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What is Ujjwal EMI Card?
Ujjwal EMI Card is a virtual card offering an instant pre-approved credit limit of up to ₹75,000, enabling you to convert your purchases into easy EMIs.
How can I apply for Ujjwal EMI Card?
There are two ways to apply for Ujjwal EMI Card:
This limit allows you to effortlessly purchase any of your favorite products on easy EMIs at our partner shops or online partners. Start your application now and say goodbye to delays! Happy shopping.
Where can I use my Ujjwal EMI Card?
Home Credit Ujjwal EMI Card gives you the flexibility to purchase your favorite products on easy EMIs.
How long does it take to activate the Home Credit Ujjwal EMI Card?
The Home Credit Ujjwal EMI Card is instantly activated upon the completion of the application process. This process includes Know Your Customer (KYC) verification, bank validation, setting up auto debit, and digitally signing the enrollment form.
Our dedicated Home Credit representatives stationed at partner stores will assist you in navigating through the application procedure for obtaining the Ujjwal EMI Card.
If, during the loan application, you encounter difficulty in setting up your auto debit for your Ujjwal EMI Card bill payments, you have the flexibility to do so at any time through our website.
Can I apply for a physical card?
When you shop using your Ujjwal EMI Card, you don't need a physical card, it's all digital! Your Ujjwal EMI Card provides an instant pre-approved credit limit. You can easily access your card number and limit details on the Home Credit App. To start shopping, all you need is your Ujjwal EMI Card number. Enjoy the convenience of shopping with your digital Ujjwal EMI Card hassle-free!
What is the tenure of the loan taken via Ujjwal EMI Card?
We offer a range of tenure options spanning from 3 to 12 months. The availability of these tenures depends on your allocated credit limit and the maximum monthly installment limit available to you.
Can I buy multiple products in a single transaction?
You can use your Ujjwal EMI Card to make multiple transactions, if you have an available limit and an available maximum monthly installment limit.
How will I repay the EMIs when I purchase products using the Ujjwal EMI Card?
A monthly bill will be generated, including all installments associated with the Ujjwal EMI Card for all prior purchases, along with any relevant fees and charges. This bill will be generated 15 days before your due date and will be sent to you via email. Additionally, you can access the monthly statement through the Home Credit App.
If you have set up Auto Debit for your monthly bill payment, the specified amount will be deducted directly from your linked bank account. However, if you prefer to make an online payment, you can do so up to 2 days before the due date using the Home Credit app or website.
Why does my due date fall within 30 days of making a purchase with my Ujjwal EMI Card?
The due date and billing cycle for the Ujjwal EMI Card remain consistent. If a transaction is made before the monthly bill is generated, the installment will be due on the upcoming bill. However, if the transaction occurs after the monthly bill has been generated, the installment will be due with the subsequent monthly bill. The monthly bill is generated 15 days prior to the due date.
In what situation can the Ujjwal EMI Card limit get blocked?
The Ujjwal EMI Card limit gets blocked in the following scenarios:
Please note that Home Credit India reserves the right to issue or block the Ujjwal EMI Card or update the credit limit available on your Ujjwal EMI Card as per our internal credit policy.
How do I unblock my Ujjwal EMI Card
We advise you to review the scenarios which may have led to the blocking of your card. If any of these scenarios apply to you and have resulted in your card being blocked, we suggest reaching out to Home Credit customer care for assistance. They can guide you through the necessary steps to rectify the issue and unblock your card.
Please connect with Home Credit customer care by writing an email to us using your registered email ID, along with your Ujjwal EMI Card number, at care@homecredit.co.in, or call us at 0124 662 8888 or chat with us on App or Website to unblock your card immediately.
Can I extend or change the EMI tenure after the transaction?
Once the transaction is signed, there is no provision to change the EMI tenure. Nevertheless, Home Credit provides its customers with the freedom to select their preferred tenure prior to completing the purchase, offering flexibility in the decision-making process.
What is Payment Holiday (PH)?
The payment holiday feature enables customers to defer their monthly bill by one month if necessary. It becomes available after the first two monthly bills are paid on or before their due dates. This benefit can be utilized twice during the entire loan tenure, with a minimum interval of 6 months between each payment holiday.
What should I do if my monthly bill is incorrect?
Your monthly bill is meticulously generated by our system, minimizing the possibility of errors. However, if you require clarification regarding the billed amount or encounter any issues with your dues, we encourage you to reach out to us. You can connect with our customer support team via chat on the Home Credit App or Website. Alternatively, you may email us detailing the issue from your registered email ID, including your Ujjwal EMI Card number, at care@homecredit.co.in. Additionally, you can contact us at 0124 662 8888.
What should I do if my Ujjwal EMI Card is mis-used?
If you notice anything suspicious, you can quickly block your card temporarily using the Home Credit App. Just open the Ujjwal card section in the app and choose the option to block your card temporarily. You can unblock it anytime from the same page.
