Credit line & fees
Key parameters below reflect how OpenLimit communicates pricing today. Your final agreement in the app always prevails.
Limit & tenure
| Item | Detail |
|---|---|
| Amount range | Minimum 2,000 INR · Maximum 150,000 INR (actual amount subject to system approval) |
| Withdrawal period | Flexible usage periods supported; daily billing; maximum 365 days |
Daily interest & annualized reference
| Daily interest rate | Minimum approximately 0.04% per day |
| Annualized reference | Approximately 14.6% maximum when compounded from the indicative daily rate |
Withdrawal fee
A 3% service fee applies to each withdrawal to cover payment channel and operating costs.
Extension & overdue balance
If full repayment is not completed by the due date, the remaining outstanding amount continues to accrue fees at 0.04% per day until the balance is fully repaid.
Worked example
Assume you withdraw 10,000 INR for 120 days at a daily interest rate of 0.04%.
- Actual amount received: withdrawal fee 10,000 × 3% = 300 INR; you receive 9,700 INR.
- Interest: daily interest 10,000 × 0.04% = 4 INR; over 120 days = 480 INR.
- Amount due at maturity: principal + interest = 10,000 + 480 = 10,480 INR (plus the withdrawal fee already deducted from disbursement as modeled here).
If you repay early within the term, the system calculates fees based on the actual number of days used; no interest is charged for unused time.
Disclaimer: Rates, fees, and eligibility may change based on policy, regulation, and your contract. Verify all numbers in your in-app disclosure before you borrow.