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Loan tenure from 3-60 months with monthly interest varying from 1.33% – 2.5%. Annual Interest rates vary from 16% – 36%* The standard processing fee varies from 2.5% to 4% of the loan amount. For example, a loan of ₹50,000 with an APR of 18% and 24 month tenure total interest & fees will be ₹11,679 *These numbers are indicative and final interest rate or processing fee may vary from one user to another depending on the credit assessment.
For instance, if Mahipal applies for a Salary loan of INR 3 Lacs and get the loan sanctioned at the rate of 11.99% with a tenure range of 5 years, in such a case her EMI would be INR 6,672 and complete repayment amount till the end of 5 years tenure would be INR 4,00,309 (i.e 6,672 EMI * 60 months), wherein the total interest amount is INR 1,00,309 along with principal repayment of INR 3,00,000. Few additional charges like those of minimal one-time processing fee ranging from 0.5% to 3% of loan amount, pre-payment penalty on an earlier foreclosure of loan ranging from 1% to 5% may also apply. T& C apply.