DRM - Simplify Financial

Dr.Money is an innovative financial technology platform to provide online financial services such as applying for loans and purchasing non-life insurance.
Dr.
Money's operations are under the supervision of the Bank of Thailand and the Office of Insurance Commission (OIC).
Dr.
Money is committed to developing highly secure technology.
Users can apply for loans or buy our products and can easily check every step of the approval process themselves.
The service interest rate is not more than 24% per annum according to the policy of the Bank of Thailand.
Users can also report complaints arising from our services through our platform.
Providing services, loans, pledges, registration books
- arrangement conditions
- Types of cars in the contract arrangement: sedans, pickup trucks, vans
- The registration book must be debt-free.
- Car age not over 15 years
- Possession of not less than 120 days
- Borrowers aged between 20-65 years including contract period
- The borrower must have a mobile phone that can use the application.
- Do not transfer the registration book
- no guarantor
- credit line, interest, contract period
- Credit limit up to 100,000 baht
- Interest 6% - 24% per year
- The installment period is paid in monthly installments.
Minimum installment period of 12 months, maximum of 36 installments
Interest calculation example Mortgage loan, registration book
The customer made a contract of 50,000 baht and received the money on November 5, 2022 by choosing the number of installments of 12 installments.
- Credit limit 50,000 baht, one-time payment format
- The amount to be received is 50,000 baht.
- 24% interest per year
- Installment period 12 months
- Payable on the 5th day of the month
so
1st installment, payment on 5 Dec.
'22, total payment 4,728.00 baht
(Principal amount 3,741.70 baht Accumulated interest for 30 days 50,000.00*24%*30/365= 986.30 baht) Outstanding principal = 46,258.30 baht
2nd installment, payment on 5 Jan.
23, total amount 4,728.00 baht
(Principal amount 3,785.09 baht, accumulated interest for 31 days 46,258.30*24%*31/365= 942.91 baht) Outstanding principal = 42,473.21 baht
3rd installment, payment on 5 Feb.
23, total payment 4,728.00 baht
(Principal amount 3,862.24 baht Accumulated interest for 31 days 42,473.21*24%*31/365= 865.76 baht) Remaining principal amount = 38,610.97 baht
4th installment, payment on 5 Mar.
'23, total amount of 4,728.00 baht
(principal amount 4,017.14 baht, accumulated interest for 28 days 38,610.97*24%*28/365= 710.86 baht), outstanding principal = 34,593.83 baht
5th installment, payment on 5 Apr.
23, total payment 4,728.00 baht
(principal amount 4,022.85 baht, accumulated interest for 31 days 34,593.83*24%*31/365= 705.15 baht) remaining principal = 30,570.98 baht
6th installment, payment on 5 May 2023, total payment 4,728.00 baht
(Principal amount 4,124.96 baht, accumulated interest for 30 days 30,570.98*24%*30/365= 603.04 baht), outstanding principal = 26,446.02 baht
7th installment, payment on 5 June 2023, total amount of 4,728.00 baht
(principal amount 4,188.94 baht, accumulated interest for 31 days 26,446.02*24%*31/365= 539.06 baht), outstanding principal = 22,257.08 baht
8th installment, payment on 5 July 2023, total payment 4,728.00 baht
(principal amount 4,288.96 baht, accumulated interest for 30 days 22,257.08*24%*30/365= 439.04 baht), outstanding principal = 17,968.12 baht
9th installment, payment on 5 Aug.
23, total payment 4,728.00 baht
(principal amount 4,361.75 baht, accumulated interest for 31 days 17,968.12*24%*31/365= 366.25 baht), outstanding principal = 13,606.37 baht
10th installment, payment on 5 Sep.
23, total payment 4,728.00 baht
(principal amount 4,450.65 baht, accumulated interest for 31 days 13,606.37*24%*31/365= 277.35 baht), outstanding principal = 9,155.72 baht
11th installment, payment on 5 Oct.
23, total payment 4,728.00 baht
(principal amount 4,547.39 baht, accumulated interest for 30 days 9,155.72*24%*30/365= 180.61 baht), outstanding principal = 4,608.33 baht
12th installment, payment on 4 Nov.
23, total payment 4,702.26 baht
(Principal amount 4,608.33 baht Accumulated interest for 31 days 4,608.33 *24%*31/365= 93.93 baht) Outstanding principal = 0 baht
Therefore, the total payment amount of 56,710.26 baht is interest of 6,710.26 baht from the principal of 50,000 baht with an interest rate (EIR) of 24% per year*
The example is just a preliminary calculation.
Figures may change depending on the criteria set by the company.

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