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FIRSTmoney Personal Loan Interest Rates 2024

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FIRSTmoney Smart Personal Loan Interest Rates

Metra Trust is a customer-first organization. Your needs take priority, with products geared towards helping you improve your life. Our personal loans are designed to support you at every stage of your life, whether it’s tackling an emergency, renovating your home, or accomplishing your dreams.Read More

We offer end-to-end digital loans at the best interest rates. Our loan interest rates are attractive, flexible, and among the most affordable in the market. A personal loan with low interest rate brings down your overall loan cost and helps manage your finances better. With a 750+ CIBIL score, you can get the best personal loan interest rates at Metra Trust. Apply todayRead Less

Personal loan fixed ROI (Monthly reducing basis)
 

In a personal loan with a fixed rate of interest (ROI) on a monthly reducing basis, the interest rate remains constant throughout the loan tenure.

The term "monthly reducing basis" is a method of interest calculation. In this approach, the interest is calculated on the outstanding principal balance at the end of each month. As you make monthly repayments, which include both the principal and interest component, the principal amount reduces, thereby decreasing the interest portion for subsequent months. This results in a progressive reduction in the interest component over time, making the total interest paid lower compared to the flat rate method.

Thus, FIRSTmoney offer the advantage of financial predictability and is beneficial for budget planning, ensuring consistent and manageable monthly repayments throughout the loan period.

Fixed ROI (Monthly reducing basis)
 

The interest rates at Metra Trust are regularly updated depending on the market conditions. Refer the table below to know our current personal loan rates.

Product type ROI%(Fixed ROI- Monthly Reducing)
Personal loan ROI Starting from 10.99%

 

Calculate your personal loan interest rate
  

Metra Trust offers an interactive and easy-to-use online EMI calculator that you can use to check your monthly EMI. The EMI calculator includes three sections: the loan amount, repayment tenure, and rate of interest. You can use this tool by entering the personal loan amount you need, the applicable interest rate, and the repayment tenure in which you plan to clear off the loan. Once you enter these details, the EMI calculator will give you the EMI value that you need to pay every month in real time. You can also adjust the loan amount, tenure, and interest rate slider for different values to find a suitable loan plan based on your repayment capabilities. Check out our personal loan EMI calculator to find a suitable loan plan.

Services and penalty charges
 

Service and penalty charges on personal loans are the fees in addition to the principal and interest payments. These charges include processing fees, typically a percentage of the loan amount, and administrative fees for managing the loan account. Additionally, there are charges for loan statement requests, prepayment or foreclosure, and duplicate document issuance.

Certain penalty charges are also imposed for breaches of loan terms, such as late payment fees for missed EMIs, cheque bounce charges if a repayment cheque is dishonoured, and penalties for exceeding pre-agreed repayment schedules. Here is the list of service charges and penalties for FIRSTmoney credit lines.

 

Types of Fees Applicable Charges
Processing fees (including GST) 2%
Late payment/Penal charges 2% of the unpaid EMI
Stamping Charges As per actuals
EMI bounce charges per presentation ₹ 500.00
Cheque/ Mandate swap charges (per swap) ₹ 500.00
EMI pickup/Collection charges ₹ 500.00
Duplicate no objection certificate issuance charges ₹ 500.00
Physical statement of account/Repayment schedule ₹ 500.00
Foreclosure / Prepayment charges NIL
Document retrieval charges (per retrieval) ₹ 500.00
Cooling-off period (Borrower can exit the loan within the cooling-off period by paying the principal and the proportionate charges without any penalty. The loan can be cancelled within 3 days in the cooling off period) 3 days

 

GST, as applicable, will be levied on all service charges. The pre-payment/foreclosure/part payment of the loan has to be done using the customer’s own funds. The services accounting code would be provided by Metra Trust and shall be binding on the customer. In case the customer is a related person to Metra Trust, GST, which may be applicable, needs to be paid by the customer. The above-mentioned schedule of charges is subject to be revised from time to time by the bank, as this will be updated on the official website of the bank.

