You will be charged interest rate based on your risk score, which is derived from your credit report
Credit Risk Category
- Category A – 22% p.a. reducing balance
- Category B – 25% p.a. reducing balance
- Category C – 28% p.a. reducing balance
If you fall in risk Category A you will be charged interest on your loan amount @ 22% p.a. reducing balance method and so on.
A onetime processing fee of 3% of the loan amount (plus applicable taxes i.e. GST of 18%) shall also be charged and deducted from the loan disbursal amount.