Personal Loan

Personal Loan Offerings

FLOCRED connects customers with personal loan options from over 30 banks and NBFCs, catering to diverse financial needs. Consumers can compare loan features from leading lenders and apply for the most suitable option based on their credit profile. FLOCRED also offers exclusive pre-approved/pre-qualified personal loans with fully digital processing and quick disbursement.

Key Highlights of FLOCRED Personal Loans

• Interest Rate: Starting from 10.49% p.a. (via FLOCRED).
• Loan Amount: Up to 40 lakh, with higher amounts available from select lenders.
• Tenure: Up to 5 years, extendable to 7 years for some lenders.
• Processing Fees: 0.5% to 4% of the loan amount (varies by lender).
• Insurance: Depends on the lender.

Personal Loan Interest Rates (as of January 28, 2024)

Features & Benefits

• Collateral-Free: No need to pledge assets.
• Flexible Usage: No restrictions on loan usage.
• High Loan Amount: Borrow up to 40 lakh.
• Minimal Documentation: Hassle-free application.
• Quick Disbursal: Funds disbursed promptly.

Fees & Charges

Types of Personal Loans

1. Instant Personal Loans: Quick approval with minimal paperwork.
2. Short-term Loans: Tenure ranges from a few days to 12 months.
3. Pre-approved Loans: Exclusive offers for eligible customers.
4. Consumer Durable Loans: Finance for gadgets and appliances.
5. Balance Transfer: Transfer loans to new lenders for better terms.
6. Top-up Loans: Additional funds for existing borrowers.
7. Education Loans: Financing for studies and training.
8. Debt Consolidation Loans: Merge multiple debts into one.

Eligibility Criteria

• Age: 18–60 years
• Income: 15,000/month (salaried); 5 lakh/year (self-employed)
• Credit Score: Preferably 750+
• Employment: Minimum 2 years of employment or business continuity

Documentation Required

• Identity Proof: Aadhaar, PAN, Passport, Voter ID, etc.
• Address Proof: Utility bills, property agreement, Aadhaar, etc.
• Income Proof: Salary slips, ITR, or bank statements.

Tips to Improve Loan Approval Chances

1. Maintain a credit score of 750 or above.
2. Correct inaccuracies in your credit report.
3. Avoid multiple loan applications in a short period.
4. Choose a lender likely to approve your application.