The MSFC App

The MSFC App enables users to apply for a loan digitally and avail credit facility from Rs. 5,000 to Rs. 25,00,000, for up to 84 months. This app eliminates any intermediaries/brokers and makes the process 100% transparent. It enables the user to track application status & view all the information related to their loan, such as EMI date, account statement, sanction letter, etc.

Business Loan - Min.- 1 Year, Max.- 2 Year
Mortgage Loan - Min.- 2 Year, Max.- 10 Year
Personal Loan - Min.- 1 Year, Max.- 2 Year
EdCred. - Max.- 10 Months

Maximum Annual Percentage Rate (APR)
Business Loan - 24%
Mortgage Loan - 17%
Personal Loan - 20%
EdCred. - 18%

EMI Amount :
(Loan AmountInterest Rate/12)((1+Interest Rate/12)^Tenure)/((1+Interest Rate/12)^Tenure-1)

Total Interest Amount :
((Loan AmountInterest Rate/12)((1+Interest Rate/12)^Tenure)/((1+Interest Rate/12)^Tenure-
1)Tenure)-Loan Amount

APR :
((Loan Amount+Total Interest Amount+Login Fee+Processing Fee+GST)/Loan Amount)/Tenure(in Years)

Example:
For a 10 Years (120 months) loan of Rs. 10,00,000.00 with interest rate 17.00% per annum.
Login Fee – 2,000.00
Processing Fee (3% of Loan Amount) – 30,000.00
GST (18% of Processing Fee+Login Fee) – 5,760.00

EMI : (10,00,000.000.17/12)((1+0.17/12)^120)/((1+0.17/12)^120-1) = 17380.00

Total Interest to be paid :
((10,00,000.000.17/12)*((1+0.17/12)^120)/((1+0.17/12)^120-1)*120)-10,000,00.00 = 10,85,572.00

APR :
((10,00,000.00+10,85,572.00+2000.00+30,000.00+5,760.00)/10,00,000.00)/10 = 21.23%