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Cancellation & refund policy – NBFC

This Cancellation & Refund Policy ("Policy") applies to loan products offered by Sonu Marketing Pvt. Ltd., a Non-Banking Financial Company ("NBFC"), and facilitated through the digital platform operated by Clickra Solutions Private Limited, acting as a Lending Service Provider ("LSP").
While the NBFC is the lender and solely responsible for credit sanction, disbursement, and repayment decisions, the LSP facilitates customer onboarding, digital processing, and communication in accordance with applicable RBI Digital Lending Guidelines.
This Policy governs transactions conducted through the LSP's digital platform and applies to all borrowers availing loan products from the NBFC through such platform.

1. LOAN CANCELLATION

1.1 Loan Application Evaluation:

NBFC conducts a thorough assessment of loan applications to ensure accuracy and transparency. We reserve the right to cancel any sanction letter if:
  • False, misleading or inaccurate information is provided in the loan application
  • Improper, incomplete or fraudulent documentation is submitted
  • Misrepresentation is discovered at any stage of the application or disbursement process.

1.2 Misuse of Loan Funds:

NBFC may cancel the loan sanction and recall the entire disbursed amount, along with applicable interest and penalties, if it is found that the loan funds are not utilized for the stated purpose as specified/ declared in the loan application.

1.3 Non-Completion of Formalities:

If a borrower fails to complete the prescribed formalities or submit required documents within the agreed-upon timeframe or fails to fulfil any conditions precedent to disbursement, NBFC reserves the right to cancel the sanction letter without any liability.

1.4 Change or Withdrawal of Sanction Before Disbursement:

Before disbursement, the NBFC may revise or withdraw a proposed sanction if any adverse credit, fraud, compliance, documentation or underwriting concern arises, or if the borrower’s information materially changes. The Borrower shall be informed in writing of any such revision or withdrawal before disbursement. Any revision shall apply only to the proposed sanction prior to disbursement and shall not affect any loan already disbursed. If the Borrower does not accept the revised sanction terms, the Borrower may decline the proposed loan without any charge or obligation.
Any final sanctioned loan terms, including loan amount, tenor, charges and repayment obligations, shall be communicated to the borrower through the applicable sanction letter, KFS and loan documents.

1.5 Extension / Renewal of Loan Tenure:

Where the relevant product permits extension / renewal of tenure, the same may be offered subject to the terms of the loan agreement, KFS, the Loan Extension Policy and the NBFC’s applicable policy.
Where an extension option is available, the Borrower may request an extension before the Due Date by paying the applicable Minimum Amount Payable (MAP), subject to the applicable terms and eligibility criteria. Before making such payment, the Borrower shall be provided with the applicable extension terms, including the revised repayment date, through the relevant customer interface.
The Loan Tenure shall be extended upon payment by the Borrower of the applicable amount, without the need for any further confirmation, and the updated loan terms and repayment details, including the updated KFS (where applicable), shall be made available to the Borrower on a durable medium.
Extension shall not operate as a waiver of default or of any rights available to the NBFC under the loan documents.

2. REFUND

2.1 Refund of Excess Payments:

In the event of an excess amount being deposited into the loan account at the end of the repayment period resulting in a credit balance after full loan settlement, NBFC will initiate a refund subject to:-
  • Receipt of written refund request from the borrower
  • Verification of the excess amount and account closure formalities
  • Refunds will be processed within 7-15 business days to the registered bank account of the borrower.

2.2 Failed Transaction Disclaimer:

NBFC shall not be held responsible for any failed transactions related to loan payments initiated through Debit Cards/Credit Cards/UPI/NetBanking/Wallets. Further, the NBFC shall not be responsible for transaction errors arising from incorrect payment details entered by the borrower and/or technical issues with third party payment gateways including third-party service providers engaged by the LSP. Borrowers are advised to ensure the accuracy of transaction details and retain the transaction receipts for reconciliation purposes.

2.3 Correction of Wrongly Credited Amounts:

If a repayment instalment is erroneously credited to a different/ incorrect account due to borrower error, NBFC will rectify the entry upon receiving written notification with supporting documentation. However, NBFC shall not be liable for any consequential losses to the borrower, including but not limited to late payment charges or penalties incurred due to such misallocation.

2.4 Reversal of Extra Instalments:

Upon specific request from the borrower, NBFC may reverse any extra instalment deposited into the loan account subject to verification of the request and account status. The company shall not be held responsible for additional credits.

3. DISCLAIMERS

3.1 Asset Quality

The Company does not assume any responsibility for:
  • Defects, faults, or quality issues in assets or goods purchased using the loan amount
  • Performance, warranty, or fitness for purpose of such assets
Borrowers are solely responsible for independently verifying the quality, condition, and suitability of any assets acquired with loan proceeds.

3.2 Third Party Services

The Company is not liable for services provided by third parties, including but not limited to payment gateways, vendors, or service providers.

4. Policy Modification

NBFC may modify the credit-related provisions of this Policy. The LSP may update platform-related operational terms, subject to prior disclosure to borrowers.

5. Governing Law

This Policy shall be governed by and construed in accordance with the laws of India. Any disputes arising from this Policy shall be subject to the exclusive jurisdiction of courts at the place of the registered office of the Lender.

Acknowledgment:

By applying for or accepting a loan from the Company, borrowers acknowledge that they have read, understood, and agreed to be bound by this Cancellation & Refund Policy.