REFUND & CANCELLATION POLICY

Loanify Finance
(A unit of Lonify Takecare Services Association)

Effective Date: 1-April-2026

Loanify Finance is a financial service initiative operated by Lonify Takecare Services Association, a Section 8 Microfinance Company registered in Jaipur, Rajasthan.

This Refund & Cancellation Policy explains the terms applicable for cancellation of loan applications, withdrawal requests, refunds, excess payments, and related matters for customers using our website www.loanify.in (“Website”) and services.

By submitting a loan application, accepting a loan sanction, executing the Loan Agreement, or availing services from Loanify Finance, you agree to the terms mentioned under this Policy.

1. LOAN APPLICATION CANCELLATION

Customers may request cancellation of their loan application before loan disbursement.

A cancellation request may be accepted only if:

• Loan amount has not been transferred/disbursed to the customer’s registered bank account.
• Loan Agreement processing has not reached the final disbursement stage.
• No contractual obligation has been activated.

Customers can request cancellation by contacting Loanify Finance through official communication channels.

2. CANCELLATION BEFORE LOAN DISBURSEMENT

Loanify Finance allows customers to withdraw their loan request before disbursement.

If the customer decides not to proceed after receiving loan approval/sanction, the customer should immediately inform Loanify Finance before completing the final disbursement process.

Once cancellation is confirmed:

• Loan processing shall be stopped.
• No repayment obligation shall arise.
• The loan request shall be marked cancelled.

3. CANCELLATION AFTER LOAN DISBURSEMENT

Once the approved loan amount has been successfully credited to the customer’s bank account, the loan cannot be cancelled.

After disbursement:

• The Loan Agreement becomes active.
• Repayment obligations become applicable.
• Customer shall be responsible for repayment as per agreed terms.

If the customer no longer requires the loan after disbursement, the customer may request early closure/prepayment subject to Loanify Finance’s applicable policies.

4. COMPANY’S RIGHT TO CANCEL LOAN APPLICATION

Loanify Finance reserves the right to cancel, reject, or withdraw any loan application before disbursement.

Cancellation may happen due to reasons including but not limited to:

• Failed verification checks
• Incorrect information provided by customer
• Fake or manipulated documents
• Mismatch in customer details
• Unsatisfactory credit assessment
• Change in customer eligibility
• Non-completion of documentation
• Non-completion of eSign process
• Non-completion of NACH authorization
• Suspicious or fraudulent activity
• Internal risk policy decision

Loanify Finance’s decision regarding cancellation shall be final.

5. SANCTION DOES NOT GUARANTEE DISBURSEMENT

Receiving a loan sanction communication does not guarantee final loan disbursement.

Disbursement is subject to:

• Successful completion of verification
• Customer acceptance of sanction terms
• Execution of Loan Agreement
• Completion of required authorizations
• Final internal approval checks

Loanify Finance may cancel the sanction before disbursement if required.

6. PROCESSING FEE / SERVICE CHARGE REFUND

Any applicable processing fee, service fee, documentation charge, or other charges (if collected) shall be governed by the terms disclosed during the loan application or sanction process.

Generally:

• Fees paid for completed services such as verification, processing, documentation, or third-party services may be non-refundable.
• Refund eligibility shall depend on the stage of processing and applicable terms communicated to the customer.

7. EXCESS PAYMENT REFUND

In case a customer accidentally makes payment exceeding the outstanding loan amount, the excess amount shall be refunded after verification.

Examples include:

• Duplicate payment
• Excess EMI/payment transfer
• Payment above final closure amount

Customers must contact Loanify Finance with:

• Payment proof
• Transaction reference number
• Bank details (if required)

After successful verification, eligible refunds shall be processed to the customer’s registered bank account.

8. DUPLICATE PAYMENT REFUND

If a customer makes duplicate repayment due to technical error or accidental transfer, Loanify Finance will verify the transaction details.

Upon confirmation, duplicate payments shall either be:

• Adjusted against outstanding dues (if any), or
• Refunded to the customer

as applicable.

9. REFUND PROCESSING TIMELINE

Approved refunds shall generally be processed within 7–10 working days after:

• Verification of refund request
• Confirmation of transaction details
• Completion of internal checks

Actual credit timelines may depend on banking/payment service providers.

10. PAYMENT FAILURE OR FAILED TRANSACTIONS

If a payment is deducted from the customer’s bank account but not received by Loanify Finance:

• Customer should immediately share transaction details.
• Loanify Finance will verify with payment partners/banking channels.
• Resolution shall depend on confirmation received from payment service providers.

11. EARLY REPAYMENT / LOAN CLOSURE

Customers may request early repayment or closure of their loan.

Final payable amount shall be calculated based on:

• Outstanding principal
• Applicable interest
• Charges (if applicable)
• Terms mentioned in Loan Agreement

Customers should confirm the final closure amount before making payment.

12. NO REFUND AFTER SUCCESSFUL LOAN UTILIZATION

Once the loan amount has been successfully disbursed and utilized by the customer:

• Loan cancellation shall not be permitted.
• Refund of interest or charges shall not be applicable except as specifically approved by Loanify Finance.
• Repayment shall continue as per Loan Agreement.

13. FRAUDULENT TRANSACTIONS

Loanify Finance reserves the right to withhold refunds in cases involving:

• Fraud suspicion
• Incorrect claims
• Manipulated payment proofs
• Unauthorized transactions
• Violation of Loan Agreement terms

Such cases may require additional verification.

14. POLICY UPDATES

Loanify Finance reserves the right to update or modify this Refund & Cancellation Policy at any time.

Updated policies shall be published on our Website.

15. CONTACT US

For cancellation or refund-related queries:

Loanify Finance
(A unit of Lonify Takecare Services Association)

Email: info@loanify.in

Working Hours:
Monday – Saturday
10:00 AM – 7:00 PM