So, how does the EMI Free Loan work?
Just like any other term facility, based on your requirement or eligibility, a particular loan amount is disbursed directly into your savings account.
Interest is calculated from the date of dibsursal and accrued in your loan statement. Same has to be paid on 7th of the following month. Since, this is interest only payment, your principal amount remains unchanged, till the day you make bullet repayment towards Principal reduction. Once the principal payment is realized in the loan account, your total outstanding loan balance reduces and fresh interest calculations are effected based on new outstanding.
Monthly cash outflow under this product are lower by 40%* as compared to regular Personal Loan products.
Why EMI Free Loan from us?
This is first such offerring for salaried employees in India
It gives you complete control on your cash flow
You have choice to increase or decrease Principal repayment
Disbursal or cash transfer to your account within 24 hours