1. Introduction
This policy governs refund and cancellation terms for borrowers availing digital lending services through the platform.
2. Key Fact Statement (KFS)
Borrowers receive KFS before loan sanction, including APR, tenure, processing fees, repayment schedule, cooling-off terms, and grievance details.
3. Cooling-Off Period
- Cooling-off period shall not be less than one day.
- Borrowers may exit by repaying principal and applicable proportionate APR.
- No additional penalty during valid cooling-off exit.
4. Refund Policy During Cooling-Off
Eligible excess amounts are refunded to the registered bank account, generally within 7-15 working days from approval.
5. Refunds After Cooling-Off Period
Borrowers may prepay or foreclose as per agreement/KFS. Excess payments are refunded or adjusted against outstanding dues.
6. Disbursement and Repayment Compliance
- Disbursement only to borrower bank account.
- Repayments only to designated company account.
- No intermediary third-party accounts for repayments.
7. Charges and Fees
No charges beyond those disclosed in KFS will be collected. There are no hidden charges or undisclosed deductions.
8. Grievance Redressal and Refund Requests
Borrowers can raise refund-related queries through support channels and grievance contacts for timely resolution.
9. Documentation and Record Sharing
Loan documents, KFS, sanction terms, and repayment details are provided digitally.
10. Policy Amendments
The policy may be updated in accordance with regulatory changes and will be published on official channels.
11. Contact Information
For refund, cancellation, or policy queries: `support@neomoney.app` and `+91-3365211211`.