FAQ

Who are we?

Lendplus India Platform is a Digital Lending Platform owned by Aventus Technology India Private Limited. We provide premium financial services for your everyday needs without any complex approval procedures or long waiting times. www.Lendplus.in offers an innovative approach to consumer lending products, allowing us to adapt to your varying needs and serve you with strong business ethics and transparency. Navin Bros Pvt Ltd is the lending partner issuing loans on Lendplus India Platform.

How may I reach out to Customer Care?

Please feel free to reach out to us at +91 8035291291 during our office hours from 8.30AM to 7.00PM, Monday to Sunday. Alternatively, you can also contact us via email  at [email protected]  for assistance.

What documents are required to apply for a loan on Lendplus India platform?

i. Profile Confirmation Document – PANCARD
ii. Current Address Proof – Aadhaar Card
iii. Bank Statement ( Details)

Can I apply for a loan without a PANCARD in my name?

 To proceed, you must first apply for a PAN card through the appropriate issuing authority. Once you have obtained your PAN card, you can then apply for a loan on our platform. 

If I do not possess the original copy of the KYC documents, can I apply for a loan on Lendplus India platform?

To facilitate the verification and processing of your loan application on the Lendplus India platform, please provide a clear image of the original document and a selfie. Submission of the authentic KYC document is essential for the application process. Please note that without the original KYC copy, we will be unable to proceed with your loan application. 

Is the Customer Care number displayed on the website, a toll free number?

Customer Care number displayed on www.lendplus.in is not a Toll Free Number

Can I download the Lendplus app in the App store?

We are currently in the process of developing our mobile app, and you can find more information and clarification on our website at www.lendplus.in 

What is a Credit Score?

 A credit score is a representation of a person’s credit profile, representing the creditworthiness of an individual. Lending institutions like Banks and Non-Banking Financial Companies use Credit Score to underwrite the Loan Application of the customer by determining the potential risk attached to the customer and thereby making an attempt to mitigate bad debt losses. 

Who are the Lending Partners of Lendplus India Platform?

Navin Bros Pvt Ltd.

How does Lendplus India Platform work?

i. Please access our website, www.Lendplus.in, by following the link provided on the same website, www.Lendplus.in
ii. Register yourself via your phone number.
iii. Fill in your basic information and upload your KYC documents
iv. Select the loan amount and tenor of loan you want to apply for
v. After submitting your application, we will review it as soon as possible, during which time you may receive a call to verify the information. The results will be reviewed in the fastest 5 minutes, and we will notify you of the results by SMS and email
vi. E-sign loan agreement after the approval
vii. Upon successful e-signature, we will proceed with the disbursement and notify you through both SMS and email.

What type of Income category is accepted for applying for a loan on Lendplus India?

Salaried individuals or Self-Employed individuals with steady income verifiable through their bank account(s) are accepted in the Income category while applying for loan on Lendplus India.

Does a customer require a guarantor to apply for a loan on Lendplus India platform?

No

What to do if I am unable to upload images of my KYC documents or my Selfie?

Please check you have good internet connectivity on your mobile phone (try restarting your mobile phone as well). Also check in your phone settings and enable the mobile phone to take photo if the same has not been done.) or please share your selfie to [email protected]

When is the Interest Fee paid to the lender?

Interest fee is paid to the lender on the Loan Repayment Date as per loan agreement executed between the borrower and the Lender. Even if the customer repays the loan early, the interest amount would be applicable for the tenure of the loan amount approved as a fee to close the loan early.

What is the Interest Rate Charged to the customer on the loan amount?

The interest will be computed according to the system-generated calculations. If the customer is unable to pay the loan for any reason on the due date, the customer will not be assessed any Interest past the due date of the loan repayment date as agreed in the loan agreement.

Can I close my loan prior to the loan closure date?

We have a cooling off period of 4 days in this period users can close their loan by paying Loan amount, Proportional Interest and Processing fee.

Interest is accrued every day. If a customer repays the entire loan amount before the closure date, they are required to repay the Interest according to the duration for which they utilized the loan.

What happens if I don’t pay back on time?

Non-repayment of loan on the due date as per loan agreement will lead to your Credit score getting updated as a defaulter with credit rating entities. This will make it challenging to get access to future loans with other banks or financial institutions. Having a bad credit score could also lead to non-offering of job offers by Private Companies as the practice of checking an individual’s credit score before rolling out an offer is fast getting adopted by many companies. Also, you will be charged a late payment fee for each day you are late on your loan amount as per the below slabs.

UNPAID PRINCIPAL BALANCE AS ON DUE DATE

MIN MAX LATE FEE LATE FEE (WITH GST)
₹ 1 ₹ 5,000 ₹ 20 ₹ 24
₹ 5,001 ₹ 10,000 ₹ 40 ₹ 47
₹ 10,001 ₹ 15,000 ₹ 60 ₹ 71
₹ 15,001 ₹ 20,000 ₹ 80 ₹ 94
₹ 20,001 ₹ 25,000 ₹ 100 ₹ 118
₹ 25,001 ₹ 30,000 ₹ 120 ₹ 142

 

You will be given 2 days of grace period post the loan repayment date during which no Late Payment Fee will be charged. Post the grace period is over, a Late payment fee will be charged on a daily basis for a maximum of 30 days post grace period is over. However, at all times Lendplus India platform will work with the customer to engage and assist the customer to ensure the customer repays the applicable loan amount as per the loan agreement executed.

