Better place money is a financial services platform which aims to help improve the financial health of frontline workers in India better place money acts as a bridge between the frontline workers and the big banks / NBFC 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 : up to 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 fee Rs. 200 – Rs. 600
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
- Monthly payment : Rs. 3483.33
- Total payment in 3 months : rs 10,450
- overall cost : rs 750
- APR : (750/10000) (365/90) = 30.4%
Required Documents :
- Aadhar card for address verification
- Pan card for civil score
- Applicants age must be more than 21 years
- Active bank account
- No Loan Default in last 3 months
