Developer: Betterplace safety solutions pvt ltd
Category: Finance
BetterPlace Money (Betterplace Safety Solutions Private Limited) is a financial services platform which aims to help improve the financial health of frontline workers in India. BetterPlace Money acts as a bridge between the frontline workers and the big Banks/NBFCs by providing a simple and clear process for access to loans for the next billion population of India. The NBFC which is currently available on our platform is NDX P2P Private Limited (Liquiloans). A user can avail instant cash personal loans of up to Rs 25,000 at a 1%-3% interest rate with no other hidden charges. We charge a small processing fee of Rs 200/- to Rs 600/-, exclusive of GST. A representative example of the total cost of the Personal Loan, including all applicable fees: Highlights: * Finance Amount: Upto Rs 25,000 * Repayment Tenure: Minimum 3 months to maximum 6 months * Rate of Interest / Annual Percentage Rate (APR): Minimum 20% to Maximum 50% * Processing Fees: Rs 200-Rs 600/- (exclusive of GST) Sample Loan Example: Amount: Rs 10,000/- Interest Rate: 1.5% monthly simple interest Tenure: 3 months EMI Frequency: Monthly Processing fee: Rs 300/- Disbursed Amount: Rs 9,700/- Total Interest payable: Rs 450/- (interest is 1.5% per month = Rs 150 * 3) Monthly Payment: Rs 3483.33/- Total payment in 3 months: Rs 10,450/- Overall Cost: Rs 750/- (includes Rs 450/- as interest and Rs 300/- as processing fee) APR: (750/10000)*(365/90) = 30.4% *Interest rate and processing fees vary as per your product https://betterplace.co.in/ Please reach out to [email protected] for any questions.
