Home Credit Personal Loan Details

Interest Rates  24% - 49% p.a.
Loan AmountRs. 10,000 - Rs. 5 Lakhs
Tenure6 months - 36 months
Loan Processing Fee2.5%
Lowest EMI Rs. 1,000 per lakh

Home Credit Personal Loan Features

  • 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 Rs. 10,000 and the maximum quantum is Rs. 5 Lakhs. The loan can be availed in multiples of Rs. 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 from 24% up to 49% p.a.
  • Repayment: The maximum repayment period for the loan is 36 months.
  • Security: This is an unsecured loan and so there is no need of any security.
  • Processing fee: Varies from 2.5% to 5% of the loan amount sanctioned.

Home Credit Personal Loan Benefits

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

Home Credit Personal Loan Eligibility Criteria

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.
  • Individuals must be earning a minimum monthly income of Rs. 10,000.
  • 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:

  • PAN Card
  • Aadhaar Card
  • Voter ID (should not have expiry within 3 months of application)
  • Passport (should not have expiry within 3 months of application)
  • Driving license (should not have expiry within 3 months of application)
  • Aadhaar XML along with valid share code (should be generated recently). Aadhaar XML can be downloaded through an easy online process with valid share code.

Home Credit Personal Loan Charges

  • Processing Fee:  It depends on the amount withdrawn. The fee can vary between 2.5% - 5% of the loan amount.

How to Calculate Home Credit Personal Loan EMI?

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 Customer Care

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

  • +91 124 662 8888
  • 1860 121 6660

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Home Credit Personal Loan FAQs

✅ 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 15 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.