What is mobile linked with Aadhaar and why is it required?

Mobile linked with Aadhaar is the mobile number that is updated in your Aadhaar. For verifying your address on Aadhar Card and e-signing the Loan Agreement, UIDAI will send you an OTP on this number.

What is the time taken to decide on the loan application?

The loan application’s processing time ranges from 12 to 24 hours, contingent on the details provided by the applicant.

How much time is taken to disburse the approved loan amount?

Once the loan agreement has been executed, the approved loan amount will be disbursed within 24 hours.

Why is e-signing of loan agreement required?

The Loan Agreement is a legally binding agreement that has to be executed before availing of a Loan. The agreement is an indicator that once a loan is disbursed to you, you have agreed to pay back the entire amount with interest and other charges as indicated in the loan agreement.

How will I receive the loan amount?

While applying for the loan, we will request you to update your Bank account details which we will verify. After you e-sign the agreement, the loan amount will be transferred to your verified bank account.

What are the methods to repay my money?

While applying for the loan, we would have set up an auto-debit of your loan repayment amount from your verified bank account.(Skip the option if the auto-debit feature is not needed) In case you choose to pay off the loan early, you can click on the repayment tab on the Lendplus mobile app or website and make the payment using payment gateway using repayment methods: Debit Card, UPI, or Net banking.

How do I get confirmation of successful closure of loan?

You will be notified VIA SMS and email once the loan has been successfully closed. Additionally, details can be verified by logging to your credential on Lendplus India Website

Can an existing customer of Lendplus India platform re-apply for a loan again?

Yes, if the existing customer has no open loans with Lendplus India Platform, the customer can re-apply for another loan provided the customer meets all the applicable credit policies at the time of re-application of the new loan.

Can I apply for more than one loan at a time?

No. Any given time you can only have one active loan on Lendplus India Platform

Can my loan request be cancelled?

Once the loan agreement has been executed using e-sign, the loan request cannot be cancelled. However, you can repay the loan early by paying the applicable Fee.

What is employment verification?

Verification of your current employment status by validating your official email-id or phone verification from your HR or a reference letter from your office would complete your current employment verification.

What are my eligibility criteria to avail loan on Lendplus India Platform?

Lendplus India Platform offers loan services to customers meeting the below requirements:

i. The customer should be a Citizen of India
ii. Age between 18 to 75 years old
iii. Currently employed (and Self employed) or with a steady income
iv. Should have valid email address and a mobile number
v. KYC Documents to validate Authenticity of profile and residence in India
vi. Personal Bank account details and Net Banking details

Additionally, you should have a working webcam and an active internet connection to apply for a loan on Lendplus India website or mobile application.

What factors are considered when evaluating a loan application?

Basis information shared while filling the loan application, KYC documents submitted, credit score, credit history, and the applicable credit policy of the Lending company, loan application underwriting is executed.

Can a customer apply for a top-up on an existing loan?

Lendplus India does not offer top-up loans.

Why was my loan application request rejected?

Based on our Credit Policy, we are unable to approve your loan request at this time. However, you are welcome to submit a new loan application on our platform after a waiting period of 60 days from the date of your previous request’s rejection. We appreciate your understanding and look forward to assisting you in the future. If you have any questions or concerns, please feel free to contact our customer service team.

Can the loan terms be changed after the loan amount has been transferred to my bank account?

Once a loan agreement has been executed, and funds have been transferred to the customer’s bank account, it is legally prohibited to make any alterations to the loan terms.

Which Bank Statement should be shared in case a customer has multiple bank accounts?

For Salaried customers, Bank accounts indicating proof of salary for the last 3 months at the time of applying for the loan should be shared. For Self-employed customers, a bank statement indicating proof of income with cumulative transaction value each month for the last 3 months is minimum at INR 15,000 each should be shared.

If in my last 3 months bank statement, it is not indicating minimum required income in all 3 months, can I apply for a loan on Lendplus India platform?

To be eligible for a loan on the Lendplus India Platform, a minimum of three months’ worth of income is a requirement for the application.

Can customers change the Bank account number into which the Loan Amount is being disbursed after the loan has been approved?

Once a loan has been approved and the disbursement process has started, it can be challenging to change the bank account number to which the loan amount is being disbursed. This is because the disbursement process involves a series of checks and verifications to ensure the funds are directed to the correct and authorised account. We are currently in the process of developing this functionality)

Can a customer change the Bank account number into which Loan Amount is being disbursed when the customer is re-applying for another loan?

We are currently in the process of developing this functionality

Can I change the contact details of the Office reference number?

Yes, it can be changed. You can send an email at [email protected] or call the Customer care number of +91 8035291291 and request the change.

Can I change the contact details of the Family reference number?

Yes, it can be changed. You can send an email at [email protected] or call the Customer care number of +91 8035291291 and request the change.

Will auto debit happen if I make manual payment before the due date?

For the Auto-debit to be processed successfully, it is initiated one calendar day prior to the due date. Once the manual payment is made, required notification is sent for cancellation of Auto-Debit. If for any reason Auto-Debit is processed even after making the manual payment, please notify us at [email protected] or call us on +91 8035291291. We will process the refund amount within 1 to 2 business days.

Can I change my registered mobile number?

I appreciate your inquiry, but currently, it is not possible to change your registered mobile number.

How can I get a higher loan limit and higher tenure for repayment?

Once we receive your loan application, we will provide you with the specific details regarding the approved loan limit and tenure in accordance with our internal credit policy.

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