APR Calculator
Loan apps quote "0.1% per day" or "2.5% per month" because those numbers sound small. This converts any quote — plus the processing fee and GST — into the fees-inclusive APR the RBI's Key Fact Statement must show.
Why APR is the only fair comparison
A ₹10,000 loan at "0.1% per day" for 30 days costs ₹300 in interest — sounds fine. Add a 3% processing fee + GST and you actually receive ₹9,646 while repaying ₹10,300. Annualise that and the real rate is over 80%. Neither number is illegal — but you deserve to see it before signing, and the lender's KFS must show it. If an app won't tell you its APR, that itself is the answer.
Related: how APR is calculated · APR in the glossary · EMI calculator