You can also contact Home Credit Customer Care at 0124 662 8888 to block your card immediately.
Can I increase or decrease the limit after getting an Ujjwal EMI Card?
As per internal credit policy, we periodically assess and increase the total credit limit on your Ujjwal EMI Card based on your repayment journey and in line with our credit policy. However, we do not accept customer requests for an increase or decrease in the limit once the card is issued.
Do I need to make a down payment?
The down payment amount varies for different products and the loan offers available for the product you wish to buy. For more details, please contact your nearest Home Credit partner shop.
Is the Ujjwal EMI Card a credit card?
The Ujjwal EMI card is not a credit card. It is a virtual card with a pre-approved credit limit that allows you to convert the cost of your purchases into easy EMIs/ Monthly Installments, making the purchase more affordable.
What is the maximum monthly installment limit?
The maximum monthly installment limit is the maximum a customer can pay as installments every month. The sum of your installments for all transactions cannot exceed the maximum monthly installment limit.
I have a limit available on my Ujjwal EMI Card, but I am not able to use the limit for any transaction.
It is possible that the cumulative total of your installments may surpass the maximum monthly installment limit for your Ujjwal EMI Card, thus resulting in the inability to process your transaction. If there is available limit on your Ujjwal EMI Card, we recommend considering extending the loan tenure. Doing so will ensure that your monthly installment limit is not exceeded, allowing for successful processing of your transaction.
Which Value-Added Services are offered with Ujjwal EMI Card?
When utilizing your Ujjwal EMI Card for purchasing products on EMIs, you have the option to select from the following value-added services to augment your loan:
Additionally, you can enhance your protection by opting for our comprehensive Care360° or Health360+ plans, offering holistic coverage for your family. The services included in Care360° or Health360+ include free doctor consultations, savings on medicines/lab tests, personal accident coverage, life cover, and more.
How can I buy a Mobile Phone on easy EMIs from Home Credit?
You can get any smartphone of your choice on easy EMIs by applying for Home Credit Ujjwal EMI Card. You need to meet the following criteria:
What is the tenure of EMIs for smartphone loans on Ujjwal EMI Card?
Tenure of the loan depends on the chosen brand and product. Typically, the tenure varies between 6 -13 months.
What documents are required to buy Mobile phone on EMIs from Home Credit
To take a Mobile Phone on EMIs, you need to provide one ID proof and one current address proof.
List of acceptable documents
ID Proof:
Address Proof (Any one of these):
*Conditions apply. Home Credit India reserves the rights to call upon additional documents, if required.
Where can I buy a smartphone on EMIs from Home Credit?
Home Credit India is currently in 625 cities and has partnered with 53,000+ merchants in these locations. Click here to locate the nearest shop locator to your location Calculate your EMI here.
What is the #EMIPeBadiBachat offer (Gift offer) provided by Home Credit India?
Gift offer is available on select products, where the last EMI is waived if customers pay all previous instalments on or before the due date. This offer is available only to qualified customers based on their past credit history.
Does #EMIPeBadiBachat offer (Gift offer) applicable in case I opt for Payment Holiday during my loan term?
Yes, Payment Holiday has no impact on #EMIPeBadiBachat offer (Gift offer). Payment Holiday will extend your loan term by a month, but you need to ensure that you pay all your instalments on or before the due date.
When will my loan contract get over if I pay all my instalments on time, with #EMIPeBadiBachat offer (Gift offer)
The loan contract will be automatically finished 6 days after the payment of your second-last EMI (Installment).
Which Value Added Services are available while financing mobile phones?
Home Credit India gives you the opportunity to opt for the following Value Added Services with Mobile Phone on EMIs:
How can I buy Home Appliances on easy EMIs from Home Credit?
You can get any Home Appliance of your choice on easy EMIs by applying for Home Credit Ujjwal EMI Card. You need to meet the following criteria:
What documents are required to buy Home Appliances on EMIs from Home Credit?
To take a Home Appliance on EMIs, you need to provide one ID proof and one current address proof.
List of acceptable documents
ID Proof:
Address Proof (Any one of these):
*Conditions apply. Home Credit India reserves the rights to call upon additional documents, if required.
Which home appliances can I buy on EMIs from Home Credit?
What is the maximum loan amount that I can get to buy Home Appliances on EMIs?
The loan amount for taking a Home Appliance on EMIs depends on the total available limit which is offered to you on Ujjwal EMI Card. You can get a limit of up to ₹75,000.
What is the tenure of EMIs for Home Appliance loan on Ujjwal EMI Card?
Tenure of the loan depends on the chosen brand and product. Typically, the tenure varies between 6 to 13 months.
Where can I buy a Home Appliance on EMIs from Home Credit?
Home Credit India is currently in 625 cities and has partnered with 53,000+ merchants in these locations. Click here to see the nearest partner shop.
Can I choose the loan amount and tenure to buy Home Appliances?
We have various loan options based on product categories, model, and price, which will help you choose the loan amount and tenure as per your requirements.
