- Must be a resident of India.
Minimum monthly income criteria depends on your loan type & durations.
Must not have any outstanding loans from other financial institutions (unless demonstrated ability to repay).
For loans above Rs.50,000, certain employment or business conditions may apply.
Small Business Borrowers:
Must demonstrate financial stability or have a clear repayment capacity. Apart from this Guarantor is also considered as Co-Applicant, if Borrower not paying back loan than Guarantor has to pay the loan with all the interest, penalties & Legal Fees.
3. Loan Products and Services
We offer a variety of loan products tailored to meet the needs of individuals and small businesses:
Personal Loans: Short-term loans for personal emergencies or needs.
Business Loans: Loans for working capital, expansion, or business-related expenses.
Microfinance Loans: Small loans for individuals or micro-businesses in underserved areas.
Daily Loan Schemes: Loans that require daily repayments, especially designed for daily wage earners or small businesses.
4. Interest Rates and Fees
Our interest rates are designed to be affordable and transparent. The rates are determined based on the type of loan, the amount borrowed, and the repayment tenure.
Interest Rates: Will be clearly communicated during the loan application process. Rates are competitive and comply with RBI regulations.
Processing Fees: A nominal processing fee may apply to certain loan products, which will be communicated at the time of loan application.
Prepayment Charges: No prepayment penalties for loans repaid before the scheduled due date, subject to terms and conditions.
Please note that the interest rates are subject to change based on RBI guidelines and market conditions.
5. Loan Repayment Policies
Repayment terms are customized based on the loan type, and we offer flexible repayment options, including:
Daily Repayments: For certain products, repayments may be scheduled on a daily basis (especially for smaller loans).
Weekly/Monthly Repayments: Standard loan products may offer weekly or monthly repayment schedules.
Repayment Methods: Borrowers can repay via bank transfers, mobile wallets, or in-person at designated centers.
Late Payment Charges: In case of delayed payments, late fees may be applied as per the loan agreement.
6. Loan Approval and Disbursement
Application Process: Customers can apply for loans through our mobile app or website. Loan applications will require necessary documentation, such as proof of identity, address, income, and business details (if applicable).
Approval Process: Each loan application will undergo a comprehensive review based on our internal credit assessment policies. Approved loans will be disbursed directly to the borrower’s bank account or mobile wallet.
Disbursement Time: Typically within 1-2 business days after approval.
7. Risk Management & Credit Assessment
We employ robust credit assessment methods to evaluate a borrower’s repayment capacity, including:
Credit Score Review: We assess the credit score of the applicant.
Income Verification: For personal loans, proof of income (salary slips, bank statements) is required.
Business Viability: For business loans, we assess business performance, including cash flow, profitability, and stability.