Credy Personal 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 1% to 1.5% of the monthly loan amount, and the tenure can be 3 to 12 months.
Apply for Credy Loan @ 1% p.m. Interest Rates
Credy Loan App Details
| Loan amount | Up to Rs. 1 Lakh |
| Rate of interest | 1% to 1.5% of the loan amount per month |
| Tenure | 3 to 12 months |
| Lowest EMI possible | Rs. 8,885 per Lakh |
| Processing fee | 3% of the loan amount + GST |
| Prepayment charges | 2% of the outstanding loan amount + GST |
| Late payment penalty | 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 Personal Loan
The features of Credy Personal 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 1% to 1.5% of the loan amount per month. 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.
Types of Credy Personal Loan
Credy Loan apps offer the following different types of personal loans for various needs:
#1. CrEducate
It is a personal loan for education expenses. This loan can be used for expenses incurred on your or your children’s online course/ certification, school fees, coaching classes, and entrance fees.
Features:
- Hassle-free online process with a laptop or a phone.
- Terms customized to the borrower’s course structure and financial capacity.
- Zero fees or interest are applicable for customers from partner institutes.
- The loan can be renewed easily for the next educational needs.
- Affordable interest rate starting at just 1% per month.
- Flexible loan tenure of 3 to 12 months.
#2. Emergency Loan
This paperless personal loan can be used for urgent needs of funds, such as a medical emergency, marriage, or any unplanned expense that can arise.
Features:
- Hassle-free online process.
- Terms customized to the borrower’s financial capacity.
- Get instant approval and disbursal within 24 hours.
- The loan can be renewed easily.
- Loan up to Rs. 1 Lakh if you fulfill the requirements.
- The minimum monthly salary required is Rs. 15,000.
- The applicant must be living in Bengaluru, Chennai, Mumbai, Hyderabad, or Pune.
- Affordable interest rate of 1% to 1.5% per month.
- Flexible loan tenure of 3 to 12 months.
#3. CredyT Refinancing
With this instant personal loan, you can refinance your credit card bill and save up to Rs. 15,000.
Features:
- Get instant approval online for Credy refinancing.
- Credy repays your credit card bill directly, and you can repay Credy in cheaper EMIs.
- Interest rate for Credy loan varies between 18% and 25%, whereas credit cards charge up to 42% p.a..
- Fresh spends are not charged, as you will settle the bill.
- It improves credit score.
#4. Advance Salary Loan:
Under this loan, you can get an advance salary up to Rs. 1 Lakh at an affordable rate of interest to fulfill your urgent financial requirements.
Features:
- Get instant approval, and money will be disbursed online to your account in just 24 hours.
- Avail of loans up to Rs. 1 Lakh.
- Loan tenure can be anywhere between 3 to 12 months.
- The annualised interest rate of 12% to 22% of the loan amount will be charged.
- The processing fee is 3% of the loan amount plus applicable GST.
Credy Loan EMI Calculation
You can calculate your Credy Personal Loan EMI through MyMoneyMantra's Personal Loan EMI Calculator by just entering a few details like loan amount, interest rate, and tenure of repayment.
This EMI Calculator tool also provides you with the complete amortization schedule for loan repayment.
Here’s an example:
- Personal loan amount required: Rs. 1 lakh
- Applicable rate of interest: 12% p.a.
- Tenure: 12 Months
- EMI to be paid each month till the tenure ends: Rs. 8,885
- Total interest to be paid: Rs. 6,619
- Total amount to be paid to the lender: Rs. 1,06,619
Amortization schedule of the above example:
| Month | Opening Balance | Principal Paid | Interest Paid | Total Amount Paid | Loan Paid To Date |
|---|---|---|---|---|---|
| Jan | ₹ 100,000 | ₹ 7,885 | ₹ 1,000 | ₹ 8,885 | 7.88% |
| Feb | ₹ 92,115 | ₹ 7,964 | ₹ 921 | ₹ 8,885 | 15.85% |
| Mar | ₹ 84,151 | ₹ 8,043 | ₹ 842 | ₹ 8,885 | 23.89% |
| Apr | ₹ 76,108 | ₹ 8,124 | ₹ 761 | ₹ 8,885 | 32.02% |
| May | ₹ 67,984 | ₹ 8,205 | ₹ 680 | ₹ 8,885 | 40.22% |
| Jun | ₹ 59,779 | ₹ 8,287 | ₹ 598 | ₹ 8,885 | 48.51% |
| Jul | ₹ 51,492 | ₹ 8,370 | ₹ 515 | ₹ 8,885 | 56.88% |
| Aug | ₹ 43,122 | ₹ 8,454 | ₹ 431 | ₹ 8,885 | 65.33% |
| Sep | ₹ 34,668 | ₹ 8,538 | ₹ 347 | ₹ 8,885 | 73.87% |
| Oct | ₹ 26,130 | ₹ 8,624 | ₹ 261 | ₹ 8,885 | 82.49% |
| Nov | ₹ 17,507 | ₹ 8,710 | ₹ 175 | ₹ 8,885 | 91.20% |
| Dec | ₹ 8,797 | ₹ 8,797 | ₹ 88 | ₹ 8,885 | 100.00% |
Credy Loan Charges
The following are the charges associated with the Credy Personal Loan:
- Registration/ Credit Report/ Instant Approval/ Personal Finance Tutorials: Free
- Interest payable: 1% - 1.5% of the sanctioned loan amount per month.
- 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.
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
Credy Loan Eligibility Criteria
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.
How to apply for 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.
Why Apply for Credy Loan
The following are some of the reasons to apply for Credy Personal Loan:
- Fast and easy online processing
- Instant approval
- Paperless documentation
- Customised loan
- Nominal processing charges
- Competitive rate of interest
- Easy payment options
Credy Loan Customer Care Details
You can contact Credy Customer Care for any queries regarding personal loans on the following numbers:
- 080 4680 5616
- +91 8310440201 (WhatsApp number)
You can also send an email to support@credy.in for loan information.
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.
The sanction of loan is done instantly on the app or the website. Subsequent to this, the verification of the documents is done. On approval, the money will be disbursed within 24 hours.
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.
Yes, residence verification is a must. Once the loan is approved, the representatives of Credy will contact you for making arrangements for a visit to your residence.
The employment verification is done by Credy by confirming your work email or by obtaining a reference letter from your HR head.
The undated bank cheque is a security cheque collected to recover the amount in case of prolonged default. The NACH form is collected to initiate the auto-debit option for payment of EMI.
The loan repayment can be done through the gateway of Credy. If a NACH form is submitted, then the auto-debit instruction will be initiated. A discount of Rs. 50 is offered for payment of EMI before the due date.
Yes, a person who has changed a job recently can apply for the loan provided at least one salary credit from the present job has come into their account. The credit of your earlier salary and the new payslip will be reviewed.
The default in payments is viewed very seriously. Regular reminders about the due date of payment will be sent vide SMS to the registered mobile number of the borrower to ensure that payments are made on the due date. If the auto-debit is dishonoured a notice for immediate payment will be sent. Even a personal visit to the residence is a part of the recovery steps. Despite several reminders and personal visits, if the repayment does not materialise, then legal action will be initiated for recovery.
If you are an existing borrower and have paid 50% of the number of EMIs, then you will be eligible for a top-up loan.
The EMI due dates can be changed by 3 days if a request is placed through an email to Credy with valid reasons.
Credy is ISO 27001 2013 certified and the information is very secure. They do not share the information even with the lenders unless required by law in case the loan has defaulted.