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(APR starting from 10.99%)
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Minimum annualized percentage rate is 10.99% and maximum annualized percentage rate is 36% with a flexible repayment period of 3 to 72 months. Also full repayment in 30 days or less is not allowed.
Consider a salaried customer avails a Personal Loan of ₹1 Lakh at an interest rate of 15% for a tenure of 36 months. The lenders also charge a processing fee which needs to be paid to get the loan processed and is usually 0-4% of the loan amount. Assuming the processing fee to be ₹2500, the total interest payable is ₹24,795 and the total amount payable is ₹1,27,295. The EMI will be ₹4,413 per month.