1. Introduction
This Interest Policy describes how NeoMoney, together with its regulated lending partners, approaches interest rates, annualised cost disclosures, and related charges for digital loans originated on the platform. It should be read together with our Terms & Conditions, Privacy Policy, and the Key Facts Statement (KFS) provided to you before loan sanction.
2. Key Facts Statement (KFS) and APR
Before you accept any loan, you will receive a Key Facts Statement (KFS) that sets out the Annual Percentage Rate (APR), all applicable fees, the repayment schedule, tenure, and total cost of credit. Only charges disclosed in the KFS will be levied; no hidden or undisclosed interest or fees are applied beyond what is stated there.
3. Interest computation
Interest accrues on the sanctioned principal in accordance with the product terms and the KFS. The method of calculation (for example, reducing balance where applicable), frequency of rest, and any grace or penal conditions will be clearly stated in your loan documentation and the KFS.
4. Fees, penalties, and other charges
Processing fees, penal interest (if any), prepayment or foreclosure charges, and third-party costs that form part of your total cost of credit will be disclosed in the KFS and loan agreement. These are separate from the base interest rate but are included in the APR where required by regulation.
5. Cooling-off and early closure
During any applicable cooling-off period, you may exit the loan by paying the principal and proportionate APR as prescribed under RBI digital lending directions and our Refund Policy. For prepayment or foreclosure after cooling-off, applicable terms will be as stated in the KFS and loan agreement.
6. Changes to rates or charges
Material changes to how interest or charges apply to existing facilities will be communicated in accordance with your loan agreement and applicable law. For new applications, the rates and charges in effect at the time of sanction, as reflected in the KFS, will apply.
7. Regulatory alignment
NeoMoney and its partners aim to comply with Reserve Bank of India (RBI) norms for NBFCs and digital lending, including fair disclosure of APR, transparent pricing, and grievance redressal. This policy is subject to updates to reflect changes in law or regulatory guidance.
8. Contact
For questions on interest, APR, or charges on your loan, contact us at support@neomoney.app or call +91-3365211211. You may also refer to the Grievance Redressal section of our website for escalation paths.