InstantRupiya
Refund & Cancellation Policy
Official policy defining the statutory cooling-off period for loan cancellations and excess repayment refund procedures on InstantRupiya.
A clearer way forward
Refund & Loan Cancellation Policy
Aarsh Fincon Limited
InstantRupiya
B-10.00119
Operative (Sept 2024)
Legal & Regulatory Center
Overview & Regulatory Framework
At InstantRupiya, operated under the umbrella of Aarsh Fincon Limited (an RBI-registered Non-Banking Financial Company, Registration No. B-10.00119), we are committed to maintaining fair, transparent, and consumer-centric lending practices.
This Refund & Cancellation Policy defines the statutory cooling-off look-up period for loan cancellations and details the accounting reconciliation process for excess payment refunds in compliance with Reserve Bank of India (RBI) digital lending guidelines.
Cooling-Off Period (Loan Cancellation Rights)
Statutory 3-Day / 72-Hour Look-up Window:
Every borrower is legally entitled to a Cooling-Off Period of 3 (Three) calendar days / 72 hours commencing from the exact timestamp of loan disbursement into their registered bank account.
During the 72-hour cooling-off period:
- The borrower may voluntarily cancel the loan without incurring any foreclosure penalties or cancellation fees.
- The borrower must repay the full principal amount disbursed into their bank account.
- Interest shall be payable strictly for the proportionate actual days the loan remained outstanding.
- Any statutory levies, GST, or third-party verification charges already deposited with government bodies may be recovered.
Refund of Excess Payments & Settlement Adjustments
Refunds are processed in all circumstances where an excess credit has been received from the borrower, including:
- Duplicate payment debits occurring during online payment transactions.
- Overpaid EMI amounts exceeding the contractual amortization balance.
- Payment gateway transaction timeouts or banking clearing discrepancies.
- Excess amounts recovered following formal loan closure or one-time settlement (OTS).
Refund Processing Timeline:
Upon internal reconciliation and ledger validation, refunds will be credited electronically to the borrower's registered source bank account within 5 to 10 business days. Cash refunds are strictly prohibited.
Non-Refundable Items
Refunds shall not be applicable for:
Procedure to Request Cancellation or Refund
To initiate a cooling-off loan cancellation or excess refund claim, email our support desk at support@instantrupiya.com with the following details:
Amendments & Dispute Redressal
Aarsh Fincon Limited reserves the right to amend this Policy periodically in accordance with regulatory directives. Any disputes arising hereunder shall be subject to the exclusive jurisdiction of the competent courts in New Delhi, India.
Official Policy Document • InstantRupiya (Aarsh Fincon Limited)
Effective Date: September 2024
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Does applying guarantee a loan?
No. A lender reviews your application, documents and eligibility. Check the offered rate, fees and repayment schedule carefully before accepting a loan.
What documents might be requested?
You may be asked for identity, address and income information. The exact requirements are shown during the application; submit documents only through verified channels.
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Compare the total repayment, annualised cost, processing charges and any late or early repayment conditions—not just the monthly EMI.
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