We provide instant personal loans for all your needs. Customers can do a quick and hassle free application from
our website or app.
Advantages of an unsecured personal loan
A personal loan is a loan which is transferred directly to your bank account. A personal loan can be used for any purpose you want.
You can use it for refinancing your debt, medical emergency, expenses, credit card bill payments, two-wheelers or four wheeler
financing, buying electronics, renovating your home, or any other reason you want to spend the cash on. Since you get the loan
amount directly credited in your bank account, you can choose to do what you want to do with the loan amount. Credy does
directly to your bank account via IMPS.
A personal loan can be both secured or unsecured. A secured personal takes some form of collateral against the loan.
This collateral offers security to the lender so that if a borrower fails to make payments, they can make good of their
losses in partial or full via the collateral. However, in an unsecured personal loan there is no collateral, and hence
is less hassle for the borrower. At Credy we offer a convenient paperless unsecured personal loan to salaried people. To be
eligible for the loan you have to be employed at any private or government sector company.
Credy Loan Application Process
Credy provides loans personalized to your specific use case at very competitive interest rates and with great customer service. The loan application
process is completely paperless and online. You can apply for the loan by filling the online loan application process.
Get to know if you are eligible for a loan instantly, as soon as you finish the
instant loan application.
This step is completely free, you can check your eligibility without incurring any cost.
Once you know that you are eligible for a loan, then you have to provide basic details about your current company, current experience, and your work email.
Provide your PAN card number, date of birth and address.
Six-month bank statement:
Provide your six-month bank statement by either logging into your net banking or by downloading and uploading your six-month bank statements.
It is recommended that you upload the bank statement by doing a net banking login, it is a completely secure and hassle-free process.
Just providing these details finishes your loan application. There are no other documents required for the loan application.
Credit officers at Credy will review your application and you will get communication from Credy once your loan is approved.
This communication will contain all the important
You will also need to provide your bank account details (your bank account number and the IFSC code of your bank account)
so that the loan can be disbursed to your bank account via IMPS.
Before disbursal of the loan, our executive will visit your house to provide you with doorstep service. The executive will collect
basic documents for identity and address proof during the visit.
Instant Loan Application
This step asks for basic questions about you and your financial health. You need to provide the following to finish this step.
You should always provide accurate information about all the questions to ensure hassle-free processing of your loan.
Monthly take home salary:
This is the salary amount which you get in your salary account every month from your company.
Please tell us if you are salaried, self-employed as a professional or a self-employed business owner or
unemployed. Currently, we are giving loans only to salaried individuals. However, you can still do the application, when we launch the Credy
loan services for non-salaried individuals, we will contact you.
How you get your salary:
Please tell us how you get your salary? Is it via direct money transfer to your bank account?
Or via cheque or cash. Currently, we are giving loans to people who are getting their salary via the bank account only.
This is the current EMI which you are currently paying for any of the existing loans you have.
Your credit score is a score provided to you by the credit bureaus. If you do not know your credit score, you should enter 300 here.
Know more about credit score here.
Reason for loan:
Please tell us the reason for your loan. This will help us give you the best possible offer customized for your use case.
If your use case is not listed in the dropdown, then you can select “Others” and provide us with the reason in the comment section,
which will show up on selecting the “Others” option.
Loan amount required:
Please tell us the loan amount which you require. We will give our offer to you based on this.
Current residence type:
Please tell us the type of your current residence. This must be of the place you are currently residing in. If the house you are currently
living in is owned by you, you can choose “Owned by Self”, if that house is owned by your parents, you can choose “Owned by Parents”,
if you live in a rented house, with your family, you can choose “Rented by Family”, if you live in a rented house alone, you can choose
“Rented Alone”, if you live with your friends in the house, you can choose “Rented with Friends”, if you live as paying guest in your
current residence, you can choose “Paying Guest”, if you live in a hostel, choose “Hostel”, if you live in quarters provided by your office,
choose “Office Quarters”.
Current Address proof type:
Please tell us any address proof of the current address you have. Note that having an address proof is mandatory for getting a loan. The
address which you provide must be present on the address proof. These are typically any of the identity proofs which you get from government
institutions. Some of the possible address proofs are:
Voter Id Card
Valid utility Bill:
This could be any of telephone bill, water bill or electricity bill. You should be having a recent address proof.
