InCred Loan App Review 2023 – Is it Safe?

A modern financial services platform called InCred uses technology and data science throughout its range of products. Simply enter a few simple details to receive a quick approval. In this article, we will review the InCred loan app, its features, and explore its pros and cons, along with some alternatives and frequently asked questions. 

Loans provided by InCred

  • Both paid and self-employed people can get personal loans through the Incred app. Available loans range from Rs. 15,000 to Rs. 2 lakhs.
  • They also offer student loans with amounts up to 60 lacs for both domestic and international studies, with interest rates starting at 12% annually.
  • With ticket sizes ranging from Rs 50,000 to Rs 7.5 lakhs, InCred offers short-term, unsecured personal loans to retail consumers.
  • For those seeking higher education both domestically and abroad, it offers long-term loans. From 2 lakhs to 100 lakhs, there are several loan amounts.
  • Long-term loans from InCred are available to anyone who need them for self-construction, first-time homebuyer loans, and loans secured by real estate. Between 2 lakhs and 30 lakhs of rupees are available as loans.
  • For small and medium-sized businesses, InCred offers both term loans and short-term working capital. Between 1 lakh and 10 crore rupees are available as loans.

Apply Process

  1. Sign in,
  2. Eligibility check and 
  3. Get offer

Benefits of InCred Loan

  • Collaterall free Loans upto ₹60* Lakhs
  • Instant Approval
  • Easy Digital Journey
  • Competitive Interest rates
  • Upto 100% Fees and Expense cover
  • No Hidden Charges

Also read: ETmoney Vs Groww – Which app is better?

InCred Personal Loan Eligibility

According to Incred Loan guidelines:

The applicant:

  • Should be at least 18 years of age
  • Should be a citizen of India
  • Should have received admit into a recognized university abroad
  • Should have qualified the relevant tests like GRE/ GMAT/ TOEFL/ IELTS etc

The co-applicant:

  • Should be a close blood relative of the applicant- parents or siblings are most preferred
  • Should be in active service and must be filing Income Tax Returns for the past 2- 3 years
  • Should have a good CIBIL score

Note – If Auxilo doesn’t meet your financial needs, there are several alternative apps to consider. Some popular options include HDFC Credila, Avanse, and Auxilo.

Documents required for InCred Loan

  • Identification proof PAN Card or passport of the student (if going abroad)
  • Address Proof  – Voter ID Card/ Student’s passport/ Telephone Bill/ Electricity Bill/ Ration card/ Aadhar card/ Bank account statement. (If permanent and current address is different then 2 different proofs will be required)
  • For salaried co-applicant last 6 months bank account statements showing the salary getting credited.  If the co-applicant is a self-employed then last 1 years business transaction
  • Statement of personal asset & liability (approved by the branch officials)

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Frequently asked questions (FAQ)

Q. What is the interest rate charged on education loan from Incred?

The interest rate charged by Incred on education loans starts from 11.5% and they offer education loans to both, study in India and abroad aspirants.

Q. How much processing fees is charged for an education loan from Incred?

Incred charges an amount upto 1% to 2% of the loan amount from the applicant to process their education loans.

Q. Is Incred regulated by the RBI?

Incred Financial Services Limited is a Non-Banking Financial Institution that is regulated by the Reserve Bank of India.

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