Q: WHY BORROW THROUGH Finsafe Advisors Pvt Ltd?
A: Finsafe Advisors Pvt Ltd offers borrowers a lower interest rate and a hassle-free experience compared to traditional financing options. We provide attractive fixed rates, a convenient online application process, friendly service, and no hidden fees.
Q: HOW DO I GET STARTED?
A: Simply click on the Sign Up Now icon and register through the step-by-step process as instructed. Once you have provided the necessary basic information, paid the registration fees, and uploaded the required documents, Finsafe Advisors Pvt Ltd's risk assessment team will verify your identity, conduct a credit check, and assess your risk profile. If you meet the qualifications, your registration as a borrower will be approved, and you can apply for a loan on the Finsafe Advisors Pvt Ltd platform.
Q: WHY DO YOU REQUIRE DOCUMENTS?
A: Documents are necessary to verify your identity, conduct a credit check, and assess the risk associated with your profile before registration. In addition to the credit score, we evaluate various parameters such as your ability, stability, past performance, and intention as a borrower. The documents you provide, such as salary slips, bank statements, income tax returns (ITRs), and balance sheets, help us make informed and transparent decisions, ensuring a fair process for the borrower.
Q: WHY SHOULD I PAY LISTING FEES AND THAT TOO BEFORE GETTING THE LOAN?
A: Finsafe Advisors Pvt Ltd has an in-house credit team that diligently assesses the risk associated with each borrower's profile, which incurs costs, time, and effort. The listing fees will be adjusted towards the final processing fees if you secure funding through the Finsafe Advisors Pvt Ltd portal.
Q: HOW MUCH CAN I BORROW?
A: At Finsafe Advisors Pvt Ltd, the loan amount disbursed depends on your specific loan requirements. For personal needs, the loan amount can range from Rs. 30,000/- to Rs. 5,00,000/-. For business purposes, borrowers can apply for loans up to Rs. 10,00,000/-.
Q: OVER WHAT TIME FRAME CAN I BORROW? WHAT IS THE LOAN TENURE AT Finsafe Advisors Pvt Ltd?
A: Currently, loan tenures are fixed, ranging from a minimum of 6 months to a maximum of 36 months. Finsafe Advisors Pvt Ltd is actively working on operational feasibility to allow borrowers to borrow for longer durations.
Q: WILL I BE FUNDED BY AN INDIVIDUAL LENDER OR MULTIPLE LENDERS?
A: According to Finsafe Advisors Pvt Ltd's policy, no single lender can fund the entire loan requirement of a borrower. Therefore, your loan will be funded by multiple lenders.
Q: CAN I PRE-PAY MY EMI? CAN I REPAY MY LOAN EARLY IF I CHOOSE TO? ARE THERE ANY CHARGES?
A: Pre-closure of the loan can be done after three months from the loan disbursal without any additional charges. Prior to three months, to protect the lenders' interests, pre-closure can be done after paying the remaining interest due to the lenders for a three-month period from the disbursal date. This amount is payable directly to the lenders. Finsafe Advisors Pvt Ltd charges a one-time non-refundable pre-payment fee of Rs. 500/-.
Q: CAN I CHOOSE MY MONTHLY REPAYMENT DATE?
A: The repayment date can be mutually decided between Finsafe Advisors Pvt Ltd and the Borrower for any date between the 1st – 10th of every month. This decision is based on the date on which the borrower's salary is credited.
Q: WHAT INTEREST RATES CAN I EXPECT TO PAY?
A: Interest rates are suggested to each borrower by an automated credit appraisal system that uses the personal and financial information provided by borrowers across more than 120 criteria using more than 400 data points to assess the borrowers' risk and understand the strength of their credit profile. The interest rate assigned ranges from 12% to 28%. However, Unrated Borrowers can be registered at a higher interest rate.
Q: ON WHAT PARAMETERS DOES Finsafe Advisors Pvt Ltd VERIFY MY PROFILE AND CHECK MY CREDITWORTHINESS?
A: We use a highly developed, technology-driven process of verification across more than 120 criteria using more than 400 data points based on the personal and financial information and documents provided by the borrower. Each borrower undergoes identity checks, credit checks, and risk assessment by our experienced team. We evaluate and understand the borrower's intention, stability, and ability.
Q: DOES Finsafe Advisors Pvt Ltd UNDERTAKE PHYSICAL VERIFICATION?
A: Yes, physical verification at both the residential and official addresses is undertaken after a prior appointment. This is done to verify the identity of the Borrower.
