Detailed guide on Home Credit loan

Home Credit offers a streamlined application process and lightning-fast approval times. To help you make an informed decision regarding a Home Credit loan, we’ve included all of the key home credit loan details below.

Home Credit loan features 

• Within the Financial Service Sector, Home Credit is a well-known and respected brand name.
• The procedure may be seen in its entirety without any problems.
• The products are distinctive and pioneering in their fields.
• Safe and sound operations are conducted online.
• 3.5 million consumers who are completely satisfied.
• Policies of an ethical nature for businesses.

see also about: Consumer Cibil Login

Home Credit: Benefits

It may be difficult to get permission from other financial institutions when you have a poor CIBIL score. In addition, because of the widespread perception that personal loans are unsecured loans, the likelihood of successfully obtaining one is significantly diminished. On the other hand, Home Credit has flipped the script and is now the one enjoying success in the market thanks to its one-of-a-kind and creditworthy approach.

Your CIBIL rating will no longer be an obstacle in the way of resolving your financial problems. Even for customers who have a CIBIL score that is considered to be “average,” Home Credit provides excellent customer service. It is possible for a person to apply for a loan if they are able to provide the necessary information as well as the papers that are considered to be of the most fundamental kind.

How to get a personal loan from Home Credit?

Home Credit’s personal loan application procedure includes both online approval and in-person signatures on electronic papers at a local POS. If you have trouble finding a POS, the helpful staff at Home Credit will provide you with the location and full address of the closest POS over the phone. Loan amounts from Home Credit start at Rs 25,000 with increments of Rs 5000 and may go as high as Rs 200,000.

Home Credit Loan interest rate 

The interest rates on personal loans offered by Home Credit begin at 2% per month. The eventual interest rates that an application for a loan would be provided would differ from borrower to borrower depending on factors such as the borrower’s credit history, regular income, type of employment, employer profile, and so on.

Home credit Loan amount

Home Credit makes the loan available to both its current clients and any new ones it acquires. However, the two loans have different cash flows associated with them.

 

Type of customer	Minimum amount (Rs)	Maximum amount (Rs)
Customers who have already enrolled in Home Credit	10,000	5,00,000
New customers who have enrolled in Home Credit	25,000	2,00,000

Home Credit loan types

 

Type of loan	Purpose	Tenure	Minimum income
Home credit Loan for Travel	To make financial arrangements for travel-related costs.	6 to 51 months	10,000
Home credit Loan for Medical Emergencies	In order to make financial arrangements for costs associated with medical care	6 to 51 months	10,000
Home credit Loan for Marriage	To make financial arrangements in order to cover costs associated with getting married	6 to 51 months	10,000
Home credit Loan for Small Businesses	To make financial arrangements for small enterprises so that they may satisfy their working capital needs	6 to 51 months	10,000
Home credit Loan for Home Renovation	To make arrangements for a loan that does not need collateral to cover home improvement costs	6 to 51 months	10,000
Home credit Loan for Education	Loan without collateral for the purpose of paying education, particularly for those who are unable to afford	6 to 51 months	10,000
Home credit Loan for Self-employed	Individuals who are self-employed and want to expand their businesses may apply for loans without the need of collateral.	6 to 51 months	10,000

Criteria for obtaining a personal loan from Home Credit

• It is necessary for a person to have Indian citizenship.
• It is required that you have both a working email account and a mobile number.
• It is a must to have one’s own personal bank account, complete with Internet Banking capabilities.
• A person is needed to provide both a PAN Card and a legitimate proof of home address.
• A potential candidate has to be capable of providing one of the following listed documents.

1. A valid Passport 
2. Voter Id
3. Bank Statement
4. Bank Passbook
5. Electricity Bill (Last two months)

Steps to create an online account for a personal loan from Home Credit

1. Install the Home Credit India mobile app by going to the Google Play Store and selecting it.
2. Launch the application, and when prompted, choose the “Register” option using the menu that appears.
3. After that, you will be asked to provide your initial name and cellphone number before clicking the “Send OTP” button.
4. In order to validate your cell phone number, please enter the 6-digit OTP.
5. Set the 4-digit PIN enabling application login authorization when your mobile number has been successfully verified, and then proceed to finish the process of registering for the service online.

