FAQ (Frequently Asked Questions)

General Questions

There are two ways for availing a personal loan from Home Credit and these are:
1. You can visit Qwikpay.in
2. You can directly coordinate via Email id :- info@qwikpay.in
In case, if you’re in an urgent need of cash, you can apply for instant personal loan whose quality is to disburse the loan amount within 24 hours. And you can apply to instant personal loan from qwikpay.in
Photo Identity Proof (any one) -Voter ID Card / Passport / PAN Card / Driving License / Aadhaar Card. Residence Address Proof (any one)-Ration Card / Passport / Utility Bill. Income Proof-Last 3 months Pay slip & Bank Statement of last 3 months. Job Continuity Proof -Job Offer Letter / Letter from the HRD (if current employment less than 2 years).Financial Documents -Salaried Individuals- Latest 3 month's Salary Slips and Form 16, Bank Statements of 6 months.-Self Employed Individuals: Latest 1 year bank statement for both savings and current account. Photo- 1 passport size color photograph.
Your CIBIL Score is based on your Credit report, which is basically a summary of your credit history which includes your previous borrowings and repayment track. A CIBIL score of 750 and + is considered as a good CIBIL and it helps you get a loan on favorable terms without any hassle
Personal Loans are unsecured advances given by banks to eligible borrowers to meet their financial needs. Knowing your personal loan eligibility is essential to apply for a personal loan which can quicken the process of availing funds during times of financial shortage. Both salaried professionals and self-employed individuals can apply for a personal loan. If you are a salaried employee, depending on your age, monthly take-home income and proper documentation, you may meet personal loan eligibility criteria as set by a lender. For a self-employed individual, personal loan eligibility is decided based on age, business stability and supporting documents. The minimum age limit for getting a personal loan is 21 years and the maximum age limit can go up to 65 years; however the age limit may differ from bank to bank.
Lenders look at your income, employment, history, savings and monthly debt payments and other financial obligations to make sure you have the means to comfortably take on a mortgage.
The minimum monthly income or salary required to avail a Personal Loan is conditional to the bank or Non-Banking Financial Company (NBFC) from which the loan is to be availed. These lending institutions have unique eligibility conditions, a part of which is the minimum income condition. Moreover, this condition is also a matter of the city or town from which the loan is applied from.
The easiest way to get a business loan approved is to fulfill the basic eligibility and requirements. The first thing which lenders look for is your CIBIL score. Therefore, make sure that your score is high. Usually, if you have a credit score of 750+, your business loan application will be approved easily. If you don’t have a score of 750 you can always take measures to improve it like repaying your debts on time, keeping a check on your credit card usage, not applying for too many loans at a time, etc. Second, Estimate the loan amount you needed. Know how much you need and why? Third, get your documents in order after you’ve read through the criteria to qualify for the loan.
Most banks/financial institutions allow borrowers to choose a loan tenure between 1 year and 5 years, based on their convenience. Do this based on your income, monthly expenses, and funds that you have for contingencies. Ideally, you should choose the shortest tenure possible, as the interest rates on the full principal will be quite high.
A few things that you should consider when applying for a personal loan are as follows:

Interest Rate :- The interest rate charged for a personal loan can go from as low as 10% to as high as 24% based on the lender’s terms and conditions and your credit score. The interest rate makes a substantial difference to the cumulative cost of the loan.
Repayment Flexibility :- Make sure to check if the lender allows part-payments or pre-payments and if there is any penalty levied for making the payment.
Processing Fees: Even if you are offered a low interest rate, a high processing fee could bump up the cost of your loan.
Customer Service: Ensure that the lender has sufficient customer care channels for you to reach them on. Your loan provider should also answer your queries in a prompt manner.
You can reduce the EMI for a loan by improving/maintaining a credit score over 750.

If you have a good relationship with the bank, you can negotiate for a better interest rate or a relationship document.