REPAYMENTS

The first EMI is payable by cheque. Thereafter, repayments– EMI and pre-closure – are made through an online, automated procedure. This is a faster and simpler method wherein monthly EMIs and repayments happen online via Electronic Money Transfer without the need to issue numerous cheques to each lender. This process is enabled using NACH mandate collected along with other documents at the time of listing the loan. Every month the entire EMI amount is collected directly, through auto-debit, from the borrower’s salary account into Escrow Account from where it is disbursed to respective lenders after consolidation.

FEES

We charge a one-time listing fee of Rs. 500/- from Borrowers which is due at the time of registration. This fee is non-refundable, except in case the borrower’s location cannot be serviced by RITAMBHARA FINCON PVT. LTD. This fee gets adjusted towards the final processing fees if the borrower gets successfully funded through the platform.
Once the loan agreement is closed, a non-refundable processing fee prior to disbursement is charged. This fee is debited from the total loan amount before transferring the sum to borrower’s bank account. Please find the indicative processing fees structure below.
Rate of Interest on loan >10-14% >14-18% >18-22% >22-26% >26-30% Max Processing fees* 3% 3.50% 4% 4.50% 5.50% *Service tax/other taxes to be charged additionally as applicable
The same is subject to change as per RITAMBHARA FINCON PVT. LTD.’s discretion and shall be updated on the website. All fees and/or any charges incurred post listing and funding of the borrower’s loan requirement is non-refundable.
For more details, CONTACT US and feel free to interact with all your queries.

PRE-PAYMENT OF LOAN

A borrower can choose to pre-pay the entire loan amount without any penalty after three months from the date of disbursal of the loan. Prior to three months, in order to safeguard Lender’s interest, pre-closure can be done after paying balance interest due to lenders for a period of three months from the date of disbursal. This is payable to Lenders.A one-time non-refundable pre-payment fees of Rs. 500/- will be charged by RITAMBHARA FINCON PVT. LTD. to the Borrower.

NON-PAYMENT

Borrowers are morally and legally obliged to pay all dues in a timely manner. In case the EMI is not paid on the scheduled time, a penal interest of Rs. 50/- per lender will be charged. These charges are applicable for each instance of delayed repayment. These charges are payable to lenders. RITAMBHARA FINCON PVT. LTD. will also charge a non-refundable collection penalty of Rs. 500/- per delayed payment. So, RITAMBHARA FINCON PVT. LTD.. encourages all borrowers to make timely payments to avoid penalty charges.
In the worst-case scenario, if RITAMBHARA FINCON PVT. LTD.. has to issue a legal notice to a defaulting borrower on behalf of the lenders then a non-refundable charge of Rs. 500/- per legal notice will be payable by the borrower to RITAMBHARA FINCON PVT. LTD.

OTHER FEES

To maintain efficiency, the repayment process is being handled by RITAMBHARA FINCON PVT. LTD. through a system-driven, automated mechanism. Hence, we discourage borrowers from changing their EMI date or bank account details through which an ongoing loan repayment process is carried on. However, under certain unforeseen circumstance this may be inevitable.In such a scenario, borrowers must inform us in writing on info@finsafe.finance and pay a nominal, non-refundable fee of Rs.500/- per bank account swap and/or per EMI date change.
Borrowers are obliged to maintain details of their loan including statement of accounts. In case, they need RITAMBHARA FINCON PVT. LTD.’s assistance in this regard then a non-refundable fee of Rs. 100/- per statement of accounts will be charged.

REFUND POLICY

All fees and charges are non-refundable. The one-time listing fees of Rs. 500/- is non-refundable, except in case the borrower’s location cannot be serviced by RITAMBHARA FINCON PVT. LTD.
Please note that RITAMBHARA FINCON PVT. LTD. provides a complimentary e-book (worth Rs. 600/-) to all rejected applicants. The e-book provides suggestions on how a loan seeker can improve his/her credit profile.
RITAMBHARA FINCON PVT. LTD. only facilitates a virtual meeting place between Borrowers and Lenders on its online platform. The decision to lend money to a borrower is entirely at the discretion of the Lenders and RITAMBHARA FINCON PVT. LTD. does not guarantee that a borrower will receive any loans from the Lenders. RITAMBHARA FINCON PVT. LTD. merely aids and assists Lenders and Borrowers listed on its website to make and receive loans and charges a service fee from Lenders and Borrowers for such assistance. RITAMBHARA FINCON PVT. LTD. is only an ‘Intermediary’ under the provisions of the Information Technology Act, 1999.