Interest Amount ₹3000.00
Processing Fees ₹1000.00
Total Repayment ₹14000.00
APR 486.67%
The information provided is for illustrative purposes only, and actual terms may vary based on various factors, including loan terms and policies at the time of application. All loans are subject to approval by Kreditsure's responsible authorities.
Before applying for a loan, understanding all aspects of the loan is essential. This includes knowing how to calculate the loan cost and Annual Percentage Rate (APR). APR reflects the total cost of borrowing, factoring in fees and charges along with the nominal interest rate.
The calculation considers consistent fees and charges associated with the loan amount and the simple interest rate. However, additional amounts not directly tied to the loan are excluded when determining the actual cost of borrowing.
Several factors influence the calculation of APR, and these must align to ensure no adverse impact on your long-term financial stability. The key factors considered in the APR calculation include:
Fees and Charges – All applicable fees and charges required by the lender to process and service the loan. Rate of Interest – The nominal interest rate applied to the loan as specified by the lender. Term – The repayment period, defined in months or years.
APR is a vital metric that helps borrowers understand the true cost of borrowing. Often, lenders highlight only the nominal interest rate while omitting the total cost of the loan. By using APR, applicants can get a clearer picture of the actual cost, especially for long-term repayment plans. It’s an invaluable tool for making informed financial decisions and avoiding hidden costs.
With Kreditsure’s transparent approach, you can easily calculate and understand the APR to manage your finances more effectively.
Important*- As a registered NBFC with the Reserve Bank of India and following all the guidelines of the regulatory authorities, Kreditsure provides loans to all eligible customers, where we accomplish our lending services through our website and CRM. Apart from this, we would like to inform our customers and the general public that we don’t have any app on android or appstore, and we are not disbursing through any mobile app. Therefore, please beware of any lending application that is copying our name and disbursing loans in our name through mobile apps, and please inform us in such circumstances where someone is trying to cheat through the unauthorized loan app by copying our name and logo.
Email Id : info@kreditsure.com
