Credit Business: Daily EMI Loan
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|
Parameter |
Details |
|
Product |
Term Loan |
|
Collateral |
Nil – Unsecured |
|
Target Segment |
Eligible SMA as per Transaction based lending model |
|
Location |
Pan India |
|
Tenure |
6 months (180 days); 9 months (270 days) |
|
Repayment Days/Installments |
180 days or 270 days ; ** Repayment on Sunday as well |
|
Demand Type / Overdue management |
Cumulative, any non-payment of demand will result in cumulative demand on the next day |
|
Loan Amount |
5k to 2 lac |
|
Interest Rate |
2.5% per month flat; 30% per annum flat |
|
Processing Fee (One time) |
3% + Applicable GST – For 6 month loan 2% + Applicable GST – For 9 month loan |
|
Foreclosure Charges |
Nil |
|
Late Payment Fee/Charge |
3% of the EDI Amount + GST |
|
Late Interest (Only on Principal Overdue) |
0.1% / day |
|
Disbursement Mode |
In Adhikari Bank account |
|
Primary repayment Mode |
Adhikari wallet with Spice Money |
|
Secondary Repayment Mode |
Adhikari Bank A/c through registered NACH |
|
Loan Journey |
Only on Spice money Adhikari App |
Key Highlights:
- Loan Amount: 5k to 2 lac
- 6 months & 9 months loan with daily Repayments through wallet
- No Credit history required
- No additional income documentation required
- End to End Digital Loan
- PAN India serviceability
Sample Calculation: Loan Amount: ₹50,000 Tenure: 6 months
Sample Calculation: Loan Amount: ₹50,000 Tenure: 6 months
|
Parameter |
Details |
|
Loan Amount |
50,000 |
|
Interest Amount @2.5% monthly |
1232.88 |
|
Interest Amount for 6 months |
7397.26 |
|
Processing Fee @ 3% (incl GST) |
1770 |
|
Disbursement Amount in Adhikari Bank A/c |
48,230 |
|
No. of Installment |
180 |
|
Daily Installment |
318.87 |
Sample Calculation: Loan Amount: ₹50,000 Tenure: 9 months
|
Parameter |
Details |
|
Loan Amount |
50,000 |
|
Interest Amount @2.5% monthly |
1232.88 |
|
Interest Amount for 9 months |
11,095.89 |
|
Processing Fee @ 2% (incl GST) |
1,180 |
|
Disbursement Amount in Adhikari Bank A/c |
48,820 |
|
No. of Installment |
270 |
|
Daily Installment |
226.28 |
(Payme LOS Journey)
User Consent + Bureau Pull
