Credy Loan
Credy provides instant personal loans online up to Rs. 1 Lakh for all your needs. You can get instant loan approval and money disbursal within 24 hours. The Credy personal loan interest rate ranges from 12% to 22% per annum of the loan amount, and tenure can be 3 to 12 months.
Credy Personal Loan Details
Here are some key details about Credy Personal Loans:
| Loan Amount | Up to Rs. 1 Lakh |
| Interest Rate | 12% to 22% of the loan amount per annum |
| Loan Tenure | 3 to 12 months |
| Processing Fee | 3% of the loan amount + GST |
| Prepayment Fee | 2% of the outstanding loan amount + GST |
| Late Payment Fee | 2% of EMI amount per week + GST |
| Disbursal TAT | Within 24 hours after approval |
| Minimum Monthly Salary | At least Rs. 20,000 |
Features of Credy Loan App
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 12% to 22% of the loan amount per year. 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.
Benefits of Credy Loan
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
Fees & Charges of Credy Loan
The following are the charges associated with the Credy Personal Loan:
- Registration/ Credit Report/ Instant Approval/ Personal Finance Tutorials: Free
- Interest payable: 12% - 22% of the sanctioned loan amount per year.
- 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.
Comparison of Credy Loan App with Other Loan Apps
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.
| Name of Lender | Interest Rate (Per Annum) | Processing Fee | Maximum Loan Limit |
|---|---|---|---|
| Credy | 12%- 22% p.a. | 3% + GST | Rs. 1 Lakh |
| NIRA | 24% - 36% p.a. | Up to 2% | Rs. 1 Lakh |
| AnyTimeLoan | 18.25% - 54.75% p.a. | Up to 2% | Rs. 10 Lakhs |
| EarlySalary | 18% - 30% p.a. | Rs. 199 onwards | Rs. 5 Lakhs |
| CASHe | 27% - 33% p.a. | Up to 3% | Rs. 4 Lakhs |
| PaySense | 16% - 36% p.a. | Up to 2.5% + GST | Rs. 5 Lakhs |
Eligibility Criteria for Credy 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.
- 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.
Documents Required for Credy 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
Steps to Apply for a Credy 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.
Credy Loan Customer Care Details
You can contact Credy Customer Care for any queries regarding personal loans at the following numbers:
- Phone: 080 4680 5616
- WhatsApp: +91 8310440201
- Email: support@credy.in
FAQs
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.
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.
The Credy loan app is real and legitimate. Credy is ISO 27001 2013 certified and the information is very secure
The Credy loan app itself is not directly RBI-registered, as it is a loan aggregator platform operated by Credy Technologies Private Limited. However, it partners with RBI-registered Non-Banking Financial Companies (NBFCs) to facilitate loans. Always verify the specific NBFC's RBI registration before applying for a loan through the app.
To download the Credy loan app, visit the Google Play Store (Android) or Apple App Store (iOS), search for 'Credy,' select the official app, and tap 'Install.' Ensure your device meets compatibility requirements and your region supports Credy services. Alternatively, visit Credy’s official website for direct download links or instructions. Always verify the app’s authenticity by checking reviews, developer details, and permissions before installing.
Reshma Rawat is a passionate writer with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra and writes blogs & webpages on financial products (loans, credit cards, insurance, government financial policies, mutual funds, etc.).
Director- MyMoneyMantra FinTech| A senior retail and commercial banking professional, adept at handling Business Development, Sales Planning & Growth, Product Strategy, Marketing Operations and Client advisory services phygitally.