Complete & submit the loan application via the app.
Once you’ve submitted your loan application, we go through your documents and assess your credit worthiness and application.
Post the verification process, we’ll send you a NACH form, that you’re required to print, sign on, scan and send back to us. You NACH form is to enable auto-debit facility for your bank account to auto-pay Installment /EMIs.
On receiving your NACH form, we’ll send you a loan agreement on the app. You need to review & submit the agreement. Post this, your
We try our best to process your loan within a 2 business hour period. This 2 hour period starts when you have reviewed and submitted your loan agreement. It ends once you receive your loan amount.
Your loan application, NACH, eligibility check are not part of the 2 hour period. This stage requires back and forth between the customer and our customer support team, hence making it difficult to provide a conclusive timeline for the same.
Please note that our business hours are Monday to Friday, 10 am to 6pm.
The loan EMI will be automatically deducted from your bank account. This is done only after you have authorized us to deduct the proposed EMI amount mentioned during the loan request process in the app.
The last step of the loan request process includes you sending us a Loan Agreement form with the authorization of deducting a proposed EMI amount for a certain duration (depending on the loan plan). This loan agreement form will contain a NACH mandate which will enable us to auto-debit the EMI amount directly from your bank
National Automated Clearing House (NACH) is a centralized system similar to ECS. It has been launched with an aim to merge multiple ECS systems running across the country and introduce higher efficiency. It has replaced ECS for auto-debit transactions in India since May 2016. You can read more about NACH here.
The loan amount will be automatically debited on 5th of every month. In case you do not have enough balance, we allow a grace period of 3 days during which you can request for a Loan EMI transfer through the app to avoid any late charges. Beyond that a late payment fee will be charged.