Credy Personal Loan

Here are some key details about Credy Personal Loans:

The features of Credy 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, the purchase of a gadget, planning a holiday, meeting medical emergencies, education-related expenses, and so on.
• Quantum: The maximum loan quantum is 1 Lakh
• Repayment: The minimum repayment period is 3 months, and the maximum repayment period is 12 months.
• Rate of interest: Credy loan interest rate ranges from 1.00% to 1.5% of the loan amount per month. The pricing depends on the loan amount, credit score, and the profile of the customer.
• Security: The loan is unsecured, and hence no security is required
• Processing fees: Processing fees at 3% of the loan amount (minimum Rs. 500) + GST will be collected.

The following are some of the reasons to apply for a Credy loan app:

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

Credy Loan apps offer the following different types of personal loans for various needs:

#1. CrEducate

It is a personal loan for education expenses. This loan can be used for expenses incurred on your or your children’s online course/ certification, school fees, coaching classes, and entrance fees.

Features:

• Hassle-free online process with a laptop or a phone.
• Terms customized to the borrower’s course structure and financial capacity.
• Zero fees or interest are applicable for customers from partner institutes.
• The loan can be renewed easily for the next educational needs.
• Affordable interest rate starting at just 1.00% per month.
• Flexible loan tenure of 3 to 12 months.

#2. Emergency Loan

This paperless personal loan can be used for urgent needs of funds, such as a medical emergency, marriage, or any unplanned expense that can arise.

Features:

• Hassle-free online process.
• Terms customized to the borrower’s financial capacity.
• Get instant approval and disbursal within 24 hours.
• The loan can be renewed easily.
• Loan up to Rs. 1 Lakh if you fulfill the requirements.
• The minimum monthly salary required is Rs. 15,000.
• The applicant must be living in Bengaluru, Chennai, Mumbai, Hyderabad, or Pune.
• Affordable interest rate of 1.00% to 1.5% per month.
• Flexible loan tenure of 3 to 12 months.

#3. CredyT Refinancing

With this instant personal loan, you can refinance your credit card bill and save up to Rs. 15,000.

Features:

• Get instant approval online for Credy refinancing.
• Credy repays your credit card bill directly, and you can repay Credy in cheaper EMIs.
• Interest rate for Credy loan varies between 18% and 25%, whereas credit cards charge up to 42% p.a..
• Fresh spends are not charged, as you will settle the bill.
• It improves credit score.

#4. Advance Salary Loan: 

Under this loan, you can get an advance salary up to Rs. 1 Lakh at an affordable rate of interest to fulfill your urgent financial requirements.

Features:

• Get instant approval, and money will be disbursed online to your account in just 24 hours.
• Avail of loans up to Rs. 1 Lakh.
• Loan tenure can be anywhere between 3 to 12 months.
• The annualised interest rate of 12% to 22% of the loan amount will be charged.
• The processing fee is 3% of the loan amount plus applicable GST.

The following are the charges associated with the Credy Personal Loan:

• Registration/ Credit Report/ Instant Approval/ Personal Finance Tutorials: Free
• Interest payable: 1.00% - 1.5% of the sanctioned loan amount per month.
• Processing fees: 3% of the loan amount with a minimum of Rs. 500.
• Prepayment fees: 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.

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.
• To apply personal loan to salaried employee, the monthly income should be a minimum of Rs. 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.

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

The table below provides a comparison between the Credy Loan App and other popular loan apps in India to help you make an informed decision.

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.

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

This EMI Calculator tool also provides you with the complete amortization schedule for loan repayment.

Here’s an example:

• Personal loan amount required: Rs. 1 lakh
• Applicable rate of interest: 12% p.a.
• Tenure: 12 Months
• EMI to be paid each month till the tenure ends: Rs. 8,885
• Total interest to be paid: Rs. 6,619
• Total amount to be paid to the lender: Rs. 1,06,619

Amortization schedule of the above example:

You can contact Credy Customer Care for any queries regarding personal loans on the following numbers:

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

You can also send an email to support@credy.in for loan information.