CredRight Finance

CREDRIGHT FINANCE PRIVATE LIMITED

About this app

CredRight Finance, a RBI registered NBFC, provides loans to small businesses and self employed.
We offer the below loan facility via our app:

Loan Amount: Rs 1,00,000 to Rs 15,00,000
Minimum Annual Percentage Rate (APR): 18%, Maximum Annual Percentage Rate: 30% (reducing balance)
Minimum repayment period: 12 months, Maximum repayment period: 120 months .
Processing Fees: Max Up to 3% of loan amount exclusive of GST
Prepayment Fees: Up to 6% on the outstanding principal. GST Extra.
Late fee: In case of ECS/NACH/Cheque Bounce, you'll be charged Rs.500/- for each instance of ECS/NACH/Cheque Bounce.
In addition, your bank may also levy charges in case of a ECS/NACH/Cheque Bounce.

Sample Loan Calculation:
Loan Amount: ₹4,00,000
Tenure: 36 months
Interest Rate: 27% (on reducing principal balance interest calculation)
Processing fees (PF) + GST = ₹ 12,000 + ₹ 2,160 = ₹ 14,160
Total Deductibles (PF + GST): ₹ 14,160
In-Hand Amount: Loan Amount - Total Deductibles = ₹ 4,00,000 – 14,160 = ₹ 3,85,840
Monthly EMI Repayable: ₹16,330
Total Amount Payable: ₹16,330 x 36 months = ₹5,87,880
Total Principal Payable = ₹4,00,000
Total Interest Payable: ₹1,87,880
Total Cost of the Loan = Interest Amount + Processing Fees = ₹1,87,880 + ₹14,160 = ₹2,02,040



CredRight Finance collects data to process loans, which shall include personal information, geo location,business data and financial data. We,at no time store or share your contacts, credentials, access or share your pictures apart from selfies and house & business pictures you share for verification.