MyMudra – Ashirvad Loan

LIVE A BETTER LIFE WITH ASHIRVAD LOAN

Spending all of your savings on wedding expenses is not the smart choice, nor on remodeling your kitchen to make your house comfortable. It can cost you a huge  Planning a wedding, renovating your home, or even planning a vacation? My Mudra's Ashirvad Loan is the solution.

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Ashirvad Loan

 

Interest Rates & Charges


My Mudra offers Ashirvad Loans with low processing fees and low-interest rates. We ensure 100% transparency and no hidden fees with our loan, making the process effortless. 

Applicable Fees 

Interest rate

Keeping your EMIs manageable and controlling costs can be achieved with My Mudra’s Ashirvad loan interest rates starting at 10% and ranging up to 15% annually. Your experience will be affordable thanks to our reasonable fees and distinctive features.

Processing charges

There is a small processing fee for loan processing, verification, and other administrative services. Our fee is between 0.5% and 3% of the approved loan value, along with the applicable taxes which are based on several factors including credit score, loan amount, and more.

Foreclosure charges

My Mudra's Ashirvad Loan enables you to completely benefit from the opportunity of foreclosure during the loan term. Depending on the amount of the outstanding principal, we charge you from 2% to 5% in foreclosure fees.

Ashirvad Loan

Types of Ashirvad Loan Interest Rate

There are two kinds of Ashirvad Loan interest rates: fixed and floating.

Fixed Interest Rate

Here, the rate of interest charged on the Ashirvad Loan amount will remain constant throughout the loan repayment period. You know your Ashirvad Loan EMI obligation at the start of the tenor, allowing you to plan your monthly budget accordingly.

Ashirvad Loan
Ashirvad Loan

Floating Interest Rate

Here, Ashirvad Loan interest rates could change depending on changes to the Marginal Cost of Lending Rate (MCLR), which is the base rate set for banks by the RBI. With changes in MCLR, the interest rate on loans also gets revised. With a lower interest rate, the repayment amount also reduces. On the other hand, if the interest rates increase, your EMI obligation will also increase. A floating Ashirvad Loan interest rate makes it difficult for you to ascertain your monthly financial obligation.

Ashirvad Loan Interest Calculation Method

There are two methods to calculate interest: flat rate method and the reducing balance method.

In the flat interest rate method, the interest rate is based on the complete loan amount you pay during the repayment period. In case of reducing the balance method, the rate of interest on the Ashirvad Loan will be considered and calculated on the basis of the outstanding loan amount.

Flat Interest Rate Calculation

EMI = (principal + total interest payable) / loan tenure in months i.e. total interest payable = P x r x n/100

Where, ‘P’ is the principal loan amount, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.

Floating Interest Rate Calculation

EMI = [P x r x (1 + r) ^n] / [(1 + r) ^(n-1)]

Where, ‘P’ is the principal loan amount, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.

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