|Loan amount||Up to Rs. 1 Lakh|
|Rate of interest||1% to 1.5% of the loan amount per month|
|Tenure||3 to 12 months|
|Lowest EMI possible||Rs. 8,885 per Lakh|
|Processing fee||3% of the loan amount + GST|
|Prepayment charges||2% of the outstanding loan amount + GST|
|Late payment penalty||2% of EMI amount per week + GST|
|Disbursal TAT||Within 24 hours after approval|
|Minimum monthly salary||At least Rs. 20,000|
Credy offers the following different types of personal loans for various needs:
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.
Emergency Loan: This paperless personal loan can be used for urgent need of funds, such as a medical emergency, marriage or any unplanned expense that can arise.
CredyT Refinancing: With this instant personal loan you can refinance your credit card bill and save up to Rs. 15,000.
Advance Salary Loan: Under this loan, you can get an advance salary up to Rs. 1 Lakh at affordable rate of interest to fulfill your urgent financial requirements.
Note: Check the lists of best personal Loan Apps available in India.
The features of Credy Personal Loan are:
Following are some of the reasons to apply for Credy Personal Loan:
Other Instant Loan Apps
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 Lakhs
Applicable rate of interest: 12% p.a.
Tenure: 1 year
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:
|Year||Opening Balance||Amount Paid (EMI*12)||Interest Paid During the Year||Principal Paid During the Year||Closing Balance|
|1||Rs. 1,00,000||Rs. 26,655||Rs. 2,763||Rs. 23,892||Rs. 76,108|
|2||Rs. 76,108||Rs. 79,964||Rs. 3,856||Rs. 76,108||Rs. 0|
|Name of Lender||Rate of Interest (per annum)||Processing Fee||Maximum Loan Limit|
|Credy||12% - 18%||3% + GST||Rs. 1 Lakh|
|AnyTimeLoan||18.25% - 54.75%||Up to 2%||Rs. 10 Lakhs|
|Navi||12% - 36%||3.99% - 6%||Rs. 5 Lakhs|
|EarlySalary||24% - 30%||Rs. 199 onwards||Rs. 5 Lakhs|
|CASHe||27% - 33%||Up to 3%||Rs. 4 Lakhs|
|PaySense||16% - 36%||Up to 2.5% + GST||Rs. 5 Lakhs|
You need to submit the following documents in order to apply for the Credy Personal Loan:
The following eligibility criteria have to be met with to qualify for the loan:
The following are the charges associated with Credy Personal Loan:
Follow the following steps to apply for Credy Personal Loan:
You can contact Credy Customer Care for any queries regarding personal loans on the following numbers:
You can also send an email at firstname.lastname@example.org for loan information.
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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.
The maximum loan provided is Rs. 1 Lakh, depending on the income and credit score of the applicant.
Follow the following simple steps to apply for Credy Personal 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 24 hours.
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.
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.
The employment verification is done by Credy by confirming your work email or by obtaining a reference letter from your HR head.
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.
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 Rs. 50 is offered for payment of EMI before the due date.
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.
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 a 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.
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.
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.
The EMI due dates can be changed by 3 days if a request is placed through an email to Credy with valid reasons.
Credy is 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.