Cred Cash is an instant personal loan credit line service offered by Cred. Its main USP is users can get Cred Cash without any proofs and it being a credit line, you can withdraw funds anytime you wish and as you continue to pay your Cred Cash EMIs, your credit line limit will get increased. In this article, we’ll be sharing how to use Cred Cash, how to apply for Cred Cash online, interest rates, eligibility, disadvantages of Cred Cash and even how to close a Cred Cash loan.
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What is Cred Cash?
Cred Cash is a credit line facility offered by Cred in partnership with the IDFC Bank. It’s an instant personal loan that users can avail without income proof & anytime they wish by simply linking their bank account. Based on the user’s credit worthiness, a pre-approved credit line of a certain amount is offered. Users can borrow anywhere from Rs.3000 to Rs.500,000 in loan. A new Cred Cash loan can only be borrowed again once the previous loan is fully repaid.
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Cred Cash Loan Benefits & Features
- Get instant loan upto 5 Lakhs without income proof
- Have extra funds? Repay the loan at no charges. Both full and part-payment is free.
- Loan gets disbursed within a few minutes
- Standard 2% to 2.5% processing fee
- Select your own tenure (3 months, 6 months, 12 months, 18 months, etc)
- Loan agreements can be downloaded anytime from the Cred app
- Loan is given by Cred in partnership with IDFC bank thus its more safer than trusting other Chinese loan apps
- EMI protection that will pay up to 3 monthly installments if hospitalized for 5, 10, or 15 continuous days.
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Cred Cash Loan Disadvantages
- Expensive compared to taking loan from banks
- Lack of customer support
- In some cases, Cred delaying the process of reporting EMIs to the credit bureau which in turn can affect credit score despite timely payments. Though now they claim to have introduced a new policy to report each loan separately to better track user’s repayment history.
- Cred Cash is a credit line meaning you cannot borrow more than the allotted amount. So if you’ve got a credit line worth ₹30,000. You can only borrow within that limit for your 1st loan. Once repaid, Cred will automatically increase your credit line depending on your repayment history.
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What is Cred Cash Loan interest rate?
Cred Cash loan interest rate depends on several factors such as user past history of bill payments, credit score, credit history, RBI directions, bank’s internal policy, etc but on average the interest rate can range anywhere from 14% to 18%. This is still better than most other instant personal loan apps in India with interest rates going upto 45%.
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Cred Cash Loan Eligibility Criteria
Following are some of the loan eligibility criteria for Cred Cash:
- You must be an Indian resident with valid KYC documents (PAN, Aadhaar).
- Minimum age: 21 years (some lenders set the upper limit at 60 years).
- A good credit score (CIBIL 750+ is usually expected).
- Must be a salaried employee or a self–employed professional with a steady income.
- Must be a registered CRED app user with at least one active credit card linked.
- Mobile number should be linked with Aadhaar for verification.
How to Apply for Cred Cash Loan Online?
To apply for Cred Cash loan online, here are the steps to follow:
- Download the Cred app and be a Cred member
- Log in with your credit card and mobile number
- On the homepage, you’ll find an option for “Cred Cash” (for eligible users)
- Otherwise, on the bottom menu, click on “explore” or “more” and select “Cred Cash”
- Your eligible Cred Cash amount will be displayed here. Click on “take a look”
- Next, select the amount you wish to borrow
- Here you’ll see the Cred Cash interest rate you’re getting
- Choose your EMI plan (48 months, 36m, 24m, 12m, 6m)
- On the bottom right side, click on the “first date of EMI” (anywhere from 2nd to 7th date of a month)
- On the left side at bottom, click on “compare plan” to check GST charges, processing fee and total interest
- Once you’ve checked these loan details, click on “proceed”
- Next choose your bank account & enter your bank account number
- Proceed for VKYC (keep your original Aadhar and PAN card ready)
- EMIs will get automatically dedicated from this bank account
- Cred will deduct the processing fee charges from your loan and disburse the remaining balance to your Cred Cash account within 30 minutes
- You can pre-close your Cred Cash loan & download Cred Cash loan documents from the Cred app itself
- Once you’ve fully repaid the loan, you can download the NOC
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How to Pay Cred Cash Loan EMIs?
Paying your monthly Cred Cash loan EMIs is quite easy. Borrowers can pay off their Cred Cash loan right from the Cred app. Remember we had to link our bank account while applying for the Cred loan? Well, here’s where it comes in handy.
- Cred auto-debits the EMI every month on a set date from your linked bank account. But on days you’ve extra funds with you, you can manually pay off your Cred Cash loan EMIs and the same gets reflected instantly in your EMI schedule.
- If you want, you can even pay your Cred Cash loan via the IDFC Bank app (if your Cred loan is disbursed by IDFC). Just log in with your registered mobile number or your loan account number.
How to Close Cred Cash Loan?
Cred Cash loan once fully repaid gets closed on its own and there’s no need for you to manually try to close it unless the Cred Cash loan is still active despite being fully repaid or if you wish to foreclose the loan. Let’s first see how to close a cred cash loan for early repayment or foreclosure.
How to Foreclose a Cred Cash Loan
To foreclose a Cred Cash loan, follow the steps below:
- Open the Cred app and visit Cred Cash
- Scroll down to find your EMI dues section & click on “view details”
- Next, a new page will open showcasing all your details
- Here, scroll down to find “foreclose your loan” option
- Click on it and select your reason to foreclose the loan
- Click on proceed and choose “continue to foreclose”
- Next, you’ll be redirected to foreclose your loan via your linked bank account (through Cred UPI)
- Pay off the dues and wait for 24 hours for your Cred Cash credit line to be recharged fully
- Once your payment is successful, you’ll get a confirmation message from Cred
- You can take another Cred Cash loan anytime again.
- Note that you cannot take a Cred Cash loan if you already have an active loan with them.
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Cred Cash Loan Paid but Still Showing Active? How to Close Cred Cash Account?
Cred Cash loan not getting closed? Despite you paying all your dues? Don’t worry, the loan will be reported in Bureau as a Personal Loan & note that it generally takes upto 45-60 days for payment/closure/regularisation etc. of the facility, to reflect in the bureau
But you need not wait that long for the same when you can manually close your Cred Cash Loan via the IDFC app. Follow the steps below to close a Cred loan manually:
- Download the IDFC app here – https://play.google.com/store/apps/details?id=com.idfcfirstbank.optimus&hl=en_IN
- Scroll down to find “personal loans” section
- Click on “know more”
- A new page will open for personal loans
- Log in using your registered mobile number & DOB or loan account number
- Once logged in, you’ll find all your loan details here
- Pay the dues (if any) and close your Cred loan
- If your Cred loan is still not getting closed, drop an email to Cred on [email protected]
