Rate & Terms
Loan Eligibilty Criteria
01: Applicant should be Indian Resident
02: Salaried Employed
03: Minimum Salary should be Rs. 20000 per month
04: Good CIBIL Score
05: Saving Bank Account
Documents
01: Proof of Identity
02: Proof of Address
03: Proof of Age
04: Latest 3 Months Salary Slip/ITR Copies
05: Latest 6 Months Bank Statement
06: Photo
07: Other Documents, if needed
Rates & Charges
01: Loan Amount-Rs. 1,000 to 2,00,000
02: Processing Fee- 2% - 7%
03: Rate of Interest (ROI)- 2.99%
04: Tenure/Repayment Period- 95 Days to 365 Days
05: GST on Processing Fee- 18%
06: Annual Percentage Rate (APR)- 35% - 72%
Monthly Payment Example
Loan Amount : Rs.20,000
Tenure : 12 Months
Processing Fees : Rs. 400
GST On Processing : Rs. 72
Amount Disbursed : Rs. 19,582
EMI : Rs. 2,009
Total Repayment Amount : Rs. 24,111
Interest : Rs. 4,111
APR% : 40.72%
How is APR determined?
Annual percentage rate (APR) is determined based on your credit score, the amount you wish to borrow and your steady income. Generally, a good CIBIL score calls for a low APR while a poor CIBIL score means high APR. But we have a fixed APR which is the same for all.
Working of Our Rates & Fees
APR reflects the true cost of borrowing money. It includes the annual interest rate, a nominal processing fee and other miscellaneous expenses. APR is usually lower than your credit card interest rate. APR is the actual annual cost of your loan that helps you compare various loan offers from different lenders. We have a decent APR per annum.