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
Instant verification through Aadhaar or e KYC (Electronic-Know Your Customer) helps us validate your identity instantly using the UIDAI (Unique Identification Authority Of India) infrastructure.
We validate your Name, Address and pull your photograph from the UIDAI database Through offline QR code
Here is a list of documents you would need to apply for the loan via the app:
1. Aadhaar Card
2. Current Address Proof – If Aadhaar Card doesn’t feature current address
3. Bank Statement (Salary A/C) – From the last 3 months with salary credits
4.If self-employed – Income Tax Return Verification Form for last 2 years
Please make sure that the above documents should be valid at the time of submission
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.
You cannot change your loan amount via the app, after you’ve submitted your loan application. If you’ve made an error during the application process, please email us at info@fundhouse.co.in
Please note, you can not change the loan amount or terms after you’ve reviewed & submitted the Loan Agreement
We only charge a one-time processing fee which is dynamically calculated.
For eg., if you have opted for a Rs. 50,000 loan then the processing fee will be deducted from the 50,000 and the amount net of processing fee will be transferred to your account
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.
Pre-closure is allowed at zero fees only after you have paid at least 3 EMIs. Once you have paid 3 EMIs, feel free to get in touch with our support team, via email or via phone call.
We will mention the amount you need to pay to pre-close the loan. This will include your principal amount and interest as of that day.
Pre-closure is allowed at zero fees only after you have paid at least 3 EMIs. Once you have paid 3 EMIs, feel free to get in touch with our support team, via email or via phone call.
We will mention the amount you need to pay to pre-close the loan. This will include your principal amount and interest as of that day.
Your CIBIL score is only affected in case you are not able to pay back the loan EMIs on time. With proper repayments, your CIBIL score actually improves
We have made sure the Loan request process is smooth and bug-free but still in the case of an app crash, you will be able to start from the same step where the crash happened.
