Home Credit Instant Personal Loan: Interest Rates, Eligibility, How To Apply

In the time we are living, there are some situations in our life when you need money urgently. This requirement can be for anything like buying a new phone, traveling, getting married or doing a home repair. If your urgent need can be met with an amount as low as Rs 2,40,000, then there is nothing better than choosing a Home Credit personal loan. Through this post, we will tell you everything about home credit personal loans so that you do not have any doubts while choosing this loan for yourself.

Home Credit Personal Loan Interest Rate

While choosing a personal loan from any lender, the interest rate becomes of utmost importance as it plays a role in deciding the EMI of the repayment and the interest rate is the part where you will know the home credit personal loan interest. What a big advantage does choosing a rate make for you. You can check some important features like interest rate, loan amount, tenure, processing fee and more in the table below.

Home credit Loan Description
Loan amount Up to Rs. 2,40,000
Rate of interest Up to 38.8% p.a.
Tenure (Loan Tenure) Up to 51 months
Processing fee Up to 3% of the total loan amount
Minimum Cash Advance/Down Payment Zero
Monthly customer service fee Zero
Prepayment fee Customized
Guarantor Not necessary

Why choose Home Credit Personal Loan?

There are a few key factors that make a home credit personal loan one of the best options available in the current financial market at the time of financial crunch. Let’s take a look at some of them mentioned below!

Easy and Quick Approval: When you require an amount up to ₹ 2,40,000, Home Credit is really the best option due to its simple, quick and hassle free loan approval process. You will get instant digital approval by this.

Extremely Easy Application Process: When you decide to opt for any type of loan in India, there is a hassle in filling various complicated application forms. Many mistakes can also happen, which delays the process. Don’t worry, as you do not have to face any such form while choosing a home credit personal loan. To apply for a personal loan, you just need to provide some information about yourself, documents like PAN card and address proof.

Quick Disbursement of Amount: If all the details provided by you are correct, then the loan amount is disbursed to your specified bank account within a day.

No guarantors and unnecessary charges: Home Credit does not ask for any security or guarantor to give you the loan amount. Also, the overall loan process is quite transparent and free from any hidden charges.

Home Credit Personal Loan EMI Calculator

You can easily estimate the EMI amount with the help of Home Credit Personal Loan EMI Calculator. This estimation helps you to manage your finances in a more systematic way. You will also be able to know whether the EMI is within your repayment capacity. It is advisable to use the EMI calculator before taking a loan so that you do not face any financial problems later.

To use the EMI calculator, you need to enter certain details in your loan. Without these details, our tool will not work. Check out the details below.

  • Loan amount
  • Rate of interest
  • Tenure

Once you enter all these details into the calculator, it will show you the EMI amount and the total interest expense. To understand it better, we give you an example. For example, a person wants to opt for a home credit personal loan of ₹ 2,00,000 for a tenure of 4 years at an interest rate of 25% p.a. What will be the EMI and interest expense? see Table below.

Following is the table showing EMI, Interest Expenses and Total Repayment Amount :-

Loan amount Rate of interest Tenure Monthly installment Total interest amount Total amount
Rs. 2,00,000 up to 25.00% 1 year Rs 19,009 Rs 28,106 Rs 2,28,106
Rs. 2,00,000 up to 25.00% 2 years Rs 10,674 Rs 56,183 Rs 2,56,183
Rs. 2,00,000 up to 25.00% 3 years 7952 rupees Rs 86,271 Rs 2,86,271
Rs. 2,00,000 up to 25.00% 4 years Rs 6631 Rs 1,18,308 Rs 3,18,308

EMI, Total Interest, Total Repayment (Interest + Principal)

Year Principal amount Interest Balance
1 Rs 33,212 Rs 46,364 Rs 1,66,787
2 Rs 42,536 Rs 37,040 Rs 1,24,250
3 Rs 54,478 Rs 25,099 Rs 69,772
4 Rs 69,907 Rs 9805 zero rupees

What is the eligibility criteria for Home Credit Personal Loan?

By now you must have got some information about Home Credit Personal Loan. But there is one thing without which all your information will be incomplete. That is the eligibility criteria i.e. whether you are eligible for Home Credit Personal Loan or not. It is actually a set of certain conditions that an individual has to meet for a substantial loan. These include age, monthly income, type of employment and other parameters. It is important to know about them so that your application is not rejected.

