Incred Financial Personal Loan Interest Rates

InCred Financial Services
4.5
  • InCred Financial Services Personal Loan Interest Rate

    Personal Loan offer for You

  • 13.99% - 42%

    Interest Rate (p.a.)
  • ₹50K - ₹75L

    Tenure(1 - 5 Years)
  • ₹2,326 - ₹4,009

    EMI Per Lakh

Check Latest Personal Loan Offer From Incred Financial Services

  • InCred Financial Services Personal Loan Interest RatePersonal Loan offer for You
  • 13.99% - 42%

    Interest Rate (p.a.)
  • ₹50K - ₹75L

    Tenure(1 - 5 Years)
  • 2.00% - 5.00%

    Processing Fee

Compare Incred Financial Services Personal Loan Interest Rate with Other Lenders

InCred offers some of the most competitive personal loan interest rates. The following table compares InCred’s personal loan interest rates with other banks.

  • Starting Interest Rate (p.a)
  • Processing Fee
  • Rating
  • Min. Loan Amount
  • Axis Bank Personal Loan Interest Rate

    Axis Bank PL Interest Rate

  • 10.49% - 22%

  • up to 2% of the loan amount + GST as applicable

  • 4.5

  • ₹50K - ₹40L

    Tenure(1 - 7 Years)

  • 50 K
  • 1 Cr
Years
  • 1
  • 5
%
  • 8
  • 25

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

InCred Financial Services offers personal loans to individuals with good to excellent credit scores. Borrowers can use the loan amount for various purposes, including debt consolidation, home improvements, medical expenses, etc. With InCred Financial Services personal loan, you get competitive interest rates, flexible repayment terms, and quick approval decisions. InCred Financial Services also offers a range of additional benefits, including free credit reports, financial advice, and budgeting tools.  

InCred Financial Services Interest Rates 2023

Personal loans are one of the various financial services that InCred provides. InCred Personal Loans come with a quick and simple application process, making them simple to apply for. Customers with no credit history may still qualify for an InCred Personal Loan. A competitive InCred personal loan interest rate makes it an ideal product to cater to versatile financial needs.

The annual InCred personal loan interest rate ranges from 16% to 13%. The interest rate on an InCred personal loan is affected by a variety of factors and varies from borrower to borrower. You may obtain a personal loan for a maximum of Rs. 15 lakhs at these competitive interest rate.

InCred Financial Services Personal Loan Interest Rates for Salaried Applicants

The personal loan interest rates for salaried applicants at InCred Financial Services vary depending on the credit score, amount of the loan, and repayment tenure. Generally, the interest rate range is between 11.49% and 24.00%. The lowest interest rate is applicable to applicants with a high credit score, lower loan amount, and shorter repayment tenure. The highest interest rate is applicable to applicants with lower credit scores, higher loan amounts, and longer repayment tenure.

InCred Financial Services Personal Loan Interest Rates for Self-Employed Applicants

The interest rate for a personal loan from InCred Financial Services for self-employed applicants is typically between 16% and 36% per annum. The actual rate of interest applicable to you will depend on your credit score and other factors.

InCred Financial Services Personal Loan Interest Rates for Salary Account

InCred Financial Services offers personal loan interest rates ranging from 16% to 36% for salary account holders. The final rate of interest on a personal loan will depend on factors such as the borrower’s credit score, credit history, loan amount, loan tenure, etc. InCred Financial Services also offers competitive EMIs and flexible repayment options.

InCred Financial Services Personal Loan Interest Rates for Pre-Approved Loan

Incred Financial Services offers pre-approved personal loans with promotional interest rates starting from 16% per annum. The interest rate may be lower than the stated rate for pre-approved loans.

InCred Financial Services Personal Loan Balance Transfer Interest Rates

The interest rate on an InCred Financial Services personal loan balance transfer will depend on your credit score, the size of the loan, and the lender's policies. Generally, the interest rate for a personal loan balance transfer ranges from 6.99% - 24.99% depending on the lender.

Factors Affecting InCred Financial Services Personal Loan EMI

Given below are some of the factors that affect your InCred Financial Services personal loan EMI:

Credit Score

A credit score is one of lenders' most important factors when assessing a personal loan application. A higher credit score of 700 and above will result in lower interest rates and EMI. A lower credit score of 600 and below will result in higher interest rates and EMIs. Lenders will also consider your repayment history before approving a loan. With a good credit score and repayment history, you can expect to get a loan at lower interest rates and with lower EMIs.

Monthly Income

Monthly income affects personal loan EMI because the higher the income, the higher the loan amount an individual may qualify for, and thus the higher the EMI. Lenders use an individual’s income to determine their ability to repay the loan. When evaluating an individual for a personal loan, lenders will look at the borrower’s income, debt-to-income ratio, credit history, and other factors.The more the monthly income, the higher the qualified loan amount.

Age

The amount of the loan, the interest rate, and the repayment period determine the loan EMI. Age does not affect, in and of itself, the EMI amount. However, age may affect the amount of the loan that a lender is willing to offer, as well as the interest rate applied to the loan. Generally, lenders may be less likely to lend to older borrowers or may require a higher interest rate since they are seen as higher risk.

Employment Status

Employment status is one of the factors that lenders look at when evaluating a personal loan application. If an individual is employed, lenders may see them as a more reliable borrower and may offer them more competitive loan terms, such as lower interest rates and longer repayment periods. On the other hand, if an individual is unemployed, lenders may view them as a higher risk and offer them less favourable loan terms. Ultimately, it is up to the lender to decide the terms for each individual loan, and employment status may be one of the factors taken into account when deciding the terms of the loan.

Lender Relations

Lender relations affects personal loan EMI in several ways. First, lenders may offer better interest rates to borrowers with a good relationship with them. It results in lower monthly EMIs. Second, lenders may be more willing to negotiate repayment terms with a borrower who has a good relationship with them, potentially resulting in a lower EMI payment. Finally, lenders may be more willing to extend loan terms to borrowers with a good relationship, which can also reduce EMI payments.

How to Calculate Personal Loan EMI

You will need to gather the necessary information. To calculate personal loan EMI, you will need the loan amount, the interest rate, and the tenure (in months). Convert the interest rate to a monthly rate. Divide the annual interest rate by 12 to get the monthly rate. Calculate the monthly payment. Use the following formula:

Monthly Payment = [P x R x (1+R)^N] / [(1+R)^N-1]

Where,
  • P = Principal Loan Amount, 
  • R = Monthly Interest Rate,
  • N = Loan Tenure

Calculate the total interest payable. Multiply the monthly payment by the loan tenure to get the total interest payable. Calculate the total cost of the loan. Add the principal loan amount and the total interest payable to get the total cost of the loan.

Frequently Asked Questions (FAQs)

What are the options available for making EMI payments?

The National Automated Clearing House (NACH) mandate allows you to repay the EMIs, which will have the EMIs automatically deducted from your bank account on the EMI due date.

Can I foreclose my personal loan?

Yes, you must pay off at least six instalments before you can foreclose on your InCred personal loan. InCred does not permit loan prepayment in part.

Can I transfer my existing personal loan from another lender to InCred?

If you satisfy the terms and circumstances set forth by the lender, InCred offers a balance transfer for both your outstanding credit card amount and current loan.

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