— Should I take a loan?
Have a dream to own a zippy bike? Before you decide on taking a loan, we recommend that you calculate your loan affordability basis your income, expenses and saving requirements. We believe that taking a loan is an important decision and you should learn about the terms, conditions and related charges before committing to the loan.
— Am I eligible to take a loan?
If you are an Indian citizen above the age of 19 years, with a source of income and with valid identity and address proof, you can apply for a loan with Home Credit. Click here to know more about eligibility criteria.
— I’ve never taken a loan before, can I apply for a loan with Home Credit?
Yes! Home Credit does not require you to have previously taken a loan, either from Home Credit or from any other bank/ institution. To know more about eligibility and documentation, click here.
— I do not have a credit card. Can I apply for a loan with Home Credit?
Yes! Home Credit does not require you to have a Credit Card to apply for a loan. To know more about eligibility and documentation, click here.
— What documents do I need to apply for a Home Credit loan?
To apply for a Home Credit loan, all you need is a valid address and identity proof document and in certain cases, valid income proof. To know more about eligibility and documentation, click here.
— Where do I apply for a loan from Home Credit?
Easy! Just look out for the Home Credit representative at the store while you’re purchasing your home appliances, mobile phones or even two wheelers and we’ll take you through the process smoothly. Click here to find a Home Credit store nearest to you.
— How long does it take to get a loan?
It takes only 10 minutes for the Home Credit representative to check your Home Credit loan eligibility and an additional 20 minutes for processing of the loan at the in-store Home Credit counter.
— What is a sanction letter?
Loan Summary is an system generated document issued by lender confirming the grant of loan amount and the terms basis which the loan has been granted to the borrower. Loan Summary contains the details such as loan amount, flat rate of interest, interest amount, due date, processing fee, down payment, monthly instalment amount and number of monthly instalments.
— How do I get a copy of my sanction letter/ loan summary?
If for some reason you have not received the Sanction/ Borrower’s Acknowledgement letter from the Home Credit representative, you can contact us here and we’ll be happy to provide you with a copy of the same.
— What if I want to cancel my Home Credit loan after I’ve taken it?
If you change your mind after taking a loan from Home Credit, you can cancel it within 15 days of signing the contract, without paying any penalty. All you need to do to is to pay your 100% outstanding principal to Home Credit within 15 days. To know more, contact us here.
— What is an EMI?
A monthly instalment is a fixed amount that a borrower pays to Home Credit each month during the loan period in lieu of the loan availed. Each monthly instalment comprises of the principal loan amount as well as an interest component.
— What is a repayment schedule?
Your repayment schedule mentions the monthly EMIs and their respective due dates. Details of your monthly EMIs and loan tenor are mentioned in the Sanction Letter/ Loan Summary.
— Do I have an option of pre-payment/ foreclosure of my loan?
Yes. Home Credit gives you the option to pre-pay and close your loan before its term ends by paying the pre-closure charge.
— Can I take multiple loans from Home Credit?
We have the policy of one loan per application. Post successful relationship with Home Credit for a minimum period of 90 days, you can apply for another loan with us.
— Can I change my loan due date?
No. Your first due date is system-generated to 30 days from the date you sign the loan contract. Thereafter, your monthly EMI will be due each month on the same date through the tenure of your loan.
— How can I make my EMI payments?
You can make your monthly EMI payments through ECS/ Direct Debit, online payment or by requesting a pick-up of cash at your convenience! For more details on EMI payment options and associated charges, visit our Repayment Options page.
— What happens if I don’t pay my EMI on time?
Home Credit will levy Late Payment Charges if an EMI is not received on or before the respective due date.
- 1 Day After Due Date
- 30 Days After Due Date
- 60 Days After Due Date
- 90 Day After Due Date
- Late Payment Charges
- Rs 350
- Rs 800
- Rs 1350
- Rs 2100
— Can members of my family or my friends call Home Credit and get information on my existing loans?
Account related information such as loan amount, EMI amount and tenure is only provided to the account holder. Family members/ friends can only be given information relating to payment procedures.
— What do I do if my two wheeler financed by Home Credit is stolen?
In the event of your two wheeler financed from Home Credit being stolen, you need to submit the documents below to Home Credit:
- Copy of Invoice.
- Copy of Registration Certificate (RC).
- Copy of Police FIR.
- Copy of Insurance Certificate/Policy.
- Intimation Letter to Insurance Company.
- Written Letter from you informing Home credit about the stolen bike.
Home Credit will claim insurance on the stolen vehicle and after deducting amount of remaining EMIs on the same, will transfer the balance to you.
— Do I have to provide any document or my income proofs to register for Standing Instructions?
No, registration does not require any document.
— How do I register for Standing Instructions?
You can sign up for Standing Instructions on our website. Click here to register.
— If I register for Standing Instructions, when will my monthly instalment be deducted via this facility?
The registration will be effective for your Standing Instruction within 10 days. We would request you to register for this service at least 10 days before your upcoming due date.
— What happens when I register for Standing Instructions?
On successful registration you will receive a confirmation SMS.
— Once registered for Standing Instructions, will I be able to register in future with other service provider or biller if required?
Yes, you can register as many times and with as many merchants as you want.
— When will my bank account be debited for Monthly instalment?
You will need to register for the service at least 10 days before the upcoming due date in order for the payment to be made via this facility and the subsequent monthly instalment would be deducted on the due date mentioned on the loan summary. In case it is a bank holiday it will be debited on the bank's previous working day.
— What will happen if I fail to maintain sufficient funds in my account to pay the monthly instalment?
Your account will not be debited in such cases. You may be charged a fee as per your respective bank's terms. You will have to pay the monthly instalment via other payment modes as listed on our website on the following link – https://cpweb.homecredit.co.in/webpay/loanpayment
— How do I cancel/modify a registered Standing Instructions?
You can contact your bank in case you want to cancel/modify.
— When the Monthly instalment is debited, would I be notified?
Yes, we send a payment confirmation SMS on your registered mobile number once we have successfully received your monthly instalment.
— What should I do in case the Standing Instructions functionality is not available for my bank?
You should make the payment via other available payment modes on our website. https://cpweb.homecredit.co.in/webpay/loanpayment. You need to check the list of banks provided on our website on a regular basis to see the updated list of banks.
— What if I want to change my scheduled payment date?
No we do not have any provision at the moment to change the due date.