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CredRight Pvt Ltd

Nougat

CredRight is a lending platform and helps facilitate loans via RBI registered Banks and NBFCs. We offer the below loan facility via our platform: 
 
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 is a loan platform, and we share your data with registered scheduled banks and NBFCs 
(Lending Partners) which shall include personal information, geo location, business data and financial data. We, and Lending Partners, 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. 
Our current lending partners are DMI Finance Private Limited and UGro Capital Private Limited which are RBI registered Systemically Important NBFCs.

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