Shree Satashi Smart App

Satashi Mobile is Shree Satashi Multiple Cooperative Society Limited official Mobile Banking Application which enables its customers to keep track of their account maintained at Shree Satashi Multiple Cooperative Society Limited and allows its users to make different utility payments.  Features: • Track your finances • Track your account history • Protect your account with your fingerprint 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 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 accounts Location:  Customers can find our Office location. Apply for loan through our app: Shree Satashi Mobile 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 Shree Satashi Multiple Co-operative Society Ltd. Office) Personal Loan Example For Personal loan, followings things apply: A. Minimum Loan Amount NRs 10,000.00 Maximum Loan Nrs. 1,000,000.00 B. Loan Tenure: 60 months(1825Days) C. Repayment mode: EMI D. 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 Rate H. 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: Let's 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.23659.00 Total payable interest = Rs.407722.00 Total Payment = Rs. 407722.00 Loan processing fees = 1% of loan amount = 1% of Rs. 1,000,000.00 = Rs. 10,000.00 EMI will be calculated as under: P x R x (1+R)^N / [(1+R)^N-1] where, P = Principal amount of the loan R = 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 23,659.00 So, 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 month Since EMI consists of principal + Interest Principal = 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.988464.00 Disclaimers: We are not asking applicants to pay advance money for loan. Please be aware of such fraudulent activities.