Home Credit Personal Loan Interest Rate start from 2% per month for loan amounts of up to Rs 5 lakh for tenures of up to 51 months. It offers instant approval to personal loans to eligible customers after furnishing the required documents. The NBFC claims to disburse personal loans within a few hours of signing the loan agreement. It also does not charge foreclosure fees and offers payment holiday to its existing personal loan borrowers facing difficulties in repaying their EMIs. Home Credit India also offers Flexible Personal Loan–an overdraft facility, wherein the borrowers can withdraw from the credit limit sanctioned by the NBFC.
Home credit personal loan interest rate
Home Credit Personal Loan
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| Home Credit Personal Loan Highlights 2023 | |
| Interest rates | 2% per month onwards |
| Loan amount | Up to Rs 5 Lakhs |
| Tenure | For Existing Customers: 9 months to 51 months |
| For New Customers: 6 months to 48 months | |
| Minimum Income | Rs 10,000 |
| Processing fees | 0% to 5% |
| Foreclosure fee | Nil |
Note: Interest rates as of 30th January 2023
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Table of Contents
- Interest Rates
- Comparison of Home Credit PL vs Other Lenders
- Processing Fees & Charges
- Types of Personal Loans
- Eligibility Criteria
- Documents Required
- EMI Calculator
Home Credit Personal Loan Interest Rate
Home Credit Personal Loan Interest Rate start from 2% per month. The final personal loan interest rate offered would depend on various factors including the borrower’s occupation profile, age, income, etc.
Home Credit Flexible Personal Loan Interest Rate: 24% – 56.5% p.a.
Home Credit Personal Loan Amount
| Minimum loan amount | Maximum loan amount | |
| Existing Home Credit Customers | Rs 10,000 | Rs 5,00,000 |
| New Home Credit Customers | Rs 25,000 | Rs 2,00,000 |
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Comparison of Home Credit India Finance PL vs Other Lenders
| Banks/NBFCs | Interest Rates(p.a.) | |
| HDFC Bank | 10.50% onwards | Apply Now |
| SBI | 10.90%-15.40% | |
| ICICI Bank | 10.75% onwards | Apply Now |
| Axis Bank | 10.49% onwards | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Apply Now |
| IndusInd Bank | 10.49% onwards | Apply Now |
| IDFC First Bank | 10.49% onwards | Apply Now |
| Bajaj Finserv | 11.00% onwards | Apply Now |
| Tata Capital | 10.99% onwards | Apply Now |
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Home Credit Personal Loan Fees and Charges
Processing fee
| Personal Loan | 0-5% |
| Flexible Personal Loan: | 2.5% of the loan amount |
Late Payment Charges (Home Credit Personal Loan)
| APR (Annualized Percentage Rate) | Starts from 24% | ||||||
| Days Past Due | 1 day | 30 days | 60 days | 90 days | 120 days | 150 days | 180 days |
| Late Payment Charges | Rs 350 | Rs 450 | Rs 550 | Rs 750 | Rs 750 | Rs 750 | Rs 750 |
| Total Late Payment Charges | Rs 350 | Rs 800 | Rs 1350 | Rs 2100 | Rs 2850 | Rs 3600 | Rs 4350 |
Note:
- Additional fees will be levied for Value Added Services (if opted).
- The annual interest rates and processing fees may vary based on the risk profile of the customers.
Late Payment Charges (Home Credit Flexible Personal Loan)
| Days Past Due | Outstanding Principal Amount | |||||
| Less than or equal to ₹ 5,000 | More than ₹ 5000 & Less than or equal to ₹ 50,000 | More than ₹ 50,000 | ||||
| Late Payment Charges | Total Late Payment Charges | Late Payment Charges | Total Late Payment Charges | Late Payment Charges | Total Late Payment Charges | |
| 1 Day | ₹ 150 | ₹ 150 | ₹ 350 | ₹ 350 | ₹ 500 | ₹ 500 |
| 30 Days | ₹ 200 | ₹ 350 | ₹ 450 | ₹ 800 | ₹ 600 | ₹ 1100 |
| 60 Days | ₹ 300 | ₹ 650 | ₹ 550 | ₹ 1350 | ₹ 700 | ₹ 1800 |
| 90 Days & Above | ₹ 450 | ₹ 1100 | ₹ 750 | ₹ 2100 | ₹ 1000 | ₹ 2800 |
Note: In case of non-payment, Late Payment Charges will be levied on the total outstanding principal amount of the loan.
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Types of Home Credit Personal Loans
Home Credit Flexible Personal Loan
- Purpose: It is a credit line facility offered by Home Credit India wherein customers can withdraw any amount starting from Rs 5000 to upto Rs 90,000, anytime for various purposes like travel, education, wedding, home renovation, etc.
- Tenure: Up to 3 years. If borrowers are unable to repay the loan within three years, they can convert Flexible Personal Loan into a term loan for upto 2 years.
- Loan Amount: Up to Rs 90,000
Home Credit Personal Loan for Travel
- Purpose: To meet the financial requirements for travel
- Tenure: 6 months to 51 months
Home Credit Personal Loan for Medical Emergencies
- Purpose: Medical Loan to bear emergency medical situations
- Tenure: 6 months to 51 months
Home Credit Personal Loan for Marriage
- Purpose: For meeting the financial requirements for a wedding
- Tenure: 6 months to 51 months
Home Credit Personal Loan for Small Businesses
- Purpose: To bear new business commencement expenses
- Tenure: 6 months to 51 months
Home Credit Personal Loan for Home Renovation
- Purpose: Collateral free loans for home renovation related expenses such the cost of contractors, interior designers, raw material purchase, etc.
- Tenure: 6 months to 51 months
Home Credit Personal Loan for Education
- Purpose: Unsecured loan for bearing education related expenses
- Tenure: 6 months to 51 months
Home Credit Personal Loan for Self-employed
- Purpose: To bear expenses for business expansion
- Tenure: 6 months to 51 months
Value added services offered by Home Credit:
- Payment holiday: This feature allows the borrowers to postpone their EMI in emergency situations. It does not have a negative impact on the borrower’s CIBIL score.
- Free early repayment: Borrowers can close the loan account anytime without any extra cost.
- Life cover: Borrowers can opt for life cover of up to 1.25 times the loan amount to help the repayment of the outstanding loan amount in case of their untimely death.
Eligibility Criteria for Home Credit Personal Loan
- Indian citizen
- Employment: Salaried and self-employed professionals or pensioners
- Age: 19 to 68 years
- Active bank account
- Gap between two 2 Home Credit loan application should be 90 days
In addition to the above-mentioned eligibility criteria, Home Credit may also consider the credit score, occupation profile, employer’s profile, etc of its personal loan applicants, as used by many lenders for evaluating the personal loan eligibility of their applicants.
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Documents Required for Home Credit Personal Loan
- PAN Card
- Form 60 if PAN card is not available (with one of the following documents — Passport, Voter ID and driving license — for ID proof)
- Valid address proof:
- Voter ID Card
- Driving License
- Passport Government House Allotment Letter
- Property Tax Receipt