Credy Personal Loan: Interest Rates, Eligibility, How to Apply

How to get a Credy Personal Loan: The Credy app offers instant personal loans up to Rs 1 lakh for all your needs. You can get instant loan approval and money in your bank account within 24 hours. The interest rate of Credy personal loan ranges from 1% to 1.5% of the loan amount per month and the tenure can range from 3 to 12 months.

Full Details of Credy Personal Loan

Total loan amount up to Rs.1 lakh
Rate of interest 1% to 1.5% of loan amount per month
Tenure 3 to 12 months
Minimum EMI Rs.8,885 per lakh
Processing fee 3% of loan amount + GST
Prepayment fee 2% of outstanding loan amount + GST
Late payment penalty 2% of EMI amount per week + GST
Disbursement time within 24 hours after application
Minimum monthly salary At least Rs 20,000

How many types of Credy personal loan are there?

Credy offers the following types of personal loans for various needs:

CrEducate : This is a personal loan for education expenses. This loan can be used for expenses incurred on admission fee for online courses, school fees, coaching or classes for you or your children.

Features of CrEducate:

  • Online process without hassle from laptop or phone.
  • Terms customized as per the financial capability and course structure of the borrower.
  • Zero fee or interest is applicable for clients of partner institutions.
  • The loan can be easily renewed for further educational needs.
  • Affordable interest rate starts from just 1% per month.
  • Flexible loan tenure of 3 to 12 months.

Emergency Loans: Paperless personal loans can be used for urgent need of funds, such as medical emergencies, marriages or any unplanned expenses that may arise.

Features of Emergency Loan:

  • Hassle free online process.
  • Customized terms as per the financial capability of the borrower.
  • Get instant approval and delivery within 24 hours.
  • The loan can be easily renewed.
  • One can get loan up to Rs 1 lakh.
  • The minimum monthly salary should be Rs 15,000.
  • Applicant must reside in Bengaluru, Chennai, Mumbai, Hyderabad or Pune.
  • The loan is available at an affordable interest rate of 1% to 1.5% per month.
  • Flexible loan tenure of 3 to 12 months.

Credy Refinancing : With this instant personal loan you can refinance your credit card bill and save up to Rs 15,000.

Features of Credy Refinancing:

  • Credy Refinancing gives instant online approvals.
  • Credy pays your credit card bill directly and you can pay Credy in affordable EMIs.
  • The interest rate for Credy loans varies between 18% and 25%, while credit cards charge up to 42% per annum.
  • It improves your credit score.

Advance Salary Loan: Under this loan, you can get an advance salary of up to Rs 1 lakh at an affordable interest rate to meet your immediate financial needs.

Features of Advance Salary Loan:

  • Get instant approval and money is delivered to your account online in just 24 hours.
  • One can avail loans up to Rs 1 lakh.
  • The loan tenure can be between 3 to 12 months.
  • An interest rate of 12% to 22% of the loan amount is charged annually.
  • Processing fee 3% of the loan amount + GST ​​as applicable.

Features of Credy Personal Loan

Purpose of Loan: You can use it for any purpose. It can be for refinancing loans, for planning a wedding, for purchasing gadgets, for planning a vacation, for medical emergencies, to meet education related expenses, etc.

Loan Amount: The maximum loan that can be taken is up to 1 lakh.

Loan Repayment: The minimum repayment tenure is 3 months and the maximum tenure is 12 months.

Interest Rate : The interest rate of Credy loan ranges from 1% to 1.5% of the loan amount per month. The pricing depends on the loan amount, credit score and profile of the customer.

Security: No security is required for availing the loan

Processing Fee : Processing fee is collected at 3% of the loan amount (minimum Rs.500) + GST.

Why Apply for Credy Personal Loan

Following are some of the main reasons to apply for Credy personal loan:

  • Quick and easy online processing
  • Instant approval
  • Paperless document
  • Customized loan
  • Low processing fee
  • Competitive interest rate
  • Easy payment options

Credy Personal Loan EMI Calculation

You can calculate your Credy personal loan EMI through any personal loan EMI calculator by just entering a few details like loan amount, interest rate and repayment tenure.

This EMI calculator tool also provides you the complete amortization schedule for loan repayment.

Let’s take it as an example here:-

Personal loan amount required: Rs 1 lakh

Applicable interest rate : 12% p.a.

Tenure: 1 year

EMI to be paid every month till the end of the tenure: Rs 8,885

Total interest to be paid: Rs 6,619

Total amount to be paid to the lender: Rs 1,06,619

Let us consider the above example in the form of a table:

The year opening balance Amount Paid (EMI x 12) interest paid during the year Principal payment during the year deposit balance
1 Rs. 1,00,000.00 Rs 26,655.00 Rs 2,763.00 Rs 23,892.00 Rs 76,108.00
2 Rs 76,108.00 Rs 79,964.00 Rs. 3,856.00 Rs 76,108.00 zero rupees

Showing in this table a comparison of Credy personal loans with other lenders :-

Name of lender Interest Rate (per annum) Processing fee Maximum credit limit
Creddy 12% – 18% 3% + GST 1 lakh rupees
Anytimeloan 18.25% – 54.75% up to 2 10 lakh rupees
Navi 12% – 36% 3.99% to 6% 5 lakh rupees
Earlysalary 24% – 30% Rs.199 or more 5 lakh rupees
CASHe 27% – 33% up to 3 Rs 4 lakh
Paysense 16% – 36% Up to 2.5% + GST 5 lakh rupees

Documents Required for Credy Personal Loan

You need to submit the following documents to apply for Credy Personal Loan:

  • Aadhar card
  • Your salary account details for the last 6 months
  • salary slip
  • Rent agreement
  • Closing Certificate of Past Loans

What is the eligibility to avail Credy Personal Loan?

