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Home Credit  Personal Loan

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Home Credit Personal Loan

Home Credit India Finance Pvt. Ltd. is a leading NBFC or Non-Banking Financial Company, dealing with consumer finance. The objective of Home Credit is to provide simple and transparent financial solutions which can be accessed by all categories of customers. They have made the whole process of lending online with simple and rather paperless documentation. Approvals are given instantly online and the disbursements are made within hours of approval. The company entered the market in the year 2011 and has been expanding its operations and presence in the country rapidly ever since. It has around 15000 employees as on date and has a wide network of 29000 POS (Point-of-Sale) spread over 179 cities in 20 States. They have an approximate customer base of 9 million. They have a range of innovative products supported by excellent customer experience.

The company gained recognition for employer excellence by AON Hewitt and were given the title of AON Best Employer2017.

What is a Personal Loan?

A Personal Loan is a versatile loan which takes care of a long aspired financial requirement or provides immediate financial assistance in case of emergencies. The loan is versatile as it can be used for any purpose without any restriction on end-use.

The loan will be credited in a lump sum to your bank account soon after the approval. Thereafter the loan can be utilised for any purpose. The loan has to be repaid in equated monthly instalment EMIs for a specified period. The tenure is flexible and you can choose the tenure as per your convenience. If you are able to afford a higher EMI, you can choose a shorter tenure and if you have other commitments and cannot afford higher EMI for this loan, you can choose a longer tenure.

Features of Home Credit Personal Loan

  • Purpose: The loan can be utilised for any purpose. There is no restriction on end-use. The loan can be used for consolidation of debts, renovation and repairs of the existing house, to plan a wedding, to purchase a gadget, to plan a holiday, for medical emergencies, or for the education of children. The loan can be used for anything except for a speculative and betting purpose.
  • Quantum: The minimum quantum of loan is 25,000 and the maximum quantum is 2.40 Lakhs. The loan can be availed in multiples of 5,000.
  • Interest: The interest rate depends on the tenure of the loan, loan amount, customer profile, etc. and is decided on a case to case basis. Interest is charged up to 38.8% p.a.(flat rate)
  • Repayment: The maximum repayment period for the loan is 51 months
  • Security: This is an unsecured loan and so there is no need of any security
  • Processing fee: Nil

Benefits of Home Credit Personal Loan

The benefits of Home Credit Personal Loan are:

  • The whole process is quick and easy
  • Online loan application
  • Paperless documentation
  • Instant approval
  • The loan is disbursed within hours of execution of documents
  • Competitive rate of interest
  • Nominal processing charges
  • No hidden charges
  • The entire loan process is transparent

Terms and Conditions of Home Credit Personal Loan

The following are the terms and conditions of Home Credit Personal Loan:

