Consumer Awareness

What does it mean when an account is Overdue (default)?

An account will be in default when the principal including arrears of interest and any other amount due is not paid as seen on the respective due date mentioned in sanction terms/loan agreement, such account shall be specified as overdue loan account. The Company shall flag the Loan account as overdue as part of the day-end processes for the due date, irrespective of the time of running such processes.

How long does it take to approve my loan?

On filling the application and meeting the eligibility criteria, your loan will be approved almost instantly. Once you complete your Net Banking Verification Process, the funds will be deposited into your account within 24 hours. You can check your approval status on the app. After that, you need to complete your KYC to process.

What documents do I need to submit to complete the loan process?

PAN Card, Identity Proof (Aadhaar, Driver's License, Passport, Voter id), Address Proof (Aadhaar, Driver's License, Passport, Voter id, Utility bills, bank statements), Net Banking Verification / Bank statement are the mandatory documents required to complete your loan process successfully.

What is the maximum loan amount that I can get?

You can get a loan of up to Rs.3,00,000. The final amount approved for you will depend on your income, credit score, and a few other factors.

Will my credit score be impacted if I don't repay on time?

Failing to make a payment on the due date will impact your credit score. Whereas, maintaining healthy credit behavior will significantly boost your credit score. So, always choose to repay on time.

I might need more funds in the future, will I need to apply again?

In case you need more funds in the future, you may apply again, subject to your loan eligibility offer.

Do I need to follow a repayment cycle?

You will be expected to follow a repayment cycle, where the due date will be flexibly generated based on your income cycle. If you need to change your repayment cycle, you can do so by reaching out to our customer support team at +91-40-4617-5151 & initiate the request. Have further questions? Email us at [email protected]

What is the repayment plan?

Customers can choose to pay either the EMI amount or clear the entire outstanding principal amount with no prepayment charges. The due date of a customer is generated based on the date of income, helping the customer make payment when money is available.

When does my loan get classified as SMA or NPA?

The Borrower shall note that your account shall be classified as Non-Performing Asset (NPA) as per the extant RBI Circulars/Regulations when the monthly payment due on the loan remains overdue for more than 90 days, that is, the account will be marked as NPA on the 91st day of continuous default from the original due date. The account overdue would be computed considering monthly payment obligations.

Illustration For SMA/NPA Classification Of Borrowers Account for Reference
As per extant asset classification norms of Reserve Bank of India, following is the indicative SMA/NPA classification:

If the Due Date of a loan account repayment is March 05, 202X, and

• If full dues are not received by the lender by March 05, 202X the account shall be tagged as overdue and is marked 1 day past due and SMA-0 at the day end process.
• If the dues of March 05, 202X continue to remain overdue for 30 days i.e till April 04, 202X and is 31 days past due, then this account shall get tagged as SMA-1 on April 05, 202X.
• Similarly, if the account continues to remain overdue for 60 days i.e till May 04, 202X and is 61 days past due on May 05, 202X, then it shall get tagged as SMA-2
• If it continues to remain overdue further for 90 days i.e till June 03, 202X and is 91 days past due on June 04, 202X, it shall get classified as NPA on June 04, 202X.

How can I connect with the customer support team?

Please feel free to call us on +91-40-4617-5151. If you're unable to reach us via call or drop an email at [email protected].