Home Credit: Information, Eligibility Criteria, Interest Rates, Review & More
If you are looking for quick and instant personal loans, you must download the Home Credit app on your smartphone and explore the platform. The starting rate of interest on a Home Credit Personal Loan is 2% per month. Furthermore, you can get a loan amount of up to 5 lakhs and also get a loan tenure of up to 51 months.
The best part about HomeCredit Finance is that you will get personal loans within a matter of minutes after your document verification is done. In this article, we will mainly discuss the various loan-related features of Home Credit, its rate of interest, the eligibility of the borrower, and customer reviews. Hence, read on through to the end of the article to get fully informed.
Home Credit – General Information
If you want to avail of loans from the Home Credit platform, you will need to show your documents to the lenders on the platform. Home Credit is a non-banking financial company, and it claims to provide loans at low-interest rates within only a few hours of application for the loan.
If you apply for a loan now, you will get your loan within a few hours. However, your personal documents must be verified, and you will have to show your reason for availing of your loans. On the other hand, you will also need to make sure that all the documents you provide are true, and you will also need to provide your scanned photo and your current selfie.
Home Credit – Personal Loan Highlights And Loan Features
The following are the major highlights that will give you a better idea of the loan features of the Home Credit personal loan platform:
| Home Credit Personal Loans | |
| Loan Amount | Up to ₹5 lakhs |
| For existing Home Credit Borrowers | Minimum: ₹10,000Maximum: ₹5,00,000 |
| For new Home Credit Borrowers | Minimum: ₹25,000Maximum: 2,00,000 |
| Rate of Interest On Loan | 2% per month onwards |
| Loan Tenure | – For existing Home Credit Borrowers: 9 months to 51 months |
| – For new Home Credit Borrowers: 6 months to 48 months | |
| Minimum Income to Avail Loan | ₹10,000 |
| Loan processing fees | 0% to 5% of the Principal |
| Foreclosure fee | None |
| Flexible Personal Loan Processing Fees | 2.5% of the loan amount |
| Home Credit India Address (Home Credit office near me) | DLF Infinity Towers, Tower C, 3rd Floor, DLF Cyber City Phase II, Gurgaon-122002, India |
| Home Credit customer care number Delhi | +91 – 124 – 662 – 8888 (Between 9:00 AM – 6:00 PM, All Days) |
| grievanceofficer@homecredit.co.in |
Home Credit – Late Payment Charges (Personal Loan)
| Annualized Percentage | Starts From 24% | ||||||
| Number of days due | 1 day | 30 days | 60 days | 90 days | 120 days | 150 days | 180 days |
| Late Payment Charges | ₹350 | ₹450 | ₹550 | ₹750 | ₹750 | ₹750 | ₹750 |
| Total Late Payment Charges | ₹350 | ₹800 | ₹1350 | ₹2100 | ₹2850 | ₹3600 | ₹4350 |
Home Credit – Eligibility And Required Documents
The followings are the eligibility and the required documents needed at the time of availing loans from Home Credit:
Eligibility- If you want to avail of loans from Home Credit, you must fulfil the below-mentioned eligibility:
- Must be a citizen of India
- Must be either of the three: Salaried employee, Self-employed individual, or pensioner.
- Must be aged between 19 to 68 years.
- Must have an active bank account.
- At least 90 have passed since the last Home Credit loan application.
Required Documents- The following are the documents you need to have for verification of Home Credit personal loans:
- PAN Card
- Address Proof: Voter ID Card/ Driver’s License/ Property Tax Receipt/ Passport Government House Allotment Letter.
How To Download Home Credit App?
The following are the steps you will need to follow to download the Home Credit Loan App on your smartphone from Google Play Store:
Step 1: Open Play Store on your Android smartphone.
Step 2: On the search bar, type “Home Credit.” Tap on the “Home Credit: Loan App” option. (You can also apply for Home Credit loans by going to the following website: https://www.homecredit.co.in/en/home)
Step 3: Tap the install button, and then let the download and installation process take place.
Step 4: Once the Google Home Credit app is installed on your smartphone, you can start the app and then do a Home Credit loans login to get access to the variety of loan options.
