If you need quick cash, InCred Finance might be your best option. In 2024, it’s become one of the fastest ways to get a personal loan in India. InCred Finance is an online platform offering personal loans with a simple application process and minimal paperwork. Many people choose InCred because it focuses on making loan approval quick and easy.
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InCred Finance: Quick Facts
InCred Finance is a well-known digital lending platform in India. It offers personal, education, and business loans with a fast and simple application process. Here’s a look at some key details about InCred Finance:
1. Owner Name
- Founded by Bhupinder Singh, a former investment banker.
2. Country Name
- InCred Finance operates in India.
3. Head Office Location
- Headquartered in Mumbai, Maharashtra, India.
4. Starting Year
- Established in 2016.
5. Total Assets Under Management (AUM)
- As of recent reports, InCred has an AUM of over INR 3,000 crore.
6. Interest Rate
- Interest rates vary based on loan type and borrower profile, generally starting from around 10.5% per annum.
7. Minimum Loan Amount
- InCred offers loans starting from INR 50,000 for personal loans.
8. Maximum Loan Amount
- Personal loans go up to INR 10 lakh, though larger amounts may be available for business loans.
9. Minimum Required CIBIL Score for Loan
- A minimum CIBIL score of around 700 is typically required, though this may vary.
10. Minimum Loan Tenure
- Loan tenure starts from 12 months.
11. Maximum Loan Tenure
- Maximum tenure goes up to 48 months for personal loans, depending on eligibility.
InCred Finance aims to make loans easy, accessible, and quick, which has helped it gain popularity among borrowers in India.
Why Choose InCred Finance?
InCred Finance is known for its hassle-free approach. With traditional banks, the loan process can take weeks, but InCred speeds it up. They offer flexible loan amounts, ranging from small to large sums, so you can choose the exact amount you need. Plus, InCred considers people with different income levels and credit scores, making personal loans accessible to a broader range of people.
How Does It Work?
Applying for an InCred personal loan is straightforward. Start by downloading the InCred app or visiting their website. Here, you’ll fill out an application form with details like your income, employment, and loan amount. Once submitted, InCred’s system reviews your profile almost instantly. If everything checks out, your loan gets approved within hours. The money is usually disbursed directly into your bank account, often on the same day!
Key Features of InCred Personal Loans
- Fast Approvals: Get approval within hours, unlike traditional banks.
- Flexible Repayment: Choose from different tenure options, usually between 12 to 48 months.
- Minimal Documentation: InCred doesn’t require complex paperwork. Usually, ID proof, address proof, and income details are enough.
- Competitive Interest Rates: InCred offers competitive rates, making it a good option if you’re looking to save on interest.
- 24/7 Support: InCred has customer care support to help with any queries during the loan process.
Who Can Apply?
InCred’s personal loans are open to salaried employees, self-employed professionals, and even people with lower credit scores. As long as you meet their minimum eligibility requirements, you have a good chance of approval.
How to Apply for InCred Personal Loan with Mobile App
Applying for an InCred Personal Loan through the mobile app is simple and quick. You can complete the entire process right from your phone, saving you time and effort. Here’s a step-by-step guide on how to apply for an InCred personal loan using the app.
1. Download the InCred App
- Go to the Google Play Store or Apple App Store.
- Search for “InCred Finance” and download the app.
- Open the app once it’s installed.
- Visit on Incred Finace official website
- Apply for Loan
2. Sign Up or Log In
- If you’re a new user, create an account by entering basic details like your name, email, and mobile number.
- If you already have an account, simply log in.
3. Choose the Personal Loan Option
- On the app’s home screen, look for “Personal Loan.”
- Click on it to start the application.
4. Enter Your Loan Details
- Specify the loan amount you need.
- Select the repayment tenure (usually from 12 to 48 months).
5. Fill in Your Personal Information
- Provide basic information like your age, employment type, monthly income, and residential address.
- Make sure the details are accurate to avoid delays.
6. Upload Required Documents
- You’ll need to upload documents like ID proof, address proof, and income proof (such as salary slips or bank statements).
- Take clear photos or upload soft copies for a smoother process.
7. Review and Submit
- Double-check all the information you entered.
- Click on “Submit” to complete the application.
8. Wait for Approval
- InCred’s system will review your application.
- If everything is correct, you may receive approval within a few hours.
9. Loan Disbursement
- Once approved, the loan amount will be credited directly to your bank account.
- The whole process can take as little as a day.
5 Reasons to Choose InCred Personal Loan Over Traditional Banks
If you’re thinking about getting a personal loan, you may wonder whether to go with a bank or a newer option like InCred Finance. InCred has become popular in 2024, and for good reasons. Traditional banks often have lengthy processes, and InCred aims to make borrowing simpler and faster. Here are five reasons why InCred Personal Loans may be the right choice for you.
1. Quick Approval Process
InCred’s approval process is fast. With banks, you often wait for days or even weeks to know if you’re approved. InCred reviews your application quickly, and many people get approved within hours. This can be a big advantage if you need money urgently.
2. Minimal Documentation
Banks usually require extensive paperwork. InCred, on the other hand, keeps it simple. They typically ask for basic documents like proof of identity, address, and income. This makes it easier and faster for you to apply, especially if you don’t have access to a lot of documents.
3. Flexible Loan Options
InCred offers a range of loan amounts and repayment terms. You can choose a loan that fits your needs, whether you need a small amount or a bigger sum. Additionally, InCred allows flexible repayment terms, which can range from 12 to 48 months. Traditional banks often have stricter options, making InCred a more versatile choice.
4. Competitive Interest Rates
One of the best parts about InCred is their competitive interest rates. Banks sometimes charge higher interest rates, especially if you don’t have a high credit score. InCred offers rates that are more flexible and accessible, helping you save money in the long run.
5. Customer-Friendly Support
InCred offers customer support to guide you through the process. If you have questions, you can reach out easily. This is especially helpful if you’re new to loans and need some extra assistance. Banks may not provide the same level of quick support, and getting answers can sometimes take longer.