DO YOUR SHOPPING WITHOUT ANY HASSLE

Quick Loan Disbursal | Easy Repayment | Simple Application

Our feelings of happiness are closely related to shopping. There are times when you may not be able to replace your old appliances due to a lack of funds. With My Mudra Shopping Loan, you can buy anything at any time while paying your dues later. A customer's most valued service is receiving their loan approval in the shortest possible time. 

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Shopping Loan

 

Interest Rates & Charges


At My Mudra, we offer shopping loans with low processing fees and affordable interest rates. Getting the items off your shopping wish list and into your shopping cart will not compromise your budget. No hidden fees and 100% transparency are at the core of the loan, making it a seamless borrowing experience.

 

Applicable Fees

 

Interest rate

 

A shopping loan interest rate starting at 10% and ranging up to 14% annually would help you control costs and keep your EMIs manageable. As a result of our reasonable fees and distinctive features, you can be confident your experience will be affordable.

 

Processing charges

 

For loan processing, verification, and other administrative services, we charge a small processing fee. Our fee is between 2 and 3% of the approved loan value, along with the applicable taxes.

 

Foreclosure charges

 

With My Mudra’s shopping Loan, you can completely benefit from the benefit of foreclosing the loan during the tenure, which is a terrific way to save on interest. We charge 4% in fees for foreclosing on your loan plus applicable taxes on the outstanding principal.

 

Shopping Loan Calculator

 

Plan your loan repayment using My Mudra's shopping loan EMI calculator. Simply enter your basic details in this easy-to-use calculator to find out your EMI amount. After entering the loan amount, interest rate, and repayment tenure on the calculator, you will immediately receive the EMI details. This allows you to estimate your fixed costs based on the duration that works best for you.

Shopping Loan

Types of Shopping Loan Interest Rate

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

Fixed Interest Rate

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

Shopping Loan
Shopping Loan

Floating Interest Rate

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

Shopping 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 Shopping 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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