Early Credit

In an era where financial challenges can arise unexpectedly, having access to a reliable and secure loan platform is crucial. Early Credit stands out as one of India’s top loan platforms, offering high-quality loan services to Indian mobile users. The platform ensures that the loan application process is secure, safe, and straightforward, promising never to share customer information without consent.

What is Early Credit?

Early Credit is a distinguished loan platform that facilitates the lending process by connecting users with registered non-bank financial companies (NBFCs) and banks. Early Credit itself does not engage directly in lending activities but provides a seamless platform for these financial institutions to offer loans to users.

One of the primary partner NBFCs is SAUMYA CAPITAL LIMITED, a Systemically Important NBFC, which collaborates with Early Credit to develop its online business.

Why Choose Early Credit?

Early Credit provides numerous advantages that make it a preferred choice for borrowers:

1. Loan Amount: Access loans ranging from ₹2,000 to ₹50,000.
2. Loan Tenure: Choose repayment periods between 95 days to 365 days.
3. 24x7 Access: Intelligent online process allows for 24x7 access to loans.
4. No Fees for Unsuccessful Applications: If your application is unsuccessful, you won’t incur any fees.

Who Can Apply?

To be eligible for a loan with Early Credit, applicants must meet the following criteria:

1. Indian Citizen: Must be a resident of India.
2. Age Range: Must be between 18 and 60 years old.
3. Employment Status: Salaried or self-employed individuals with a regular source of income.

Loan Information

• Annual Percentage Rate (APR): Up to 33% depending on the customer's credit score.
• Service Fee: Ranges from 2% to 8% based on the customer's credit history.

Example Calculation

Let’s consider an example to illustrate the loan terms:

Example:

• Loan Amount: ₹20,000
• APR: 30%
• Service Fee: 5%
• Loan Tenure: 95 days

Interest Calculation:

Interest=₹20,000×30%/365×95=₹1,562\text{Interest} = ₹20,000 \times 30\% / 365 \times 95 = ₹1,562

Service Fee Calculation:

Service Fee=₹20,000×5%=₹1,000\text{Service Fee} = ₹20,000 \times 5\% = ₹1,000

Total Amount Disbursed:

₹20,000−₹1,000=₹19,000₹20,000 - ₹1,000 = ₹19,000

Total Amount to Repay:

₹20,000+₹1,562=₹21,562₹20,000 + ₹1,562 = ₹21,562

Monthly Repayment Amount:

₹21,562/3=₹7,187₹21,562 / 3 = ₹7,187

Application Process

Applying for a loan with Early Credit is simple and can be done in a few easy steps:

1. Download the App: Get the Early Credit application from the Google Play Store.
2. Register an Account: Use your phone number to create an account.
3. Choose Loan Amount and Tenure: Select the desired loan amount and repayment period.
4. Fill in Information: Provide your personal and financial details.
5. Loan Review and Disbursement: After reviewing your application, the loan amount will be disbursed to your account if approved.

Why Early Credit Stands Out

• No Credit History Required: Even individuals with no credit history can apply for loans.
• 100% Paperless: Enjoy a completely digital application process with no need for bank visits.
• High Loan Approval Rate: Benefit from a high rate of loan approvals.
• Direct Bank Transfer: Once approved, the loan amount is directly transferred to your bank account.
• Access Anywhere, Anytime: Apply for loans anywhere in India, anytime.
• Flexible Repayment Methods: Repay on time, and your loan amount gradually increases.

How to Use Early Credit Loans

Early Credit loans can be used for a variety of purposes, such as:

1. Paying Monthly Groceries: Cover everyday expenses like groceries, clothing, and other necessities.
2. Medical Expenses: Handle urgent medical costs with ease.
3. Education: Fund your child's education or pay school fees.
4. Bills and Utilities: Cover utility bills and other monthly expenses with advance salary loans.

Early Credit is your reliable partner in managing financial challenges. With a secure, transparent, and user-friendly platform, Early Credit ensures that you can access funds quickly and efficiently. Whether you need a small loan for immediate expenses or a larger sum for significant financial commitments, Early Credit provides the support you need. Download the Early Credit app today and take the first step towards financial freedom