Q: DOES Finsafe Advisors Pvt Ltd REQUIRE REFERENCES?
A: Yes, as part of the verification process, we require 4 references from your professional or personal contacts who should be able to verify your identity, intention, ability, and stability to take and repay a loan.
Q: HOW MUCH TIME DOES IT GENERALLY TAKE BEFORE A LOAN IS LISTED?
A: Once a borrower signs up, provides basic information, pays the registration fees, and uploads the required documents, the risk assessment team takes 48-72 (office) hours to evaluate and verify the borrower. Based on this evaluation, the credit appraisal mechanism sets the parameters for the loan, including the loan amount, interest rate, and loan tenure. Once the borrower accepts these terms, the profile is made live on the portal. Therefore, your loan requirement will be available on the website for lenders to fund within 48-72 hours from your first log-in on the website.
Q: HOW MUCH TIME DOES IT TAKE TO FIND A LENDER? HOW LONG CAN MY LOAN REQUEST BE AVAILABLE FOR LENDERS TO FUND?
A: All loans are listed on the platform for 15 days, which may, under special circumstances, be extended to a maximum of 30 days. This period is known as the listing period. However, the funding of the loan cannot be predicted or controlled as it depends on attracting sufficient lenders. Creditworthy borrowers can get funded within minutes, while borrowers assigned a higher interest rate may take a few days. You can monitor lender interest at any time by logging into your account.
Q: HOW LONG IS THE DISBURSAL PROCESS?
A: The disbursal process starts only after the borrower has paid the processing fees, signed the loan agreement, and provided the PDCs, NACH Mandate, and any other required documents. This process is driven by borrower interest. By using technology-driven facilities available only on Finsafe Advisors Pvt Ltd, you can reduce this time to less than 24 hours. After this process, funds are transferred from the lender's escrow account to the borrower's bank account within 12-24 hours. Thus, the entire disbursal process takes 24-48 hours. It is transparent and driven by borrower and lender interest, with Finsafe Advisors Pvt Ltd acting only as a facilitator.
Q: WHY WAS MY APPLICATION DECLINED?
A: Finsafe Advisors Pvt Ltd holds the right to decline a listing in certain cases, such as:
The borrower is unable to provide complete documentation or the documentation cannot be authenticated. These documents are required to evaluate the borrower's creditworthiness, intention/stability, and ability to take and repay a loan.
Any deficiency in these parameters or in terms of the borrower's past loan performance can lead to the cancellation of the borrower's listing.
The physical verification report is negative, indicating that the borrower does not reside or work at the submitted address.
The borrower has not paid the registration fees.
If at any stage of the loan application, Finsafe Advisors Pvt Ltd finds that misleading information was deliberately provided by the borrower with intentions to cheat and harm Finsafe Advisors Pvt Ltd system, its lenders, founders, stakeholders, partners, or employees, or to infringe or steal the intellectual property of Finsafe Advisors Pvt Ltd.
Q: ARE LOANS SECURED? WHAT COLLATERAL DO LOANS REQUIRE?
A: A borrower can avail both unsecured loans as well as collateral-based loans against gold through Finsafe Advisors Pvt Ltd. Finsafe Advisors Pvt Ltd has tied up with Baxi, India's first bike-taxi operators, to introduce a new collateral-based product offering. Drivers keen to work as Baxi-operators and require auto-loans to buy bikes can register on the platform as borrowers. It's an income-generating asset for the borrowers and an asset-based investment for the lenders.
Q: WHAT HAPPENS IN CASE OF DELAYED OR NON-PAYMENT OF EMI?
A: Borrowers are morally and legally obliged to pay all dues in a timely manner. In case the EMI is not paid on the scheduled time, a penal interest of Rs. 100/- per Lender for delays up to 10 days and Rs. 250/- per Lender for delays of more than 10 days will be charged. These charges are applicable for each instance of delayed repayment and are payable to lenders. Finsafe Advisors Pvt Ltd will also charge a non-refundable collection penalty of Rs. 500/- per delayed payment. In the worst-case scenario, if Finsafe Advisors Pvt Ltd has to issue a legal notice to a defaulting borrower on behalf of the lenders, then a non-refundable charge of Rs. 500/- per legal notice will be payable by the borrower to Finsafe Advisors Pvt Ltd.
Q: I HAVE DEFAULTED ON LOAN PAYMENTS BEFORE OR BANKS/FINANCIAL INSTITUTIONS HAVE REJECTED MY LOAN APPLICATION. CAN I BORROW ON Finsafe Advisors Pvt Ltd?