Which Value Added Services are available while financing Home Appliances?
Home Credit India gives you the opportunity to opt for the following Value Added Services:
How can I use my Ujjwal EMI Card to buy products online on easy EMIs?
You can use your Ujjwal EMI Card to buy products online by selecting it as the payment method during checkout on our partner merchant websites. You will need to select:
How will the repayment of my online transactions happen?
Repayment for your purchases will be through convenient monthly installments, which will be added to your Ujjwal EMI Card monthly bill. The bill amount will be automatically deducted from your linked bank account if you have successfully set up your Auto Debit. Alternatively, you can use Home Credit mobile app or website to make your bill payments.
Why can’t I see Ujjwal EMI Card as a payment option on the websites of the listed brands.
Online transactions are enabled only if the user is approved by Home Credit to make online transactions using Ujjwal EMI Card. We constantly evaluate all our customers to allow online transactions. In case you're not eligible now, consistent on-time payments of your loan dues may qualify you in the future.
I noticed a charge of Rs 249 on my monthly bill. What is this for?
A transaction fee of Rs 249 is applied to all online transactions.
I have returned the product, but my loan is still active on Ujjwal EMI Card. Why?
Your loan on Ujjwal EMI Card will be cancelled and limit will be restored once Home Credit receives the cancellation request from the merchant partner. Please wait till your return is fully processed.
Why do I need to give my PAN number to complete the transaction?
As per RBI guidelines two factor authentication is mandatory. Hence, we need your PAN Number in addition to the mobile number for authentication.
I want to return some of the items I purchased. How will my EMIs get adjusted?
Certainly, a partial return of your order is possible. Once Home Credit receives the intimation of the return from the merchant partner, this loan will be cancelled and a new loan with the new loan amount will be created. The new loan amount will be the original order value minus the return value. The updated loan summary and repayment schedule will be available on Home Credit mobile app.
Can I return the entire purchase and cancel my loan?
If you are eligible to return your purchase, Home Credit will cancel your loan after your return is successfully processed by the merchant. The amount will be restored in your Ujjwal EMI Card limit. Home Credit offers 15 days of free look period for loan cancellation.
What is a Personal Loan?
A personal loan is a loan that does not require any collateral or guarantor and can be obtained with just two documents. Home Credit India offers personal loan of up to ₹4,80,000 to address your present financial requirements. Use it for urgent needs such as medical emergencies, home renovations, weddings, or any unforeseen expenses.
What are the eligibility criteria for a Personal Loan?
With our simple eligibility criteria, existing Home Credit customers can easily apply for a personal loan.
What documents are required to apply for a Personal Loan?
To apply for a Personal Loan, you need to provide 1 ID proof and 1 current address proof.
List of acceptable documents for Existing Home Credit Customers:
ID Proof:
Address Proof (Any one of these):
*Conditions apply. Home Credit India reserves the rights to call upon additional documents, if required.
What is the minimum and maximum loan amount offered by Home Credit India to existing Home Credit customers?
| Minimum Loan Amount | Maximum Loan Amount |
| ₹10,000 | ₹4,80,000 |
What will be the tenure for availing a Personal Loan?
| Minimum Tenure (months) | Maximum Tenure (months) |
| 9 | 60 |
How can I apply for a Personal Loan with Home Credit?
To apply for a Personal Loan with Home Credit, you need to be an existing Home Credit customer. You can check your pre-approved loan offers on Home Credit App and complete the application process directly within the App. Our Sales Representatives will reach out to eligible customers as soon as loan offers become available for them.
Can I choose the loan amount and tenure of my loan?
Customers can select the loan amount and tenure based on the eligibility criteria set by Home Credit India, and easily calculate their repayments with the Personal Loan EMI Calculator.
Do I have to pay any additional charges for a Personal Loan?
A processing fee of up to 5% may be levied on the loan as per the loan offer available for you.
Can I get a top-up loan on my existing Personal Loan?
Yes, Home Credit India provides a top-up on the existing personal loan based on the repayment history and applicable credit policies. You can check your eligibility on the Home Credit App.
What are Late Payment Charges?
Late Payment Charges shall be levied on the total outstanding principal amount of the loan in case a customer does not pay the monthly installment on or before the due date.
How can I find out the status of my Personal Loan application?
Once your loan is approved, you can check its status through the Home Credit App. Typically, the loan amount is transferred to your bank account within 5 working days following the successful setup of Auto Debit.
Additionally, you can reach out to us at 0124-662-8888 or chat with us via our mobile App between 9:00 a.m. and 7:00 p.m. Alternatively, you can email us at care@homecredit.co.in with your query, and we will respond within 48 hours.
Which Value-Added Services are available along with the Personal Loan?
Home Credit India gives you the opportunity to opt for the following services along with the Personal Loan:
Is it mandatory to take a Value-Added Service with the loan?
Customers may decide to opt for value added service as per their need during the loan application process.
Can I foreclose my Personal Loan?
