What is CRED Cash?

Cred Cash is a credit line that provides personal instant loans to its members without requiring any documents to be submitted. It’s a financial product of the collaboration between CRED and IDFC Bank. Its limit is based on factors such as CIBIL or credit score and any individual's spending habits.

Apart from this, the Cred app provides exclusive privileges to its members to pay credit card bills on time. It helps the user to review their credit scores and manage multiple cards at the same time.

Cred Cash Features

With the availability of various loan vendors in the market, Cred made its impact by giving exclusive perks to its members that stands out, let’s talk about them

• Members are eligible for a pre-approved cash limit which varies from person to person based on their CIBIL score of financial behaviors in the past.
• No hassle for submission of documents, physical visits, filling forms, or any phone calls.
• It allows users to access the amount as per their requirements from the pre-set limit.
• Here, the loan amount is paid out to your bank account at the very same time.
• It offers multiple plans to its users to pay their loan amount by EMIs after choosing a desired plan.

How to withdraw money from Cred Cash

The Cred Cash feature is available to those having credit scores equivalent to 750 or higher. Before proceeding with the withdrawal procedure one must have an account on the Cred app to access the Cred Cash feature. 

Another important point is to precisely put your bank details to Cred for the successful withdrawal of funds to the same account and future EMI payments associated with the loan. Check the steps to withdraw Cred cash.

Check for availability of Cred Cash and explore plan types:

• Open the app and check for the Cred Cash button availability.
• In the next step, you can choose the amount you want to withdraw from your pre-set limit.
• By clicking on the “Take a Look” section and adjusting the circular slicer to your desired amount.

• You can choose your EMI plan from the various plan types listed and check for the interest rate on different plans along with the next date of EMI payment.
• You can check interest rates using an EMI calculator.
• You can even click on “compare plans” on the same page and can customise the timeframe for the plans as per your needs.
• Click on the proceed button.

Bank Account Details

• Now click on “Choose your Bank account”
• Next, click on Add account with one tap and it will take you to SMS verification.
• After you choose your bank name from the list of banks mentioned it will automatically show your Card details with a pop-up ready to set up.
• Select your Card details and the next step is to enter your Bank Account Number.
• Click On “Add and Proceed” and your bank account is verified.

Instant KYC verification

• After clicking on the option “Tap for instant KYC”.
• It will fetch your information for validating KYC.
• Once it receives your information after cross-checking the details visible on the screen click on “Continue to unlock details”.
• In the next step, it will ask you to upload your selfie to match it with your KYC details.
• After verification of your picture click on proceed.

Set up EMIs on Auto-Pilot

• Proceed to set up auto-pilot mode.
• The next page has the details about the date on which the EMI is going to be deducted and the amount you need to pay.
• You can choose the mode to pay your EMIs (Net banking, Debit card, UPI)
• Acknowledge on terms and conditions option.
• Auto-pilot mode is set up successfully after this.

Money withdrawal

• Lastly, it will redirect you to a page showing a loan overview with an EMI installment. 
• Click on “Get money now” and it will send you a 4-digit OTP.
• Enter the OTP and click on “Withdraw from Cred cash now”.
• The Cred cash amount will be reflected in your bank account.

Cred Cash Interest rate

In general, Cred Cash interest rates vary from 15 to 18% per annum. It typically differs from person to person based on their financial behaviours, credit scores, and other factors. Interest is calculated based on the daily method of the interest calculator, which ensures that customers are paying interest for the specified number of days that they have borrowed money. 

Additional Charges and Fees

Apart from interest rates for effortless loan disbursement, Cred charges processing fees and 18% GST charges are applicable to withdraw Cred Cash.

Conclusion 

Although Cred offers paperless and instant loans at the easiest which makes it very approachable and convenient for emergency conditions. We suggest reading all the instructions carefully before proceeding with loan disbursement, as interest rates are subject to differ for different companies that offer personal loans. Please compare every accessible option you can go for and be aware of the market interest rates too.