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 Amendment of Loan Terms:
NBFC retains the absolute right to amend the terms of sanction, including but not limited to the loan amount, repayment period, interest rate or other conditions. Borrower acknowledge that the Borrower have no claim or recourse against such decision of NBFC. NBFC may, at its discretion, cancel or withdraw the sanction letter, at its sole discretion, with or without assigning reason(s).
1.5 Repayment Period and Extensions:
Upon expiry of the original repayment period, the outstanding balance shall become due and payable unless otherwise extended in accordance with the terms agreed with the borrower.
The loan tenure may be extended where the borrower makes the minimum required payment as specified in the loan agreement or Key Fact Statement. Upon such payment, the loan may be automatically renewed for an additional tenure as per the applicable terms, and interest and other applicable charges shall continue to accrue on the outstanding principal amount.
The terms of each extension, including applicable interest and fees, shall be disclosed to the borrower prior to confirmation of such extension.
Extensions shall not be construed as a waiver of the Company's rights in case of default.
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.