Yes, now you can pay 0% interest on your existing loans! It is very common for people to rely on a loan for any range of expenses. At that time the option to take a loan for buying that TV, going for a holiday or giving a gift to your husband/wife seems like a great idea. However, a few months into the loan cycle paying the interest on the loan becomes a big problem. This is a common problem for most people opting for loans. Interest is a very tricky thing. We deposit money into our bank account we get returns at a low interest rate from our bank but when we take a loan from a financial institute we have to pay huge interest rate. Like it or not every financial institution works like this way.
If you are one among the crores that have taken a loan and are struggling to pay back your high interest loan we have a great way for you to get rid of your loan interest.
Read on to know more.
We introduce to you Finlok – Group Savings App. Download
The Group Savings concept is very old and a traditional way of savings but unfortunately, we have lost that way of savings with our modern lifestyle. It’s a common tool used by people across India and in fact people across the world. . It is called by different names in different states – ‘Bhishi’ in Maharashtra, ‘Committee’ in Uttar Pradesh, ‘VC’ in Gujarat and ‘Chitty’ in the Southern part of India.
At Finlok we are providing the same product with ease of use, security, transparency and convenience as “Finlok Group Savings App”. You can now save money with your friends, co-workers and family. The concept is simple as little as 3 and as many as 10 people come together to save money. Everyone in the group contributes the same amount for a defined period i.e, there are three friends A, B & C. They decided to save money in a group. They started a group with a contribution of Rs.2000 per month for a period of 3 months. In the first month friend A gets Rs.6000, in the next month friend B gets Rs.6000 and at the last month friend C gets Rs.6000. The app allows members to allocate a period’s fund to the most needy member. Members of the savings group get the benefit of early access to lump sum, interest free loan from their group members, a disciplined way to save effectively. Finlok further incentivises members to participate in savings groups by sharing rewards with members that receive the group funds later in the cycle.
So imagine that you have a loan on which you are currently paying a high interest. With Finlok you can start your savings group and invite your friends or family members. As the admin you would receive the pooled funds on the second cycle; this allows you to receive a lump sum at no interest from your friends. You can use these funds to make an early repayment on your loan and continue to pay your savings group contribution for the rest of the period of your group.
So now you have it; a simple, convenient, secure and transparent way to – you can pay 0% interest on your existing loans.
You can also watch our explainer video to learn more.