This policy reveals and defines how Creditwalle applies interest rates for its short-term personal loans in a fair, transparent way, following the guidelines of the RBI.
Objective
To ensure fairness in the interest rate applicable to the personal loan, the customer who is willing to apply can get an explicit detail. We always apply fair charges, and before disbursal, we get the approval from the customer because we always disclose and apply adequate charges.
Rate Determination Factors
The applied interest rates are based on the following key factors, which are decided after verifying the customer's creditworthiness:
Cost of Funds
Rates are aligned with the underlying cost of funds to maintain financial sustainability.
Credit Risk
Individual borrower creditworthiness is assessed to determine appropriate risk-based pricing.
Operational Expenses
Operational costs are factored in to ensure efficient and sustainable service delivery.
Principles
All the applicable rates are clearly revealed in the sanction letter and loan agreement after getting the approval from the customer's side.
Any penal charge applies only when there is a delay in repayment by customers.
The company always ensures that the customers are informed about processing fees, prepayment charges, and any other applicable costs. No hidden charges are applied at all.
The Board reviews the rate structure periodically to ensure alignment with RBI's fair lending principles and to maintain affordability and competitiveness.
Creditwalle commits to a transparent, customer-friendly lending environment that balances business viability with borrower trust and protection.