Yes, your Personal Loan can be foreclosed by paying 4% of the principal outstanding amount.
Who can avail a Two Wheeler Loan from Home Credit?
You are eligible to apply for a Home Credit Two Wheeler Loan if you meet the following criteria:
How can I reduce the EMI of my Two Wheeler Loan?
You can lower your EMI by:
What is the range of the loan tenure?
Home Credit offers flexible repayment tenures ranging from 12 months to 60 months.
What is the Interest rate of the loan?
The Two Wheeler Loan interest rate is based on the applicant's profile and is at the discretion of Home Credit starting from 8.5%*
Can I take a loan for any Two Wheeler in the market?
Yes, you can get a loan for any Two Wheeler available in the market, including both Electric Vehicles (EVs) and Internal Combustion Engine (ICE) models.
What are the fees and charges applicable in a Two Wheeler Loan?
To get answers to the applicable fees and charges, please check out our eligibility section here.
Do I have to pay any additional charges?
To provide you with a smooth experience, we charge a small fee for processing, administration, documentation (if applicable), post-disbursal documents (PDD), and the required stamp duty.
Does this loan need a security or collateral?
No, a security or collateral is not required. The financed Two Wheeler will act as a collateral i.e. till the loan is not fully settled, the vehicle will be hypothecated to Home Credit.
Do you provide insurance for the vehicle?
No, Home Credit does not provide any insurance for the vehicle.
How will I know about my Installment Amount?
Your Equated Monthly Instalment (EMI) for the Two Wheeler Loan depends on the loan amount, loan term, and interest rate. All these details will be clearly shown in your loan documents and amortization schedule.
What is the downpayment amount?
The down payment for a Two Wheeler Loan is a small amount you pay at the dealership. It’s the difference between the vehicle’s on-road price and the loan amount approved for you. Once your loan is approved online, we will inform you of the exact down payment.
Where can I see my Two-Wheeler Loan documents?
The loan Sanction Letter pertaining to your Home Credit Two-Wheeler Loan will be available at the Home Credit App.
Can I get a Two Wheeler Loan without a down payment?
You can avail up to 95% funding of the vehicle's on-road price when applying for a Home Credit Two Wheeler Loan.
Can the tenure and loan amount be changed after my Two Wheeler Loan has been processed?
No, you cannot change your loan amount or tenure after your application is processed. You can only choose these when you apply for the loan.
Do I need to share References for my loan application?
Yes, you need to provide details of two references when you apply for a loan with Home Credit.
What is the Two Wheeler Loan application process?
You can visit any of our partner Two Wheeler showrooms, where our representative will guide you through the formalities and check your loan eligibility on the spot. Once your loan is approved, you’ll be ready to take home the Two Wheeler of your choice at the earliest opportunity.
How do I update my mailing address, mobile number or e-mail ID registered in my Loan Account?
You can get in touch with Home Credit customer care executive via the below options to update your mailing address, mobile number or e-mail ID :
Can I make a part payment?
No, you cannot make any part payments for your loan.
Why has my outstanding principal not decreased despite making more payments?
Our current policy does not allow additional payments to reduce your outstanding principal. They will be adjusted to your upcoming EMI amount.
Can I foreclose/pre-pay my Two-wheeler Loan?
Yes, your Two-wheeler loan can be foreclosed/pre-paid by paying 5% of the principal outstanding amount.
What is a Loan Against Property?
A Loan Against Property (LAP) is a type of loan where you borrow money by using your house, shop, or other property as security. The loan amount depends on the current value of your property.
What is the eligibility criteria to apply for a Loan Against Property?
You are eligible to apply for a Home Credit Loan Against Property (LAP) if you meet the following criteria:
What is the maximum loan amount I can get through a Loan Against Property (LAP)?
You can avail a loan of up to ₹75 lakhs, depending on the value of your property and your eligibility.
What is the interest rate for the Loan Against Property (LAP)?
The interest rate for the Loan Against Property (LAP) starts from 15%* (terms and conditions apply).
What is the tenure for Loan Against Property repayment?
The loan tenure is flexible from 3 years up to 15 years, allowing you to choose a repayment plan that suits your financial needs.
What is the Loan-to-Value (LTV) ratio offered?
You can get a Loan-to-Value (LTV) ratio of up to 70%, which means you can borrow up to 70% of your property's market value.
How long does the Loan Against Property application and disbursal process take?
The processing time generally ranges from 15 to 30 working days, depending on documentation completeness and verification.
How do I apply for a Loan Against Property?
To apply for a Loan Against Property, just visit www.homecredit.co.in or download our app and provide your details. Once submitted, our representative will contact you within 24–48 hours to assist you with the process.
What is a Balance Transfer of Loan Against Property?
A Balance Transfer of Loan Against Property allows you to transfer your existing Loan Against Property for better terms, such as lower interest rates or additional top-up funds.
Can I transfer my existing Loan Against Property to Home Credit?
Yes, you can transfer your existing Loan Against Property to Home Credit and also avail a top-up loan*.