A: Finsafe Advisors Pvt Ltd will not approve a listing if it does not meet our credit and verification standards. However, we encourage applicants to work on improving their credit history by repaying their debt in a timely manner and then try again after six months.
Q: HOW ARE REPAYMENTS CALCULATED?
A: Repayments are equated monthly installments calculated using the reducing balance method. Your installment per month will remain the same throughout the tenure of your loan. The first installment may be different depending on the date of disbursal.
Q: WILL Finsafe Advisors Pvt Ltd PROVIDE ME WITH MY CREDIT SCORE?
A: Finsafe Advisors Pvt Ltd does not provide you with your credit score.
Q: WHAT INFORMATION CAN BE VIEWED ABOUT ME?
A: Once your listing has been approved by Finsafe Advisors Pvt Ltd, your profile can be viewed by all registered lenders. This includes your full name, profession, purpose of the loan, email ID, and financial information. However, this information will not be visible to general visitors to the website. For more information, please view Finsafe Advisors Pvt Ltd's Privacy Policy.
Q: WILL MY ADDRESS AND PHONE NUMBER BE AVAILABLE ONLINE ON THE WEBSITE?
A: Finsafe Advisors Pvt Ltd does not show anyone's address or phone number to prevent harassment. For more information, please view Finsafe Advisors Pvt Ltd's Privacy Policy.
Q: CAN I CHANGE THE LOAN AMOUNT I WANT TO BORROW AFTER APPLYING?
A: No, to avoid confusion and maintain lender interest, Finsafe Advisors Pvt Ltd does not make changes to a listing after it has been made live on the website. To increase the loan amount, you can create a fresh loan request for the difference.
Q: CAN MY LOAN REQUEST BE TERMINATED OR REVIEWED AT ANY STAGE?
A: Yes, if at any stage the information furnished by you or the verifications initiated by us are found to be incomplete, fraudulent, or unverifiable, the funding request is terminated, and the invest button on the profile would be deactivated. No registration fee refund will be applicable.
Q: HOW DO I CANCEL MY LOAN APPLICATION?
A: Please write to info@finsafe.finance requesting the cancellation of your registration as a borrower. Loan cancellation can only happen prior to the disbursal of funds.
Q: HOW DO I CHANGE MY BANK DETAILS OR SET UP A NEW DIRECT DEBIT?
A: Please write to info@finsafe.finance stating both your old and new bank details. Swapping charges of Rs. 500/- per swap will be applicable and payable to Finsafe Advisors Pvt Ltd.
Q: CAN I BE BOTH A LENDER AND A BORROWER?
A: No, you can either be a lender or a borrower at a given time.
Q: WHY IS Finsafe Advisors Pvt Ltd ASKING ME TO LINK MY BANK ACCOUNT?
A: Finsafe Advisors Pvt Ltd verifies the financial documents submitted by the borrower(s), which can be time-consuming and delay the borrower's request being listed live on the marketplace for funding. To expedite the process, Finsafe Advisors Pvt Ltd has partnered with Yodlee, a bank feed aggregator, to automate the aggregation of bank feeds from an extensive range of financial institutions.
Q: IS MY ACCOUNT LINKAGE SECURE?
A: Your account credentials are strongly protected with stringent security measures, regular security and compliance measures. Yodlee, our partner for bank feed aggregation, undergoes examinations by U.S. banking regulators, including the Federal Financial Institutions Council and the Office of the Controller of the Currency. They are certified as a Payment Cards Industry (PCI) Level 1 Service Provider and have EU Privacy Safe Harbor certification. For what it's worth, we believe that Yodlee's Bank Aggregation service is a safe and convenient way to access your bank transactions, which is why we've chosen them as our partner. Ultimately, though, it's your call. You have the freedom to make your own decision in this context.
Q: HOW ARE MY LOGIN DETAILS USED?
A: Your login details are securely stored and used for only one purpose: to retrieve transactions from your banking site for the last 6 months. This is purely "read-only data." There is no transaction possible by sharing the details, not even by you.
Q: SHOULD I SHARE MY BANK'S CREDENTIALS?
A: Each bank has its own stance on the use of bank aggregation, so you should make an informed decision. While Finsafe Advisors Pvt Ltd is committed to keeping the information received from you safe and secure under its Privacy Policy, we understand your freedom of choice to make your own decision in this context.