If your bank provides you with an e-statement on your email or you can download it from your net banking portal,
then that is a valid address proof. If the passbook provided by your bank has your address on it, then that can also
serve as your current address proof.
Driving License: Note that this must be a full driving license and not a learners license.
Life Insurance Document: A receipt of your payment of life insurance premium to your insurance provider or your
life insurance policy itself can serve as an address proof too.
Tax payment receipts:
If you have paid municipality tax or corporation water tax recently, and have a receipt for the same, that can serve as address proof for you.
If you get gas cylinders for your family, you will have the receipt from your gas provider company. This receipt can be used as address proof.
Registered sale deed or agreement
RC Copy of four wheelers
Government allotment letter:
If your residence is a residence provided by the government, the allotment letter of your residence to you would serve as an address proof.
If you live as a paying guest, you would have a bill from your PG, which would serve as an address proof.
This is the current pin code in which you are residing.
The credit score is a score provided between 300 and 900 for everyone from credit bureaus.
There are four credit bureaus authorized by the Reserve bank of India (RBI) to give credit score to people.
These bureaus are - CIBIL, Experian, Equifax and CRIF High mark. Your repayments on all the loans and credit
cards taken by you are reported to the bureaus by the financial institutions. The credit score is an important
factor which is considered by financial institutions before giving you a loan. A higher credit score represents
that the person has paid most of the repayments on time, and hence lenders have more confidence in giving loans
to that customer. Credit score reduces if you miss any of your payments on your credit cards or loans. A lower credit
score decreases your chances of getting a personal loan. If you have not taken any credit card or loan in the past, then
you would not have any repayment history (also known as credit history). Such people are called NTC (New to Credit) customers.
You can find your credit score for free once a year from each of the four credit bureaus’ websites for free.
It is mandated by the Reserve Bank of India for the bureaus to provide a free report to everyone. Having a
good credit score is very important for maintaining good financial health. You should keep checking your credit score periodically.
At Credy, we believe in providing you with the fastest possible service. Once all steps required for disbursing the loan are finished,
you will get the loan directly credited into your bank account via IMPS. Since this is an IMPS service, you can get the loan amount
credited into your account 24x7. To enable us to do IMPS to your bank account, you will need to provide us with your bank account
details including your bank account number and IFSC code of your bank account.
To provide you with a hassle-free experience, we do not ask you to pay any processing fee on the loan by cash or via payment gateways.
Rather than that, Credy deducts the processing fee from your loan amount and sends the remaining amount to you. To find out more about
how much amount you get in your bank account see here.
Upon loan approval from Credy, you will receive a communication from us detailing the loan terms which we are offering you.
This includes the following:
- Loan Amount: This is the loan amount for which you are approved.
- Duration: Number of EMIs you will have to pay for paying down the loan.
- EMI Amount: This is the amount which you will need to pay every month.
- First EMI Date: This is the date on which the first EMI payment starts. You will be required to pay the EMI amount
on this day every month, including the first EMI date. For example, if EMI duration is 3 months, and the first EMI date is 5th March 2019,
then you will be required to make the EMI payments on 5th March 2019, 5th April 2019 and 5th May 2019.
- Interest: This is the total interest which you would pay on the loan. This is effectively the interest cost you will pay for
getting the loan amount. It can be calculated as (EMI Amount * Duration - Loan Amount).
- Processing Fee: This is the processing fee which is to be paid by you for availing the loan. You do not have to pay this amount
to avail the loan, this amount along with any other deductions, if any, would be deducted from the loan amount, at the time of disbursal. Credy
charges a processing fee of 3%, with a minimum amount of Rs. 500. For example, if you have been sanctioned a loan of Rs. 10000, then the processing
fee charged would be Rs. 500. However, if you have been sanctioned a loan of Rs. 50000, then the processing fee charged would be Rs. 1500 (3% * 50000).
The credy personal loan process is completely paperless. No paper document is collected from the borrower for loan processing.
When Credy executive visits your house for verification, you would be required to provide the following documents:
- ID Proof (this could be Aadhaar Card or PAN Card)
- PAN Card (for confirming PAN number & date of birth)
- Address proof (if your Aadhaar card already has your current address, you will not be required to produce another address proof).
Apart from these you would be required to sign a NACH or auto-debit instruction mandate for us. This would be used to allow us to automatically
pull EMI amounts from your bank account, to give you a truly hassle-free experience in managing your loan.