Naya Milan Smart Banking

Features Naya Milan Smart Banking

Welcome to Naya Milan Smart Banking and enjoy the digital banking and payments services.Naya Milan Smart Banking is bank_name official Mobile Banking Application.
It enables its account holders to keep track of their account maintained at bank_name and allows its users to make different utility payments.  Below are the key features of Naya Milan Smart Banking: Make payments of your utilities • Pay your internet bills, phone bills, mobile top-up, and many other payments  for the services you use Transfer funds instantly • Transfer and receive funds instantly Receive and send money through remittance services QR Payments:  Scan and Pay feature that allows you to scan and pay to the different merchants.
Highly secure • Secure your account with two factor authentications • Fingerprint login helps secure your account Calendar: Customer can view official calendar of bank_name on our apps.  Location:  Customers can find our Office location.
Manage your account • Track your finances • Track your account history • Protect your account with your fingerprintApply for loan through our app:Naya Milan Smart Banking offers different types of loan to our customer, we will be listing the loan category with interest rate and you can choose to apply for the needed loan category.
(Note: This is just a loan information for applying and for the approval customer needs to visit the Naya Milan Saving and Credit Co-operative Limited Office)Personal Loan ExampleFor Personal loan, followings things apply:A.
Minimum Loan Amount NRs 10,000.00 Maximum Loan Nrs.
1,000,000.00B.
Loan Tenure: 60 months(1825Days)C.
Repayment mode: EMID.
Grace Period: 6 Months.
Interest must be paid in grace period.E.
Interest Rate: 14.75%F.
Processing Fees = 1 % of loan amount.G.
Eligibility: 1.
Resident of Nepal.
2.
Age above 18 years 3.
Must have a guarantor.
4.
Have an income source with tax clearance document*APR = Annual Percentage RateH.
The minimum period of repayment is 12 months(1 year) and the maximum period of repayment is loan tenure period as per the agremeent (which is 5 years in this example).I.
The Maximum Annual percentage Rate is 14.75%.Personal loan Example:Lets say you are applying for a Personal loan amounted NRs 1,000,000.00 from the organization at the rate of interest of 14.75% (annual) and your loan tenure is 5 years,Equated Monthly Instalment (EMI)= Rs.23659.00Total payable interest = Rs.407722.00Total Payment = Rs.
407722.00Loan processing fees = 1% of loan amount = 1% of Rs.
1,000,000.00 = Rs.
10,000.00EMI will be calculated as under:P x R x (1+R)^N / [(1+R)^N-1]where,P = Principal amount of the loanR = Rate of interest (Annual)N = Number of monthly instalments.EMI = 1,000,000* 0.0129 * (1+ 0.0129)^24 / [(1+ 0.0129)^24 ]-1= Rs 23,659.00So, your monthly EMI would be = Rs.
23659.00 The rate of interest (R) on your loan is calculated monthly i.e.
(R= Annual rate of interest/12/100).
For instance, if R = 14.75% per annum, then R = 14.75/12/100 = 0.0121.so, Interest = P x R = 1,000,000.00 x 0.0121 = Rs.12,123.00 for first monthSince EMI consists of principal + InterestPrincipal = EMI - Interest = 23,659.00-12,123.
= Rs.11536 in a first installment which can be vary on other installment.And for the next month, opening loan amount = Rs.1,000,000.00-Rs.
11536.00 = Rs.988464.00Disclaimers: We are not asking applicants to pay advance money for loan.
Please be aware of such fraudulent activities.