Nowadays almost everything runs on credit in the online market place. With amazing offers on emi’s and credit it’s not possible to dismiss the idea of credit that easily. Playing for something in bulk will always leave you with a hollow feeling as a lot of money is going from your hard earned savings. This feeling can also drive people into depression and make people end up hating the product that they brought in the first place.
GotoCash is a mobile based instant personal loan platform. Users can apply for a short-term personal loan of up to Rs 50,000 anytime from anywhere. The application process is completely online, and on approval, the fund is immediately transferred to your bank account.
This app has the provision that allows you to take a loan amount from a minimum of ₹2,000 and a maximum of 50,000. The tenure is sixty-one plus days (minimum period, including renewal period) up to 182 days (maximum period, including renewal period). The maximum annual interest rates the app provide is 0.095% per day. Also, the maximum interest rate is 34.7% per annum.
While taking the load, there is a processing fee. The processing fee is up to 16% of Loan Amount (additional 18% GST to be paid). For example, for ₹5,000 loan of 91 days duration, with interest rate is 0.095% per day, after deducting the processing fee, the interest payable will be as follows:
Interest Payable = ₹5,000*34.7%/365*91 = ₹432.25
Maximum Annual Percentage Rate(APR): 182%
Some of the main features of the GotoCash application are following: You can apply for a loan anytime from anywhere. All Indian citizens from anywhere across India are eligible. Customers with low or no credit history are eligible to apply for loan. A decision is made within five minutes. Once the loan is approved and sanctioned, the requested amount will be credited to your bank account immediately. The app also has the convenience of multiple repayment methods. There will also be no pre-payment penalty if the loan is repaid before due date.
The following steps can be followed to use this application:
1. Install GotoCash app from Google Play Store.
2. Register yourself via your mobile.
3. Fill in the information and upload relevant documents.
4. E-sign the agreement. 5. Get cash on approval