InCred Finance Personal Loan Eligibility Calculator
Foir Calculator
InCred is a very good option for products like personal loans with easy criteria for approval and fast approval which makes it ideal for people who need money for intended purpose or exigency criteria.
InCred Personal Loan Eligibility
| Eligibility Criteria | Requirement |
|---|---|
| Age | 21-60 |
| Documents Required | Last three months’ salary slip, Bank Statement, KYC |
| Minimum Work Experience | 2 years of work experience |
| Credit Score | 750+ |
| Bank Statement | Last 3 statements |
| Loan Amount | Up to ₹10 Lakhs |
Eligibility of InCred personal loan
In this article we discuss various aspects that influence the eligibility of an individual for an InCred personal loan.
- Credit Score: Good credit score increases chances of approval for a loan besides being associated with beneficial loan conditions and interests.
- Monthly Income: The company atleast expects applicants to have a minimum salary of Rs. 20000 atleast
- Employment Type: Employment with stable and reputable companies, especially if the applicants’ positions are fulltime and permanent may help enhance their chance of acquiring eligibility especially those who belong to the salaried class.
- Existing Liabilities: High levels of existing debt will decrease the amount of the loan and the probability to receive one as well. Hence, make sure you do not have too many debts running at a time
- Loan Tenure & Amount: Loan amount, as well as the preferred tenure, affects the LTV ratio as larger amount requests may need a better credit history.
Loan Charges
| Transaction | Charges (in ₹) |
|---|---|
| Interest Charges | 13.99% to 42% |
| Loan Processing | Up to 5% of the loan amount |
| Late EMI Payment Charges | Up to ₹30 per month for every ₹1,000 Principal Overdue (Pro rata basis) |
| Loan Cancellation Charges | ₹1,000 + taxes |
| Swap Charges | ₹1,000 + taxes |
| Loan Cancellation | 4% of loan disbursed + taxes |
| Foreclosure Charges | Up to 5% + applicable taxes (after 6 months of disbursement) |
InCred Personal Loan Eligibility FAQs
1. Is it still possible to get a loan for someone with a credit rating below 700?
Yes, InCred does consider application below 700. However, it is entirely at the discretion of the InCred Loan
2. Does it contain benefits for salaried applicants only?
This is good news for salaried professionals who are likely to get quick approval for their loan application and they are also entitled to higher loan amount
3. Am I eligible for personal loan if I am currently on probation in my company?
It depends on the category of the company. Generally, for Personal Loan, they require employees who have served atleast one year of service in the current company
4. Is there a special provision for loan with self-employed persons especially professionals?
Still yes, InCred does have customized products for those broad categories of people out there who are self-employed. The disbursal is entirely at the discretion of the management
5. How soon can one apply for another loan for instance in case the first loan was declined?
After three months, there is an option to reapply, provided you make efforts in some aspects that maybe violated your eligibility.
