Ecofin - Reload Cash, Instant Personal Loan logo

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


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

Operating Systems

Operating Systems Android
Additional Requirements None


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