Frequently asked questions
Who can apply?
Small traders and gig workers in Kerala aged 21 to 60, with at least 6 months of bank history and Rs 15,000 or more coming into their account each month.
How much can I borrow?
Rs 15,000 to Rs 3,00,000. First loans go up to Rs 50,000, and your limit can grow after you repay on time.
Do I need a good credit score?
Most loans go to people with a credit score above 700. A small number of loans go to people with no score or a lower score but strong, steady bank cash flow.
What does it cost?
An APR of 18% to 24% a year, all-in. That is interest of 9.5% to 19.25% plus a one-time processing fee of 2% of the loan and GST on that fee. You see the full cost and APR before you sign.
How do I repay?
In equal monthly EMIs over 6, 9 or 12 months, auto-debited from the bank account you verify with us.
What if an EMI fails?
A flat charge of Rs 250 applies for each failed auto-debit. We remind you before every EMI so you can keep money in your account.
Can I repay early?
Yes. You can prepay from your account, and during the cooling-off period you can exit by repaying the principal and interest for the days used, with no penalty.
Is my data safe?
Your bank data is shared only through the RBI Account Aggregator with your approval, stored in India, and never sold. We never access your contacts, photos or SMS.
Who lends the money?
Our NBFC lending partner, registered with the RBI. Karmacash is its lending service provider and never holds your money.