Nawajagaran Mobile App 5.0.5

Nawajagaran Mobile App provides different banking solutions as well as facilitates utility payment and mobile recharge/top-up for different telecom services providers like Nepal Telecom, Ncell, and CDMA for the account holders of Nawajagaran Saving and Credit Co-operative Ltd.
A key feature of the Nawajagaran Mobile App
It enables users for various banking transactions like Fund Receive/Transfer
Keeps track of all your transactions through a secured app.
Nawajagaran Mobile App facilitates you to pay different bills and utility payments through highly secured merchants.
Receive and send money through remittance services
QR scan: Scan and Pay feature that allows you to scan and pay to different merchants.
Highly secured app with two-factor authentication and fingerprint.
Apply for loan through our app:
Nawajagaran Mobile App offers different types of loan to our customers, we will be listing the loan category with interest rate and you can choose to apply for the needed loan category.
(Note: This is just loan information for applying and for approval customer needs to visit the Nawajagaran Saving and Credit Co-operative Ltd. Office)
Personal Loan Example
For a Personal loan, the followings things apply:
A. Minimum Loan Amount NRs 10,000.00 Maximum Loan Nrs. 1,000,000.00
B. Loan Tenure: 60 months(1825Days)
C. Repayment mode: EMI
D. Grace Period: 6 Months. Interest must be paid in the grace period.
E. Interest Rate: 14.75%
F. Processing Fees = 1 % of the loan amount.
G. Eligibility:
1. Resident of Nepal.
2. Age above 18 years
3. Must have a guarantor.
4. Have an income source with tax clearance document
*APR = Annual Percentage Rate
H. The minimum period of repayment is 12 months(1 year) and the maximum period of repayment is loan tenure period as per the agreement (which is 5 years in this example).
I. The Maximum Annual Percentage Rate is 14.75%.
Personal loan Example:
Let's say you are applying for a Personal loan amounted NRs 1,000,000.00 from the organization at the rate of interest of 14.75% (annual) and your loan tenure is 5 years,
Equated Monthly Instalment (EMI)= Rs.23659.00
Total payable interest = Rs.407722.00
Total Payment = Rs. 407722.00
Loan processing fees = 1% of loan amount = 1% of Rs. 1,000,000.00 = Rs. 10,000.00
EMI will be calculated as under:
P x R x (1+R)^N / [(1+R)^N-1]
where,
P = Principal amount of the loan
R = Rate of interest (Annual)
N = Number of monthly installments.
EMI = 1,000,000* 0.0129 * (1+ 0.0129)^24 / [(1+ 0.0129)^24 ]-1 = Rs 23,659.00
So, your monthly EMI would be = Rs. 23659.00
The rate of interest (R) on your loan is calculated monthly i.e. (R= Annual rate of interest/12/100). For instance, if R = 14.75% per annum, then R = 14.75/12/100 = 0.0121.
so, Interest = P x R
= 1,000,000.00 x 0.0121
= Rs.12,123.00 for the first month
Since EMI consists of principal + Interest
Principal = EMI - Interest
= 23,659.00-12,123.
= Rs.11536 in the first installment which can vary on other installments.
And for the next month, the opening loan amount = Rs.1,000,000.00-Rs. 11536.00 = Rs.988464.00
Disclaimers: We are not asking applicants to pay advance money for loan. Please be aware of such fraudulent activities.