CMB Mobile Wallet
CMB Allow users to get loan without any type of special verification.
Amount, Tenure, Fees & Charges
Loans amount: 1000$ to $200,000, Tenure: 62 days-15 months. CMB charges one-time service fee while on boarding or during upgrade which is $33- $400 depending on the risk profile and membership band availed by customer. Interest rates range from 0%-29.95% with equivalent monthly interest rate of 0%-2.49% only. A small processing fee is charged for loans e.g. for low risk customers 0%-3% of the principal, for very high-risk customers 2.5%-6.5%*. The charges and repayment tenures vary based on creditworthiness and repayment ability of the customers.
Penalty is charged only when someone delays their scheduled payment.
The APR for different products is separate as per the risk profile of the customers. The APR for different personal loan products: low risk customers is 0%-36%, medium risk customers is 18%-39%, high risk customers is 24%-42%* and very high-risk customers is 24%-70%*.
In addition to it, GST will be applicable only on the fee components as per Indian laws.
*The higher charges are only for loans of lower amount and lower repayment tenure.
If loan amount is $50,000 & interest is 22% per annum; and loan is to be repaid over 12 EMIs, then overall interest payable is $6,157 only. The EMI per month would be $4,680 only.