Rate & Terms
Smart Loans, Smarter Terms
How is the annual percentage rate (APR) determined?
The Annual Percentage Rate (APR) is determined by considering factors such as credit score, loan amount, and income. A CIBIL score of good quality will lead to a lower APR, while a score of poor quality may lead to a higher APR. However, some lenders may apply a fixed APR to all their loans irrespective of credit score.
How do Our Rates and Fees Work?
The APR is the total cost of borrowing. It's the interest rate plus a small processing fee and other costs. It's usually lower than what you'd pay on a credit card. It's the actual cost of your loan that lets you compare loan offers from different lenders. We offer a fixed APR of 35% each year.
Representative Example
For ₹50,000 borrowed at an interest rate of 35% per annum for a 12-month tenure, the borrower would pay:
Equated Monthly Instalment (EMI): ₹4,998
Processing Fee (excl. GST): ₹1,000 (2% of loan amount)
GST on Processing Fee: ₹180
Total Repayment Amount: ₹59,978
Total Interest: ₹9,978 (B)
Annual Percentage Rate (APR): 35% (Fixed)
Company Accreditation: We are registered under the name kreditbuddha, a registered NBFC (non-banking financial institution), approved by the RBI.
