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Personal Finance
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SwirlyNugget
SwirlyNugget
5mo
by
Stealth

Are phonePe instant loans with interest rate as low as 2-3% for 3L, are safe? Or a scam?

Please throw light. Need money for some personal emergency!!

5mo ago
PrancingPickle
PrancingPickle
Stealth
5mo

2-3% per month?

SwirlyNugget
SwirlyNugget
Stealth
5mo

Yess

PrancingPickle
PrancingPickle
Stealth
5mo

That's 24-36% per annum.. This will such out the life out of the borrower.. on 1 lakh, you'll pay 2k-3k per month in interest per month. That's 24k-36k per annum

better take personal loan from banks. It starts from 13% per annum.

Always check interest rate calculated per year.

ZippyMochi
ZippyMochi
Stealth
5mo

Impossible to get those interest rates. There are probably hidden charges or something else included that you might have missed

SwirlyNugget
SwirlyNugget
Stealth
5mo

No, I hv checked it. Its only 2-3%

SnoozyWalrus
SnoozyWalrus
Razorpay
5mo

Your yearly interest rate should be below 17% no matter what for unsecured personal loans.

SnoozyWalrus
SnoozyWalrus
Razorpay
5mo

Bro 2-3 % is loot !!!! Dont ever take it. Take loans from banks / NBFC willing to lower rates / Peer 2 Peer lending companies.

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