Rates Terms
RATES & TERMS
DISCLAIMER: FINAL RATES & TERMS DIFFER IN EACH CASE AND ARE COMMUNICATED TO THE LOAN APPLICANT FOLLOWING COMPREHENSIVE ASSESSMENT OF LOAN APLLICATION AND MAY DIFFER FROM RATES & TERMS DISPLAYED ON THIS WEBSITE THAT SERVE MERELY FOR INFORMATION PURPOSES.
Minimum Loan Amount | INR 500 |
Maximum Loan Amount | INR 50,000 |
Rate of Interest | 0.1% per day (36% Annualized) |
Account Management Fee | 0.2% to 0.4% per day plus applicable GST |
Annual Percentage Rate | *Effective annualized interest rate (in percentage) (computed on net disbursed amount using IRR approach and reducing balance method)* |
Late Payment Fee (Per day) | 0.2% plus applicable GST charged post 2 days of grace period from Due Date (“Grace Period”) on the Originated Principal Amount for a Maximum of 30 Days from the expiry of the Grace Period on loans with a tenor of 30 days or less. 0.1% plus applicable GST charged post the Grace Period on the Instalment Amount for a Maximum of 30 Days from the expiry of the Grace Period on each instalment, with a tenor of more than 30 days. |
Loan Foreclosure / Pre-Payment Charges | Interest applicable till the date of pre-closure will be charged. Account Management Fee plus applicable GST till the date of pre-closure, will be charged. No additional pre-payment penalty charges will be assessed. |
Additionally, please NOTE,
Daily Interest Rate will only be charged during the term of the loan as agreed at the time of loan origination.
Rate of Interest and Account Management Fee will only be charged till the due date. If for any reason customer is unable to make the payment within the due date, customer will not be charged any further Rate of Interest and Account Management Fee.
Account Management Fee plus applicable GST will only be charged during the term of the loan as agreed at the time of loan origination.
Applicable Late Payment Fee plus applicable GST will only be charged on the Originated Principal Amount.
If the customer is unable to make the payment on the due date, the customer would be given 2 days of Grace Period to make the payment, post which customer would be charged Late Payment fee daily for a maximum of 30 days post the Grace Period expires.
No Late Payment Fee will be charged during the Grace period.
If the customer makes the payment on the dues date or does not make the payment on the due date, necessary reporting of loan status will be done to all applicable Credit Bureaus as per the True status of the loan.
Repayment received (Partial or Complete) will be applied as per the below process,
Late Payment Fee;
GST on Late Payment Fee;
Account Management Fee;
GST on Account Management Fee;
Interest;
Principal.
