What are the interest rates in GCredit?
GCredit interest rates range from 5% to 7%, depending on how active you are on GCash. The more you use GCash, the lower your interest rate could be.
GCredit Interest Charges
Interest charges start the day after a transaction is made using GCredit.
The interest is calculated based on the number of days the amount is borrowed.
How to calculate GCredit interest rate
Refer to the example below to calculate your GCredit interest rate.
- Transaction Date: October 1
- Amount Borrowed: PHP 1,000
- Interest Rate: 5%
- Payment Date: October 10
Interest Calculation:
- Number of days borrowed: 9 days (October 2 to October 10)
- Daily interest rate: 5% monthly rate/ 30 days = 0.17% per day
Total interest: PHP 1,000 * 0.17% * 9 days = PHP 15
Total Outstanding Balance: PHP 1,000 (principal) + PHP 15 (interest) =
PHP 1,015.00
Note:
If the GCredit dues are paid within the same day of the transaction, no interest charges will be applied.
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