Interest Rate | 30% |
Duration | From 30 Days |
Access Level | Public |
Company Name | Sayyam Investments Pvt Ltd |
Phone 1 | 0224-8930118 |
Phone 2 | |
Website or Store | payrupikloan.in |
Address | Agyathuri, Chamajali, Amingaon Guwahati Kamrup, Assam 781031 |
Category | Safe Loan |
Company Email | service@payrupikloan.in |
Views | 110 |
PayRupik Instant Personal Loan
PayRupik is an online instant personal loan platform trusted by over 5 million users, providing instant credit within minutes. It is a loan product of Sayyam Investments Pvt Ltd, a registered NBFC under RBI regulations. With PayRupik, you can avail loan amounts up to ₹20,000 quickly, easily, and safely.
Why Choose PayRupik?
Reliable Lending: PayRupik is your trusted friend when it comes to borrowing money without the hassle and excuses. With a seamless and fast application process, obtaining a loan has never been easier.
Loan Details:
- Loan Amount: ₹1,000 to ₹20,000
- Minimum Loan Tenure: 91 days
- Maximum Loan Tenure: 365 days
- Maximum Annual Percentage Rate (APR): 35% per annum
- Processing Fee: ₹80 to ₹2,000 (depending on the loan tenure and amount)
- GST: 18% on the processing fee, in accordance with Indian law and policy
Representative Example
For a loan amount of ₹6,000 with an interest rate of 25% per annum over a tenure of 120 days, the interest payable is calculated as follows:
- Interest: ₹6,000 x 25% / 365 x 120 = ₹493
- Processing Fee: ₹100
- GST: ₹100 x 18% = ₹18
- Total Repayment Amount: ₹6,000 + ₹493 + ₹100 + ₹18 = ₹6,611
- APR: (₹6,611 - ₹6,000) / ₹6,000 / 120 x 365 = 30.97%
Key Features of PayRupik
✔ Transparency: PayRupik is an online loan product from an RBI-certified NBFC, ensuring complete transparency. ✔Instant Personal Loan: Loan amounts are disbursed directly into your account within 15 minutes. The process is 100% online, allowing you to access funds anytime, anywhere. ✔ Efficiency: We process your loan application quickly and efficiently, with no paperwork and no hassle. ✔ Security: Your data is safe with us. It is transferred over a secure HTTPS connection, and we do not share your information with anyone without your consent, except the lenders.
How to Get Started
- Download and Install the PayRupik App: Available on the app store.
- Create an Account: Register using your phone number.
- Upload KYC Documents: Provide your ID, address proof, and PAN card.
Eligibility Criteria
- Nationality: Must be an Indian national.
- Age: Must be over 18 years old.
- Income: Must have a steady monthly income.
Minimal Household Income Eligibility
- Annual Household Income: Above ₹3,00,000 (Three lakhs) from all sources.
- Definition of Household: An individual family unit, i.e., husband, wife, and their unmarried children who are above 18 years old.
Expert Counsel
Loan apps offer quick and convenient access to credit, often with minimal documentation and fast approval. However, they can be notorious for high-interest rates, hidden fees, and predatory lending practices.
How to Avoid Loan Apps
- Build an emergency fund: Save 3-6 months' worth of expenses to avoid needing quick loans.
- Create a budget: Track expenses, prioritize needs over wants, and allocate funds wisely.
- Explore alternative credit sources: Consider banks, credit unions, or peer-to-peer lending platforms with more favorable terms.
- Improve credit score: A good credit score can help you qualify for lower-interest loans.
- Avoid unnecessary expenses: Cut back on discretionary spending to reduce the need for loans.
Precautions When Using Loan Apps
- Read terms and conditions: Understand interest rates, fees, repayment terms, and penalties.
- Check lender legitimacy: Research the lender's reputation, licenses, and regulatory compliance.
- Borrow only what you need: Avoid taking more than necessary to minimize debt.
- Set realistic repayment expectations: Plan to repay on time to avoid penalties and interest.
- Monitor your credit report: Ensure loan app activities are accurately reflected.
How to Pay Loan Apps
- Prioritize repayment: Pay on time to avoid penalties and interest.
- Create a repayment plan: Break down debt into manageable installments.
- Use automatic payments: Set up automatic transfers to ensure timely payments.
- Consider debt consolidation: Merge multiple debts into a single, lower-interest loan.
- Communicate with lenders: Inform them of financial difficulties to negotiate payment extensions or reductions.
What to Do in a Financial Crisis
- Seek professional help: Consult a financial advisor or credit counselor.
- Prioritize essential expenses: Focus on necessities like food, rent, and utilities.
- Negotiate with creditors: Discuss payment extensions or reductions.
- Explore government assistance: Look into programs like unemployment benefits or financial aid.
- Consider debt restructuring: Work with a credit counselor to reorganize debt.
Red Flags to Watch Out For
- Exorbitant interest rates: Rates above 36% APR are considered predatory.
- Hidden fees: Look out for origination fees, late fees, or prepayment penalties.
- Unclear repayment terms: Ensure you understand repayment schedules and amounts.
- Lack of transparency: Be wary of lenders with unclear or misleading information.
- Aggressive marketing: Be cautious of lenders with pushy or deceptive marketing tactics.
Additional Tips
- Regulatory bodies: Familiarize yourself with local regulatory agencies, such as the Central Bank of Nigeria, to report suspicious lenders.
- Loan app reviews: Research reviews from multiple sources to gauge lender reputation.
- Financial education: Continuously learn about personal finance and responsible borrowing.
By being informed and cautious, you can navigate loan apps wisely and make better financial decisions
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