Keshava Prabha Microfin

Keshava Prabha Microfin is India’s first fully paperless and cashless microfinance institution. By following a unique set of processes, we are taking our customers to the next generation of banking – by making them operate in the digital banking domain confidently and comfortably.This app supports English, Malayalam & Tamil languages which will help Keshava Prabha Microfin customers to manage their loan accounts and other services from the comfort of their home and with ease. This mobile application is created by KPB Digital Private Limited, a sister company of Keshava Prabha Microfin Private limited.User LoginOnly existing customers of Keshava Prabha Microfin will be able to login to the application. At the time of first login, customers should enter their customer ID and the last 4 digits of their Voters ID. System will validate the details and an OTP will be sent to the registered phone number of the customer. Customer can provide the OTP and login to the application.Key features and services offered:1. View Customer Details: This App will display the personal information of the customer registered with the company, along with contact details of the company and relevant relationship officers.2. View Loan Details: This App will display the loan details of the customer such as principal amount, tenure, interest, outstanding amount and other relevant details. The details of the current as well as past loans would be available here. About usKeshava Prabha Microfin Private limited, earlier known as Lokanayaki Finance Private Limited was incorporated on 16th February 1993 and is registered as a Non-Banking Financial Company under Reserve Bank of India. The Company has its registered office at GE, Ground Floor, Easdale Enclave, Sterling Road, Nungambakkam, Chennai, Tamilnadu - 600034, and corporate office at 3rd Floor, AK Towers, South Kalamassery, Ernakulam, Kerala - 682033. Keshava Prabha Microfin Private limited is registered under RBI, and the registration number is B-07.00091Our ProductsThe company offers micro finance loans, insurance products and allied services to its customersThe minimum period for loan repayment for all our loans is 52 weeks and the maximum period is 104 weeks. The maximum annual percentage rate (APR) which is charged is varies between 15% to 30%. The repayment frequency of every loans is on a weekly basis, i.e., EWI (Equated Weekly Installment). All our products are in full compliance with norms of Reserve Bank of India for Non-Banking Financial Company.The interest rate which is charged against the loan is between 10% to 24%. The below mentioned are overall charges/fees calculated against the loan amount,A. Processing fee 1% of the loan amountB. GST Charges 18% of processing fee amountC. Borrower loan cover insurance charges 0.968% of the loan amountD. Co-borrower loan cover insurance charges 0.968% of the loan amountThe representative sample of an instant personal loan at Keshava Prabha Microfin is mentioned below.For ₹5000/- borrowed, at interest rate of 12% per annum for 52 weeks (interest rate on reducing balance method), payable amount would be:1. Processing fee = 5000*1% = ₹502. GST Charges = 50*18% = ₹93. Borrower loan cover insurance = 5000*0.968% = ₹48.44. Co-borrower loan cover insurance (if eligible) = 5000*0.968% = ₹48.4Total Charges = (50+9+48.4+48.4) = ₹155.8Total Interest = ₹312Total amount repaid after 52 weeks = ₹5467.8Equated Weekly Installment = ₹105*Interest rate varies as per the productsIn case of any queries, issues, or feedbacks, please write to [email protected] or call us @ 1800 833 5665