This policy reveals and defines how Loanforcare applies interest rates for its short-term personal loans in a fair, transparent way, following the guidelines of the RBI.
To ensure fairness in the interest rate applicable to the personal loan, the customer who is willing to apply can get an explicit detail. We always apply fair charges, and before disbursal, we get the approval from the customer because we always disclose and apply adequate charges.
The applied interest rates are based on the cost of funds, credit risk, and operational expenses, which are decided after verifying the customer's creditworthiness.
All the applicable rates are clearly revealed in the sanction letter and loan agreement after getting the approval from the customer's side.
Any penal charge applies only when there is a delay in repayment by customers.
The company always ensures that the customers are informed about processing fees, prepayment charges, and any other applicable costs. No hidden charges are applied at all.
The Board reviews the rate structure periodically to ensure alignment with RBI’s fair lending principles and to maintain affordability and competitiveness.
Loanforcare commits to a transparent, customer-friendly lending environment that balances business viability with borrower trust and protection.
Important* - As a registered NBFC with the Reserve Bank of India and following all the guidelines of the regulatory authorities, LoanForCare 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.
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