Refund & Cancellation Policy

1. Introduction

At Sathi India Micro Services Foundation ("Sathi India," "we," "us," or "our"), we believe in transparency and fairness in all our dealings. This Refund and Cancellation Policy outlines the terms under which you may cancel your loan application and request refunds for any fees paid.

By applying for our services, you agree to the terms of this policy. Please read it carefully before proceeding with your application.

2. Cancellation Policy

2.1 Loan Application Cancellation

You have the right to cancel your loan application at any stage of the process. The timeline for cancellation and applicable charges are as follows:

2.2 Loan Repayment Cancellation

Once a loan has been disbursed, you cannot cancel the loan. However, you may prepay the loan subject to the following terms:

• Prepayment Fee: A prepayment penalty of 2% of the outstanding principal amount applies.
• Minimum Tenure: Prepayment is allowed only after 6 months from the date of disbursement.
• Notice Period: A minimum of 7 days' notice is required for prepayment.
• Processing: Prepayment requests must be submitted in writing to our branch office.

3. Refund Policy

3.1 Processing Fee Refund

The processing fee (LPF) charged on the loan amount is subject to refund based on the cancellation stage:

• Before Document Submission: 100% refund of processing fee.
• After Document Submission: 75% refund of processing fee (25% retained as administrative charges).
• After Verification: 50% refund of processing fee (50% retained as verification charges).
• After Loan Sanction: No refund of processing fee.
• After Disbursement: No refund of processing fee.

3.2 Insurance Fee Refund

Insurance premiums are charged at actual rates and are non-refundable once the policy is activated. If the loan is cancelled before insurance activation, the insurance fee will be refunded in full.

3.3 Interest Refund

Interest is calculated on a flat rate basis. No refund of interest is provided once the loan is disbursed. In case of prepayment, interest is calculated up to the date of prepayment.

4. Refund Process

5. How to Request a Refund or Cancellation

To request a refund or cancellation, please follow these steps:

5.1 Online Request

• Send an email to refunds@sathiindia.org
• Subject line: "Refund Request - [Your Loan Account Number]"
• Attach a copy of your loan application and any supporting documents.
• Mention the reason for cancellation/refund.

5.2 Offline Request

• Visit your nearest Sathi India branch office.
• Fill out the "Refund Request Form" available at the branch.
• Submit the form along with required documents.
• Receive an acknowledgment receipt for your request.

6. Terms and Conditions for Refund

• Refund Timeline: Refunds will be processed within 15-30 working days from the date of approval.
• Payment Mode: Refunds will be made via the same payment method used for payment or via NEFT/RTGS to your bank account.
• Bank Account: Refunds will only be processed to the bank account registered with us.
• Documentation: You may be required to submit additional documents for processing refunds.
• Tax Deduction: Any tax deductions applicable under the Income Tax Act will be made before processing the refund.
• Fraudulent Requests: We reserve the right to reject refund requests that are fraudulent or involve misrepresentation.

7. Non-Refundable Charges

The following charges are non-refundable under all circumstances:

• Interest: Interest charged on the loan amount for the period the loan was active.
• Insurance Premium: Once the insurance policy is activated.
• Legal Fees: Any legal fees incurred during the loan process.
• Verification Charges: Charges incurred for field verification and due diligence.
• Prepayment Penalty: Charges applicable for early repayment of loans.
• Late Payment Fees: Penalties for late or missed payments.

8. Grievance Redressal

If you are not satisfied with the refund or cancellation process, you may escalate your concern to our Grievance Officer:

If your grievance is not resolved within 30 days, you may approach the appropriate regulatory authority.

9. Contact Us

If you have any questions, concerns, or requests regarding this Refund and Cancellation Policy, please contact us: