| Interest Rate | 43% |
| Duration | From 7 Days |
| Access Level | Public |
| Company Name | SATRATAN MICROFIN PRIVATE LIMITED |
| Phone 1 | |
| Phone 2 | |
| Website or Store | |
| Address | |
| Category | Dangerous Loan |
| Company Email | |
| Views | 96 |
In a world where financial needs can arise unexpectedly, having access to a reliable and efficient loan service is essential. Rich Loan is an innovative instant personal loan app that connects users with registered non-banking financial companies (NBFCs) and banks, providing a seamless borrowing experience. Rich Loan itself does not directly participate in lending activities but serves as a platform to facilitate loans to users.
About Our Partner NBFC
One of our primary partners, SATRATAN MICROFIN PRIVATE LIMITED, is a legally registered institution with the Reserve Bank of India. With extensive experience in online loan services, SATRATAN MICROFIN PRIVATE LIMITED collaborates with Rich Loan to offer reliable and secure lending options.
Loan Details
- Loan Amount: ₹5,000 to ₹500,000
- Annual Percentage Rate (APR): 18.25%
- Loan Term: 91 days to 120 days
- No Hidden Fees: Enjoy transparency with no unexpected charges
Rich Loan provides quick access to funds with loan amounts up to ₹500,000, ensuring you have the financial support you need.
Illustrative Example
To illustrate how the loan terms work, let's consider an example:
- Loan Amount: ₹10,000
- APR: 18.25%
- Loan Term: 120 days
Interest Calculation:
Daily Interest=₹10,000×18.25%/365=₹5\text{Daily Interest} = ₹10,000 \times 18.25\% / 365 = ₹5
Total Interest=₹10,000×18.25%/365×120=₹600\text{Total Interest} = ₹10,000 \times 18.25\% / 365 \times 120 = ₹600
Total Repayment:
₹10,000+₹600=₹10,600₹10,000 + ₹600 = ₹10,600
In this example, if you take out a loan of ₹10,000 at an APR of 18.25% for 120 days, the total repayment amount would be ₹10,600, including ₹600 as interest.
Loan Requirements
To be eligible for a loan through Rich Loan, you must meet the following criteria:
- Residency: Must be a resident of India.
- Age: Between 20 and 52 years old.
- Employment: Must have a stable job and regular income.
Required Documents
Rich Loan's verification process is smooth and fast, making it one of the best online loan apps in India. To apply for an instant personal loan, please submit the following documents:
- Aadhaar Card, Driving License, Voter ID, etc.
- PAN Card
- KYC Details
How to Apply for a Loan from Rich Loan
- Install the App: Download the "Rich Loan" app from the Google Play Store and install it on your smartphone.
- Fill in Personal Information: Enter your personal details and submit them for verification.
- Bank Account Details: Provide your bank account details for fund transfer.
- Real-Time Approval: Your loan application will be approved in real time.
- Instant Loan Disbursement: Once approved, the loan amount will be instantly transferred to your bank account.
Why Choose Rich Loan?
- Ease of Application: The Rich Loan app is user-friendly, making the application process quick and simple.
- Personalized Loan Options: Use your loan money for various personal needs, from emergencies to planned expenses.
- Fast Access to Funds: Receive quick money for your immediate financial needs, ensuring you are never left stranded.
- High Security Standards: Rich Loan employs the highest standards of security to protect your personal and financial information.
Rich Loan is your dependable partner for managing financial challenges. With its seamless digital process, transparent terms, and instant access to funds, Rich Loan offers a convenient solution for personal loans. Whether you need a small loan for minor expenses or a larger amount for significant financial commitments, Rich Loan provides the financial flexibility you need.
Download the Rich Loan app today and experience the ease and efficiency of securing a personal loan with minimal hassle. With flexible tenures, high loan amounts, and a user-friendly interface, managing your finances has never been easier.
Expert Counsel
Loan apps may seem like a quick fix for financial needs, but they often come with significant risks. To help you stay safe, here are ten crucial tips to consider when using online loan applications:
1. Prepare for Aggressive Messaging if Payments Are Late Even a single day's delay in payment can result in a flood of harassing messages, especially on platforms like WhatsApp. If you experience harassment, block the sender to maintain your peace.
2. Avoid Borrowing from Other Apps Taking out new loans from different apps to pay off existing debts can worsen your financial situation. This approach often leads to a deeper borrowing cycle.
3. Beware of High Overdue Interest Rates Missing a payment can result in daily interest rates ranging from 5% to 7%. These high rates can quickly escalate, leading to deeper debt.
4. Download Only from Official Sources Always download loan apps from trusted sources, such as the Google Play Store. Unofficial sites may compromise your personal information, exposing you to cyberbullying.
5. Consider Avoiding Loan Apps Entirely Many loan apps are designed to ensnare borrowers in a debt cycle, jeopardizing their financial health and privacy. The safest choice is to explore more secure financial alternatives.
6. Watch Out for Extremely Short Repayment Periods Many loan apps have repayment terms lasting only 6 to 14 days, making it challenging for borrowers to meet their obligations, potentially trapping individuals in debt.
7. Protect Your Reputation Once a loan app contacts your friends or family to shame you publicly, their goal is often achieved. Some borrowers may opt not to repay the loan, believing the damage is already done.
8. Break Free by Ceasing Borrowing To escape the grip of loan sharks, the most effective strategy is to stop borrowing entirely. Although challenging, cutting off access to predatory loans is essential for regaining control over your finances.
9. Use Truecaller for Call Management Truecaller is a helpful tool for screening and blocking calls from loan apps, significantly reducing stress and unwanted harassment from lenders.
10. Report and Block Harassers If you receive threatening messages on platforms like WhatsApp, take action by blocking the sender and reporting them to WhatsApp and the Google Play Store to protect others.
By keeping these tips in mind, you can shield yourself from the damaging consequences of predatory loan apps and protect your financial well-being. Remember, it's essential to stay vigilant and make informed decisions to ensure your financial security. If you ever find yourself in a financial bind, consider reaching out to reputable financial institutions or seeking advice from trusted financial advisors instead of turning to dubious loan apps. Taking proactive steps now can save you from significant financial stress in the future.
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