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Oye Loans Personal Loan Interest Rates

Home Personal Loan Oye Loans Personal Loan Interest Rates

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Updated: 05-05-2022 10:39:45 AM

Quick to apply and process, Oye Loans Personal Loan ensures to meet all your dreams or unexpected expenses. If you are a first time applicant or don’t have a credit history, you can still apply for Oye Loans Personal Loan. Starting from Rs. 10,000, you can borrow a loan amount from Oye Loans that goes upto Rs. 1 lakh. Oye Loans provide a 12-month loan which needs to be paid back in equal monthly instalment (EMI) payments.

Oye Loans Personal Loan – Interest Rates

Interest Rate Ranges from 1.5% to 2.5%
Annual Interest Rate 18% to 30%

What Are the Factors Affecting Oye Loans Personal Loan Interest Rate?

  • Reputed employer: If you are working in a renowned organisation for at least 1 year, the lenders believes that you have a stable job and hence offers you a lower interest rate
  • Income: Higher the income, lower would be the interest rate. As, with higher income you would be able to repay the loan on time
  • Defaults: If the lender finds out defaults in your credit profile, he will either charge you a very high rate of interest or might reject your application. Most lenders prefer customers with no defaults over the last 12 months

Also Read: What are the 6 possible reasons for personal loan rejection

Oye Loans Personal Loan – Other Fees and Charges

Processing Fee 3% + GST on the approved loan amount
Late Payment Fee 1% + GST of the outstanding principal balance or Rs. 500, whichever is higher

FAQs

Q. Can I pay the loan amount in advance and will any fees be charged on me for early payment?

Ans. There is no pre-payment fee levied on the loan bearer in case of early payment and the company would happily accept the payment in advance.

Q. What will happen if I am not able to pay the loan amount on time?

Ans. If you are unable to pay the loan on time, a late payment fee of 1% will be levied on you and your credit score will get affected negatively for all your future transactions.

Q. How do I repay Oye Loans personal loan?

Ans. Oye Loans sets up an ECS/NACH mandate and debts the EMI automatically on the due date.

Q. Can I apply for another loan from Oye Loans?

Ans. No, you can only have a single active loan at a time. However, once you close your present loan, you can apply for another loan.

Q. Do you offer a top-up facility?

Ans. No, top- up facility is not available at this point of time.

Q. How do I contact Oye Loans?

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