Refund & Cancellation Policy
This Refund and Cancellation Policy outlines the terms and conditions under which refunds and cancellations are handled for the services provided by Swapnashikha Micro Foundation, a Micro Finance Company registered under Section 8 of the Companies Act 2013. By using our services, you agree to the terms stated in this policy. Please read this policy carefully before using our services.
1. General Policy
At Swapnashikha Micro Foundation, we strive to provide the best possible service to our customers. Given the nature of our financial services, refunds and cancellations are subject to strict terms and conditions. This policy applies to all types of loans offered by us, including Personal Loans, Business Loans, and Group Loans.
2. Loan Application Fees
a. Non-Refundable Fees
Any fees paid during the loan application process, including processing fees, administrative fees, or any other charges, are non-refundable. These fees are used to cover the costs associated with processing your loan application and conducting necessary due diligence.
b. Exception
If your loan application is rejected due to an error on our part, we may, at our discretion, refund a portion of the fees paid. This will be reviewed on a case-by-case basis, and any decision made by Swapnashikha Micro Foundation regarding refunds in such situations will be final.
3. Loan Cancellation
a. Before Disbursement
If you wish to cancel your loan application after it has been approved but before the loan amount has been disbursed to your account, you may request a cancellation. In such cases:
- Processing Fees: Any processing or administrative fees paid are non-refundable.
- Loan Agreement: You will need to sign a cancellation agreement acknowledging the termination of the loan process.
b. After Disbursement
Once the loan amount has been disbursed to your account, the loan cannot be canceled. You will be required to adhere to the repayment terms outlined in your loan agreement. If you no longer require the loan amount, you may repay the loan early according to the terms of the loan agreement, but no refund of interest or fees will be provided.
4. Early Repayment
a. No Penalty
Swapnashikha Micro Foundation does not impose any penalties for early repayment of loans. You may choose to repay the loan in full before the scheduled repayment date. However, any interest accrued up to the date of early repayment will be payable.
b. Refund of Interest
If you repay your loan early, any interest that has not yet accrued will not be charged. However, any interest that has already been accrued and added to your loan balance will not be refunded.
5. Service Fees for Additional Services
a. Non-Refundable
Any service fees paid for additional services provided by Swapnashikha Micro Foundation, such as credit evaluation, financial advisory, or any other ancillary services, are non-refundable once the service has been rendered.
b. Disputed Charges
If you believe that you have been charged incorrectly for any services, you may contact us within 30 days of the charge to request a review. We will investigate the issue and, if an error is found, we will correct the charge. However, any decisions made by Swapnashikha Micro Foundation regarding disputed charges will be final.
6. Dispute Resolution
If you have any concerns or disputes regarding our Refund and Cancellation Policy, please contact our customer service team at [email protected]. We will do our best to address your concerns promptly and fairly. Any disputes that cannot be resolved amicably will be handled according to the dispute resolution terms outlined in our Terms of Use.
7. Changes to This Policy
We reserve the right to modify or update this Refund and Cancellation Policy at any time without prior notice. Any changes will be effective immediately upon posting on our website. Your continued use of our services after the changes have been posted constitutes your acceptance of the revised policy. It is your responsibility to review this policy periodically.
8. Contact Information
If you have any questions or need further clarification regarding our Refund and Cancellation Policy, please contact us at:
- Email: [email protected]
- Phone: +91-8402855452
- Mailing Address: Village Salakati, Kokrajhar, Assam, India, 783369
By using our services, you acknowledge that you have read, understood, and agree to this Refund and Cancellation Policy.