Whenever you incur a sudden expense, you can look up to Home Credit to acquire an unsecured loan. Not only are these loans quickly disbursed, but the Home Credit personal loan interest rate is considered good compared to other collateral-free loans.

This blog will give you a brief rundown of Home Credit personal loans, their interest rate and eligibility criteria to help you apply quickly and fulfil your expenses.

Quick Facts about Home Credit Personal Loans

Home Credit lets you avail of personal loans up to INR 5 lakhs, with easy repayment options. Here are some features that make Home Credit personal loans attractive:

• Complete the digital verification process
• Quick loan approval with no hidden charges
• Lack of surplus documentation
• No guarantor or collateral is needed
• Transparent procedure from loan application to disbursal

Plus, Home Credit does not require your credit history. You can apply for a loan even as a first-time borrower.

Assessing the Interest Rates

With Home Credit, you can obtain personal loans at interest rates up to 34% per annum, depending on the amount and tenure of repayment. The interest rate also varies according to your risk profile and does not usually exceed 30%.

Additionally, the repayment options are flexible. You can pay in EMIs and select a minimum duration of 6 months and a maximum duration of 48 months to complete your repayment. Along with the interest rates, here are the other costs that accompany a Home Credit personal loan:

• Processing fee – between 2.5% to 5%
• Convenience fee – Max. INR 250
• Other fees for value-based additions

The Eligibility Criteria

Quick disbursement and a seamless loan application process form the core of Home Credit personal loans. But when you are looking to get a Home Credit personal loan apply only when you have fulfilled the following eligibility criteria:

• You must be at least 19 years of age and younger than 58
• You should have a minimum monthly salary of INR 10,000
• Only citizens of India can apply

You also require a PAN or Aadhaar card and an active bank account as identity proof. This account must have Internet banking facilities activated to allow easy disbursal and monthly payments.

How to Apply for Home Credit Personal Loan

You can complete the loan application process in three easy steps, provided you have all the documents and details ready.

• Visit the Home Credit website and complete your registration using your mobile number and email address. The loan provider will then green light you for approving up to INR 5 lakhs as the loan amount.
• Download the Home Credit mobile app to fill out and finish your application on the go.
• After filling out the application form, you will receive approval on the app, and the amount will be disbursed to your connected bank account quickly.

Summing Up

Personal loans can be of major assistance in handling emergency expenses. That’s why Fi offers instant loans through licensed partner, Federal Bank, directly deposited into your Savings Account. Users with good credit scores can use these pre-approved loans to manage their expenditures. The best part – the loan process is 100% paperless, and the loans boast competitive interest rates. Plus, the transparency enables you to remain in control of your details. Set up automatic in-app payments to avoid late fee hassles and enjoy a loan of up to INR 5 lakhs!

Frequently Asked Questions

1. How is personal loan eligibility calculated?

In most cases, the maximum loan amount depends on your monthly income. Lenders usually grant a loan amount that is 30 times that of your monthly income. So, if you earn INR 20,000 per month, you are easily eligible for a loan of INR 6 lakhs.

2. What is the minimum salary required for a personal loan in home credit?

Home Credit and other lenders mandate a minimum salary of INR 10,000 per month to approve your loan amount.