At KwikSalary, a unit of Gagan Metals Limited (RBI: B-14.01740), we believe in empowering you with fast, reliable, and transparent financial solutions. Our tagline, “Fast Funding for Life’s Urgencies,” reflects our commitment to providing timely financial solutions, subject to eligibility and verification. This Interest Rate Policy outlines the interest rates, fees, and repayment terms for our loan offerings—Advance Salary Loan, Personal Loan, Medical Loan, Travel Loan, and Emergency Loan. Whether you’re addressing a medical emergency or planning urgent travel, we ensure you understand the costs associated with your loan.
As a trusted Non-Banking Financial Company (NBFC), we adhere to the Reserve Bank of India’s (RBI) guidelines, ensuring responsible lending and ethical practices. This policy is designed to provide complete transparency, helping you make informed decisions. If you have questions, contact us at info@kwiksalary.com or +91-9289566951 (Monday to Saturday, 10 AM to 6:30 PM).
Scope of This Policy
This Interest Rate Policy applies to all loan products offered by KwikSalary, including Advance Salary Loan, Personal Loan, Medical Loan, Travel Loan, and Emergency Loan, available to customers in Delhi/NCR, Mumbai, Bengaluru, Pune, and Hyderabad. It covers interest rates, annual percentage rates (APR), processing fees, penal charges, and repayment terms. By applying for a loan, you agree to the terms outlined here.
Our Loan Offerings
KwikSalary offers structured loan options designed to support a range of short-term financial needs:
- Advance Salary Loan: Bridge short-term cash gaps with accessible loan support, subject to eligibility.
- Personal Loan: Address personal expenses with flexible terms.
- Medical Loan: Cover unexpected medical costs without delay.
- Travel Loan: Fund urgent travel plans seamlessly.
- Emergency Loan: Tackle unforeseen emergencies with ease.
Each loan ranges from ₹5,000 to ₹1,00,000, with a tenure of up to 90 days, designed to offer fast relief with minimal documentation.
Interest Rates and APR
We strive to keep our loan terms clear and competitive. The interest rates for all KwikSalary loans are as follows:
Parameter | Details |
Rate of Interest (ROI) | 0.25% to 1.00% per day |
Annual Percentage Rate (APR) | 18% to 36% |
The ROI is calculated daily based on the loan amount and tenure, translating to an APR of 18% to 36%. The exact rate depends on factors like your credit profile, loan amount, and tenure, which we assess during the application process. We disclose the final rate before you accept the loan, ensuring no surprises.
Fees and Charges
In addition to interest, the following fees may apply:
- Processing Fee: 0% to 10% of the loan amount, determined based on loan size and eligibility. This fee is disclosed upfront during the application.
- Penal Charges: If a repayment is missed, a penal charge of 1.25 times the applicable ROI may apply to encourage timely payments.
- Cheque Bounce Charges: ₹1,000 per instance if a cheque is returned unpaid.
We are committed to transparency, with no hidden charges. All fees are clearly communicated before you finalize your loan agreement.
Factors Determining Interest Rates
Our interest rates are tailored to ensure fairness and affordability. The following factors influence the ROI and APR for your loan:
- Credit Profile: Your credit history and repayment capacity, assessed through PAN card details, bank statements (last 3–6 months), or salary slips (last 1–3 months, if requested).
- Loan Amount: Loan amounts range from ₹5,000 to ₹1,00,000 with repayment periods of up to 90 days, subject to eligibility and verification.
- Tenure: Shorter tenures (up to 90 days) may influence the daily ROI.
- Income Stability: A minimum monthly salary of ₹40,000 ensures you can comfortably repay, affecting rate calculations.
- Location: Rates are consistent across Delhi/NCR, Mumbai, Bengaluru, Pune, and Hyderabad, but local regulations may apply.
Our team evaluates these factors during the 6-hour* approval process to offer you a rate that balances affordability and responsibility. (*Approval time depends on complete documentation and is subject to internal verification.)
Repayment Terms
We offer flexible repayment options to suit your convenience:
- Methods: Cash, bank transfer, UPI, debit card, credit card, cheque, or draft.
- Tenure: Up to 90 days, allowing you to repay in manageable instalments.
- Timely Payments: Repaying on time avoids penal charges (1.25x ROI) and supports your financial health.
We provide clear repayment schedules at the time of loan disbursement, helping you plan effectively. Contact us at info@kwiksalary.com for assistance with repayments.
Early Loan Closure
At KwikSalary, we believe in giving you flexibility. You can close your loan early without any penalty, whether it’s an Advance Salary Loan or an Emergency Loan. This allows you to save on interest costs and manage your finances with ease. Simply inform us via info@kwiksalary.com or +91-9289566951 to initiate early closure.
Transparency and Responsible Lending
Our commitment to trust and reliability helps us stand out in the personal loan industry. We ensure:
- Full Disclosure: All interest rates, fees, and terms are communicated before you sign the loan agreement.
- Ethical Practices: We avoid coercive recovery methods, focusing on ethical and respectful due collection.
- Responsible Lending: We assess your repayment capacity (minimum salary ₹40,000) to offer loans you can comfortably repay, per RBI guidelines.
Our 25+ dedicated employees work to make your borrowing experience seamless, transparent, and stress-free.
Compliance with RBI Guidelines
As an RBI-registered NBFC (B-14.01740), KwikSalary adheres to the Reserve Bank of India’s directives on fair practices for NBFCs. This includes:
- Transparent disclosure of interest rates and fees.
- Fair and non-coercive recovery practices.
- Grievance redressal within 5 working days through our dedicated cell.
- Compliance with KYC and anti-money laundering regulations.
We regularly review our policies to align with RBI updates, ensuring you receive fair and ethical financial services.
Changes to This Policy
We may update this Interest Rate Policy to reflect changes in our loan offerings, RBI regulations, or market conditions. Updates will be posted on this page, and significant changes will be communicated via email or website announcements. The revised policy takes effect immediately upon posting.
Contact Us
For questions about our interest rates, fees, or loan terms, please reach out:
- Email: info@kwiksalary.com
- Phone: +91-9289566951 (Monday to Saturday, 10 AM to 6:30 PM)
- Address: C-56/32, 2nd Floor, C Block, Industrial Area, Sector 62, Noida, Uttar Pradesh 201301
We’re here to ensure you have a clear and confident borrowing experience.
Grievance Redressal
If you have concerns about our interest rates, fees, or services, contact our Grievance Redressal Cell at grievance@kwiksalary.com. We commit to resolving issues within 5 working days. For unresolved complaints, you may escalate to the RBI’s Banking Ombudsman, as per RBI guidelines. Our ethical approach ensures your concerns are handled with care and fairness.