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What is the interest rate? Loan example?

OYE LOANS is a daily interest personal loan product, which means you only pay the interest for the number of days you hold the loan.

Interest, Fee & Loan Example:

  • Annual Interest Rate of 30% translating to 2.5% a month
  • Tenure – 12 months (fixed) with zero pre-closure & pre-payment charges
  • Processing Fee of 3% + 0.54% (GST)

Loan example – Borrowing a short-term loan of Rs. 10,000 for 12 months will cost about INR 1,722 in interest & INR 354 as processing fee which is payable in Equated Monthly Instalments (EMI) of about INR 975.

Note: Interest and EMI will vary slightly based on your loan application ‘date’ since it’s a daily interest rate product.

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