Checking Home Credit personal loan status

In general, the following information is necessary in order to verify an application for a personal loan from Home Credit:

1. The number assigned to your loan application or reference,
2. Your official mobile phone number
3. Your e-mail address that was used to register

How to check Home Credit loan status online after disbursement?

Here’s how you may see where you are with your current Home Credit personal loan:

1. Utilise the 4-digit Personal Identification Number (PIN) that you established when you registered for the Home Credit mobile app to be able to log in.
2. Next, open the app and go to the Home page to get information on your total active mortgages with Home Credit.
3. You also have the option of checking the status of your current active personal loan by selecting “My Loans” from the drop-down menu that is located just at the top left corner of the homepage.

Home Credit Loan fees and charges 

 

Fee for processing	0-5%
Annualised Percentage Rate	Start from 24%
Days Overdue	1	30	60	90	120	150	180
Charges for Paying Late (in Rs)	350	450	550	750	750	750	750
Charges for Paying Late (in Rs)	350	800	1350	2100	2850	3600	4350

 

Home Credit loan repayment methods

1. Go to home credit and then click on the tab labelled “Pay EMI.”
2. Fill out the necessary information, including the monthly payments.
3. One has the choice of using either a debit card or the internet banking option.
4. In order to successfully carry out the transaction, the transaction password that was provided to the mobile phone number must be provided.
5. For confirmation of the payment, kindly verify the email address or cellphone number that was registered.

Home Credit loan value added services

Home Credit provides its clients with a variety of loan options, as well as a number of value-added services, to ensure a smooth and hassle-free experience overall. A few examples of the services are as follows:

 

• Payment holiday

This option gives borrowers the ability to delay their EMI payments in the event of an emergency. There will be no adverse effect on the borrower’s CIBIL score as a result of this.

 

• Free early repayment

The loan account may be closed whenever the borrower chooses at no further cost to them. 

 

• Life cover

Borrowers have the option of choosing a life insurance policy with a face value of 1.25 times the total amount of the loan, which will assist with the repayments of the remaining balance of the loan in the event that the borrower passes away prematurely.

 

Home Credit loan interest rate comparison with other banks/NBFCs

 

Banks/NBFCs	Interest Rates per annum (%)
Axis Bank	10.25
Bajaj Finserv	13.00
HDFC Bank	11.00
ICICI Bank	10.75
IDFC First Bank	10.49
IndusInd Bank	10.49
Kotak Mahindra Bank	10.99
State Bank of India	10.30
Tata Capital	10.99

 

FAQs

Where can I get the personal loan statement for my Home Credit account?

Logging into the Home Credit mobile application will allow you to get the statement for your personal loan account.

How to monitor the progress of a personal loan from the Home Credit?

Using the Home Credit mobile app, you are able to monitor both the progress of your application for a personal loan in addition to the status of any current personal loans. You also have the option of contacting the customer support team for Home Credit in order to check the status of your personal loan.

How many days does it typically take for Home Credit to disburse the amount of a personal loan once it has been approved?

When you sign a contract with Home Credit, it typically takes 5 business days for the loan amount to be deposited into your bank account from the day the contract was signed.

How can I find out the current status of the payments on the personal loan that I got via Home Credit?

Can Home Credit provide me with more funds for my personal loan?

If you have a good repayment history and meet the requirements of the credit rules that are in place, then you may be eligible for a personal loan top-up with Home Credit.

What is the highest amount that Home Credit will lend out in the form of a personal loan?

The highest amount that may be borrowed with a personal loan through Home Credit is Rs. 2.4 lakh.

What kinds of paperwork are necessary to apply for a personal loan with Home Credit?

When applying for a personal loan via Home Credit, you will often be expected to provide evidence of your identity, proof of your residence, and proof of your income.

As a retiree, is it possible for me to acquire a personal loan via Home Credit?

If you are a pensioner and satisfy the other requirements for a personal loan through Home Credit, then the answer is yes, you can acquire one of these loans.