Last Updated On : 2021-05-19
RedCarpetUp loans range from ₹500 to ₹50,000.
Loan terms range from 3 months to 36 months.
Annual interest rates (APR) range from 0% to 29.95% with an equivalent monthly interest of 0% to 2.49% only.
Processing fees for low risk customers range from 0% to 3%, while for very high-risk customers it ranges from 2.5% to 6.5% of principal.
Apllication fees range from ₹0 to ₹650.
Borrow ₹50,000 at an interest rate of 22% (per annum) for a period of 12 months with an application fees of ₹350 and processing fee of 2.5%:
Processing fee will be ₹1,250 for 12 months
The APR will be 28.372%
Total interest in 12 months will amount to ₹6,156
Monthly EMI of the loan will be ₹4,679.72
Total Payments and Fees will be equal to ₹57,756.63
Loan conditions may vary depending on your repayment history with RedCarpetUp and your CIBIL score.