Credit Spark - Line of Credit

About Credit Spark - Line of Credit

Credit Spark stands out as an unsecured Line of Credit (LOC) loan application, meticulously evaluating factors like location, income, liabilities, employment status, corporate ties, job position, property ownership, and other pertinent conditions to determine the user's credit limit.

Notable Features:

1.Reasonable Interest Rates:
Borrowers enjoy the flexibility to apply for a specific amount and selectively choose the sum to borrow from the credit line. Interest is charged only on the withdrawn amount, offering a tailored approach to borrowing.

2.Flexible Repayment Options:
Borrowers can opt for a lump-sum repayment of the entire outstanding balance or choose minimum monthly repayments, with the added flexibility of paying rollover/delay fees. This empowers users to make decisions aligned with their budget or cash flow.

3.Security Protocols:
User information is treated with utmost care. Utilizing 256-bit SSL security encryption, all data is stored and transmitted securely, ensuring confidentiality. Information is never shared without the user's explicit consent.

Credit Line Example:
For a loan of ₹6,000, credit line amount of ₹36,000, maximum APR of 18.25% per annum, and a loan tenure of 120 days:
Interest = ₹6,000 x 18.25%/365 x 120 = ₹360
Processing fee = ₹100
GST = ₹100 x 18% = ₹18
Total repayment in 120 days is ₹6,000 + ₹360 + ₹100 + ₹18 = ₹6,478. Notably, Credit Spark calculates interest solely on the withdrawn amount of ₹6,000.

Product Details:
Loan Amount: ₹1,500 to ₹1,20,000
Minimum Credit Tenure: 91 days
Maximum Credit Tenure: 365 days
Maximum Annual Percentage Rate (APR): 18.25%
Processing Fee: ₹80 to ₹2,000 based on Credit tenure and withdrawal amounts
GST: 18% on processing fees in adherence to Indian laws and policies

Credit Line Determination:
The credit line limit is established based on the user's location, income, liabilities, job, employment, corporate ties, company position, property, and other pertinent factors.
Providing precise information enhances the likelihood of receiving a higher credit line.

Credit Line Restoration:
Upon settling the loan amount, the line of credit is promptly restored.

Eligibility Criteria:
To benefit from Credit Spark services, individuals must meet the following criteria:
Indian citizenship and age above 18 (with a PAN card)
Possession of a bank account to receive instant cash
A steady source of personal income every month

Application Process:
Download the Credit Spark App and complete the installation.
Register with your mobile number and grant basic permissions.
Submit KYC documents for information integrity checking (typically completed in less than 5 minutes).
Accept Credit Spark's terms and agreements, then determine the required loan amount.
Await the determination of total credit line limits, a process usually completed in less than 2 working hours.

Contacts
Email: [email protected]