Refund And Cancellation Policy

Refund And Cancellation Policy

The Refund and Cancellation Policy outline the rules and procedures governing transactions, fee payments, and loan cancellations made through Dar Credit and Capital Limited  via our website (www.darcredit.com) and related digital platforms.

1. Processing Fees & Application Charges

  1. Non-Refundable Processing Fees: Any  loan processing fees, documentation charges, administrative fees, or credit evaluation costs paid during or after the loan application process are non-refundable, as these cover administrative and credit assessment expenses incurred by the Company.
  2. Non-Sanction / Rejection: If your loan application is rejected by the Company after initial review, any unutilized or specifically refundable operational fee (if explicitly stated at the time of application) will be refunded within 7–10 business days except the log-in charges collected for covering the legal and technical expenses in the case of Micro - LAP Loan proposals

2. Duplicate or Excess Payments

In the event that a borrower makes an excess EMI payment or experiences a duplicate transaction (e.g., an automated NACH auto-debit and a manual portal payment occurring simultaneously):

  1. Excess EMI Adjustment: The surplus amount will automatically be adjusted against the borrower’s outstanding principal balance or upcoming EMI schedule.
  2. Direct Refund Request: If a refund of the duplicate/excess payment is requested, the amount will be verified against banking settlements and refunded to the source account within 5 to 7 business days after successful verification.

3. Loan Cancellation & Right to Look-Up Period

In accordance with RBI Digital Lending Guidelines, borrowers are provided a Look-Up Period to cancel the loan agreement without incurring unreasonable penalties:

  1. Cancellation Window: A borrower may request to cancel the loan within [3 to 7 days] (as specified in your individual Key Fact Statement / Loan Agreement) from the date of loan disbursal.
  2. Repayment Condition: To cancel the loan during the Look-Up Period, the borrower must repay the full disbursed principal amount along with the proportionate Annual Percentage Rate (APR) / interest for the days the loan was active. Any processing fee and other fees as mention earlier paragraphs – 1, incurred will remain non-refundable.

4. Technical / Failed Payment Gateway Transactions

If funds are debited from your bank account or UPI/Debit Card but do not reflect on our portal due to a payment gateway timeout or technical failure:

  1. The transaction is usually auto-reversed by your issuing bank or payment aggregator within 3 to 5 working days.
  2. If the amount is credited to our account but not updated in your loan ledger, please share the payment UTR number and receipt with our support team for manual reconciliation or prompt refund.

5. How to Request a Refund

To request a refund or raise a query regarding a transaction, please contact our support team with your Loan Application ID / Account Number and transaction receipt:

    • Email: support@darcredit.com / info@darcredit.com
    • Customer Care Helpline: [Insert Contact Number]
    • Grievance Redressal Officer: grievance@darcredit.com
    • Address: Registered Office - Dar Credit and Capital Limited Business Tower, 206, A.J.C.Bose Road, Unit No. 6B, 6th Floor, Kolkata – 700017