  • The loan will be provided to the borrower by Home Credit India Finance Ltd (HCIN) strictly in accordance with the general terms & conditions and other conditions as set out in the documents executed by the borrower. In case of every loan, a loan summary containing the loan amount will be provided to the borrower.
  • It is agreed and confirmed by the borrower that the loan amount may be disbursed in a lump sum or in instalments as per the decision of HCIN. In the case of the disbursement to the dealer towards the purchase of a product, the same may be considered as a valid disbursement of the loan amount as per the general terms & conditions and an undertaking is given by the borrower that such disbursements will not be challenged.
  • If any information provided by the borrower is found incorrect, HCIN has the rights to recall the entire outstanding in the loan account including interest, fees, penalties, etc. and if the payments are defaulted by the borrower as per the general terms & conditions and the conditions set out in the documents executed by the borrower.
  • HCIN will give a written or oral communication to the borrower regarding the rate of interest charged annually for each loan before the approval of a loan.
  • Interest will be charged at a flat rate which shall remain constant for the period of the loan. The information regarding the flat interest rate charged will be contained in the summary given for each loan. The repayment scheduled drawn for the monthly instalment is on the basis of reducing balance and will be adjusted from the monthly instalments paid at APR (annual percentage rate).
  • A confirmation has to be given by the borrower for having gone through the official website of HCIN in respect of the internal guidelines and interest rate model for fixing and calculating the rate of interest.
  • The borrower is aware that the interest is charged on the loan amount mentioned in the loan summary and is bound to be different for different borrowers depending on various factors like the loan amount, tenure, disbursement cost, cost of funds, customer profile, etc. An undertaking has to be given by the borrower that they are aware of the facts and has considered the fact while agreeing to pay the interest on the loan and shall not challenge the same at any point in time.
  • Interest in respect of each loan will start accruing from the effective date of the loan. The interest amount so charged from the effective date till the actual disbursal of the loan will be adjusted in the last monthly instalment of the loan.
  • The number of days considered for computing the interest is 365 days
  • Undertaking is given by the borrower for repayment of the loan in EMI comprising of the loan amount along with interest and monthly customer care fee, if mentioned in the loan summary on or before the due date. EMI will be calculated on the basis of flat rate of interest, loan tenure, and the loan amount and will be rounded off to the next 10. The EMI will be communicated to the borrower and he will have agreed to pay the same after understanding the method of computation of the same.
  • The advance payment of such instalments may be paid by the borrower as agreed upon with HCIN and specifically mentioned in the loan summary. Also, such advance payments shall be made at the time of execution of the documents or at the time of disbursal of the loan or during product delivery, whichever is earlier. The adjustments of such advance instalments will be as mentioned in the loan summary.
  • The borrower shall continue to pay such instalments even if the loan could not be utilised for the purpose it was borrowed for or if the product purchased turns out to be defective or damaged or if it is lost, not delivered or if the agreement with the dealer is terminated for any reason.
  • If any payment is made by HCIN on behalf of the borrower towards any tax or any other amount including interest to government or tax/public authority or to the dealer, in respect of the product or the loan granted to the borrower at any time before, after or during the loan existence of the loan shall be reimbursed to HCIN along with the interest immediately on a demand made by HCIN.
  • HCIN after considering the information provided by the borrower stipulates repayment modes as mentioned below and the borrower should undertake to pay the monthly EMIs in the modes stipulated.
    • Payment channels as mentioned in the website of HCIN
    • Auto-debit
    • Any other mode as informed by HCIN from time to time
  • HCIN holds the rights to change the mode of payment in case
    • A request is made by the borrower for the change
    • The borrower defaults payment
    • The mandate executed by the borrower is incomplete/incorrect
  • In the case of auto-debit, the borrower should ensure the maintenance of sufficient balance in the account on or before the due date. The borrower shall not give stop payment instructions or close the account without the consent of HCIN. The borrower will be liable for a penalty for dishonour in such cases.
  • The mandate originally given by the borrower shall not be withdrawn by the borrower unless prior notice before 30 days is given to and is approved by HCIL. In case the mandate cancellation is approved by HCIL, the borrower should accept other modes of payment and should submit all the documents to HCIL proving such a change or should issue a fresh mandate.
  • The mandate given by the borrower shall remain until the entire loan is repaid along with the up-to-date interest and penalties or other amounts due to HCIN.
  • In the event of a restructuring of the loan, the mandate being incomplete, or for any other reasons when the mandate is to be modified, the borrower has to immediately submit a fresh mandate and make the payment through alternate channels till such time.
  • In the case of dishonour of the mandate for want of funds, the borrower authorises HCIN to present the mandate to the banker at any time for clearance without prior notice to the borrower.
  • The borrower authorises HCIN to debit the bank account before the due date if the due date falls on a holiday.
  • If the borrower chooses to pay through alternate payment channels, such payment shall be done only through the channels authorised by HCIN. Any charges stipulated for receiving the amount by the channel should be borne by the borrower.
  • HCIN will not be responsible for any delay in payment due to the loss of the mandate or due to any default on the part of the processing bank or any failure due to connectivity issues to credit the proceeds to HCIN. The borrower has to pay the late payment charges along with applicable interest as stipulated by HCIN. The borrower should note that such delays should not be a reason for delayed payment and it is their moral responsibility to make the payment of the monthly instalment of the loan on or before the due date.
  • Despite the conditions stipulated by HCIN under the general terms and conditions and other documents executed by the borrower including the loan summary for which the borrower has given consent, HCIN holds the authority to restructure/reschedule the monthly instalments if there is a change in the loan amount due to any additional levy imposed by the government or due to change in the stamp duty or as per the request received by the borrower. The borrower agrees to issue a fresh mandate or make the payment through any other mode of payment authorised by HCIN where the monthly instalments have been altered/restructured and to pay charges as communicated to them or as indicated in the website of HCIN.
  • The borrower may repay the outstanding balance in the loan account within 15 days from the effective date of the loan as mentioned in the loan summary if they are not satisfied with the term & conditions laid down by HCIN. No prepayment penalty will be charged for prepayment done within 15 days. The fees/charges paid prior to the approval of the loan shall not be refunded. If the prepayment of the loan is made after 15 days, it is at the sole discretion of HCIL and prepayment charges will be collected for such prepayments.
  • The borrower undertakes to pay the documentation fee/processing fee/credit assessment fee as applicable for the loan on time as per the terms & conditions mentioned in the loan summary.
  • The borrower undertakes to pay the late payment charges, debit bounce charges, and all other penalties applicable to the loan availed by the borrower in time as per the terms & conditions mentioned in the loan summary. The borrower also understands that HCIN hold the rights to modify such charges from time to time and the borrower gets the notification through posting in the official website of HCIN of any other contract option at the discretion of HCIN.
  • The borrower has to give a 30 days prior notice in writing to HCIN if they intend to prepay any loan or all the loans before the expiry of the repayment period.
  • For the purpose of the prepayment, the borrower shall pay all the monthly instalments along with applicable interest and penalty till the prepayment date as mentioned in the loan summary or as stipulated in the general terms & conditions and the principal outstanding computed on reducing balance as per the relevant clause under the general terms & conditions. Such pre-payments are subject to the completion of the moratorium period as stipulated in the loan summary and also payment of prepayment charges. The loans cannot be terminated during the moratorium period.
  • If the borrower has executed a Demand Promissory Note as stipulated and in favour of HCIN, then HCIN holds the authority for negotiation of such DPN. The dishonour notice and presentment of the DPN is waived by the borrower.