Can I get additional funds with a Balance Transfer?
Yes, you can opt for a top-up loan facility of up to ₹75 lakhs, depending on your eligibility and property value.
Is there a penalty for prepayment or foreclosure?
Incase you decide to foreclose your loan, you will be charged 5% of the outstanding principal.
Can Loan Against Property be taken on jointly owned property?
Yes, Loan Against Property can be availed against jointly owned property. All co-owners generally need to be co-applicants and provide consent.
What are the schedule of charges?
| Particulars | Charges |
|---|---|
| Processing Fee (PF) | Up to 5% of the Loan Amount (non-refundable) |
| Login Fee | Up to ₹2000 (inclusive of GST) |
| Stamp duty | On actuals (state-specific) |
| Legal & Technical Charges | Up to ₹5000 (inlcusive of GST) |
| Prepayment / Foreclosure Charges | Allowed after 12 months from the loan disbursal date. Charges are calculated on outstanding principal amount and is dependant on the loan active period (in months) 12-24 months - 7% 25 - 36 months - 5% >36 months - 4% Nil for Individual Borrowers on floating rate of interest |
| Late Payment Charges | 2% per month on the overdue amount |
| Cheque / ECS / NACH Bounce Charges | ₹500 per instance |
| Part Prepayment Charges | Allowed once in a financial year up to 25% of principal outstanding - 0% >25% of principal outstanding - 3% |
| Statement of Account (SOA) | 1 free per year, ₹250 per additional statement |
| List of Documents (LOD) / No Dues Certificate | ₹500 per instance |
| Property Re-evaluation Charges | ₹5,000 – ₹10,000 (as applicable) |
| Conversion Charges (Rate / Tenure change) | 0.5% of outstanding principal or ₹10,000, whichever is higher |
| Repayment Swap charges | ₹500 per request |
| Legal / Recovery Charges (Other than pertaining to SARFAESI) |
On actuals |
| Loan cancellation charges | ₹10,000 plus applicable charges |
| Issuance charges for photocopy of title deed | ₹500 per document set |
| Equitable mortagage creation charges | Defined as per state |
| Document storage (in case not collected within timeline) | ₹500 per document per day |
What documents are required to apply for a Loan Against Property?
Identity Proof: PAN card
Address Proof: Aadhaar card, Voter ID, Driving License, Passport or Utility bills
Income Proof:
Salaried: Latest 3 months’ salary slips, Form 16, Bank statements.
Self-employed: Last 2 years’ ITR, audited financial statements, GST returns, and Bank statements.
Property Documents: Title deed, approved property plan, sale deed, and/or lease agreement.
Photographs: Passport-sized photos of applicant and co-applicants.
Please note that the above document list is indicative and may vary depending upon the applicant's profile and the type of property.
What can I use the Loan Against Property funds for?
Funds from a Loan Against Property can be used for multiple purposes including:
What types of properties are acceptable for Loan Against Property?
Residential properties, Commercial properties, Industrial properties, Institutions, Hospitals, and Shopping malls (subject to internal policies).
What is a Flexible Personal Loan?
Flexible Personal Loan offers you with the flexibility to choose your credit limit, from which you can withdraw any amount starting from ₹5000 into your bank account whenever you want. You can use this limit for various purposes such as medical treatment, home renovation, travel, wedding, or any other financial requirement.
Home Credit has stopped sanctioning Flexible Personal Loans
What are the minimum and maximum limits offered by Home Credit?
With Home Credit Flexible Personal Loan, you can get a flexible credit limit ranging from ₹10,000 to ₹1,00,000
What is the minimum amount I can withdraw from my flexible credit limit?
You can withdraw any amount starting from ₹5000 from your flexible credit limit. The maximum amount you can withdraw cannot exceed your available credit limit at that point of time.
The Withdrawal facility on the Flexible Personal Loan has been stopped by Home Credit
What is the minimum and maximum tenure offered for a Flexible Personal Loan?
Home Credit Flexible Personal Loan offers a flexible limit for 36 months. After that it can be converted into a term loan for up to 24 months. There is no minimum tenure, and you can repay the outstanding principal whenever you want, through the "Pay Now" section on the Flexible Personal Loan page in the Home Credit app.
What is a transaction fee, and when is it charged?
The transaction fee is 2.5% of the withdrawal amount. It is charged only when a withdrawal is requested by you.
The Withdrawal facility on the Flexible Personal Loan has been stopped by Home Credit
When will I get the Flexible Personal Loan monthly bill?
Your monthly bill will be generated 15 days before the due date. It will be made available on the mobile app and sent to your registered email ID. You can easily download your monthly bill from our Home Credit app. Just click on your Flexible Personal Loan on the Home Page and go to the View Monthly Bill section.
What will be the due date for my flexible personal loan? Can I change the due date?
The exact due date is generated once the loan application process is completed, and the contract is signed. Once generated, the due date cannot be changed.
How can I pay my monthly bill?
