Personalized interest rates are suggested to each loan applicant as per their RupeeCircle Risk Grade generated by an automated credit appraisal system that uses the personal and financial information to assess risk and understand the credit profile. The interest rate assigned ranges from 18% to 36% per annum.
RupeeCircle has developed a proprietary Credit Rating Score Model which incorporates a number of parameters such as credit history, financial ability & stability, social and other behavioural patterns of the loan applicant encompassing 5000+ data points.
Based on the detailed analysis, RupeeCircle’s in-house underwriting team classifies the loan application into six RupeeCircle risk grades - A to F, (A being the category with the strongest credit profile and F being the weakest).
There is no fee for self-registration and Rs.500 is charged in case of assisted registration.
We charge a one-time loan processing fee of up to (5.5%) of the Total Loan Amount or Rs. 1500 (whichever is higher) and applicable taxes at the time of disbursal.
This fee is debited straight from the total loan amount or collected in cash/cheques.
Please find the indicative processing fees structure below.
| Loan Risk Grade |
Grade
|
||||||
|
Rate of Interest on Loan Per Annum |
<% interest.min_int_rate %>% - <% interest.max_int_rate %>% |
||||||
| Max Processing Fee Rate* | 3% |
3.5% |
4% |
4.5% |
5% |
5.5% |
7% |
A Collection Fee of Rs 250 is paid by the loan applicant if the EMI amount is not paid on the due date.
A Late payment fee of Rs. 250 is charged for delay in payment 7-15 days from the due date, and additional Rs. 250 for each 15-day delay thereafter.
Note : No Late Payment Fee will be charged if the EMI is paid within the first 7 days from the due date.
| Document Preparation & Government Charges | Rs. 500 |
| Legal & Stamp Duty Charges | As applicable |
| Pre-Payment Charges | NIL after paying 3 months interest. |
| Cheque Bounce | Rs. 500 per bounce |
| ACH Charges | Rs. 125 |
| Cash Pickup Charges | Rs. 250 |
| EMI Date Change Charges | Rs. 250 |
| Account Swap/Change Charges | Rs. 250 |
*Government Taxes as applicable and all Rates & Fees are subject to changes.
You can prepay the loan at any time after three months from loan disbursal without any additional charges.
You need to repay the loan through monthly EMIs as per the repayment schedule. A complete repayment schedule will be provided to the borrower. Every month EMI amount is auto-deducted from your bank account to a Repayment Escrow Account. Any delay or default in repayment will attract severe penalty.
You can make repayments via direct debit, PDCs, NEFT, demand draft or any other mode of payment as mentioned in the Loan Agreement.