Credy

Credy Personal Loan

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Apply Credy Personal Loan

Credy Personal Loan

Credy was found in the year 2016 with an objective to make the process of availing loans for emergencies a very simple and pleasant experience. It has eliminated long waits, numerous visits, and laborious documentation by making the whole process online. The financial solutions at Credy are backed by innovative technology, thus providing a fast and reliable solution for various requirements of their customers. They provide various loan options that are affordable and fast. The loans are customised to meet all the life needs.

At present, they are providing a Personal Loan up to a maximum amount of 1 Lakh. The approval for the loan is given instantly on applying for the loan through their mobile app or website. Post verification of documents and review the loan is credited to the bank account of the customer within 48 hours. All this can happen from the comfort of your home or workplace of the customer.

What is a Personal Loan?

A Personal Loan is an unsecured credit facility which can be used for just about anything. It can be used for planning a wedding, for medical emergencies, for traveling, for the education of your children, for the repair and renovation of your house, consolidation of debts, refinance of a loan, etc. There is no restriction on the end-use of the loan. The loan amount on approval will be credited to your bank account and you can utilise it the way you want.

The procedure of assessment for a Personal Loan is very simple and the approval is given almost instantly. The documentation is also simple. The repayment tenure is flexible and the loan can be repaid in easy instalments.

Credy offers Personal Loans, which can be applied online through their mobile app or through their website and the decision will be conveyed almost instantly.

Features of Credy Personal Loan

The features of Credy Personal Loan are:

  • Purpose: You can use it for any purpose. It could be for the refinancing of a loan, consolidation of debts, planning a wedding, for the purchase of a gadget, for planning a holiday, to meet medical emergencies, education-related expenses, and so on.
  • Quantum: The maximum loan quantum is 1 Lakh
  • Interest: The interest is in the range of 1 to 1.5% per month. The pricing depends on the loan amount, credit score, and the profile of the customer.
  • Repayment: The minimum repayment period is 3 months and the maximum repayment period is 12 months.
  • Security: The loan is unsecured and hence no security is required
  • Processing fees: Processing fees at 3% of the loan amount (minimum R. 500) will be collected

Benefits of Credy Personal Loan

The following are the benefits of Credy Personal Loan:

  • Fast and easy online processing
  • Instant approval
  • Paperless documentation
  • Customised loan
  • Nominal processing charges
  • Competitive rate of interest
  • Easy payment options

Documents Required for Credy Personal Loan

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

  • Aadhaar Card
  • Last 6 months' statement of your salary account
  • Payslips
  • Rent agreement
  • Closure certificate of the previous loans

Eligibility for Credy Personal Loan

The following eligibility criteria have to be met with to qualify for the loan:

  • The age of the applicant should be above 18 years
  • The applicant should be a resident of India
  • The applicant should be salaried and have a minimum monthly income of 15,000
  • The applicant should have a valid Aadhaar number
  • The applicant should be located at Pune, Mumbai, Chennai, Bangalore, or Hyderabad
  • For education-related loans, paying for courses, etc., Credy is operational in Mumbai, Pune, Bengaluru, Kolkata, Hyderabad, and Nagpur.

How to Apply for Credy Personal Loan?

Follow the following steps to apply for CREDY Personal Loan:

  • Install the Credy app
  • Fill in the loan application and required details either in the mobile app or on their official website.
  • Upload the required documents
  • Credy will do the review and verification
  • Then the request is sent to the lender
  • On approval, the loan will be disbursed

Formula to Calculate EMI

Calculate the equated monthly instalment (EMI) by applying the formula before availing the loan to get an idea as to where you stand. Consolidate all your commitments and arrive at the amount you will be able to spare towards the EMI of the proposed loan. Check your eligibility according to that amount. If the loan amount thus arrived is adequate for the purpose you need it then go ahead. It is not worthwhile to avail the loan if it is not adequate for the purpose you are borrowing.

The formula to calculate EMI is: E = P x r x (1+r)n/(1+r)n-1

Here,

'E' is the equated monthly instalment or EMI

 'P' is the principal amount

 'r' is interest rate offered on a monthly basis

 'n' is the duration of the loan

To simply the process, you can calculate your Credy Personal Loan EMI through MyMoneyMantra's EMI Calculator by just entering the few details like loan amount, interest rate, and tenure of repayment.

