Vizzve Microseva

Vizzve Microseva App Introduction

Vizzve Microseva is a revolutionary microfinance application designed specifically for Android users. This comprehensive app offers a range of features to assist individuals in managing their financial affairs, particularly those who may have limited access to traditional banking services.

Loan Management and Information

The app is not a source for obtaining new loans but rather a tool for existing customers to access detailed information about their current loans. Users can easily view their EMIs, repayment schedules, and other crucial details. This feature provides transparency and helps users stay on top of their financial obligations.

Financial Services for the Underserved

Vizzve Microseva is more than just a loan tracking app. It is part of the broader concept of providing financial services to low-income clients and solidarity lending groups. By offering these services, the app aims to be an economic development tool, assisting the poor in working their way out of poverty.

Loan Parameters

The app provides clear information about loan amounts, tenures, and associated charges. The minimum loan amount is Rs 5,000, while the maximum is Rs 1,00,000. The tenure ranges from 90 days to 365 days. Processing fees range from 5% to 8% of the loan amount. Additionally, there are no pre-closure or prepayment charges, and the ROI ranges from 1.5% to 2.92% monthly, with an APR of 18% to 35%.

APR Determination

The Annual Percentage Rate (APR) is a crucial factor in borrowing. It is determined based on the user's credit score, the desired loan amount, and steady income. A good CIBIL score leads to a lower APR, while a poor score results in a higher APR. This aspect of the app helps users understand the true cost of borrowing and make informed decisions.

Monthly Payment Example

To illustrate how the loan calculations work, the app provides a monthly payment example. For a 12-month tenure with a loan amount of Rs. 1,00,000, an interest rate of 2%, an admin fee of Rs. 1000, and an APR of 24%, the amount credited is Rs. 99000, the EMI is Rs. 9456, and the total interest is Rs. 13472.

Additional Features

Beyond loan management, Vizzve Microseva offers several useful features. Users receive payment reminders and notifications to avoid missing payments. They can access their loan details at any time, including the disbursed amount, tenure, and outstanding amount. The app also provides a transaction history to keep track of all financial activities. Multiple payment modes are available, allowing users to choose the one that suits them best. Finally, users can view and edit their profile information for a personalized experience.

In conclusion, Vizzve Microseva is a powerful tool for Android users looking to manage their finances effectively. Its comprehensive features and user-friendly interface make it an essential app for those in need of microfinance services.