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Mobile Loan - Instant Personal Loan App

Mobile Loan is a personal instant loan APP that provides young people with a fast cash loan service online. ...

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Mobile Loan is a personal instant loan APP that provides young people with a fast cash loan service online.

Product Information

Loan Amount: from ₹ 2,000 to 50,000.
Tenure: 61+ days (minimum period, including renewal period), upto 182 days (maximum period, including renewal period)
Maximum Annual Interest Rate: 0.095% per day. The maximum interest rate is 34.7% per annum.
Processing Fee: Upto 16% of Loan Amount (additional 18% GST to be paid)
Example: For ₹5,000 loan of 91 days duration, with interest rate is 0.095% per day, after deducting the processing fee, the interest payable will be as follows:
Interest Payable = ₹ 5,000*34.7%/365*91 = ₹432.25
Maximum Annual Percentage Rate(APR): 32%

Monthly Payment: For ₹5,000 loan of 30 days duration, with interest rate is 0.095% per day, after deducting the processing fee, the interest payable will be as follows:
Monthly Payable Amount= ₹ 5,000*34.7%/365*30 = ₹142.60
Total Cost of Loan = Processing Fee + Interest Amount = ₹531+₹142= ₹5673

Mobile Loan - Instant Personal Loan App is India's highest-rated Lending Platform for small businesses to give you instant business loans.

Last update

Feb. 21, 2021

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