Rinn Loan interest rate and charges

What decides your interest rate?

Interest on a Rinn personal loan starts from 16% p.a. That’s the bottom of the lender’s range, not the rate everyone gets. The lender sets your rate after it assesses your application: your credit history, income, existing commitments, the amount and the tenure can all affect it. You see your rate before you accept, never after.

Flat vs reducing balance interest

Reducing balance means each month’s interest is worked out on the amount you still owe, not on the original amount. As you repay, your balance falls, so the interest part of each EMI falls too and more of it goes towards the principal. Rinn loans are priced this way.

A flat rate charges interest on the full original amount for the whole tenure. A flat 16% on ₹50,000 over 12 months would cost ₹8,000 in interest, against about ₹4,444 on a reducing balance. When anyone quotes you a rate, ask which method it uses.

How much interest on a ₹1 lakh or ₹2 lakh loan?

A longer tenure lowers the EMI but raises the total. See the full EMI tables and work out your own EMI →

What is APR, and how is it different from the interest rate?

The interest rate is what you pay for borrowing the money. The Annual Percentage Rate (APR) is the all-in yearly cost of the loan: interest plus charges such as a processing fee, shown as one annual percentage.

If a loan has any charges, its APR will be higher than its interest rate. That’s why APR is the number to compare: a loan with a lower rate and a high fee can cost more than one with a slightly higher rate and no fee. Your APR is in your Key Fact Statement before you accept.

What your Key Fact Statement shows

A Key Fact Statement (KFS) is a short, standard summary of your loan that RBI requires for every retail loan. Rinn shows you the lender’s KFS before you can accept. Expect to see:

• the lender’s name and the loan amount
• the interest rate, the APR and every fee and charge, each listed separately in rupees
• the tenure, your EMI and the full repayment schedule
• the total amount you’ll repay over the life of the loan
• the cooling-off period, and how to exit during it
• the grievance officers for Rinncrest and the lender

The cooling-off period is a window after disbursal when you can exit the loan by repaying the principal and proportionate APR, without a prepayment penalty. Its length is set by the lender and shown in your KFS.

Charges: set by the lender, shown in your KFS

Any applicable charges, such as a processing fee, are set by the lender for each loan and shown in your Key Fact Statement before you accept. What we can promise:

• Applying is free. No fee of any kind is collected before your loan is disbursed.
• Rinncrest never charges you. The lender pays Rinncrest for its services; those fees can’t be passed to you separately.
• No surprise charges. Anything not in your KFS needs your explicit consent before it can be applied.

If a payment is late: any late-payment or bounce charge is as shown in your KFS, and under RBI’s rules a penal charge can’t be compounded into your interest rate. If you think you’ll miss an EMI, tell us before the due date. You’ll be treated fairly, and it’s easier to find a way through early.