Finrm

Features Finrm

Finrm – Credit Line & LoanInstant Personal Loan App in India – Get quick sanction for a credit line limit/facility up to Rs 1,00,000/- & pay interest only on the amount you withdraw or outstanding (unpaid withdrawal) from your FinRM creditline Sanction Limit.Creditline Limit is available to individual under the Corporate Program with our tie-up Corporate/Organization only.
To meet there any quick planned & unplanned money requirement like Purchase of Mobile, Laptop, medical emergency, Upskilling, Shopping, Trip, Occasional expenditure, etc.FinRM is digital financing solution provider.
We have partnered with regulated NBFCs, governed by RBI.
List of our lending partners are available on website: https://finrm.in/.
At present our lending partner is “Fintree Finance Pvt Ltd”.
We are legally compliant.FinRM Creditline facility structure.
For e.g.
Amit apply for a creditline facility (personal loan) in January & get a loan sanction of Rs 30,000/-.
He doesn’t take a disbursement (borrow) till next 3 month.
In April he takes a disbursement of Rs 10,000.
Now he will pay a interest on Rs 10,000 only & balance he can withdraw any time as & when he need without paying any interest until he withdraw.For Rs 10,000/- personal loan borrowed for 12 months at interest rate of 24% per annum (2% monthly), payable amount would be:Account setup fee: Rs 295/-Interest: Rs 2,400/- Total amount repaid after a year: Rs 12,695/- Interest Rate Calculation • Interest payment monthly upfront @ 2.00%.
Interest will be charged for full calendar month i.e.
irrespective of date of withdrawal or outstanding amount.
E.g.
On withdrawal of Rs 10,000/- on 1st of month or 30th of month Rs 200/- interest need to be paid.
• Unpaid withdrawal amount will become outstanding amount form next month till paid fully.
E.g.
Rs 10,000/- withdraw on 1st of Month & Rs 5,000/- repaid till the last date of Month, then outstanding is Rs 5,000/- on 1st of next month.
Interest will be charged on whole withdrawal for 1st month i.e.
on Rs 10,000/-, Rs 200/- and for next month Rs 100/- on outstanding of Rs 5,000/- and accordingly • On every 1st time withdrawal disbursement will be done after reducing interest i.e., on withdrawal request of Rs 10,000/-, interest of Rs 200/- will be debited & net Rs 9,800/- will be credited.
From next month outstanding will be Rs 10,000/- till paid fully.Eligibility • Creditline Limit is offered under Corporate Program only • No Minimum Salary criteria • Confirmed employee of Corporate • Higher eligibility for WomenFeature & how to apply for FinRM Creditline Facility • Create Account & submit documents • Approval, sanction, withdrawal & repayment all on the app • Annual Interest rate: 15% to 27% (Interest rate varies based on your risk profile) • Repayment Tenure: 12 to 84 months • Multiple times, part or full withdrawal & repayment • Full repayment Before expiry of sanction or on demand • Disbursement Immediate in bank account.
In case of delay, it will be disburse within 24 working hour