Ocean Credit - Line of Credit

About Ocean Credit - Line of Credit

Ocean Credit is an advanced unsecured Line of Credit (LOC) loan application that evaluates the user's credit limit based on diverse factors, including location, income, liabilities, employment status, corporate ties, job position, property ownership, and other pertinent conditions.

Key Features:
Reasonable Interest Rates:
Borrowers enjoy unprecedented flexibility to apply for a specific amount and selectively choose the sum they wish to borrow from the credit line. Interest is exclusively charged on the withdrawn amount, not the entire credit line.

Flexibility in Repayment:
Borrowers can make choices that align with their financial situation, opting to repay the entire outstanding balance in one payment or selecting minimum monthly repayments. The option to pay rollover/delay fees provides added flexibility based on the user's budget or cash flow.

Security Measures:
The highest priority is given to user information security. Utilizing 256-bit SSL security encryption for data storage and transmission ensures absolute confidentiality. Information is never shared without explicit user permission.

Line of Credit Example:
For a loan amount 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 Notably, Ocean Credit calculates interest solely on the withdrawn amount of ₹6,000.

Product Details:
Loan Amount: ₹1,500 to ₹1,00,000
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 meticulously determined based on the user's location, income, liabilities, job, employment, corporate ties, company position, property, and other pertinent factors.
Providing precise information significantly enhances the chances of securing a higher credit line.

Credit Line Restoration:
Once the loan amount is repaid and settled, the line of credit is promptly and automatically restored.

Eligibility Criteria:
To access Ocean Credit services, individuals must meet specific criteria:
Indian citizenship and age above 18 (with a PAN card)
Possession of a bank account for receiving instant cash
A steady source of personal income every month
Application Process:

Download the Ocean Credit 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 Ocean Credit'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]