Mahashakti Financier Limited is a Non-Banking Finance Company (NBFC) registered with the Reserve Bank of India (RBI). Sabka Loan is the brand name under which the company conducts its lending operations and specialize in meeting customer's instant financial needs. Sabka Loan is a digital platform designed to offer personal loans to salaried individuals. All loans provided through this platform are processed and disbursed by Mahashakti Financier Limited. These Terms apply to any interaction you have with Sabka Loan, including accessing the website, applying for loans, and managing your loan account.
In accordance with the RBI directions, Mahashakti Financier Limited ("Company") is required to adopt an appropriate interest rate model taking into account relevant factors and to disclose the rate of interest, gradations of risk and rationale for charging different rate of interest. Keeping in view the RBI's guidelines as cited above, and the good governance practices being followed by the Company, the following internal guidelines, policies, procedures and interest rate model have been adopted by the Company. The Company's lending products will be priced in accordance with business objectives to sustain interest income and ensure adherence to business objectives. With the help of this policy, the company shall determine the benchmark rates to be used for arriving at the final rate to be charged to the borrowers/ customers for various products financed by the company The Company shall adopt all the best practices prescribed by RBI from time to time and shall make appropriate modifications, if required, in the Interest Rate Policy to comply with the standards so prescribed.
The Company is offering the following products to the consumers
The above-mentioned products can be offered by the Company registered with the RBI. Depending on the business strategy and objectives, the Company can either add or substitute the current product offering considering the demand of the product and its financial and strategic viability. Interest rate calculations could vary depending on risk criteria's for each of the products.
The company intends to follow a Risk based pricing and accordingly leverage the risk under-writing model to charge relevant interest rate from the customer across different programs. The decision to give a loan and the interest rate applicable to each loan account will be assessed on a case-to-case basis, based on multiple parameters such as the borrower profile, repayment capacity, borrower's other financial commitments, past repayment track record if any, loan to income ratio and employment stability.
The definition of interest rates will be risk-based and based on consumer segmentation. In order to promote growth, improve customer satisfaction and align with risk interest rates will be kept competitive.
The rate of interest shall be defined in accordance with the following parameters:
*The above-mentioned factors can change depending on risk appetite for each customer segment and also as per the credit risk associated with the said customers.
This policy provides details of the interest rate being charged by the Company which are mentioned in Annexure-A.
In accordance with the business model of the Company, certain charges are part of the loans sanctioned by the Company. Please find the details of all the charges of all the products of the Company as per Annexure-B.
The Company shall intimate the borrower, the loan amount; annualized rate of interest along with the tenure and amount of monthly/quarterly installment. The other charges such as processing fees, penal charges on delayed payments and bounce charges, if any, among the rest, shall also be mentioned in the Loan Agreement and also displayed on the website.
Company will ensure that it does not resort to predatory pricing for standard interest rate and charges as well as penal charges. Company will ensure that it transparently communicates its interest rate and other charges to customers and does not change it retrospectively.
| Product | Interest Rate |
|---|---|
| Personal loan | 1% per day |
| Business Loan | 24% per annum |
| Type of Product | Charges |
|---|---|
| All type of Loan | Processing Fees- 10% of the loan amount Foreclosure Charges- NIL Late Payment Fees/ Penal Charges- NIL |
Note:
(A Unit Of Mahashakti Financiers Ltd)
We are an RBI-registered Non-Banking Financial Company (NBFC).
Head Office: First Floor Plot No:-17, Pocket-8, Block-C, Sector-17, Dwarka New Delhi-110075
Registered Address:- Kahjuria Complex Ward No 15 Kathua Jammu & Kashmir-184102
D&B D-U-N-S Number :86-023-0250
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