What is the minimum and maximum loan amount offered by Home Credit India?
|Minimum Loan Amount||Maximum Loan Amount|
|Existing Home Credit Customers||₹ 10,000||₹ 2,40,000|
|New to Home Credit Customers||₹ 25,000||₹ 2,00,000|
Considering this, can I get two items in home credit?
Can I buy multiple items at the same time? Yes! Most partner stores offer bundling. You can purchase up to three items provided they are not the same item type and subject for approval.
Accordingly, how interest is calculated on cash credit?
General formula to calculate interest on credit card: (Number of days are counted from the date of transaction made x Entire outstanding amount x Interest rate per month x 12 month)/365.
How is cash credit limit calculated?
Generally CC limit amount is calculated by the bank as a percentage of sale and stock along with financial statements. For example a bank allowed cash credit limit up to 80% of stock plus 20% of sales or turnover of the business.
How many months is a home credit?
Loan period varies but generally it is between 6 – 24 months. Just visit our Products and Promos page for information on these additional services.
How much is the processing fee in home credit?
A processing fee of 3% of the financed amount is needed upon consumer loan application.
What is a cash credit loan?
A Cash Credit (CC) is a short-term source of financing for a company. In other words, a cash credit is a short-term loan. … It enables a company to withdraw money from a bank account without keeping a credit balance. The account is limited to only borrowing up to the borrowing limit.
What is the criteria for cash credit?
Cash Credit & Overdraft – Eligibility
|Business Vintage||Minimum of 3 years|
|Turnover||Minimum 30 lakhs to Maximum of 15 crs|
|Age||Minimum 21 years at the time of loan application Maximum 70 years at the end of loan tenure|
What is the meaning of pre approved in home credit?
In lending, pre-approval is the pre-qualification for a loan or mortgage of a certain value range. … The literal meaning is “at a stage before approval.” Thus, the term “pre-approved” is often used by advertisers to induce consumers to apply for the advertiser’s offer.
Who is eligible for EMI?
You should be between 21 and 60 years of age to apply for an EMI Network Card offline. You should be between 23 and 65 years of age to apply for an Insta EMI Card online. You must have a regular source of income.