1. Overview
This Refund Policy outlines the terms and conditions under which EarlyCredit processes refunds and handles disputes related to salary advance services.
Important Note: Since salary advances are borrowed funds disbursed directly from partner NBFC institutions, they are subject to repayment terms agreed upon during application. Refunds are not available once funds have been disbursed to your account unless specific conditions mentioned below are met.
2. When Refunds Are Applicable
2.1 Early Repayment
You may repay the advanced amount before the agreed repayment date. In such cases:
- The processing fee (2%) is non-refundable
- Interest charges will be calculated on a pro-rata basis
- No penalty will be charged for early repayment
- The refunded amount of interest will be credited back within 5-7 business days
2.2 Duplicate Charges
If you experience duplicate charges or erroneous deductions, we will:
- Investigate the charge within 5 business days of notification
- Refund the duplicate amount if the error is confirmed
- Credit the refund to your bank account within 10 business days
- Provide written confirmation of the refund processing
2.3 Application Rejection
If your application is rejected during the verification process:
- No funds will be disbursed
- No charges will be levied
- You may reapply after ensuring eligibility criteria are met
2.4 Fraudulent Transactions
If you report unauthorized access to your account or fraudulent transactions:
- We will block your account immediately
- Investigation will be conducted with partner NBFC and your bank
- Upon confirmation of fraud, refunds will be processed as per bank protocols
3. Non-Refundable Items
The following charges are non-refundable:
- Processing fees (2% flat fee) - charged at the time of disbursement
- Late payment penalties (if applicable)
- Administrative charges for dispute resolution
4. How to Request a Refund
To request a refund following any of the above mentioned eligible scenarios:
- Step 1: Send an email to info@earlycredit.com with complete details
- Step 2: Include transaction reference, date, and amount in your request
- Step 3: Our support team will investigate and respond within 5 business days
- Step 4: Upon approval, refunds will be processed to your original bank account
5. Refund Processing Timeline
Investigation Period: 5-7 business days
Refund Credit Duration: 10-15 business days from approval
Note: Additional time may be required depending on your bank's processing speed
6. Repayment Adjustments
If a refund is approved after partial repayment has been made:
- The refund amount will be adjusted against your outstanding balance
- Your next repayment schedule may be modified accordingly
- You will receive an updated repayment schedule by email
7. Dispute Resolution
If you are unsatisfied with the refund decision:
- You may file an appeal within 15 days of the refund decision
- Provide additional documentation supporting your claim
- Our review team will re-evaluate your case within 10 business days
- Final decision will be communicated via email
8. RBI Complaint Mechanism
You also have the right to file a complaint with the Reserve Bank of India's consumer complaint mechanism if you are unsatisfied with our resolution process. Please visit the RBI website for detailed procedures.
9. Contact Information
For refund-related queries or disputes, contact us at:
10. Policy Updates
EarlyCredit reserves the right to update this Refund Policy at any time. Changes will be notified to users via email or website notification. Your continued use of our services indicates acceptance of the updated policy.