01/09/2022
Production
User age limit: 18-60 years old
Loan Amount: from ₹3,000 to 20,000.
Service charge: 0%.
No other hidden costs
Tenure: the shortest tenure is 91 days, the longest tenure is 365 days.
Depends on the customer's risk profile and loan tenure. The minimum interest rate is 18% per annum and the maximum interest rate is 36% per annum.
Interest Calculation
Maximum Annual Percentage Rate (APR)：36%
Example of Mobile Rupee:
User loan ₹8,000, annual interest rate is 18%, term is 110 days:
Daily Interest: ₹8,000 x 18% / 365days = ₹3.95;
Total Interest: ₹8,000 x 18% / 365days x 110days = ₹434;
Daily Repayment: ₹8,000 / 110days + ₹3.95 = ₹76.68;
Total Repayment: ₹8434
Sample Monthly Payment:
If the repayment starts on January 1st and lasts for 110 days, the repayment plan is as follows:
January: 31day * Daily Repayment = ₹2377.08
February: 28day * Daily Repayment = ₹2147.04
March: 31day * Daily Repayment = ₹2377.08
April:Pay off the surplus: Total Repayment - (January + February + March) = ₹1532.8
Loan application procedure for first time borrowers:
1.Download Mobile Rupee application.
2.Register a personal account in the app.
3.Choose your loan amount and loan term.
4.Fill in personal info.
5.Loan review and cash disbursement.
Security:
Your data is safe with us. It is transferred over a secure HTTPS connection to us, and we do not share it with anyone without your consent except the Lenders. All the transactions are secured via a 128-bit SSL encryption.
Mobile Rupee does not directly participate in lending activities, but only provides a platform to facilitate registered non-bank financial companies (NBFC) or banks to lend users
Our partners include NABKISAN FINANCE LIMITED ,FIVE STAR BUSINESS FINANCE LIMITED,M POWER MICRO FINANCE PVT LTD etc.
Our policies and services are fully regulated and legally compliant.
Contact Us:
Address: Sewree Fort Road, Opp John Roberts & Co., Sewri (east)，Mumbai
Email: [email protected]
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