How to Apply HiKredit Loan 2023 : How to Get Personal Loan in Hikredit : How to Apply

How to Apply HiKredit Loan 2023 : How to Get Personal Loan in Hikredit : How to Apply :- HiKredit is a mobile application with the help of which one can get instant personal loan, loan up to 20 thousand rupees through Aadhar card and PAN card. Often people need money but getting money immediately is the biggest problem.

Because many people do not have money or for some reason they refuse to give money. So friends, this idea must be coming in your mind that how to get loan from HiKredit, does it give instant loan?

You are going to get all the information related to what should be the documents, eligibility to take loan from this application.

What is Hikredit ?

HiKredit is an online platform that offers personal loans across India. Through this app one can get instant personal loan for personal needs ranging from ₹ 1500 to ₹ 20000 for 91 days to 1 year. This app has been launched by HiKredit on 2nd June 2021. This app is approved by RBI, NBFC.

How to Get a Presonal from Hikredit 2023 ?

Taking a personal loan from HiKredit is very easy, all you need to do is follow the steps mentioned below:

  • Install HiKredit APP from Google Play
  • Register account with your phone number
  • Enter your personal details and upload your KYC documents
  • Select the loan product you wish to apply for and then submit it.
  • The loan approval result will be displayed in the app and will also be sent through SMS
  • Post approval, e-sign the loan agreement
  • The sanctioned loan amount is transferred to your bank account within minutes.

Eligibility Criteria : 

Eligibility: Its criteria are as follows:

  • Indian citizens
  • Between 18-60 years of age
  • Must have monthly income source of income

Documents Required : 

Documents: The following documents will be required for the HiKredit app which are as follows:

  • Selfie
  • Identity Proof (PAN card)
  • Address Proof (Aadhaar Card)

Interest rate: The annual interest rate of the loan (20%) charges interest.

Maximum Annual Percentage Rate (APR): 35% p.a.

Processing fee: ₹100 to ₹2,000 depending on the loan amount and tenure

GST: 18% on duty as per policy and law of India.

Let us understand it with example

If a person takes a loan amount of ₹10,000 and the interest rate is 20% p.a. with a time period of 180 days, then the interest payable is as follows:

Interest = ₹10,000 x 20% / 365 x 180 = ₹987

Processing Fee = ₹500

GST = ₹500 x 18% = ₹90

Total repayment amount in 180 days will be ₹10,000 + ₹987 + ₹500 + ₹90 = ₹11,577

APR = (₹11,577 – ₹10,000) / ₹10,000/180 * 365 = 31. 98%

Who Can take Hikredit Loans ? 

Students, Businessman, housewife, self employed etc. can take HiKredit loan for which the criteria are as follows:

Student :- 
If you are a student then you can take this loan for your educational purposes. For this you have to follow the terms of conditions of the bank or online apps.

Businessman :

If you are a businessman then you should have all the details like your company name, office ID, salary slips, and salary account details for this. This loan depends on your credit score.

Self Employed :

If you have any income source like you do job or you are Self Employed or you are House Wife then you can get loan sitting at home online with the help of HiKredit – Personal Loans App. ( Article Credit : https://loanpaye.com/)

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