Metra Trust offers ZERO foreclosure charges, allowing you to repay your outstanding amount without worrying about additional fees. Furthermore, you can make multiple withdrawals—borrow any amount over ₹5,000 up to your available credit limit, and once you repay the borrowed amount, you can withdraw more funds again.

Charges post loan disbursement
 

Post-loan disbursal charges include various fees that borrowers may encounter during the loan tenure. These include legal charges, late payment penalties for delayed EMIs, cheque bounce charges for dishonoured payments, and the payment return fees if the borrower fails to repay their EMIs on time. Additionally, administrative charges may apply for services such as issuing duplicate statements, loan account maintenance, or any amendments to loan terms. Here are the charges for the FIRSTmoney post-loan disbursement.

Fee Amount to be paid
Legal or Incidental Charges At actuals
Repayment mode change charges ₹ 500/-
Payment return charges ₹ - per instance
Loan cancellation charges & rebooking charges Loan cancellation is allowed within the cooling off/look-up period from the loan disbursement date. In the event of loan cancellation, the interest charged from date of disbursement till the date of loan cancellation will be borne by the customer. Processing fee, stamp duty, other statutory charges and GST are non-refundable charges and would not be waived/refunded in case of loan cancellation.

 

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FREQUENTLY ASKED QUESTIONS

What is the interest rate for a personal loan?

The interest rate for a personal loan varies depending on several factors, including the borrower's credit score, income level, loan amount, and repayment tenure. Personal loan interest rates from Metra Trust’s FIRSTmoney range from 10.99% to 23.99% per annum. 

What is the difference between part payment, pre-payment, and pre-closure?

  1. Part payment: This refers to the repayment of a portion of the loan amount before the due date. It reduces the outstanding principal, thereby decreasing future interest obligations. However, it does not fully settle the loan.
  2. Pre-payment: This is the repayment of the entire remaining loan amount in one go before the loan tenure ends. It completely settles the loan, saving on future interest payments. Pre-payment can attract certain charges depending on the bank’s policies.
  3. Pre-closure: With Firstmoney's ZERO foreclosure feature, you can pre-close your loan without any additional charges, offering you the flexibility and freedom to manage your finances without the worry of extra costs. This feature is particularly beneficial for those who may come into funds and wish to clear their debt without being penalized for it. It's a smart financial move that aligns with the modern borrower's need for flexibility and control over their financial commitments.

Do banks charge GST on personal loans?

The banks in India charge Goods and Services Tax (GST) on various fees and services associated with personal loans. The GST is levied on processing fees, pre-payment or pre-closure charges, and other administrative fees. The current GST rate on these services is 18%. The interest component of the loan repayment is not subject to GST, but all other service-related charges are. You can review the loan agreement for detailed information on applicable GST charges.

Pre-Approved Loans Schedule of Charges
 

For Pre-Approved Loans refer the table below to know applicable Schedule of Charges:

Types of Fees Applicable Charges
Processing fees (excluding GST) Upto 3.49% of the total loan amount
Late payment/Penal charges 2% per month (Exclusive of GST) of the unpaid EMI or Rs 300 (Exclusive of GST) whichever is higher
Stamping Charges As per actuals
EMI Bounce charges per presentation 500 Exclusive of GST
Cheque/ Mandate Swap charges (per swap) 500 Exclusive of GST
EMI Pickup/Collection Charges 500 Exclusive of GST
Duplicate No Objection Certificate Issuance Charges 500 Exclusive of GST
Physical Statement of Account 500 Exclusive of GST
Physical Repayment Schedule 500 Exclusive of GST
Document retrieval charges (per retrieval) 500 Exclusive of GST
Foreclosure / Prepayment charges For Pre-approved loans, Allowed after payment of 12 or more EMI’s or 12 months whichever is later. 5% foreclosure charges applicable on principal outstanding

For Pre-Approved FIRSTMoney, Allowed anytime without any charges.
Cancellation/Rebooking charges No charges within 15 days of disbursement or 1st EMI presentation whichever is earlier. Post 15 days or 1st EMI presentation, request for cancellation will be treated as foreclosure
Part-Payment Clause Not Allowed

 

GST, as applicable, will be levied on all service charges.

Please refer your loan document for all the schedule of charges applicable to your loan.

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