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Home Credit Personal Loan: Interest Rate, Eligibility

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"Home Credit Personal Loan: Interest Rate, Eligibility"

Sayan Das

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<p>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 <strong>Home Credit personal loan interest rate </strong>is considered good compared to other collateral-free loans.</p><p>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.</p><h2>Quick Facts about Home Credit Personal Loans</h2><p>Home Credit lets you avail of personal loans up to INR 5 lakhs, with easy repayment options. Here are some features that make <strong>Home Credit personal loans </strong>attractive:</p><ul role="list"><li>Complete the digital verification process</li><li>Quick loan approval with no hidden charges</li><li>Lack of surplus documentation</li><li>No guarantor or collateral is needed</li><li>Transparent procedure from loan application to disbursal</li></ul><p>Plus, Home Credit does not require your credit history. You can apply for a loan even as a first-time borrower.</p><h2>Assessing the Interest Rates</h2><p>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%.</p><p>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:</p><ul role="list"><li>Processing fee – between 2.5% to 5%</li><li>Convenience fee – Max. INR 250</li><li>Other fees for value-based additions</li></ul><h2>The Eligibility Criteria</h2><p>Quick disbursement and a seamless loan application process form the core of Home Credit personal loans. But when you are looking to get a <strong>Home Credit personal loan apply </strong>only when you have fulfilled the following eligibility criteria:</p><ul role="list"><li>You must be at least 19 years of age and younger than 58</li><li>You should have a minimum monthly salary of INR 10,000</li><li>Only citizens of India can apply</li></ul><p>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.</p><h2>How to Apply for Home Credit Personal Loan</h2><p>You can complete the loan application process in three easy steps, provided you have all the documents and details ready.</p><ul role="list"><li>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.</li><li>Download the Home Credit mobile app to fill out and finish your application on the go.</li><li>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.</li></ul><h2>Summing Up</h2><p>Personal loans can be of major assistance in handling emergency expenses. That’s why Fi offers <a target="_blank" rel="noopener noreferrer" href="https://fi.money/features/instant-loans">instant loans </a>through licensed partner, Federal Bank and multiple other lenders, 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!</p><h2>Frequently Asked Questions</h2><h3>1. How is personal loan eligibility calculated?</h3><p>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.</p><h3>2. What is the minimum salary required for a personal loan in home credit?</h3><p>Home Credit and other lenders mandate a minimum salary of INR 10,000 per month to approve your loan amount.</p>

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