Frequently Asked Questions

Personal loans on askrupee.com use the reducing balance (diminishing balance) method for EMI calculation. The formula is: EMI = P × r × (1+r)^n / ((1+r)^n – 1), where P = principal, r = monthly interest rate (annual rate ÷ 12), and n = number of monthly instalments. In the early months, a larger proportion of your EMI goes toward interest; as the principal reduces, the interest component decreases each month. Your complete amortisation schedule — showing the principal and interest breakdown for every EMI — is available in the askrupee.com app under 'My Loans'.

A NACH (National Automated Clearing House) mandate is a standing instruction that authorises Crestmont Capital to automatically debit your EMI from your bank account on the due date each month, via the NPCI NACH system. It eliminates the need for manual payments and ensures you never accidentally miss an EMI. The mandate specifies your account number, maximum debit amount, frequency (monthly), and tenure (matching your loan tenure). You can view active mandates in your bank's net banking portal. Cancelling the mandate does not cancel your loan obligation.

If your bank account has insufficient funds on the EMI due date, the NACH presentation will fail ('bounce'). This triggers: (1) A NACH bounce charge of ₹400 per instance (plus GST) from Crestmont Capital; (2) A dishonour fee from your bank (typically ₹200–500); (3) A second NACH presentation attempt within the same cycle; (4) Penal charges on the overdue EMI amount (up to 3% per month, simple — not compounded); (5) Reporting to credit bureaus if the EMI remains unpaid past the reporting date. Contact us immediately if you anticipate a failed payment — we can often arrange alternatives.

In compliance with the RBI Circular on Penal Charges in Loan Accounts (August 2023): penal charges are capped at 3% per month on the overdue EMI amount only — not on the total outstanding loan principal; they are simple charges, not compounded; they are not added to the principal; and they are disclosed as a separate line item in your KFS. A loan account unpaid for 90+ days is classified as a Non-Performing Asset (NPA) and reported to all four credit bureaus, which has a severe and long-lasting impact on your credit score.

Yes, you can pre-close your loan at any time. Pre-closure charges depend on when you close: within the 3-day cooling-off period — Nil; within 3 months of disbursement — 4% of outstanding principal (plus GST); between 3–12 months — 2% of outstanding principal (plus GST); after 12 months from disbursement — Nil. The optimal time to pre-close, if you have the funds, is after completing 12 monthly EMIs. To initiate pre-closure, go to 'My Loans → Pre-closure Request' in the askrupee.com app or email service@crestmontcapital.in.

After your loan is fully repaid (either at end of tenure or by pre-closure), Crestmont Capital will issue a digital No-Objection Certificate (NOC) within 5 working days and update all four credit bureaus (CIBIL, Equifax, Experian, CRIF) within 30 days. The NOC is sent to your registered email and is available for download in the askrupee.com app. If the NOC is not issued within 5 working days of closure, raise a complaint at service@crestmontcapital.in — this is a regulatory obligation and will be treated as a priority.

Yes. You can make part-prepayments (lump-sum payments above the scheduled EMI) at any time through the askrupee.com app. When making a part-prepayment, specify your preference: Tenure Reduction (keep EMI the same, finish the loan sooner — saves more total interest) or EMI Reduction (keep tenure the same, reduce monthly payment — improves monthly cash flow). Part-prepayment charges, if applicable, are the same as pre-closure charges for the relevant time bracket. A revised amortisation schedule is available in your account within 3 working days.