Finzy Personal Loan

Finzy does not charge any registration fees. A loan processing fee is charged at the time of disbursal of your loan, which is a percentage of the amount disbursed and may vary based on your Finzy Rating. GST of 18% is additionally levied on the processing fee.

Finzy is a leading online platform in India that provides personal loans to eligible individuals. To qualify for a loan through Finzy, you need to be an Indian national with valid identity and address proof, be at least 18 years old, and have a minimum take-home salary of Rs 35,000 per month or an annual business income of at least Rs 5 lakhs. If you meet these criteria, you can easily apply for a loan through the Finzy website.

The process of getting a loan through Finzy is quick and hassle-free. You can apply for a loan in just three simple steps. Firstly, you need to submit your loan application through the Finzy website. The application process takes only a few minutes, and you need to provide some basic information and upload supporting documents like your PAN card, proof of address, recent photograph, and income documents. Secondly, the Finzy team will review your application and provide you with a loan decision within one business day, subject to all documents being in order. If your loan is approved, you'll be informed of the loan amount and interest rate. Lastly, your requirement would be listed on the Finzy platform and made available to approved investors, who will fund your loan in a matter of minutes to a few hours. Once your loan is fully funded, the loan documents will be signed and the funds will be transferred to your bank account.

To apply for a loan through Finzy, you need to provide some essential documents, and the requirements vary depending on your employment status. If you're a salaried individual, you'll need to provide your PAN card, proof of your current address, three months' salary slips, three months' bank statements, previous year's ITR/Form 16, and a recent photograph. If you're self-employed, you'll need to provide your PAN card, proof of your current address, six months' bank statements, previous two years' ITR, a recent photograph, and your six months' current account statement (if your savings account does not contain income details). Additionally, you need to provide government-provided business proof if you're submitting a current account statement. It's essential to ensure that all your documents are accurate, up-to-date, and complete to increase your chances of loan approval.

Finzy accepts various types of documents as your current address proof, such as Masked e-Aadhaar, driving license, passport, voter ID, electricity bill (issued within the last 3 months), LPG bill (issued within the last 3 months), and BSNL/MTNL landline bill (issued within the last 3 months).

No, Finzy only requires soft/digital copies of your documents at the time of registration, and physical copies will not be accepted. This helps to ensure a fast turnaround time in funding your loan requirement.

 Finzy offers loans ranging from ₹1,00,000 to ₹10,00,000 for tenures of 6, 12, 24, or 36 months. The interest rate you'll pay on your loan is determined by your credit rating, which is assessed using Finzy's proprietary and scientific Finzy Credit Algorithm. The interest rates at Finzy start at 10.99% and go up to 18.99%.

 Finzy offers a default tenure of 36 months, which can be adjusted to reduce your monthly EMI and provide you with more flexibility in managing your monthly cash flow. However, you may also choose a tenure of 6, 12, or 24 months depending on your credit assessment. You also have the flexibility to prepay your loan partly or fully without incurring any early prepayment penalty, except between the 1st and 10th of the month. If you applied for a loan through Finzy's partners, you might be eligible to get a loan at a non-standard tenure.

A credit score is a number that represents a person's likelihood of repaying a loan based on their past loan repayment history. The score typically ranges from 300 to 900, with a score of 700 or higher considered good. People with a good credit score are more likely to be approved for loans and may also receive better interest rates. Conversely, a low credit score may result from late credit card payments or missed loan payments, and could lead to harsher loan terms and higher interest rates.

Yes, we do check credit history as part of our lending policy. However, at Finzy, we use a credit algorithm that takes into account your historical repayment track record, rather than just your credit score. We also consider other factors when assigning a credit score to your application, in order to offer loans to both served and under-served customers.

No, at Finzy we conduct a soft check that does not affect your credit score.

While there are several credit bureaus that evaluate credit-worthiness, we at Finzy use the Equifax report to analyze your credit history. CIBIL (TransUnion CIBIL) is just one of the credit bureaus that provides a credit score.

The finzy Rating is a score assigned to each borrower based on a proprietary credit algorithm that takes into account various factors, including income, existing debts, past loan repayment track record, and other related parameters. This score ranges from A1 to C6, with A1 being the most creditworthy and C6 being the riskiest credit rating. Each rating is linked to an interest rate that will be charged to the borrower for their loan.

No, your personal information such as your contact details, address, or photograph will not be revealed to investors during the listing stage. However, we are required by the Reserve Bank of India to share your name and certain demographic information with investors at this stage.