The following eligibility criteria have to be met to get approved for the loan:

  • Applicant’s age should be more than 18 years.
  • Applicant must be a resident of India.
  • Applicant should be salaried and minimum monthly income should be Rs.15,000.
  • The applicant must have a valid Aadhaar number.
  • Applicant must be located in Pune, Mumbai, Chennai, Bangalore or Hyderabad.
  • For education related loans, payment for courses, etc., Credy is available in Mumbai, Pune, Bengaluru, Kolkata, Hyderabad and Nagpur.

Credy Personal Loan Fees & Other Fees

Following are the charges associated with Credy Personal Loan:

  • Interest Rate : 1% to 1.5% of the sanctioned loan amount per month
  • Processing Fee: 3% of the loan amount or minimum Rs.500
  • Prepayment Charges : 2% of the outstanding loan amount, prepayment is allowed after the first EMI payment.
  • Late Payment Charges : 2% of EMI amount per week
  • Fee paid is non refundable.
  • GST 18% is additionally applicable on all the charges mentioned above.

How to Apply for Credy Personal Loan?

Follow these steps to apply for Credy Personal Loan:

  • Install Credy app.
  • Loan application on the mobile app or their official website and fill the required details.
  • Upload the required documents.
  • Credy will review and verify.
  • The request is then sent to the lender.
  • The loan will be repaid upon approval.

Credy Personal Loan Customer Care Number

You can contact Credy Customer Care for any query regarding personal loan on the following numbers:

Mobile number = 080 4680 5616
WhatsApp number = +91 8310440201
For loan information you can also send an email to support@credy.in.

Credy Personal Loan FAQs and Answers ( FAQs )

What are the locations where Credy is located?

Presently Credy personal loans are located in Chennai, Bangalore, Mumbai, Pune and Hyderabad. For education loan, they are working in Bangalore, Kolkata, Mumbai, Hyderabad, Pune and Nagpur.

What is the maximum loan offered by Credy?

The maximum loan granted is Rs 1 lakh depending on the income and credit score of the applicant.

What is the turnaround time for the loan?

Loan approval is done instantly on the app or website. After that the documents are verified. Once approved, the money will be transferred within 24 hours.

Is there any process of residence verification in Credy?

Yes, verification of residence is required. Once the loan is approved, Credy representatives will get in touch with you to arrange travel to your accommodation.

How is employment verification done?

Employment verification by Credy is done by verifying your work email or receiving a reference letter from your Head of Human Resources.

What are the modes of EMI payment?

Loan repayment can be done through Credy’s gateway. If NACH form is submitted, thereby auto-debit instruction will be initiated. A discount of Rs 50 is offered for paying EMIs before the due date.

Can a person who has recently changed jobs apply for the loan?

Yes, a person who has recently changed jobs can apply for the loan provided at least one salary credit from the current job is credited to their account. Your previous salary and the credit of the new pay slip will be reviewed.

What action will be taken in case of default in payment?

Default in payment is viewed very seriously. Regular reminders about the payment due date will be sent to the borrower’s registered mobile number through SMS to ensure that the payment is made on the due date. If auto-debit is disrespected, a notice will be sent for immediate payment. Even a personal visit to residence is a part of the recovery phases. In case of non-payment despite multiple reminders and personal visits, legal action will be initiated for recovery.

Is there a provision for top-up loan?

If you are an existing borrower and have paid 50% of the number of EMIs, you will be eligible for a top-up loan.

Is it possible to reduce the EMI amount if the borrower is not able to pay the prescribed EMI at the time of loan disbursement?

The loan can be restructured to give a longer repayment tenure to reduce the EMI amount on a case by case basis. This will be done only after evaluating the reasons for the financial issue.

After disbursement of loan, can the EMI due dates be revised?

EMI due dates can be changed up to 3 days if requested via email to Credy with valid reasons.

Is the information provided to Credy secure?

Credy is ISO 27001 2022 certified and the information provided here is very secure. They also do not share information with lenders unless required by law in the event of loan default.

Question: How to apply for Credy Personal Loan?

Answer: Follow the following simple steps to apply for Credy Personal Loan:

  • Download and install Credy app.
  • Loan application on the mobile app or their official website and fill the required details.
  • Upload the required documents.
  • Credy will review and verify.
  • The request is then sent to the lender.
  • The loan will be repaid upon approval.

Also Read – How To Take A Personal Loan From Nira?

How to avail CASHe Personal Loan?

How to take a personal loan from EarlySalary?

PaySense Se Personal Loan Kaise Le

Full details of Credy have been told in this post. What is the interest rate of Credy personal loan? What are the documents required for Credy personal loan? What is the eligibility for Credy personal loan? How to apply for Credy personal loan? What is the customer number of Credy personal loan? Everything is explained in detail.

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