These could cover anything from 2-3 % per adding up to an average of 24-36 per cent a year month
The growing risk of these fly-by-night loan apps has thrown up more recent challenges for banking institutions, RBI, and NBFCs alike
Instant loan apps provide easy and quick loans without any security, however, many such apps run with no supervision that is regulatory. In reality, some of those apps have already been discovered become run by Chinese nationals, working in deals well worth crores.
The arrest that is latest when this occurs had been produced by Rachakonda authorities in Telangana on January 13.