Spice Money

Spice Money, a subsidiary of Digispice Technologies Ltd., is India’s leading rural fintech company. It is solving for urban-rural divide by providing financial services across 2.5 lakh villages, through a network of 12 lakh+ Adhikaris (Rural Merchants). Currently, Spice Money network covers 95% of rural pin codes in India, providing easy access to a wide array of digital, banking and financial services in over 10 crore households.


The app comes with Zero Subscriber ID cost and Zero Lifetime monthly charges. The registration process is straightforward and only requires your mobile number and basic KYC documents.


Spice Money Adhikaris can provide the following services through their Smart Banking Points:


Cash Withdrawal: Withdrawing cash using an Aadhaar-linked bank account.


Cash Deposit: Depositing cash using an Aadhaar-linked bank account.


Balance Inquiry: Checking balance for an Aadhaar-linked bank account.


Money Transfer (DMT): Sending money to other Aadhaar-linked bank accounts.


Mini ATM: Basic ATM services such as cash withdrawals & deposits using a Debit Card.


Account Opening: Opening of savings & current bank accounts.


Bill Payment & Loan/EMI Repayment: Payments for utilities (water, electricity, gas), Municipal Corp. tax, LIC premiums, & loan EMIs.


Mobile & DTH Recharge: Recharge services across all operators.


Tours & Travel Services: Ticket booking for train, bus, flight, hotel & tourism packages.


Cash Collection: Deposit of premiums, EMIs, & more.


Loans: Low interest rate loans from a wide network of Banks & NBFCs.


Enterprise Cash Management: Day-to-day management of cash inflows & outflows for enterprises.


PAN Card Services: Obtaining a new PAN card or updating an existing one through authorized gov. channels.


Umang: Access to e-gov services.


A regulated entity under RBI, Spice Money holds relevant licenses including Prepaid Instrument(PPI), Bharat Bill Payment(BBPS), GSP license, IRCTC and the corporate agency license for insurance by IRDA. It also facilitates loan services to its Adhikaris & customers in partnership with RBI licensed lenders.


Key Points to consider before applying for a Personal Loan:
* Loan Amount: 1,000 to 5 Lakhs
* Repayment Tenure: 3 months to 42 Months
* Processing Fees: Upto 6.5% + GST for Loan upto 10,000
Upto 5.5% + GST for Loan above 10,000
* Max Annual Percentage Rate (APR): 65.61%
* Repayment Frequency: Daily, Monthly


Example for Monthly Installment Loan:
* Loan Amount: ₹ 2,00,000/-
* Tenure: 18 months
* Interest Amount @ 19.75% pa: ₹ 32,716/-
* Processing Fee @ 3% + ₹ 500/- + GST: ₹6500/- + GST
* Total Repayment Amount (Loan Amount + Interest): ₹ 2,32,722/-
* EMI: ₹ 12,929/-

Example for Daily Installment Loan:
* Loan Amount: Rs. 50,000
* Tenure: 180 days
* Interest Charge @ 30% pa flat: 7500
* Processing Fee @ 2%: 1000 + GST
* Total Amount paid: Rs. 58,500
* Daily Installment Amount: Rs. 371



Interest Rate, Processing fees, and Annual percentage rate vary by product and lender policy.


The company has following lending partners:
Mamta Projects (P) Ltd
Brand Name - Arthmate
https://www.arthmate.com/helpTopic
For Grievances, contact Hitesh Bhansali @ 8336901719 / statutory.compliance@arthmate.com


IIFL Finance Limited
https://www.iifl.com/digital-finance
For Grievances, contact Hardik Panchal @ 02245205810 / 02268178410 / nodalofficer@iifl.com


Bhanix Finance & Investment Ltd
Brand Name - CASHe
https://bhanixfinance.com/ourpartners.html
For Grievances, contact Prateek Saxena @ 02246047350 / bhanix@cashe.co.in

Ekagrata Finance Private Limited
https://www.ekagratafinance.com/our-digital-partner.html
For Grievances, contact Asha Daniel / 8047185299 / grievance@ekagratafinance.com