Eligibility for Home Credit Personal Loan

The following eligibility criteria have to be complied with to qualify for the loan. The applicant:

  • Should be in the age group between 19 years and 68 years
  • Should be a Resident Indian
  • Should either be a salaried individual or should have income from business or should be drawing a pension.
  • Should have a valid mobile number and an email address
  • Should have valid address proof and a PAN Card
  • Should have a personal bank account with net banking facilities
  • Should have an internet connection and webcam which are functioning.

Documents Required for Home Credit Personal Loan

The following documents are required for Home Credit Personal Loan:

  • Form 60 or PAN Card
  • Any one of the following documents:
    • Voter's ID
    • Aadhaar Card
    • Passport (should not expire within 3 months from the date of application)
    • Valid Driving Licence
    • NREGA Job card duly signed by any authorised State Government signatory
    • Utility bills like telephone bills, electricity bills, water bills, etc. which are not more than 2 months old.
    • Statement of bank account for the last 6 months

Products Offered by Home Credit

Home Credit offers the following range of products:

Mobile Phone Loan

This loan can be availed to purchase a smartphone or tablet from your nearest Home Credit dealer.

Key features & benefits

  • Loans available on the spot without any Credit Card
  • Wide network of Home Credit mobile phone dealer outlets
  • Transparent process
  • Convenient loan repayment in suitable equated monthly instalments (EMIs) through monthly auto-debit from your bank account, cash payment at a kiosk, or online fund transfer.
  • Mobile Protect facility against damages or theft

Personal Loan/ Online Cash Loan

This is an unsecured short-term Personal Loan that comes with ease of application and instant approval.