Home Credit – Top Borrower Reviews
The following are some of the interesting reviews by Home Credit borrowers that must be helpful for you:
“WORST EXPERIENCE WITH HOME CREDIT . THESE GUYS IRRITATE THE CUSTOMERS AND DEDUCT AMOUNT REGULARLY FROM BANK ACCOUNT. FORCED FOR THE VALUE ADDED SERVICES AND DONT REFUND AMOUNT. I REQUESTED TO ALL OF U PLEASE DON'T TRUST ON HOME CREDIT FINANCE.” BY :- JITENDRA MEENA
“DON'T TAKE ANY KIND OF LOAN , SERVICES BAD , HIDDEN CHARGES , INTEREST PERCENTAGE VERY HIGH., AND CUSTOMER SERVICE REPRESENTATIVE VERY POOR CATEGORY.” BY :- bagderahul04
“I LIKED HOME CREDIT MINI CASH LOAN OPTION VERY EASY PROCEDURES. I TAKEN MINI CASH LOAN FROM HOME CREDIT FOR MY SON SCHOOL FEES ON THAT IT'S REALLY HELPS ME. I GOT 2 DAYS DELAY TO GET CREDIT BUT REALLY HAPPY WITH HOME CREDIT. I THINK THIS IS THE FIRST FINANCE GIVEN THIS TYPE EASY PROCEDURE TO GET LOAN. THANKU” BY :- MANJU6431
“I HAVE PURCHASED 2 MOBILE PHONES THROUGH HOME CREDIT INDIA WITH ZERO DOWN PAYMENT. ONLY A SMALL AMOUNT OF PROCESSING CHARGES. MINIMUM DOCUMENTS REQUIRED FOR THIS. AND THEY ALSO PROVIDE A SMALL FINANCE OF RUPEE 10000 FOR IMMEDIATE EMERGENCY. IT WILL BE AVAILABLE QUICKLY.” BY :- NEENU1234
Summing Up
As you have seen from the reviews of Home Credit in this article, the reviews related to the Home Credit app are mixed. However, you can also read popular reviews of Home Credit loan borrowers. If you see any hidden charges on the loan you are taking, ensure that you ask for full information. Make sure to read every piece of information related to the loans properly before you avail yourself of the loan from Home Credit. Although the app looks genuine, and the platform is certified, the borrower reviews say it all. Have you taken loans through the Home Credit app? Share your experience with us in the comments section below.
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According to Investopedia, “Stakeholder theory describes the composition of organizations as a collection of various individual groups with different interests. These interests, taken together, represent the will of the organization. As much as possible, business decisions should consider the interests of this collective group and advance overall cooperation.” The stakeholder theory shows the importance of relationships between various stakeholders of a business entity. It also shows how the management of a business must view and manage stakeholders. It describes how the business must treat its stakeholders to make the most economic and social impact to achieving the best results. The target is to maximize the profit of the business and make a strong overall impact. A business needs to consider the various differences in the priorities of stakeholders. This applies to stakeholders – both internal and external. Internal stakeholders include investors, employees, and owners. On the other hand, external stakeholders include the individuals and groups that are affected by the decisions of the company. These include creditors and suppliers. An Example Let’s take the help of an example to explain stakeholder theory. Consider a company where the management and shareholders are in a conflict. Here, the management might make a decision that might not necessarily enhance the value of a shareholder. This can create conflict with the interests of the shareholders. In this case, the organization can choose performance-based compensation. This helps the organization to tie management incentives to the value of the shareholder. This is one way of addressing stakeholder theory. However, there are various other issues that the company might face. In this case, performance-based compensation will help in boosting short-term performance. This will lead to a negative effect in the company’s long-term growth. How Does Stakeholder Theory Work? R. Edward Freeman came up with the stakeholder theory in the year 1984. As per the theory, a business firm must create value for all stakeholders of the organization. Only thinking about the shareholders will not help a business in its growth. According to Nerdwallet.com, “When the concept matured, more people understood people’s relationships beyond, within, and outside the entity. The stakeholder theory of the firm brings together the concepts of market and resource utilization and its socio-political impact of it. It defines how managers should understand and treat the stakeholders so that stakeholders’ interests come above all other interests.” Principles of Stakeholder Theory There are mainly six main principles of the stakeholder theory: Principle of Entry & Exit: Principle of Externalities Principle of Agency Principle of Governance Principle of Contract Cost Principle of Limited Immortality What Are The Major Benefits And Challenges Of Stakeholder Theory? This theory works since it considers all the interests of the (business, project, and/or organization). According to Indeed.com, “This theory understands that motivated and invested stakeholders may produce better results for the business and help the organization achieve more ambitious goals. Occasionally, you can apply the theory to ethical concepts, such as responsibility to society, nature, and the future, besides profit maximization and shareholder value creation.” The following are the major benefits and challenges of stakeholder theory: Benefits Here are the major benefits of stakeholder theory that will be advantageous for you: All the employees of your organization will benefit from it. As a result, you will see an increase in productivity, lower employee turnover, employee satisfaction, and improved mental health of employees. These factors will help the business in further talents for the company. You will have happier customers, which is essential for a business. If the business gets positive feedback from regular customers, they will become unpaid marketers for the products of the company. This helps in increasing the overall sales of the company. As the business’s cash flow grows, the finance providers of the company are assured of the company’s repaying capacity. Often, governments provide help to businesses that expand their operations to new areas of the country. Apart from that, it also helps the business to manage its cash flows in a better manner. Challenges Here are a few challenges of stakeholder theory that you need to be aware of: If a business follows stakeholder theory, it needs to care about all people who are affected by the business’s decisions. Often, a business puts less focus on the company’s shareholders. Since the shareholders have invested their money to maximize returns, the management has an obligation to keep the former’s interests as the main focus. It is hard (impossible) to fulfill the interests of everyone associated with the organization. Bottom Line Hope this article was helpful for you in getting a better understanding of stakeholder theory. This is an ethical concept where the business considers the interests of all its stakeholders. The business addresses the outcome, trends, profits, etc., associated with a business decision. The collective impact falls on the employees, shareholders, and all other stakeholders. The stakeholder theory works as per its six principles. R. Edward Freeman was the first person to coin the term stakeholder theory and conceptualize it in his 1983 article. Do you have more information to add regarding this ethical theory in business management? Share your thoughts and opinions with us in the comments section below. Continue Reading For More Business-Related Articles!! 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