You are requested to set-up auto debit at the time of taking the loan so that your monthly bills will automatically be deducted from your bank account on your due date. If for any reason you were unable to pay using auto-debit, you can pay your monthly bill through the Home Credit App. Select the "Pay Now" option on the Flexible Personal Loan page and choose a repayment method from the available options. If you wish to set up auto debit now, click here
How is my monthly bill calculated?
The minimum amount due on your monthly bill is calculated as 3% of the outstanding principal + Applicable Fees + Interest Charged + Value Added Service Fee (if applicable) + Late Payment Charges, or Rs. 2500, whichever is higher. It is mandatory to pay the Minimum Amount Due on or before your due date to avoid late payment charges and a negative impact on your credit score. You can also make a lump-sum payment of the outstanding principal anytime, whenever you have additional funds with you.
When would the late payment charges be levied?
Late payment charges will be levied on your total outstanding loan amount if the minimum amount due as per the monthly bill is not paid by the due date.
How can I foreclose my flexible personal loan?
You can foreclose your Flexible Personal Loan by placing an early repayment request by calling 0124 662 8888 or writing to our Customer Care department at care@homecredit.co.in.
What is Flexi Period?
Flexi Period is the 3-year tenure of your Home Credit Flexible Personal Loan in which you are able to withdraw an amount of your choice from your Flexible Personal Loan limit and pay back whenever you have the funds available with you. During the Flexi Period there is a monthly bill which is generated and the Minimum Amount Due as per the bill needs to be paid on the monthly due date.
However, Home Credit has now stopped providing withdrawal option on Flexible Personal loan.
What is Fixed period?
Fixed Period refers to the tenure of up to 2 years which comes into effect after the Flexi Period has ended. If you have an amount due towards the end of the Flexi Period, you will be required to pay it off before the Flexi Period ends and in case you are unable to do so, you can convert it into a Fixed Period Personal Loan of up to 24 months.
All Flexible Personal Loans are converted to a Fixed term period loan to help you pay your EMIs easily
What is a Fixed Period Personal Loan?
After 34 months of the Flexi Period have passed, customers are given an option to either pay their Total Amount Due and close their Flexible Personal Loan or to convert the Total Amount Due into a Fixed Period Personal Loan. A customer also has the choice to pay off some part of the Total Amount Due during the Flexi Period as a lumpsum payment and convert only the remaining into a Fixed Period Personal Loan.
A Fixed Period Personal Loan is very similar to a regular personal loan which will have a fixed tenure of 3 to 24 months, a fixed interest rate at which interest shall be calculated and a fixed EMI which needs to be paid every month on or before the due date.
What is the eligibility criteria for converting the Total Amount Due of the Flexi Period into a Fixed Period Personal Loan?
A customer can convert the Total Amount Due provided the following conditions are met:
In case your Total Amount Due is less than Rs. 2500 or Rs. 5000 then you will have to keep paying off your Minimum Amount Due and close your account to avoid any delinquency or late payment charges. Your monthly bill will keep generating.
What is the process of converting the Total Amount Due into a Fixed Period Personal Loan?
After 34 months of your Flexi Tenure or at any point of time during the Flexi period as decided by Home Credit, your Total Amount Due will be converted into a Fixed Period Personal Loan. The Fixed Period Personal Loan offers an easier repayment experience and provides greater clarity on monthly payments.
If you have crossed 34 months then you will be able to see the option of loan conversion on our mobile app. This option will be visible to you only if you are eligible for loan conversion. If you wish to convert your outstanding dues into a Fixed Period Personal Loan, all you need to do is select the option to convert, choose your tenure and complete the conversion on the app. Once converted, this cannot be reversed. However, if you want to pay and close your account instead of converting, you will be able to do so on the app. Kindly view your Flexible Personal Loan page on the mobile app for exploring all your payment and conversion options.
What if I don’t want to convert my Total Amount Due into a Fixed Period Personal Loan?
All Flexible Personal Loans will be converted to Fixed Period Personal Loan.
In case you do not wish to convert your Total Amount Due into a Fixed Period Personal Loan, then you will have to pay it off to Home Credit before your Flexi Period ends so that your loan account can be closed successfully. You shall receive a No Dues Certificate after 10 days of loan closure on your registered email ID and phone number. However, in case a customer fails to pay by the end of the 36th month of the Flexi Tenure and does not convert the amount into a Fixed Period Personal Loan on his own via the app, then it shall automatically get converted into a Fixed Period Personal Loan of up to 24 months, provided the amount due is more than Rs. 2500 or Rs. 5000.
What is the Interest rate of Fixed Period Personal Loan?
The interest rate of the Fixed Period Personal Loan is the same as the interest of your Flexible Personal Loan as mentioned in your loan documents.
What is Fixed Period Conversion Notice?
It is the document which is issued to the customer after conversion of Flexible Personal loan to Fixed Period Personal loan. It includes the Key Fact statement, repayment schedule and Terms & Conditions of the Fixed Period Personal Loan.
