| Interest Rate | 30% |
| Duration | From 7 Days |
| Access Level | Public |
| Company Name | Rupee Box |
| Phone 1 | |
| Phone 2 | |
| Website or Store | |
| Address | |
| Category | Dangerous Loan |
| Company Email | rupeebox463@gmail.com |
| Views | 405 |
Product Calculation Formula:
For a loan of Rs 20,000 with a tenor of 120 days, the fees charged are calculated as follows:
- Daily Interest Rate: 18.25%365=0.05%\frac{18.25\%}{365} = 0.05\%
- Interest to be Paid Per Day: 20,000×0.05%=Rs1020,000 \times 0.05\% = Rs 10
- Interest to be Paid Per Month: 20,000×0.05%×30=Rs30020,000 \times 0.05\% \times 30 = Rs 300
- Monthly Payment: 20,000×0.05%×30+20,000120×30=Rs5,30020,000 \times 0.05\% \times 30 + \frac{20,000}{120} \times 30 = Rs 5,300
- Total Interest Fee: 20,000×0.05%×120=Rs1,20020,000 \times 0.05\% \times 120 = Rs 1,200
- Total Payment Amount: 20,000+1,200=Rs21,20020,000 + 1,200 = Rs 21,200
After the loan application is approved, the user will receive a loan principal of Rs 20,000. Upon the loan's maturity, the user's repayment amount will include the total principal plus interest, with no other fees. Notably, there are no hidden costs.
APR and Fees:
- Loan Amount: Minimum Rs 5,000 ~ Maximum Rs 50,000
- Loan Term: 91 days ~ up to 120 days
- Loan Interest Rate (Maximum Annual Interest Rate): 18.25%
- Fees: No hidden fees, all charges are transparent and clear.
Features:
- High Loan Amount: Borrow up to Rs 50,000 to meet your financial needs.
- Fast Loan Approval: Enjoy a quick online application process with fast approval and swift disbursement.
- Secure Loans: Personal information is encrypted and secured throughout the process, ensuring the safety of your data.
Product Application Terms:
- Eligibility:
- Must be a citizen living in India on a permanent basis.
- Must be aged 20 years and above.
- Must be employed with a stable source of income.
Steps to Use the Product:
- Download the App: Download the Rupee Box application from the Google Play Store.
- Register: Sign in with your mobile number to create an account.
- Fill in Personal Information: Complete the application by providing your personal details.
- Order Review: Your application will be reviewed.
- Approval: Once approved, the loan amount will be credited to your account.
Expert Counsel
While loan apps might seem like a convenient solution to financial challenges, they often come with significant risks. Here are 10 crucial tips to keep in mind when using these online loan applications:
- Expect Aggressive Messaging for Late Payments Even if you're just a day late on your repayment, you might face aggressive and harassing messages, particularly on platforms like WhatsApp. If this happens, don’t hesitate to block the sender to maintain your peace of mind.
- Avoid Borrowing from Multiple Loan Apps Resorting to other loan apps to repay existing debts can trap you in a never-ending cycle of borrowing. This practice often exacerbates your financial situation rather than improving it.
- Be Aware of High Penalty Interest Rates Missed payments can result in daily interest rates ranging from 5% to 7%. These penalty rates can quickly balloon your debt, making repayment even more difficult.
- Download Apps Only from Official Sources Always ensure you're downloading loan apps from trusted platforms like the Google Play Store. Downloading from unofficial sites puts your personal information at risk and can expose you to fraud or harassment.
- Consider Skipping Loan Apps Altogether Many loan apps are designed to trap users in cycles of debt, often compromising their privacy and financial health. It's often safer to explore alternative, more secure financial options.
- Watch for Short Repayment Periods Some loan apps offer repayment periods as short as 6 to 14 days, which can make it difficult to pay off the loan on time and increase the risk of falling into a debt trap.
- Protect Your Personal Reputation In some cases, loan apps will contact your friends or family in an attempt to shame you publicly. Once this damage is done, some borrowers may feel there’s no point in repaying the loan, but avoiding the loan altogether is a better solution.
- Stop Borrowing to Break Free The best way to escape the clutches of loan sharks is to stop borrowing. Though difficult, this step is necessary to regain control of your financial life and prevent further debt.
- Use Call Management Tools Like Truecaller Truecaller is a great tool for blocking unwanted calls from loan apps, helping you manage stress and reduce harassment from lenders.
- Report and Block Harassing Messages If you receive threatening messages, particularly on platforms like WhatsApp, take immediate action by blocking the sender and reporting them to WhatsApp and the Google Play Store. This helps protect others from similar harassment.
By keeping these tips in mind, you can shield yourself from the damaging consequences of predatory loan apps and safeguard your financial well-being.
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