Loan Representative Example
| Loan Amount | APR | Tenure | Processing Fee | GST on Processing Fee | Amount Disbursed | EMI | Total Repayment Amount | Total Interest |
|---|---|---|---|---|---|---|---|---|
| ₹50,000 | 2% per month (24% APR) | 12 Months | ₹1,000 | ₹180 | ₹48,820 | ₹4,998 | ₹59,978 | ₹9,978 |
Loan Amount: ₹50,000 (This is the amount you are borrowing).
APR: 24% per year (2% per month) (This is the interest rate applied on the loan amount).
Tenure: 12 Months (The loan is to be repaid in 12 equal installments).
Processing Fee: ₹1,000 (The fee charged by the lender for processing your loan application).
GST on Processing Fee: ₹180 (18% GST applied on the processing fee).
Amount Disbursed: ₹48,820 (After deducting processing fee and GST, this is the amount credited to your account).
EMI: ₹4,998 (The fixed monthly installment to be paid, which includes both interest and principal).
Total Repayment Amount: ₹59,978 (The total repayment for the entire loan tenure including interest).
Total Interest: ₹9,978 (The interest paid above and beyond the loan amount over 12 months).