personal loan application:
As an individual, you need to submit the following documents for availing of loans:
If you are a private limited company, you need to submit the following documents:
If you are a partnership firm, then you need to gather the following documents:
InCred Finance personal loan interest rates begin at 16% p.a. However, it may vary depending on the applicant’s profile, which includes their credit score, loan amount requirement, client segment and desired tenure, among others.
There are multiple parameters that have a direct impact on the interest rates of personal loans. Some of the essential InCred Finance personal loan interest rates include the following:
If you want to apply for a personal loan, you must have a credit score of 750 and above. Higher the credit score you have, the lender is more likely to offer you a lower interest rate on a loan.
The borrower must not be indulged in a business or a job with uncertainty and more risks. Salaried individuals are more likely to get a better deal on interest rates than those who are self-employed.
If you are working in a reputed organisation, the chances are you will get a lower interest rate on the personal loan.
If you have a lower debt-to-income ratio, you will get a personal loan quickly and may get some relaxation on the interest rates, too, if you negotiate.
The better the relationship with the lender, the easier it becomes to avail of a loan at lower interest rates.
The age of the borrower plays an important role in determining the interest rate on the personal loan. You must be above 21 and not quite close to the retirement age. Obviously, lenders cannot deny loans solely based on an applicant’s age, but it’s important that you are not retiring while applying for a loan. This may pose a risk to the loan repayment. Therefore, the older you are, the more interest rates you may have to pay for your personal loan.
The EMI calculation becomes fairly simple with Pluto Money’s easy to use personal loan calculator. You have to insert the required values in three different fields: the rate of interest, loan amount and tenure of the loan.
Once you have filled up all the values in their respective fields, press the ‘Enter’ key or click on the ‘Calculate’ button. The result will be displayed instantly on the screen.
You will find the monthly EMI amount, total payable amount (principal + interest), principal amount, and total interest payable on the personal loan you wish to get.
The EMI calculator will give you an idea about the ideal tenure that you must opt for and the amount that you have to pay.
Besides Pluto Money’s Personal Loan EMI Calculator, you can also use the following formula to calculate the monthly EMI you have to pay on the personal loan.
The formula for computing the EMI amount is:
EMI =(P × R × (1+r)^n)/((1+r)^n-1)
Where,
You can avail of various benefits while applying for a personal loan from InCred Finance.
Check below the comparison of InCred Finance Personal Loan with other major lenders in India:
| Banks / NBFCs | Interest Rates (per annum) |
| InCred Financial Services Limited | 16% Onwards |
| SBI | 8.55% onwards |
| Fullerton India | 11.99% Onwards |
| ICICI Bank | 10.75% to 19% percent |
| HDFC Bank | 11 percent to 21 percent |
| IndusInd Bank | 6.7 percent onwards |
| IDFC First Bank | 10.49% – 25% percent |
| PNB | 8.55% onwards |
| Axis Bank | 12 percent onwards |
| Kotak Mahindra Bank | 10.99 percent onwards |
| Bajaj Finserv | 11 percent onwards |
| Tata Capital | 10.99% onwards |
For any queries or additional information on InCred Finance Personal Loans, you can contact their customer care on the numbers given below or via email:
While the organisation is put up in different locations in India, its headquarters is in Mumbai. The complete address details are given below:
Registered Office
Unit No. 1203, 12th floor, B Wing, The Capital, Plot No. C – 70, G Block, Bandra – Kurla Complex Mumbai-400051, Maharashtra
Repayment tenures in InCred are quite flexible. You can get a personal loan for 12, 24, 36, 48 and 60 months as per your convenience.
You can obtain a minimum of ₹75,000 and a maximum of ₹15 lakh. However, the actual amount of the loan will depend on your income and the types of personal loans you opt for.
Yes, InCred levies a processing fee on a loan based on the specified matrix followed by the company. This fee is deducted from the disbursal amount payable to you. Therefore, you don’t need to pay any extra amount to them or to any of their associates.
Yes, the company offers a balance transfer facility for your existing loan plus the credit card outstanding that are subject to meeting their policy guidelines.
After the loan approval and disbursement, you will have to pay back the loan in EMIs (Equal Monthly Instalments), which will be automatically debited from your bank account via ACH.
No, InCred doesn’t need any security or collateral guarantee.
You can pay your monthly EMIs via NACH (National Automated Clearing House) mandate. By choosing this option, your EMIs will be automatically debited from your bank account on the EMI due date.