Effective Date: January 01, 2026
Last Updated: January 01, 2026
1. Introduction
At Indifunds (a unit of Devdhan Narayana Finserv Private Limited), we are committed to fair and transparent business practices. This Refund Policy outlines the circumstances under which refunds are applicable for our services, processing fees, and other charges.
By using our services, you acknowledge and agree to this Refund Policy.
2. Nature of Our Services
Indifunds provides direct loan funding services. The nature of our services involves:
- Application processing and evaluation
- KYC verification and document validation
- Internal credit assessment
- Loan disbursement and management
Most charges associated with our services are for actual work performed and may not be refundable in all circumstances.
3. Cooling-Off Period
3.1 What is Cooling-Off Period?
In line with regulatory guidelines, Indifunds provides a 3-day cooling-off period to all borrowers from the date of loan agreement signing.
3.2 During Cooling-Off Period:
You may cancel your loan by:
- Notifying us in writing (email at support@indifunds.com)
- Returning the entire principal loan amount
- Paying proportionate interest for the days used
- Paying administrative charges (if applicable)
3.3 What is Refundable:
If cancellation is made within the cooling-off period:
- Full processing fee (if loan is not yet disbursed)
- Pre-EMI interest beyond proportionate days
- Documentation charges (case-specific)
3.4 What is NOT Refundable:
Even within the cooling-off period:
- Proportionate interest for days the funds were used
- Stamp duty and statutory charges
- Convenience charges or NACH mandate fees if utilized
- Third-party verification charges already incurred
4. Processing Fee Refund
4.1 Pre-Disbursement Cancellation:
If you cancel your loan application BEFORE disbursement:
- Within 7 days of application: 100% refund of processing fee (if collected upfront)
- After 7 days: Refund subject to administrative deduction (up to 50%)
- No refund if: Application rejected due to false information
4.2 Post-Disbursement Cancellation:
If you cancel after disbursement (within cooling-off period):
- Processing fee is NOT refunded
- Only proportionate interest beyond utilized days is adjusted
- Administrative charges apply
5. Application Fees
- Most applications do NOT have any upfront application fee
- If any fee is collected, it will be clearly disclosed in writing
- Application fees are generally non-refundable once processing begins
- In case of clerical errors on our part, fees will be refunded in full
6. Refund Process
6.1 How to Request Refund:
- Submit a written refund request to refund@indifunds.com
- Include your loan reference number and reason for cancellation
- Provide supporting documents (if any)
- Our team will acknowledge within 48 hours
6.2 Refund Processing Time:
- Review: 7 working days from request submission
- Approval Notification: Within 10 working days
- Refund Credit: 15-21 working days after approval
6.3 Refund Method:
Refunds are processed only to the original bank account from which payment was received:
- NEFT/RTGS to your registered bank account
- Maximum processing time: 21 working days
- SMS/Email confirmation upon refund credit
7. Non-Refundable Charges
The following charges are NOT eligible for refund under any circumstances:
- GST and statutory taxes (collected by government)
- Stamp duty and registration charges
- Third-party verification charges (CKYC, Aadhaar verification, etc.)
- Bank charges for NACH setup
- Penalty charges (late payment, bounce, etc.)
