The MSFC App

Features The MSFC App

The MSFC App enables users to apply for a loan digitally and avail credit facility from Rs.
5,000 to Rs.
25,00,000, for up to 84 months.
This app eliminates any intermediaries/brokers and makes the process 100% transparent.
It enables the user to track application status & view all the information related to their loan, such as EMI date, account statement, sanction letter, etc.Business Loan - Min.- 1 Year, Max.- 2 Year Mortgage Loan - Min.- 2 Year, Max.- 10 Year Personal Loan - Min.- 1 Year, Max.- 2 YearEdCred.
- Max.- 10 MonthsMaximum Annual Percentage Rate (APR) Business Loan - 24% Mortgage Loan - 17% Personal Loan - 20% EdCred.
- 18%EMI Amount :(Loan Amount*Interest Rate/12)*((1+Interest Rate/12)^Tenure)/((1+Interest Rate/12)^Tenure-1)Total Interest Amount :((Loan Amount*Interest Rate/12)*((1+Interest Rate/12)^Tenure)/((1+Interest Rate/12)^Tenure-1)*Tenure)-Loan AmountAPR :((Loan Amount+Total Interest Amount+Login Fee+Processing Fee+GST)/Loan Amount)/Tenure(in Years)Example:For a 10 Years (120 months) loan of Rs.
10,00,000.00 with interest rate 17.00% per annum.Login Fee – 2,000.00Processing Fee (3% of Loan Amount) – 30,000.00GST (18% of Processing Fee+Login Fee) – 5,760.00EMI : (10,00,000.00*0.17/12)*((1+0.17/12)^120)/((1+0.17/12)^120-1) = 17380.00Total Interest to be paid :((10,00,000.00*0.17/12)*((1+0.17/12)^120)/((1+0.17/12)^120-1)*120)-10,000,00.00 = 10,85,572.00APR :((10,00,000.00+10,85,572.00+2000.00+30,000.00+5,760.00)/10,00,000.00)/10 = 21.23%