Key features & benefits

  • Quick and easy Personal Loan up to 2,40,000
  • Get instant approval and disbursal within a day
  • Easy repayment of loan through Home Credit's website/mobile app, cash at authorised Axis Bank/ ICICI Bank branches, India Post, PayTM, PayU, NEFT, or RTGS.

Home Appliance Loan

With home appliance loans, you can afford a better lifestyle by purchasing the latest TV, refrigerator, air conditioner, washing machine, domestic flour machine, oven, microwave, water purifier, and other home appliances.

Key features & benefits

  • Loans available on the spot without any Credit Card
  • Wide network of Home Credit dealer outlets for home appliances
  • Transparent process
  • No prepayment penalty charged on early payment
  • Convenient loan repayment in suitable equated monthly instalments (EMIs) through monthly auto-debit from your bank account, cash payment at a kiosk, or online fund transfer.
  • Get life cover and insurance of the appliance purchased with Safe Pay facility in case of unforeseen circumstances.
  • Get the payment holiday after successful payment of first 2 EMIs on or before the due date

Laptop Loan

Purchase the laptop of your choice with Home Credit's laptop loan.

Key features & benefits

  • Loans available on the spot without any Credit Card
  • Wide network of Home Credit laptop dealer outlets
  • Transparent process
  • Convenient loan repayment in suitable equated monthly instalments (EMIs) through monthly auto-debit from your bank account, cash payment at a kiosk, or online fund transfer.

How to Apply for Home Credit Personal Loan?

To apply for Home Credit Personal Loan, you have to follow a few simple steps that are given below:

  • Install the Home Credit mobile application on smartphone supported with android and complete the application.
  • Upload the required documents
  • After review and verification of the application and documents, you get instant approval on the mobile app itself.

Alternatively, you can look for the representatives of home credit at the stores where you go for the purchase of any gadget, mobile or even a two-wheeler. The representatives will guide you through the process.

Home Credit Personal Loan EMI Calculation

Even before applying for the loan, it is essential to calculate the EMI to arrive at a loan amount you can conveniently serve.

MyMoneyMantra has made this process simple and instant through its online EMI Calculator. You can just enter your loan amount, tenure, and interest rate to get the instant result.

Home Credit Personal Loan Processing Fees and Other Charges

The following are the processing charges and other fees for Home Credit Personal Loan:

Processing charges: Nil

Late payment charges:

  • For a delay by 1 day after the due date: 350
  • For a delay by 30 days after the due date: 800
  • For a delay by 60 days after the due date: 1,350
  • For a delay by 90 days after the due date: 2,100

Home Credit Personal Loan - Customer Care

You can contact Home Credit Personal Loan Customer Care at the following numbers:

  • +91 124 662 8888
  • 1860 121 6660

Frequently Asked Questions

Is it compulsory to have availed a loan earlier to apply for a loan at Home Credit?

No, it is not mandatory to have availed a loan earlier to apply for a loan at Home Credit.

What is the time required to get loan approval from Home Credit?

The Home Credit representatives take only 10 minutes to eligibility and another 20 minutes for loan processing at the Home Credit Counter at the stores.

How will the sanction letter be delivered?

The home credit representatives will give the loan sanction summary and if not received for any reason you can contact Home Credit vide email, and a copy will be sent to you.

What is the procedure for cancellation of the loan after disbursement?

In the case you change your mind and do not want to avail the loan, you can cancel the loan within 15 days from the date of execution of the documents without any charges. You will only have to repay the outstanding balance in the loan account within 1r days.

Is it possible to close the loan before maturity?

Yes, foreclosure of the loan is permitted, but pre-closure charges will be charged.

Are multiple loans permitted by Home Credit?

With a good relationship with Home Credit for a period of 90 days, you will be allowed to avail another loan.

Can the loan due date be changed subsequently?

The loan due date is system generated and set for 30 days from the date of signing the documents and hence, it cannot be changed.

What are the accepted modes of payment of EMI?

The EMI can be paid either by auto-debit, by alternate payment channels through net banking. You make sure that sufficient balance is maintained in the bank account if you choose to pay through auto-debit.

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