After calculating the EMI and before applying for the loan, you have to consider the following:

The Personal Loan can be utilised for various purposes. You will have to contemplate other options like using up your savings for the required purpose instead of burdening yourself with a loan.

You should be able to decide whether the purpose for which you are borrowing is a need or a want. If it is a want, then you should think of postponing the want till you can set aside some money to fulfill it. If it is a need, for instance, medical emergencies or education expenses, then you should go ahead and avail the loan.

Always look for other options to meet your emergency requirements other than availing a loan and falling into a debt trap.

Credy Personal Loan - Processing Fees and Other Charges

The following are the charges associated with Credy Personal Loan:

Type of Charge Amount

Registration/ Credit Report/ Instant Approval/ Personal Finance Tutorials

Free

Interest payable

1% - 1.5% of the sanctioned loan amount per month

Processing fees

3% of the loan amount with a minimum of 500

Prepayment fee

2% of the outstanding loan amount. Early repayment is permitted after 1st EMI payment.

Late payment fees

2% of the EMI amount per week

* Fees paid are non-refundable. GST @18% is applicable additionally on all the fees mentioned above

Credy Personal Loan - Customer Care Numbers

You can contact Credy Customer Care for any queries regarding Personal Loans on the following numbers:

  • 080 4680 5616
  • +91 8310440201 (WhatsApp number)

Frequently Asked Questions - Credy Personal Loan

Which are the places where CREDY is present?

At present CREDY is located in Chennai, Bangalore, Mumbai, Pune, and Hyderabad for Personal Loans. For education loans, they are operating at Bangalore, Kolkata, Mumbai, Hyderabad, Pune, and Nagpur.

What is the maximum loan provided?

The maximum loan provided is 1 Lakh, depending on the income and credit score of the applicant.

How to apply for CREDY Personal Loan?

Follow the following simple steps to apply for CREDY Personal Loan:

  • Download and install the CREDY app
  • Fill in the loan application and required details either in the mobile app or on their official website.
  • Upload the required documents
  • Credy will do the review and verification
  • Then the request is sent to the lender
  • On approval, the loan will be disbursed

What is the turnaround time for the loan?

The sanction of loan is done instantly on the app or the website. Subsequent to this, the verification of the documents is done. On approval, the money will be disbursed within 48 hours.

What is the security required for Credy Personal Loan?

If you comply with the eligibility criteria, there is no need for any security. If your employer has a tie-up with Credy, the deal will be attractive.

Is there a procedure of residence verification?

Yes, residence verification is a must. Once the loan is approved, the representatives of Credy will contact you for making arrangements for a visit to your residence.

How is the employment verification done?

The employment verification is done by Credy by confirming your work email or by obtaining a reference letter from your HR head.

What is the reason to collect NACH/undated cheque?

The undated bank cheque is a security cheque collected to recover the amount in case of prolonged default. The NACH form is collected to initiate the auto-debit option for payment of EMI.

What are the modes of repayment of the EMI?

The loan repayment can be done through the gateway of Credy. If a NACH form is submitted, then the auto-debit instruction will be initiated. A discount of 50 is offered for payment of EMI before the due date.

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

Yes, a person who has changed a job recently can apply for the loan provided at least one salary credit from the present job has come into their account. The credit of your earlier salary and the new payslip will be reviewed.

What action will be taken if payments have been defaulted?

The default in payments is viewed very seriously. Regular reminders about the due date of payment will be sent vide SMS to the registered mobile number of the borrower to ensure that payments are made on the due date.  If the auto-debit is dishonoured a notice for immediate payment will be sent. Even personal visit to the residence is a part of the recovery steps. Despite several reminders and personal visits, if the repayment does not materialise, then legal action will be initiated for recovery.

Is there a provision for a top-up loan?

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

If the borrower is not able to pay the EMI fixed at the time of loan disbursement, is it possible to reduce the EMI amount?

The loan can be restructured to give a longer repayment period in order to reduce the EMI amount on a case to case basis. This will be done only on an evaluation of the reasons for the financial issue.

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

The EMI due dates can be changed by 3 days if a request is placed through an email to Credy with valid reasons.

Is the information provided to Credy safe?

Credy has an ISO 27001 2013 certified and the information is very secure. They do not share the information even with the lenders unless required by law in case the loan has defaulted.

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