Welcome to IVM Credit, your trusted financial partner! We're dedicated to providing you with a seamless borrowing experience while ensuring transparency and accountability in our operations.
Please carefully review the following details, as they establish the framework for our relationship with you as a borrower. By accessing and utilizing our loan services, you agree to abide by the terms set forth herein. If you have any questions or concerns regarding these terms, feel free to reach out to our customer support team for assistance.
Loan Limit: ₹1,000 -- ₹50,000
Duration: 91 days;
Interst rate: 0.05%(day);
Service Fee: 5% ;
GST18% ;
Interest;
Prepayment (in any case): 0
Refund Charges: 0
Late Payment:
Interests: 0
Charge: 1% /day
EMI: 1
- Indian Residency: Borrowers must hold residency status in India to be considered eligible for a loan through our application.
- Verification of Identity: Borrowers are required to furnish valid identification documents to confirm their identity.
- Adherence to Prerequisites: Borrowers are expected to fulfill all prerequisites and eligibility conditions outlined by the platform and/or the Lender for loan acquisition and platform utilization.
- Minimum Age: In order to qualify for a loan via our application, individuals seeking to borrow must be at least 21 years of age.
- These conditions include, but are not limited to, compliance with Know Your Customer (KYC) protocols, verification of documents, and adherence to submission requirements.
You apply for a loan by filling out a form provided by the lending institution. This form typically requires information such as your personal details (name, address, etc.), work details (employment status, income, etc.), and contact information(The relatives’ name and phone number).
Once you submit your application, the lending institution will audit or review it. During this stage, they'll check the accuracy of the information provided.
They'll also perform credit checks using your PAN (Permanent Account Number) and Aadhaar number to assess your creditworthiness, which helps them determine if you're eligible for the loan.
If your application passes the auditing stage and you meet the lender's criteria, they'll approve your loan.
After approval, the money will be transferred directly into your designated bank account within 1-3 working days. This is the stage where you receive the funds.
The borrower will get a confirmation message notifying them of the approval. This message will contain specifics like the approved loan sum, interest rate, repayment conditions, and any other pertinent details."
By agreeing to the contract, the borrower commits to the conditions and terms specified in the loan agreement, encompassing repayment responsibilities, interest rates, charges, and additional provisions.
The service fee is included as part of the loan amount that needs to be repaid.
The borrower is required to pay fees associated with processing loan repayments or installment payments.
If a payment is not made by its due date, the borrower must pay an overdue charge. This charge is calculated by multiplying the overdue interest rate by the outstanding principal on the due date. The resulting amount is then added to the loan balance each day until the outstanding principal is settled.
- During the loan application process, borrowers are required to verify their identity by inputting a one-time password (OTP) sent to their registered mobile number.
- Borrowers are accountable for safeguarding the confidentiality and security of the OTP and should avoid sharing it with anyone else. The borrower bears sole responsibility for any misuse of the OTP resulting in fraudulent activities.
Borrowers have the choice to settle their loan before the scheduled repayment date, which may lead to savings on interest fees. Simply log in to our app, locate the relevant orders, and follow our instructions to make an early repayment.
If the borrower decides to withdraw their loan application after submitting it but before approval, they have the option to cancel it themselves.
Even after the loan approval and acceptance of the contract, the borrower might still have a short period to cancel the loan application.
Once this cancellation window closes, the borrower cannot cancel the loan application, and they will be accountable for repaying the disbursed loan amount based on the agreed-upon terms.
IVM Credit provides several payment options for borrower convenience, such as online transfers or UPI payments.
If you have any questions about IVM Credit or this Loan Agreement, feel free to contact us. Our team’s email: help@ivmindiafinance.in