This policy applies to fees, wallet funding, EMI payments, and loan cancellations on the Bharosa peer-to-peer microfinance platform. It is intended to meet payment-gateway disclosure requirements and to be read with the loan agreement you e-sign.
1. Processing fee, GST and RMF — non-refundable
The processing fee (8% of sanctioned principal for tenures up to 6 months, or 6% for longer tenures), GST on that fee, and the Risk Management Fund contribution (currently 2% of principal) are deducted at disbursal from the sanctioned amount. These charges compensate the Platform for KYC, matching, technology, and operational risk participation. Once the net amount is instructed to the Borrower’s KYC bank account, these charges are non-refundable, except where a payment was duplicated by a technical error or where mandatory consumer law requires a refund.
2. Unfunded or cancelled loan requests
If a loan request is never fully funded, is rejected at KYC, or is cancelled before disbursal, no loan debt is created and no processing fee is collected. There is nothing to refund in that case.
3. EMI and late charges
EMI payments (principal + contracted interest) are applied to the loan and credited to Lenders (net of the disclosed investor platform fee). Late fees and daily penal interest are Platform revenue. Successful EMI or penalty collections are not refunded merely because you later wish to cancel the loan. If you pay more than the amount due on an EMI because of a duplicate Razorpay capture, contact support with the payment id; verified duplicates are reversed to the original method or wallet after reconciliation.
4. Lender wallet funding
Amounts added to a Lender wallet via Razorpay remain your operational balance until you invest or withdraw. Withdrawals to the KYC bank account are processed after admin review and carry a bank UTR. Wallet funding is refundable only if the payment succeeded but the wallet was not credited due to a verified system error.
5. Chargebacks
Raising a payment-network dispute to avoid a genuine EMI or wallet debit is a breach of the loan agreement and may be treated as default or fraud. We will contest chargebacks with KYC, agreement, and payment evidence.
6. How to request a review
Write through in-app support within 7 days of the payment, quoting the Razorpay payment id, loan id (if any), and the amount. We aim to respond within 7 working days after the payment partner confirms the status. Refunds, where approved, follow the original payment instrument timelines of the bank or UPI app.