Incred — Incred agent is saying Insurance is mandatory for Personal Loan

Address:	Mumbai
Website:	www.incred.com

Hi,

I have taken a loan from Incred, Mumbai on 16th July 2022 of Rs. 185000. But they are saying that the sanctioned loan amount is Rs. 191261. Because they have bought a Insurance worth Rs. 6261 on my loan amount and I have to bear the EMI for that. They have never told us about the Insurance neither they asked our confirmation about the insurance.

Now, when contacted, they are saying that Insurance has been mandatory after Covid. If that is so, kindly send this statement through email. (I have recorded version with the agent)

They are charging 26% Interest which is very high anyways. They are charging 5% Processing Fees which is again very high and charging 18% GST on that 5% Processing Fees

This is pure cheating by Incred.