You can check the following eligibility criteria.

  • Only eligible Indian residents can apply for this personal loan.
  • Salaried, self-employed and pensioner applicants are eligible for this loan.
  • The minimum age of the applicant should be 19 years and maximum should be up to 68 years.
  • Applicant should have his/her current address proof, PAN and a bank account linked with internet banking facility.
  • Monthly income should be at least Rs.10,000.

What are the documents required for Home Credit Personal Loan?

To apply for a Home Credit personal loan, you will need a certain set of documents. First of all it is important to know so that you do not face any kind of problem later. The list of documents required for you is given below.

  • Pan card
  • Voter id card
  • Driving license
  • Aadhar card
  • Passport whose expiry date is not within three months of application

How to Apply for Home Credit Personal Loan?

Now that you know almost everything about home credit personal loan, you must be curious how to apply for it. Now we are telling you about the way by which you can apply for the loan. All you need is a smartphone and to do what is described in the following points.

  • First of all download Home Credit application from Play Store.
  • Register the application by filling your Name, Age, Address, PAN, Aadhar, Monthly Income etc. details.
  • Choose the loan amount and tenure as per your repayment capacity. After selecting it, you only need to visit one of the KYC centers for one more last time with only the required documents.
  • As soon as your KYC is completed, the amount will be transferred to your account within a day.
  • After getting the loan amount, you will also get many great offers. You can also directly speak to the customer representatives to resolve any loan queries you may have.

Let’s take a quick look at the salient features of a Home Credit Personal Loan:

Home Credit Online Loan works 24*7 in all cities and states. Home Credit provides instant loan based on your profile capability.

Home Credit Personal Loan Complete Details – Tenure, Fees, Interest & Other Charges

  • Loan Amount: Rs 25,000 to 2,00,000
  • Minimum annual percentage rate: 19%, up to a maximum of 49%
  • Minimum Repayment Period: 6 months to 36 months
  • Processing Fee : 0% to 5%
Let us take as an example :-

Let’s say Rs 25,000 loan taken for 12 months, with an annual interest rate of 19%, so how and how much a user will pay:
Processing fee = 0%
interest = ₹ 4750
Monthly EMI = ₹ 2479
Total repayment after one year Amount = ₹29750
Annual interest rates and processing charges will vary as per the risk profile of the customers. The maximum annual interest rate can go up to 49% (However, only a fraction of our customers get interest rates above 30% p.a.) These numbers are indicative and subject to change.

What are the Home Credit Personal Loan EMI Payment Modes?

We would like to inform you that there is more than one way in which you can pay the EMI. Take a look at all the ways by which you can make the EMI payment below.

Pay EMI through Home Credit website

On visiting the official website of Home Credit, you will see ‘Pay EMI’ button above it. As soon as you click on it, you will have to enter the required loan details and monthly installment. Select the payment method you wish to use.

Pay EMI through Home Credit Mobile Application

Apart from the website, you can also make EMI payments through the Home Credit Android application.

EMI payment through cash at authorized branches

If you do not want to opt for any online method and instead rely on the traditional offline payment method, you can opt for the cash deposit method. All you need to do is visit the branches of any Home Credit authorized channel partner like Axis Bank and ICICI Bank. All you have to do is fill the loan details on the deposit slip, and through this slip you will be able to deposit cash to make EMI payments.

Pay EMI through Net Banking

Apart from all the above mentioned methods, you can also pay your EMI through any of the direct bank transfer using NEFT or RTGS.

How To Contact Home Credit Personal Loan Customer Care?

If at any point of time, you have a personal loan query, you have the option of approaching Home Credit’s customer service in a different way. These methods are online form, call and email.

Through the online form, you can ask your queries or get suggestions regarding any service. All you have to do is visit the official website of Home Credit and there you will get the option to fill the application form.

Also, you can call on +91-124-662-8888 to get in touch with the customer care executives , who are available Monday to Sunday from 9 AM to 6 PM. You just need to provide your loan account number or your registered mobile number to register your complaint or query. The representatives will listen to your problems patiently and solve them at the earliest.

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

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