Revolving Credit Agreement Summary
This summary describes the product logic used by Ox Credit. Final approved contract terms, repayment schedule, statutory disclosures, and lender information must be shown to the user before any drawdown.
1. Credit Limit
Eligible users may be approved for a continuing credit limit from INR 5,000 to INR 80,000. The approved limit remains available according to the contract and account status.
2. Multiple Drawdowns
Users may draw multiple times within the available credit limit. Each drawdown must be within the available balance and may require confirmation of the applicable repayment schedule and disclosures.
3. Repayment and Limit Recovery
Repayments restore the available credit limit by the repaid principal amount. Full repayment does not automatically terminate the account or credit limit unless required by the contract, law, user request, or risk controls.
4. Interest Calculation
Interest is calculated on the actual used balance and the time that balance remains outstanding. If INR 80,000 is used for 120 days at 14.6% APR, estimated interest is INR 3,840.00 and estimated repayment for that draw is INR 83,840.00. Platform fee: INR 0.
5. Limit Increase
Credit limit increases must be requested by the user and reassessed under eligibility and risk rules. Ox Credit does not automatically increase credit limits.
6. Contact
Email: oxcredit_service@outlook.com