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Ecofin - Reload Cash, Instant Personal Loan for Android

By Ecofin Services Free

Developer's Description

Ecofin is mobile-based lending that facilitates loan application, verification, and disbursement of loan amounts digitally.

Ecofin Loan Plans –
Ecofin loan products are designed to give you the convenience of selecting the most appropriate plan having a salary as a basic criterion.

Our 3 Loan Plans are for the young salaried employees
Ecofin Loan Plan 1: Tenure 62 days: 3% interest for 31days (35.32%p.a.)
Ecofin Loan Plan 2: Tenure 90 days: 2.75% interest for 30 days (33.46%p.a.)
Ecofin Loan Plan 3: Tenure 180 days: 2.5% interest for 30 days (30.42%p.a.)
The customer can avail loan between ₹ 10,000 to ₹ 50,000 based on the net salary of the customer.
All the plans attract a Processing Fee of 2% + 18% GST.

Sample Loan Calculation
90Days Plan: A customer avails a 90-day loan plan of ₹ 25,000 at an interest of 2.75% per 30days.
Total Interest for 90 days = ₹2062.50 rounded off to ₹2063
Processing fees (PF) + GST = ₹500 + ₹90 = ₹590
Total Deductibles (PF + GST+ Interest) = 500+90+2063 = ₹2653
In-Hand Amount: Loan Amount - Total Deductibles = 25,000 - 2653= ₹22,347
Total repayable Amount: ₹ 25,000
Monthly EMI Repayable = ₹,8333

The deductibles (interest + PF + GST) are deducted upfront during the loan disbursal. In the case of a 180-days plan, only 90days interest is deducted upfront and the remaining 90days interest will be spread over EMIs.

Eligibility to apply for the loan on Ecofin app –
• An Indian citizen
• In the age group of 21yrs to 50yrs.
• A salaried employee earning a minimum net salary of ₹ 20,000 p.m.
• Salary crediting to the bank directly
• Valid social media accounts

Document required to apply for a loan –
• PAN card
• Permanent Address Proof – Aadhar Card/ Voter’s Identity Card or Utility Bills i.e. Electric/landline phone bill (not more than 2 months old)
For Temporary Address - Bank Statement, Utility Bill, Rent Receipt, Property Tax, and Lease & License Agreement.
• Latest salary slip from the same employer
• Latest statement of your Bank Account, reflecting salary credit for the last 3 months
• Your selfie

Full Specifications

What's new in version 21.0

General

Release August 10, 2021
Date Added August 10, 2021
Version 21.0

Operating Systems

Operating Systems Android
Additional Requirements None

Popularity

Total Downloads 0
Downloads Last Week 0
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