How is the installment of the Fixed Period Personal Loan calculated?
Your installment will be calculated based on the interest rate and the tenure which is applied to your Fixed Period Personal Loan which is generally between 3 to 24 months.
Will there be any fee charged at the time of end of Flexi Period?
No, there will be no additional fee charged at the end of the Flexi Period, other than your outstanding dues and late payment charges if any.
Will there be any fee charged for converting the Total Amount Due into a Fixed Period Personal Loan?
No, there is no processing fee or conversion fee charged to convert the Total Amount Due into a Fixed Period Personal Loan. The conversion facility is free of cost.
Will the annual renewal fee be charged during the Fixed Period?
No, the Annual Renewal Fee for Flexi Period shall not be charged during the Fixed Period.
What will be the due date for the Fixed Period Personal Loan?
The due date of the Fixed Period Personal Loan will be the same as the due date of your Flexible Personal Loan. The monthly bill will continue to be generated with your installment amount as the due amount.
Will I still receive a monthly bill or statement?
Yes, your monthly bill will continue to be generated as usual. It will inform you about the EMI amount that you need to pay.
How can I pay the EMI of Fixed Period Personal Loan?
The payment of your monthly installment shall be deducted from your linked bank account via auto debit in case your auto debit facility is active. If you have not set up auto debit, we recommend you do so on our website. Alternatively, you may pay your monthly dues via our mobile app or website as well.
Will there be any additional charges if I miss my EMI?
Yes, the late payment charges which apply for any Home Credit loan shall apply here as well. Below is a detailed overview of late payment charges:
Late Payment Charges
| Days past due | Outstanding loan amount | |||
| ≤ ₹ 5000 | > ₹ 5000 | |||
| Late Payment Charges | Total Late Payment Charges | Late Payment Charges | Total Late Payment Charges | |
| 1 day | ₹200 | ₹200 | ₹550 | ₹550 |
| 30 days | ₹300 | ₹500 | ₹600 | ₹1150 |
| 60 days | ₹400 | ₹900 | ₹650 | ₹1800 |
| 90 days | ₹500 | ₹1400 | ₹750 | ₹2550 |
| 120 days | ₹500 | ₹1900 | ₹750 | ₹3300 |
| 150 days | ₹500 | ₹2400 | ₹750 | ₹4050 |
| 180 days | ₹500 | ₹2900 | ₹750 | ₹4800 |
Where can I see the details and monthly bills of my Flexible Personal Loan after converting to Fixed Period Personal Loan?
You will have access to the details, documents and monthly bills of your Flexible Personal Loan in the self service section on our mobile app.
I want to foreclose my Fixed Period Personal loan. How can I do it?
You may foreclose your Fixed Period Personal Loan by contacting our customer care. You may email us your request at care@homecredit.co.in You must contact our customer support and formally request for foreclosure. Please note that the foreclosure of a Fixed Period Personal Loan will not happen automatically upon full payment of the total amount due.
Is there any free look period for closure of my Fixed Period Personal Loan?
No, there is no freelook period for Fixed Period Personal Loan. Once the loan is converted to a Fixed Period Personal Loan, you will have to contact customer care at care@homecredit.co.in for foreclosure.
How will I know if my Total Amount Due is converted to a Fixed Period Personal Loan?
You will be communicated about your loan conversion and can check the self service section on our mobile app. The loan conversion will be done automatically and you will receive a Loan Conversion Notice with complete details including loan amount, tenure, EMI amount, and applicable terms.
How is interest calculated if the Flexible Personal Loan is converted to a Fixed Period Personal Loan between in the middle of a billing cycle?
If the Flexible Personal Loan is converted to a Fixed Period Personal Loan in the middle of a billing cycle, the interest amount for the current Flexi-period billing cycle (during which the loan conversion occurs) will be included in the first EMI of the converted loan. This amount will be payable on the first installment due date of the Fixed Period Personal Loan.
What is Mobile Protect?
Mobile Protect is a value-added-service that covers repair and replacement of the new device in case of accidental and liquid damage.
For more details on Mobile Protect, please refer to the Terms and Conditions of your product .
Are there any charges to avail Mobile Protect plan?
Yes, a nominal charge is to be paid to avail the Home Credit Mobile Protect plan
How can I raise repair request under Mobile Protect service?
You can raise the repair request with authorized service provider for Mobile Protect service in two simple steps:
• Step 1: Register your repair request by calling the authorized service provider, or online, as mentioned in your e-kit.
• Step 2: Submit the required documents and pay the necessary service fee.
Once your request is registered and processed, pick-up will be scheduled by an authorized service provider.
For queries related to Mobile Protect, please contact your service provider.
What is Safe Pay?
Safe Pay is a value-added service offered to Home Credit consumer durable, personal loan and two wheeler loan customers. It is a package that offers Payment Holiday, Free Early Repayment, Loan Protection, Health Services. It offers customized plan options to choose from, as per your need.
