Sub-K Pay

Description

Sub-K Pay Playstore Content:

It is a customer engagement app where one can avail services related to existing microfinance loans for facilitating easy repayments along with holding video discussions over a video-conferencing platform with the customers.



Sub-K Pay app is a one-stop solution where one can easily make repayments of their existing microfinance loans from different banks/ NBFCs offered through Sub-K and engage with the customers by way of video discussions through a video-conferencing tool using Zoom’s video-conferencing capabilities which, for enabling screen and content sharing requirements, requests access for MANAGE_EXTERNAL_CONTENT.



Sub-K does not directly participate in lending activities, but only provides a platform to facilitate registered non-bank financial companies (NBFCs) or banks to lend to users. Our primary partner Banks are- RBL Bank, Axis Bank, Yes Bank, Jana Small Finance Bank, Ujjivan Small Finance Bank, Avanti Finance, Piramal Finance, Annapurna Finance and CSB Bank



What does Sub-K Pay offer?

The services currently being offered on Sub-K Pay are:

Sub-K Loan EMI Repayments

Customer engagement through Video Centre Meetings

EMI Calculator

Download Payment Receipt



Features of Sub-K Pay

Simple, secure, and easy to use

Avail multiple services with a simple click

All products & services are available 24x7 on your mobile

EMIs can be paid digitally, so no need to worry about keeping cash at home

Check the payment history of all past EMI instalments

Easily download digital payment receipts online for group/individual payments Track loan disbursement status

Hold video discussions with the Sub-Ks customer service personnel





Loan Amount: Rs 18,000/- to Rs 50,000/-

Interest Rates: 25.5% to 26%

Tenure: 18 months to 24 months

Processing fees: 1% (above Rs 25,000/- loan amount)



Example:

Loan Amount: Rs 50,000/-

Tenure: 2 years

Interest Rate: 25%

EMI: Rs 2,670/- (per month)

Total Interest Payable: Rs 12,990.16 (excluding processing fees + insurance charges)

Principal: Rs 48,419.84/-

Processing Fees(incl. GST): 1%

Disbursed Amount: Rs.50,000/-

Total Amount Payable: Rs.61,410/-

Total Cost of the Loan (Interest Amount + Processing Fees): Rs.12,990.16 (excluding processing fee+ insurance charges)







To Pay your existing MFI Loan EMIs

1. Install the Sub-K Pay app from the Playstore

2. Select the Bank

3. Login using your customer ID or Loan account number

4. Select Pay EMI option

5. Select one or all group members for whom you would like to pay the EMI

6. Pay EMI through various payment options



To join video center meetings

1. Install the Sub-K Pay app from the Playstore

2. Select the Bank

3. Login using your customer ID or Loan account number

4. Select Join Video Center Meeting option



Currently, the application is available in English, Hindi, Bengali, Marathi, and Telugu language. More languages will be offered over the coming months.