CredFin:Instant Personal Loans

Name: CredFin:Instant Personal Loans
Author: Credfin

0.5.9

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Credfin

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Quick and Accessible Financial Solutions for Your Needs!

CredFin: Instant Personal Loans of ₹5,000 to ₹2 Lakh

By Mei-Lin Chua

Contributing editor, apps and storefronts

Personal loans from ₹5,000 to ₹2 lakh
Repayment tenures from 62 to 365 days
Apply through the app or a web browser, uploading PAN and Aadhaar
Approved money sent directly to your bank account
Late fees up to 8.33% a month and processing fees of ₹590 to ₹11,918
Prepayment charge listed as zero

What CredFin is and who it is for

CredFin is a personal loan app run by a lender called Credfin, with loans offered through Arham Finance & Investment Services Ltd, which the listing names as its NBFC partner. The loans are short and small by Indian standards: between ₹5,000 and ₹2 lakh, repaid over anywhere from 62 days to a full year.

The listing is aimed at salaried people. You need to be over 21 and earn a take-home salary of at least ₹15,000 a month. Someone who is self-employed or has irregular income falls outside the criteria as written.

The listing says the service runs on the web as well as on mobile, so the same application can be started from either.

Applying for a loan step by step

The process has four steps. You log in, fill in some basic personal details, and upload your documents. Then you pick the loan amount and the tenure, and the money is transferred to your bank account once the application is approved.

The documents named are your PAN card, your Aadhaar card and a bank statement from the account your salary goes into. The listing describes approvals for completed applications as instant.

The app also asks for a selfie, which it uploads as part of the application. The listing says the camera and media access exists for that purpose.

How CredFin uses data from your phone

The listing says the app collects your SMS messages to assess creditworthiness and to decide how large an offer to make. This is the part of the app most likely to raise questions, so it is worth reading the listing's full wording before you agree.

Device information is used to tie the application to your phone. Location is used to confirm that a loan application can be served from where you are, and the listing says it also speeds up KYC, the identity check that lenders run.

Camera and media access is limited, per the listing, to uploading that selfie. A link to the lender's policy for dues is included in the listing, and support questions go to developer@arhamfinance.com.

What a loan costs and how repayment works

The listing gives the interest rate as a range from 0% to 36% a year, and calls the interest flat. Processing fees, including GST, run from ₹590 to ₹11,918 depending on the loan amount and tenure. The prepayment charge is listed as zero.

The listing works through an example. On a ₹20,000 loan over three months at a flat 36% a year, the ₹708 processing fee is taken from the amount, so ₹19,292 is disbursed. Flat interest comes to ₹1,800, making the total to repay ₹21,800, or three monthly payments of ₹7,267. The total cost of the loan, interest plus processing fee, is ₹2,508.

Missing a payment costs more. The listing says late payments are charged a fee of up to 8.33% a month on the amount due, with a minimum of ₹500 plus GST. A rejected mandate costs ₹250 plus GST, and a bounced payment costs ₹500 plus GST.

About this APK

The build we hold is CredFin:Instant Personal Loans 0.5.9 (APKS split bundle) for Android 7.0 and up.

Version: 0.5.9; 75
Requires Android: 7.0+
Size: 35 MB
Target Android: 16

Package ID: com.credfin.money
Format: APKS split bundle
Malware scan: Google Play Protect
Permissions: 28 declared · 6 sensitive; Approximate location
Camera
Microphone
Read your audio files
Read your SMS messages
Receive SMS messages
Signed by: CN=Android, O=Google Inc.
Certificate SHA-256: 4b9335c5afc6525fb9b39a6318c1328c8d253e422e6800ec9b67e22f00ac6be9