1. Overview
This Refund Policy outlines the circumstances, principal, and process for refund of amount collected from borrowers under the personal loan products. Loan are originated and serviced by the Partner NBFC while the Digital Lending Platform Service Provider (DLSP) facilitates the loan in accordance with RBI Digital Lending Guidelines.
2- Regulatory Compliance
This policy is aligned with
- RBI Fair Practices Code
- RBI Digital Lending Guidelines
- RBI direction on penal charges, interest computation, and prepayment
- Applicable terms disclosed in the Key Facts Statement (KFS) and loan
3- General Principles
- All charges are disclosed upfront in the KFS and loan
- No undisclosed, unfair, or excessive charges are
- Any excess or erroneous amount collected shall be refunded
- Borrowers are free to repay the loan early without prohibited
4- Situation Eligible for Refund
Refund may be applicable in the following cases
- Excess or Incorrect Charges
Any amount collected in excess of agreed or permissible charges, including incorrect interest or duplicate fees, shall be refunded.
- Prepayment / Early Repayment
Borrower may repay the loan at any time. No prepayment or foreclosure charges shall be levied where prohibited under RBI guidelines. Any such charges collected inadvertently shall be refunded.
- Loan Cancellation Before Disbursement
If the loan is cancelled prior to disbursement any amount collected shall be refunded in full. No interest is charged if disbursement has not occurred.
- d- Erroneous Penal Charges.
Penal charges, if applicable, are reasonable, non- capitalized, and event-based. Any penal charge levied incorrectly shall be refunded.
5- Mode of Refund
- Refund are credited only to the borrower’s original bank account used for loan
- Cash refund are not
- Refund may be adjusted against outstanding dues, with borrower
6- Refund Timelines
Eligible refund are processed within 7 working days form confirmation or identification of the refund.
7- Roles and Responsibilities
- The Partner NBFC is responsible for determination and execution of
- The DLSP facilitates routing but does not retain borrowers
8- Customer Support and Grievance Redressal
For refund related queries, borrower may contact customer support.
If unresolved, complaints may be escalated to the Grievance Redressal Officer of the Partner NBFC, whose details are disclosed on the platform
Borrower may further approach the RBI Integrated Ombudsman Scheme, if required.
9- Policy Updates
This policy may be updated periodically to remain compliant with RBI regulation. The latest version will always be available on the website
Disclaimer
In case of any inconsistency, applicable RBI guidelines and direction shall prevail.
