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Micro Loan


Micro Loan Interest Rate & Charges

Types of fees

Respective charges

Rate of interest

18% p.a. and above

Processing fees

Up to 2% of the loan amount (along with applicable taxes)

Bounce charges

Up to Rs. 2,000 (applicable taxes inclusive)

Penal interest (applicable in case of non-payment of monthly instalment on/ before the due date)

Any delay in payment of monthly instalment/ EMI shall attract penal interest at the rate of 2% per month on the monthly instalment/ EMI outstanding, from the date of default until the receipt of monthly instalment/ EMI.

Document processing charges

Rs. 2,000+ applicable taxes

Stamp Duty

At actuals (as per state)

Mandate Rejection Charges

Rs. 500/- (Inclusive of applicable taxes) per month from the first month of due date for mandate rejected by customer’s bank until the new mandate is registered

Micro Loan

Types of Micro Loan Interest Rate

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

Fixed Interest Rate

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

Micro Loan
Micro Loan

Floating Interest Rate

Here, Micro 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 Micro Loan interest rate makes it difficult for you to ascertain your monthly financial obligation.

Micro 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 Micro 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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