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Type in the numbers from a loan offer, from any bank, NBFC or app. See the money you actually get, what you pay back, every charge, and an APR worked out from the real cash flows.
At Omozing we quote rates per year, never as a per-month or flat rate. Rates start from 11% a year, the processing fee is 3%–7% of the loan plus GST and is usually deducted at disbursal, and the exact interest rate, fees and APR are shown in the Key Fact Statement before you sign.
Illustrative only. Monthly loans assume equal EMIs, the first one a month after disbursal. A reducing rate uses the standard EMI formula; a flat rate charges interest on the full loan for the whole tenure; a per-month rate is treated as flat (charged on the full loan each month) and a per-day rate as simple interest on the full loan, with 30 days to a month. Short loans in days are repaid in one go at the end. GST is 18% on the processing fee and other charges, not on insurance. The APR estimate is the monthly internal rate of return of the money you receive and repay, times 12 (for loans in days: the cost divided by the money received, scaled to 365 days). Your lender’s Key Fact Statement is the official figure.
Made by Omozing, the digital lending brand of Aparampaar Finance Private Limited, an RBI-registered NBFC. Results are illustrative, not an offer.
This free tool decodes any loan offer, from any bank, NBFC or app. Enter the sanctioned amount, the interest rate and how it is quoted (yearly on a reducing balance, yearly flat, per month or per day), the tenure in months or days, the processing fee with or without 18% GST, insurance and other upfront charges, and whether fees are deducted or paid separately. It shows the money you actually get, the EMI or single repayment, the total you repay, the total cost of credit and an APR estimate from the real cash flows, with a chart of where the money goes and red flags. You can also compare two offers side by side. Nothing you type is saved or sent.
A flat rate charges interest on the full loan for the whole tenure, even after you have repaid part of it. A reducing rate charges interest only on what you still owe. So the same number costs far more as a flat rate: 12% a year flat over 12 months works out to about 21.5% a year on a reducing balance.
The APR adds the processing fee, GST and other charges to the interest. When fees are deducted, you get less money but still repay the full loan, so the real yearly cost rises above the headline rate.
It finds the monthly rate at which the money you actually receive equals the value of every repayment you make (an internal rate of return), then multiplies it by 12. For short loans repaid in days, it divides the total cost by the money received and scales it to a year. The APR in your lender’s Key Fact Statement is the official figure and should be close to this.
In the Key Fact Statement (KFS). Lenders must give you a KFS with the APR before you sign, under RBI digital lending rules. If a lender will not show you one, do not sign.
It only looks cheap. 0.1% a day is 36.5% a year, and 1.5% a month is 18% a year, before any fee. Turn every rate into a yearly rate on the reducing balance before you compare offers.
The APR is the same either way, because you pay the fees on day one. What changes is the money in your hand: with deducted fees you receive less than the sanctioned amount but still repay all of it.
Enter the EMI from the offer and the tool works out the rate it really implies. If they do not match, ask the lender to explain before you sign.
We quote rates per year, never as a per-month or flat rate. Rates start from 11% a year, the processing fee is 3%–7% of the loan plus GST and is usually deducted at disbursal, and the exact interest rate, fees and APR are shown in the Key Fact Statement before you sign.
No. Results are illustrative and use the numbers you type in. They are not an offer from Omozing or any other lender.
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