| Interest Rate | 30% |
| Duration | From 7 Days |
| Access Level | Public |
| Company Name | Magic Rupee |
| Phone 1 | |
| Phone 2 | |
| Website or Store | |
| Address | Krishna Nagar, Sector 13, GURUGRAM Gurgaon HR 122001 IN |
| Category | Dangerous Loan |
| Company Email | magicmagicrupee@gmail.com |
| Views | 118 |
MagicRupee is a comprehensive online loan platform designed to cater to various financial needs, offering a range of well-selected loan products. We prioritize safety, diversity, and ease of access in all our services, ensuring a professional and seamless experience for our customers.
Detailed Loan Example:
For a loan amount of ₹3,000,000 with a repayment period of 6 months, the following fees are applied:
- Monthly Interest Rate: 30% per annum divided by 12 months = 2.5% per month
- Monthly Interest Calculation: ₹3,000,000×2.5%=₹75,000₹3,000,000 \times 2.5\% = ₹75,000
- Monthly Service Fee: ₹3,000,000×0.42%=₹12,600₹3,000,000 \times 0.42\% = ₹12,600
- Total Monthly Payment Amount: ₹3,000,000÷6+₹75,000+₹12,600=₹587,600₹3,000,000 \div 6 + ₹75,000 + ₹12,600 = ₹587,600
- Total Interest Over 6 Months: ₹3,000,000×2.5%×6=₹450,000₹3,000,000 \times 2.5\% \times 6 = ₹450,000
- Total Service Fee Over 6 Months:₹3,000,000×0.42%×6=₹75,600₹3,000,000 \times 0.42\% \times 6 = ₹75,600
- Total Repayment Amount: ₹3,000,000+₹450,000+₹75,600=₹3,525,600₹3,000,000 + ₹450,000 + ₹75,600 = ₹3,525,600
Product Information:
- Repayment Period: Minimum 91 days (shortest, including renewal) - Maximum 730 days (longest, including renewal)
- Maximum Annual Percentage Rate (APR): 35%
- Loan Amount Range: Minimum ₹2,000 to Maximum ₹300,000
- Average Monthly Interest Rate: 1.35% to 2.9% (depending on the product availed)
- Transaction Fee: 0
- Processing Fee: 2% to 3.3%
MagicRupee Features:
MagicRupee offers a variety of well-curated loan products designed to meet different financial needs. Our platform is a professional loan market, providing safe and diverse loan products and related services. By downloading MagicRupee, you can apply for various loan products with ease.
Eligibility Criteria:
- Must be an Indian resident.
- Age between 20 and 56 years.
- Must have a source of monthly income.
How It Works:
- Install the App: Download MagicRupee from the Google Play Store.
- Select a Loan Product: Choose and click on the desired loan product within the app.
- Fill Out Your Information: Complete the application form with your personal details and submit it.
- View and Confirm the Loan Agreement: Review the loan agreement and confirm your acceptance.
- Await Approval: Wait for the application result.
Privacy and Permissions:
Your privacy is very important to us. We ensure that your personal information will never be shared without your direct and explicit permission.
Expert Counsel
Loan apps might seem like an easy solution for quick cash, but they come with serious risks. Here are 10 essential tips to protect yourself when using online lending platforms:
1. Brace for Aggressive Follow-ups if You're Late
Even a slight delay in repayment can trigger a barrage of messages, often on apps like WhatsApp. If these messages become overwhelming, consider blocking the sender to maintain your peace of mind.
2. Resist Borrowing from Multiple Apps
Taking loans from different platforms to cover existing debts can lead to a deeper debt cycle. Avoid this approach to maintain financial control.
3. Beware of High Late Fees and Interest Rates
Missing payments can lead to daily interest charges ranging from 5% to 7%, causing your debt to grow rapidly. Try to avoid missing deadlines to prevent accumulating excessive interest.
4. Only Download Apps from Official Stores
Stick to trusted sources like the Google Play Store when downloading loan apps. Unverified sites can compromise your privacy, exposing you to cyber risks.
5. Consider Safer Alternatives
Many loan apps are structured to trap users in cycles of debt, impacting financial stability and privacy. Seeking out more secure and traditional financial options can help avoid these pitfalls.
6. Watch for Short Repayment Periods
Some apps set repayment terms as short as 6 to 14 days, making it hard to repay on time and often leading to debt traps. Ensure you’re comfortable with the repayment schedule before borrowing.
7. Protect Your Privacy and Reputation
Loan apps sometimes contact family or friends to pressure borrowers, potentially harming your reputation. For some, this is reason enough to avoid these apps entirely.
8. Break the Borrowing Cycle
The best way to escape high-interest debt is to stop borrowing altogether. While it might be challenging initially, taking a break from these loans is essential for financial recovery.
9. Use Call-Blocking Apps Like Truecaller
Apps like Truecaller allow you to screen and block unwanted calls from lenders, helping to reduce stress from persistent calls and messages.
10. Report and Block Aggressive Contacts
If you receive abusive or threatening messages on platforms like WhatsApp, block the sender and report them to both WhatsApp and the app store to help protect others from similar harassment.
By following these guidelines, you can protect yourself from the risks of predatory loan apps and safeguard your financial well-being. Stay informed and make better financial decisions with MagicRupee. If you have any questions or need further assistance, feel free to ask!
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