BetterPlace Money

Description

BetterPlace Money (Betterplace Safety Solutions Private Limited) is a financial services platform which aims to help improve the financial health of frontline workers in India. BetterPlace Money acts as a bridge between the frontline workers and the big Banks/NBFCs by providing a simple and clear process for access to loans for the next billion population of India. The NBFC which is currently available on our platform is NDX P2P Private Limited (Liquiloans).

A user can avail instant cash personal loans of up to Rs 25,000 at a 1%-3% interest rate with no other hidden charges. We charge a small processing fee of Rs 200/- to Rs 600/-, exclusive of GST.

A representative example of the total cost of the Personal Loan, including all applicable fees:

Highlights:
* Finance Amount: Upto Rs 25,000
* Repayment Tenure: Minimum 3 months to maximum 6 months
* Rate of Interest / Annual Percentage Rate (APR): Minimum 20% to Maximum 50%
* Processing Fees: Rs 200-Rs 600/- (exclusive of GST)

Sample Loan Example:
Amount: Rs 10,000/-
Interest Rate: 1.5% monthly simple interest
Tenure: 3 months
EMI Frequency: Monthly
Processing fee: Rs 300/-
Disbursed Amount: Rs 9,700/-
Total Interest payable: Rs 450/- (interest is 1.5% per month = Rs 150 * 3)
Monthly Payment: Rs 3483.33/-
Total payment in 3 months: Rs 10,450/-
Overall Cost: Rs 750/- (includes Rs 450/- as interest and Rs 300/- as processing fee)
APR: (750/10000)*(365/90) = 30.4%

*Interest rate and processing fees vary as per your product

https://betterplace.co.in/

Please reach out to loansupport@betterplace.co.in for any questions.