Payment Policy

This Payment Policy outlines the terms related to payments, fees, and charges associated with loan products facilitated through CREDOFINA FINTECH PRIVATE LIMITED ("Credofina"). Please read this policy carefully to understand your payment obligations.

1. Payment Methods

Loan repayments and EMI payments can be made through the following methods as offered by our lending partners:

• NACH/ECS Mandate: Automated debit from your registered bank account on the scheduled EMI date. This is the preferred and most reliable payment method.
• UPI: Payments via UPI-enabled applications using your registered UPI ID.
• Net Banking: Online transfer through your bank's internet banking portal.
• NEFT/RTGS: Direct bank transfer to the lender's designated account.
• Debit Card: Payments via debit card through the lender's payment portal.

The available payment methods may vary depending on the lending partner. Please check with your respective lender for supported options.

2. Processing Fees & Charges

The following fees and charges may apply to your loan. All fees are determined by the lending partner and will be communicated to you before loan disbursal:

• Processing Fee: A one-time fee charged by the lender for processing your loan application, typically ranging from 1% to 3% of the loan amount (plus applicable GST).
• Documentation Charges: Charges for loan documentation, verification, and legal compliance as applicable.
• Stamp Duty: Applicable stamp duty as per state regulations.
• GST: Goods and Services Tax as applicable on fees and charges.

All applicable fees will be clearly disclosed in the loan agreement before you accept the loan offer. Credofina does not charge any fee directly to borrowers.

3. EMI Payments

Equated Monthly Installments (EMIs) are calculated based on the loan amount, interest rate, and tenure as agreed in your loan agreement. Key points regarding EMI payments:

• EMI due dates are fixed and communicated in your loan repayment schedule.
• Ensure sufficient balance in your registered bank account before the EMI debit date.
• EMI amount includes both principal and interest components.
• A detailed amortization schedule is provided by the lending partner at the time of disbursal.
• Any changes to EMI amount or schedule will be communicated by the lending partner in advance.

4. Late Payment & Default

Timely payment of EMIs is crucial for maintaining a healthy credit score. In case of late payment or default:

• Late Payment Charges: The lending partner may levy penal interest or late payment fees as specified in your loan agreement, typically ranging from 2% to 4% per month on the overdue amount.
• NACH Bounce Charges: If an automatic debit fails due to insufficient funds, bank bounce charges will apply as per the lender's policy.
• Credit Score Impact: Late payments and defaults are reported to credit bureaus (CIBIL, Equifax, Experian, CRIF) and will negatively impact your credit score.
• Recovery Actions: Continued default may result in recovery actions by the lending partner as per applicable laws and the loan agreement terms.

5. Prepayment & Foreclosure

You may choose to repay your loan partially or fully before the scheduled tenure:

• Part Prepayment: You can make additional payments towards your loan principal, reducing the outstanding balance and overall interest burden. Minimum prepayment amounts may apply.
• Full Foreclosure: You can close your loan by paying the entire outstanding amount (principal + accrued interest). A foreclosure statement can be obtained from the lending partner.
• Prepayment/Foreclosure Charges: As per RBI guidelines, no prepayment or foreclosure charges are levied on floating-rate individual loans. For fixed-rate loans, charges may apply as specified in your loan agreement.

To initiate prepayment or foreclosure, please contact your lending partner directly or reach out to us for assistance.

6. Payment Security

All payment transactions are processed through secure, PCI-DSS compliant payment gateways. We do not store your complete card details or banking credentials on our servers. Payment processing is handled by regulated payment intermediaries in compliance with RBI guidelines.

7. Contact Us

For any payment-related queries, please contact us: