Rates and charges
One price list for every loan. These are the only charges that can apply, and each is confirmed in your Key Fact Statement before you accept.
Schedule of charges
Every charge, in one table
Loans of ₹8,000 – ₹75,000 (up to ₹75,000 for new and repeat customers), for 7 – 365 days, based on your salary and repayment capacity.
| Charge | Amount | When |
|---|---|---|
| Rate of interest | 1.67% per month. Annualised: 20.32% per annum. Fixed for the tenure. | On the outstanding principal, for each day the money is with you. Stops the day you repay. |
| Processing fee | 1.18% (incl. GST) of the sanctioned amount | Deducted from the payout. One time. |
| Penal charge | As in your Key Fact Statement and the lender's Schedule of Penal Charges | Only after the due date. |
| Interest after the due date | Continues at 1.67% per month on the outstanding principal until repaid | Your contracted interest continuing to run. Not a penalty. |
| Prepayment / foreclosure | ₹0 | Any day, part or full. Interest only to the day you repay. |
| Cooling-off exit | Principal + proportionate APR for the days you had the money | See cooling-off |
| Statement, interest certificate, NOC | ₹0 | On request. |
| Legal and recovery costs | At actuals, supported by documents | Only where a formal recovery process has begun. |
No charge other than those listed is levied. New Age Business Solutions Private Limited charges you nothing — its fees are paid by the lender.
How APR is calculated: (interest + processing fee incl. GST) ÷ amount received × 365 ÷ tenure in days. Short-term loans show a high APR because fixed fees are annualised over a few days. Always compare the rupee repayment too. Read: APR explained
Cooling-off
3 days to change your mind
For 3 days from disbursement you may exit the loan, without penalty and without giving a reason. You repay the principal sanctioned, and the proportionate APR for the days the money was with you. Nothing else. To exit, write to support@paysalaryloan.com.
How the rate is set
Interest rate model and gradation of risk
Salora Capital Limited sets the rate on this product under an interest rate model approved by its Board, reflecting its cost of funds, the cost of running the product, expected defaults on short-tenure unsecured lending to salaried borrowers, and a margin. Read the lender's Interest Rate Policy.
Gradation of risk. The rate is 1.67% per month for every approved borrower on this product. Risk is managed through the amount and the tenure offered, not the price — a borrower assessed as higher risk is offered less, or for fewer days, or is declined. The factors considered are your take-home salary and how regularly it is credited, your time with your present employer, your employer category, your bureau record, your existing obligations against your income, and your conduct on earlier loans with us.
Key Fact Statement
This is what you see before accepting
Your Key Fact Statement sets out the amount, what reaches your bank, the interest, every fee, the penal charge, the total repayable, the due date and the APR with its computation. You get it before you sign, in the language you choose, and it is valid for three working days.
Your salary, a little early.
Check your offer in 2 minutes. It’s free and won’t affect your credit score. Once your loan is disbursed, Salora Capital Limited reports it to the credit bureaus every month.
Loans by Salora Capital Limited, RBI-registered NBFC (CoR N-13.01855).