- Foreclosure or prepayment charges (per loan agreement)
- Document handling charges for physical documents
8. Specific Refund Scenarios
8.1 Application Rejection:
If your loan application is rejected:
- Processing fee (if collected): Refundable minus administrative charges
- KYC charges: Non-refundable
- Convenience fees: Non-refundable
8.2 Voluntary Withdrawal:
If you withdraw your application before approval:
- Within 24 hours: 100% refund of any fees paid
- After 24 hours but before evaluation: 75% refund
- After evaluation but before disbursement: 50% refund
- Post-disbursement: As per cooling-off rules
8.3 Failed Disbursement:
If disbursement fails due to:
- Wrong bank details (your error): Re-disbursement at no extra cost
- Technical issues (our end): Re-disbursement plus apology compensation if delay > 7 days
- Bank rejection: Refund of fees minus convenience charges
8.4 Duplicate Charges:
If you are charged twice for the same service:
- Full refund of duplicate charges
- Refund processed within 7 working days
- Compensation for inconvenience (if applicable)
9. Disputes and Chargebacks
9.1 Dispute Resolution:
If you disagree with a charge:
- Raise a dispute via email to support@indifunds.com within 30 days
- Provide transaction details and reason for dispute
- Our team will investigate within 15 working days
- Resolution communicated via email/SMS
9.2 Chargeback Policy:
- Unauthorized chargebacks without prior communication may result in account closure
- We reserve the right to take legal action for fraudulent chargebacks
- Genuine disputes should follow our internal resolution process first
10. Loan Foreclosure Refund
If you foreclose your loan:
- Foreclosure charges apply (2-5% of outstanding amount)
- Proportionate interest is calculated until the foreclosure date
- Excess EMI amount (if any) will be refunded within 15 working days
- NOC (No Objection Certificate) issued within 15 working days
11. Conditional Refunds
Certain refunds are conditional upon:
- Verification of refund eligibility
- Submission of required documents
- Compliance with all terms of loan agreement
- No outstanding dues or pending obligations
- No fraudulent activity associated with the account
12. Refund Limitations
- Maximum refund amount cannot exceed the total amount paid
- Refunds are not transferable to third parties
- Refunds in cash are NOT provided
- All refunds are processed through banking channels only
- Refunds are subject to applicable taxes
13. Force Majeure Refunds
In case of service disruption due to force majeure (natural disasters, government actions, pandemics):
- Refunds will be processed as per circumstances
- Processing time may be extended
- Reasonable accommodation will be provided
- Communication will be maintained via email/SMS
14. Tax Implications
- Refunds are processed net of applicable taxes
- GST on refunded charges may be adjusted
- Income tax implications (if any) are borne by the customer
- We do not provide tax advice; consult your tax advisor
15. Refund Communication
We will keep you informed throughout the refund process via:
- Email notifications at each stage
- SMS alerts for credit confirmation
- WhatsApp updates (if opted in)
- Customer service follow-up calls (for delayed refunds)
16. Special Circumstances
16.1 Death of Borrower:
In the unfortunate event of borrower's death:
- Estate may apply for refund of advance payments
- Required documents: Death certificate, legal heir certificate
- Processing as per legal requirements
- Compassionate consideration in genuine cases
16.2 Disability or Medical Emergency:
- Case-by-case evaluation of refund requests
- Required documentation for medical conditions
- Sympathetic resolution where genuine hardship is proven
- Possible waiver of charges in select cases
17. Refund Status Tracking
You can track your refund status by:
- Logging into your account on our website
- Calling our customer care: +91 8595702470
- Emailing: refund@indifunds.com
- WhatsApp: +91 9608609018
Status updates are typically available within 24 hours of any change.
18. Updates to Refund Policy
We reserve the right to modify this Refund Policy at any time. Material changes will be:
- Posted on our website with updated effective date
- Communicated to active borrowers via email
- Effective from the date of update
Existing refund requests will be processed under the policy applicable at the time of request.
19. Escalation Matrix
Level 1: Customer Service
- Email: support@indifunds.com
- Resolution Time: 7 working days
Level 2: Refund Officer
- Email: refund@indifunds.com
- Resolution Time: 15 working days
Level 3: Grievance Officer
- Email: grievance@indifunds.com
- Resolution Time: 30 working days
Level 4: Nodal Officer
- Email: nodal@indifunds.com
- Resolution Time: 45 working days
Level 5: Regulatory Bodies
- RBI Banking Ombudsman: cms.rbi.org.in
- Consumer Court: District/State level
20. Important Disclaimers
- This Refund Policy is governed by Indian laws
- Disputes are subject to Noida court jurisdiction
- Policy interpretation rights remain with Indifunds management
- Specific loan agreements may have additional refund terms
- In case of conflict, loan agreement terms prevail
21. Contact for Refund Queries
For all refund-related queries:
- 📧 Refund Email: refund@indifunds.com
- 📞 Customer Care: +91 8595702470
- 📱 WhatsApp: +91 9608609018
- 🌐 Website: www.indifunds.com
- 📍 Address: C 44, Block C, Sector 51, Noida – 201301, U.P., India
Office Hours:
Monday to Saturday: 10:00 AM - 7:00 PM
Sunday: Closed
Indifunds
A Unit of Devdhan Narayana Finserv Pvt Ltd
CIN: U66190UP2024PTC210110