Openaloan

Openaloan — Open Terms, Open Access
Borrowing should not feel like signing something in the dark. Openaloan was built around one idea: you deserve to know exactly what you are agreeing to. Clear pricing, a quick digital process, and a credit line that stays open for whenever you need it.

Transparency Is the Product
Many apps show a headline rate and reveal the rest later. Openaloan puts the complete picture on one screen — daily interest, processing fee, GST, amount credited, and total repayment — before you tap accept. If it is not on that screen, you will not be charged for it.

A Credit Line, Not a One-Time Amount
Your approved limit stays with you. Withdraw part of it for an urgent bill, repay, and withdraw again later. You only pay interest on the portion you actually use, and only for the days it is outstanding.

Simple to Start
Sign up with your mobile number, then verify with Aadhaar, PAN and a selfie. There are no forms to print and no documents to courier. Your application moves forward entirely online.

Flexible Repayment
Pay in part or in full through UPI, net banking or debit card. Early repayment is always welcome and reduces your interest cost, with no foreclosure charge.

📈 Product Features
Credit Limit: ₹3,000 to ₹1,00,000
Duration: 92 to 360 days
Interest Rate: 0.055% per day, calculated daily
Maximum APR (Annual Percentage Rate): 55%
Processing Fee: 2% to 5% of the withdrawn amount + GST
Decision Time: Usually within 15 minutes
Funds credited directly to your bank account
Lending Partner: Openaloan Private Limited
Eligibility: Indian citizen, aged 18 or above, salaried or self-employed, meeting the minimum income requirement, with no adverse record at the credit bureau
Documents Required: Aadhaar, PAN, and a selfie

ℹ️ Representative Example
Amount Withdrawn: ₹10,000
Duration: 150 days
Daily Interest: ₹10,000 × 0.055% × 150 days = ₹825.00
Processing Fee: ₹300 (3% of ₹10,000) + GST @18%: ₹54.00 = ₹354.00 total
Amount Disbursed: ₹9,646.00 (Processing Fee + GST deducted upfront)
Total Repayment Amount (Amount Withdrawn + Interest): ₹10,825.00
Effective APR for this example: approximately 32.4%

Note – All the above numbers are for representation only. The final interest rate, processing fee, and APR will vary depending on your profile assessment and how long you hold the amount.

📩 Who Openaloan Is For
Anyone who has ever been surprised by a charge they did not expect. Openaloan is for people who read the fine print and want it to be short, clear and honest.

Support
Monday–Friday, 10:00 AM–7:00 PM
📧 Email: support@openaloan.org

Recent changes:
Flexible funds when you need them, with fully disclosed costs.