This Refund & Cancellation Policy explains the conditions under which cancellations, refunds, and related requests are handled on the LoanMyntra platform.
LoanMyntra operates as a digital platform facilitating short-term personal loans through authorized lending partners. This policy outlines the rules governing cancellation of loan applications, refunds of applicable fees, and settlement-related adjustments. Users are advised to read this policy carefully before initiating any loan transaction. Acceptance of loan offers implies agreement to this policy along with other applicable terms.
Users may cancel their loan application at any time before loan approval without incurring any penalties. If no processing activity has been initiated by the lending partner, no charges shall be applicable. Any information shared up to that point may still be retained for compliance and audit purposes as required by law. Cancellation requests must be submitted through official channels.
Once a loan has been approved by a lending partner, cancellation requests may be subject to lender policies. Certain processing fees or service charges may become applicable after approval. LoanMyntra does not guarantee cancellation once approval is granted. Users are advised to review loan terms carefully before acceptance.
Loan cancellation is generally not permitted after loan disbursal. Once funds are credited to the borrower’s bank account, the loan is considered active and binding. In such cases, users may opt for loan prepayment or foreclosure as per lender terms. Refunds after disbursal are not applicable except as required by law.
Processing fees, platform service charges, or other administrative costs may be levied by lending partners or associated service providers. These charges are typically non-refundable once loan processing has commenced. All applicable fees are disclosed prior to loan acceptance for user transparency.
Refunds, if any, are processed strictly in accordance with lender policies and applicable laws. Refund eligibility may arise in cases of duplicate payments, technical errors, or incorrect deductions. LoanMyntra facilitates refund coordination but does not independently approve or deny refund requests.
Approved refunds are typically processed within 7–10 business days, depending on banking and payment gateway timelines. Delays may occur due to verification requirements or technical constraints. LoanMyntra shall not be held responsible for delays caused by third-party banks or payment service providers.
Refunds, where applicable, shall be credited only to the original payment source or the borrower’s registered bank account. Cash or third-party refunds are not permitted. Users must ensure that bank details provided are accurate to avoid processing delays.
In case of duplicate or excess payments made by the user, the excess amount may be adjusted against future dues or refunded as per lender policy. Verification of payment records may be required before any adjustment or refund is initiated. Users must notify support promptly.
Certain charges such as convenience fees, third-party verification costs, and service fees may be non-refundable. LoanMyntra shall not be liable for refunds in cases where services have already been rendered. Users are encouraged to understand fee structures clearly.
Any disputes related to refunds or cancellations must be raised through LoanMyntra’s official support channels. Each request will be reviewed in coordination with the lending partner. Resolution timelines may vary based on the nature of the issue and verification requirements.
LoanMyntra reserves the right to modify this Refund & Cancellation Policy at any time without prior notice. Updated policies shall become effective upon publication on the website. Continued use of services after changes constitutes acceptance of the revised policy terms.