FAQ

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

i. Profile Confirmation Document – Pancard

ii. Current Address Proof – Aadhar Card, Passport, Driving License or Voter Id Card

iii. Bank Statement

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

0.1% per day

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, interest amount would be applicable for the tenure of the loan amount approved as a fee to close the loan early.

What is the Service Fee Charged to the customer on the loan amount?

0.1% (plus applicable GST) per day to 1% (plus applicable GST) per day as per the credit profile of the customer. Service Fee will be shared in a block of 10 Days. For example,

i. If loan is paid off on 8th Day of loan tenure, then 10 Days of Service fee plus applicable GST will be charged.

ii. If loan is paid off on 15th Day of loan tenure, then 20 Days of Service fee plus applicable GST will be charged.

iii. If loan is paid off on 29th Day of loan tenure, then 30 Days of Service fee plus applicable GST will be charged.

If the customer is unable to pay the loan for any reason on the due date, the customer will not be assessed any Service Fee past the due date of the loan repayment date as agreed in the loan agreement.

What is the time taken to decision the loan application?

Loan application is decisioned anywhere between 5 minutes to 1 working day depending upon the information shared by the loan applicant.

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

The approved loan amount is disbursed within 30minutes to 1 business day post the loan agreement has been executed.

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 new loan.

What if my current address is not mentioned on Aadhar Card?

Customers can provide a Driving License, or Voter Id Card as alternative documents for current address proof. If they do not have any of these documents as well then they will not be able to apply for a loan on Lendplus India Platform.

Can I re-apply, if my loan has been rejected?

Yes, you can re-apply after 60 days from the time your loan was rejected last.

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

Yes. Interest fee applicable for the rest of the loan tenure would be charged as a fee towards closing the loan early.

Also, Service Fee will be shared in a block of 10 Days. For example,

i. If the loan is paid off on the 8th Day of loan tenure, then 10 Days of Service fee plus applicable GST will be charged.

ii. If the loan is paid off on the 15th Day of loan tenure, then 20 Days of Service fee plus applicable GST will be charged.

iii. If the loan is paid off on the 29th Day of loan tenure, then 30 Days of Service fee plus applicable GST will be charged.

Lendplus India Platform is currently disbursing loans in which cities?

Delhi, Gurgaon, Faridabad, Noida, Greater Noida, Ghaziabad, Bengaluru, Agra, Ambala, Bareilly, Belgaum, Chandigarh, Chennai, Coimbatore, Davangare, Dharwad, Gorakhpur, Gulbarga, Jaipur, Jhansi, Kanpur, Karnal, Lucknow, Madurai, Mathura, Meerut, Mohali, Mysore, Panchkula, Panipat, Perambalur, Prayagraj, Rohtak, Salem, Sonipat, Varanasi

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.

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.

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 setup an auto-debit of your loan repayment amount from your verified bank account. In case you chose 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.

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)
LATE FEE ₹ 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.

How do I get confirmation of successful closure of loan?

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

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 paying the applicable Interest Fee, Service Fee, and applicable GST on Service 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.

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

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 20 to 60 years old

iii. Currently employed or with a steady income

iv. Should have valid e-mail 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 is the basis for decisioning a loan application?

Basis basic 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.

How does Lendplus India Platform work?


i. Install the Lendplus Mobile app from the Play Store or using the link indicated on our website www.Lendplus.in

ii. Register yourself via your phone number.

iii. Select the loan amount and tenor of loan you want to apply for

iv. Fill in your basic information and upload your KYC documents

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. E-sign successfully, we will disburse to you and notify you by SMS and email

Who are the Lending Partners of Lendplus India Platform?

Navin Bros Pvt Ltd

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

Salaried individuals or Self-Employed individuals with steady income verifiable through their bank account(s) is accepted 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

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

Lendplus India does not offer top-up loans

What is 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

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

First please confirm that you have the updated version of Mobile App updated. If not please go to Google Playstore and update the Mobile App. Additionally, please also 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 upload or take photo if the same has not been done.

Why was my loan application request rejected?

You were not eligible for a loan as per our Credit Policy; therefore, your loan would have been rejected. You can reapply for a loan on our platform 60days after your previous request was rejected.

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

No, legally it is not allowed to make any changes to the loan terms once the loan agreement has been executed and funds have been transferred to customer’s bank account.

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

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

What are the different ways I can share my Bank Statement?

You can login to the extract your bank statement on the link on Lendplus mobile app powered by FINBIT. You can upload the below options using the upload link on Lendplus Mobile App powered by FINBIT,

i) PDF bank statement downloaded from your netbanking

ii) Image of your updated passbook of your bank account

iii) Image of copy of the bank statement collected from bank with seal and signature of the bank on the bank account statement.

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?

No, 3 months minimum income is mandatory for you to apply for a loan on Lendplus India Platform.

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

No. You need to apply for the PANCARD with the issuing authority. Once you have a PANCARD issued in your name, you can apply for a loan on our platform thereafter.

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

You need to upload image of the document and your Selfie with the document that you are submitting as your KYC. Image of the original document should be clearly visible for us to verify and process your loan application. Therefore, without the original copy of your KYC, we will not be able to apply for a loan on Lendplus India platform.

Can I download the Lendplus app in App store?

Currently we are not present on Apple Store. You need an Android based Mobile phone to download our mobile application, link to which is also available on our website www.lendplus.in

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

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

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

No, it cannot be changed.

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

No, it cannot be changed.

Can I change contact details of Office reference number?

Yes, it can be changed. You can send an email at[email protected]or call us at our inbound number +91 9513310814 and request the change.

Can I change contact details of Family reference number?

Yes, it can be changed. You can send an email at[email protected]or call us at our inbound number +91 9513310814 and request the change.

Can I apply for loan without having net-banking?

Yes.

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 at +91 9513310814. We will process the refund amount within 1 to 2 business days.

Can I change my registered mobile number?

No.

How can I update image of my KYC documents if these have not been updated correctly?

You can send an email from your registered email id to [email protected] along with correct image of your documents to be uploaded.

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

Loan Limit and tenure is approved for our customers as per our internal credit policy. We can share the exact details post your loan application has been received.

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