Co-lending FAQs
What does Co-lending mean?
Co-lending is a set-up where banks and non-banks enter into an arrangement for the joint contribution towards a loan in a pre-defined ratio.
Will Co-lending affect my original loan repayments or tenure in any way?
No. The current loan agreement remains the same. The tenure and ROI for the current loan does not change due to the current co-lending partnership.
According to the SMS/email received from the bank, my due date and EMI amount seems different. Am I supposed to pay Bank and InCred separately?
Communications from the bank are to notify you of the colending arrangement. InCred will manage your loan and you have to continue repayments to only InCred as per our due date.
Do I have to make the loan repayments separately? Do I pay anything extra to the bank?
No. The repayments will be made via the already agreed repayment modes to InCred. No payments are to be made to the bank for the current loan in question.
What change can I expect due to Co-lending?
You’ll see 2 lines against the loan in your bureau report. One would contain the part of the loan on InCred’s books and another would contain the bank’s share of the loan. These loans are reported separately to the bureau by InCred and the bank due to which 2 lines are shown against it.
Will colending affect my CIBIL score?
Colending doesn’t affect the CIBIL score.
Whom do I contact for customer support and other loan related queries/requests?
You can always connect to InCred’s customer service at care@incred.com or 1800-102-2192 for all loan related queries/requests or support.