For more details on Safe Pay, please refer to your product T&C document.
For any queries or concerns related to Safe Pay, you can connect with the following team-
Benefits are subject to the Safe Pay plan opted. To know more contact us at 0124-6628888 [Monday to Saturday, 9 am to 7 pm].
What is the Extended Warranty?
Extended Warranty Plan can be added to the Home Credit loan as a value-added service while purchasing a product financed by Home Credit.
For more details on Extended warranty, please refer to the product Terms and Conditions in the document.
When does the Extended Warranty period start?
The Extended Warranty period commences upon the expiration of the manufacturer’s warranty.
When does the Extended Warranty period end?
Tenure of your Extended Warranty service is mentioned in the Terms & Conditions. Please refer to the product documents for details.
How can I avail benefits under Extended Warranty?
You can avail the services of Extended Warranty by registering your request online or on call. Follow these simple steps to register your repair request:
A verified technician will visit and provide the repair services at the scheduled time.
For queries related to Extended Warranty, please contact your service provider
Can a person with no credit history apply for a loan?
Yes, an Indian citizen with an active source of income can avail Home Credit Loans even without a credit history.
Can a retired person apply for a loan?
Yes, a pensioner can avail the Home Credit Loan, if they meet the minimum eligibility criteria.
Can an existing Home Credit customer apply for an additional loan?
Yes, existing customers can apply for additional loans if their current contract to any linked contract is not delinquent. Additionally, there should be a gap of a minimum of 90 days between loan applications.
What is the maximum amount I am eligible to avail?
The maximum loan amount differs from product to product. You can check the maximum loan value on specific Home Credit product sections.
How can I make partial payments against my EMIs?
There is no option for part payment against EMIs, but you can avail Payment Holiday option after paying the first two EMIs.
How do I change my EMI due date?
The EMI due date is system generated and cannot be changed during the entire loan tenure
How do I check the status of the payments I have made?
Payment status can be checked under the Repayment Schedule on the Home Credit mobile app. To access the Repayment Schedule, navigate to Home > My loans > Contract Number > Repayment Schedule > Download Repayment Schedule.
How many products can I buy in a single transaction?
Only one Home Credit Loan can be availed on a single loan application.
When would I be levied late payment charges on my loan?
Late payment charges will be levied if the EMI amount is not paid on or before the EMI due date.
How can I foreclose my loan?
The loan can be foreclosed by raising a request for early repayment with Home Credit customer care.
Why do I need a Credit Score?
Keeping track of your Credit Score helps you stay prepared for future loan requirements. With Home Credit India, you get access to a detailed Credit Health Report and expert credit improvement services through our trusted partner, CreditMantri, for a small fee. A good credit score can significantly improve your loan eligibility and financial opportunities.
What are the benefits of a Credit Health checkup?
With Home Credit India's Credit Health Checkup, you can:
Will I get the Credit Health Report only once a month?
Yes, your Credit Health Report is generated monthly. However, you can download your latest report or previous reports anytime by logging into your dashboard.
What is the cost of Credit Health Report?
Our Credit Health Report is available as a yearly package, where you receive 12 monthly reports in a year, at less than ₹2 per day. Our plans start at just ₹499 per year.
How can I quickly check my Credit Score?
You can get your Credit Score in 3 simple steps:
What role does Home Credit India play?
Home Credit India, in partnership with CreditMantri, brings you an easy and reliable way to monitor your credit health. Our collaboration ensures that you can check your Credit Score effortlessly and take the right steps to improve your loan eligibility.
Can I cancel my subscription midway?
No, once you sign up, you will continue receiving 12 monthly reports. However, at the end of the annual subscription period, you can choose whether to renew the plan.
How can I pay for the Credit Health Report?
We offer multiple payment options like credit/debit cards, net banking, UPI, and mobile wallets. Choose the payment method which is most convenient & faster to you.
Is my data safe?
Yes, your data is 100% safe with Home Credit India. We do not share your data with third-party lenders; other than lenders you have consciously picked.
Which credit bureau is used for the Credit Health Report?
Our partner, CreditMantri, utilizes data from Equifax, one of India's top four authorized credit bureaus, to provide accurate and reliable credit insights.
How can I check my contract payment status or disbursement report?
You can check your contract payment status or disbursement report through the below steps:
How can I check contract error or contract status?
You can check the contract error or status of your contract through the below steps.
• Login to our Partner Portal Page using your HOMER ID & Password.
• Once you have logged in successfully, click on ‘My Reports’ and then navigate to “Contracts Report”.
• Then you have to choose the date range as per the creation date of the contracts and then click on ‘Search’ button.
• Now, select ‘check Errors Status of your contracts’.
• Click on active column to check contract activation status.
How can I reset HOMER Password?
To reset the password for HOMER Application ID, please open the webpage
How can I find details of Home Credit’s District Sales Manager?
Please reach out to us on our Partner Helpline at 1800-419-6660 to get details about our District Sales Manager