Your loan is funded by registered investors, with a minimum of five investors required to invest in your loan. finzy takes care of all the documentation, collection, and coordination activities. We remain your point of contact for any requirement related to your loan.

Interest on your loan is calculated on a reducing balance basis, meaning that it is applied only to the outstanding amount of the loan.

Your EMI payment will be collected electronically from your bank account every month. You only need to ensure that you have adequate funds in your account for the payment to be made.

No, the EMI date is fixed for your Finzy personal loan and the payment will be debited from your bank account on the 5th of every month.

If you miss an EMI payment or there is a delay in making the payment, it will impact your creditworthiness and your capacity to borrow in the future. In addition, we will levy a penal interest rate and delayed payment charges. The charges will vary based on the outstanding principal amount and the number of days of delay, and will include both a finzy fee component and a penal fee component.

 If you default on your Finzy personal loan payment, bank-recognized collection agencies will contact you for the outstanding principal, interest, and penal charges. Additionally, you may face legal action, and your details may be reported to credit information companies and various defaulter databases.

 Yes, you can repay your Finzy personal loan early without any penalty. You can either foreclose the loan by repaying the entire outstanding amount or reduce the EMI by prepaying a part of the outstanding amount. Prepayments can be made in multiples of Rs. 1,000/- with a minimum of Rs. 5,000/-. To prepay your loan, please send an email to [email protected]. Please note that prepayment can be made on any day of the month except between 1st and 10th of the month.

 It takes about 24 working hours for Finzy's credit assessment team to evaluate the borrower and provide a decision on the loan amount and rate of interest after a borrower registers and uploads the required documents. Once the borrower accepts the offer, the loan is listed on the platform and invested by multiple verified investors.

 Once the loan is filled by investors, a Finzy representative will visit you to complete the documentation process. You will need to sign a tripartite Loan Agreement form, Demand Promisory Note, NACH Mandate, and provide 3 undated cheques in the name of Bridge Fintech Solutions Pvt Ltd. After receiving these documents, the loan will be disbursed from the Lender Escrow account to your savings account. The processing fees and GST charges will be deducted from the disbursed amount.

 Before the disbursement of your Finzy personal loan, you will need to sign a Loan Agreement, 3 post-dated cheques, a Demand Promissory Note, and a National Automated Clearing House (NACH) registration mandate.

To ensure timely payment and recovery of outstanding and overdue loan amounts, Finzy may require post-dated cheques from borrowers. These cheques are made out to Bridge Fintech Solutions Private Limited, the parent company of Finzy, and are only used if electronic EMI mandates are not set up properly. Finzy assures borrowers that their cheques will be handled responsibly and not misused.

To transfer or cancel your NACH mandate, you can reach out to Finzy's customer support team through their email address [email protected] or by calling 9341 300 300.

Finzy's Multiple loans feature is exclusively available to customers who have a good track record of borrowing from Finzy. This feature allows customers to access loans from Finzy multiple times while keeping the terms of their current loan unchanged.

The benefits of Finzy's Multiple loans feature include flexibility, easy access to faster loan processing, better loan terms based on the customer's track record, and a 100% digital documentation process.

Finzy's Multiple loans feature is exclusively available to privileged customers who have paid their EMIs on time, prepaid and closed their loans, completed their loan tenure, or had a loan sanctioned in the past but chose not to avail it.

The terms of a new Finzy loan depend on the customer's track record with Finzy, their current income and leverage status, and their track record with other financial institutions. Finzy strives to keep the terms of the new loan either at par with or better than the old/current loan.

No, you will not need to submit all your documents again. Finzy already has some of your information in their records, but they may ask you to revalidate some of this information and resubmit your address proof and income documents.

At present, the cumulative loan amount from Finzy (including your existing loan) is limited to Rs 5 lacs, but they intend to increase this limit to Rs 10 lacs, which is the regulatory limit from RBI.

Finzy offers collateral-free loans, but in the event of continued default, the documents collected serve as security to initiate criminal proceedings under the Indian legal system.

Finzy reserves the right to decline a loan application due to insufficient creditworthiness, incomplete documentation, unsuccessful document verification, or submission of incorrect information deliberately to cheat the Finzy systems and processes.

Yes, a borrower can also register as an investor in Finzy, regardless of their loan application status. However, they are not allowed to invest in their own loan.

Bridge Fintech Solutions Private Limited owns and operates Finzy's website domain name and brand name. It is a private limited company incorporated under the Companies Act, 2013, with its registered office in Mumbai, India.