Refund Policy

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1. Introduction

This Refund Policy outlines the terms and conditions governing loan repayments, refunds, cancellations, pre-closures, excess payments, and related financial adjustments provided by Mitr Sewa Micro Services Foundation.

This policy ensures transparency, fairness, and compliance with applicable financial regulations.

2. Scope

  • Personal Loans
  • Small Business Loans
  • Rural Cottage Industry Loans
  • Professional Loans
  • Loans for SHGs & FPOs
  • Any other financial product offered by the Foundation

3. Loan Repayment Terms

  1. Borrowers must repay loans in EMIs or as agreed in the Loan Agreement.
  2. Repayment may be made through:
    • Bank Transfer
    • ECS / NACH
    • Cheque
    • UPI
    • Approved digital payment modes
  3. EMI due dates must be honored without delay.

4. Refund of Excess Payment

If excess payment occurs due to:

  • Duplicate transaction
  • System error
  • Incorrect transfer amount
  • Advance EMI beyond schedule

The Foundation shall:

  • Verify within 7 working days
  • Refund within 10–15 working days
  • Credit to original source or registered bank account

No interest shall be payable unless required by law.

5. Loan Cancellation Before Disbursement

  • Processing fees may be non-refundable.
  • Refundable amount processed within 7 working days after deductions.

6. Loan Foreclosure / Pre-Closure

  1. Written foreclosure request required.
  2. Payment of outstanding principal + applicable interest.
  3. Foreclosure charges may apply as per agreement.
  • NOC issued within 7–15 working days.
  • Excess refund within 10 working days.

7. Refund in Case of Rejected Loan

  • Processing fees may be non-refundable.
  • Advance EMI/deposit refunded within 10 working days.

8. Security Deposit Refund

  • Refund after full loan closure (if applicable).
  • Processed within 15 working days.
  • Deductions may apply for pending dues or contractual liabilities.

9. Failed / Reversed Transactions

In case of failed payment but amount debited, or bank reversal delays, refund shall be processed within 7–10 working days after confirmation.

10. Non-Refundable Charges

  • Processing Fees
  • Documentation Charges
  • Legal & Verification Charges
  • Stamp Duty
  • Late Payment Penalty

11. Mode of Refund

  • Bank transfer to registered account
  • Original source account

Cash refunds are strictly prohibited.

12. Grievance Redressal

Customer Support Department
Mitr Sewa Micro Services Foundation
Email: info@mitrsewa.in
Phone: 0522 3128640
Address: D-1398, NH-24a, Indira Nagar, Lucknow, UP 226016

Complaints shall be resolved within 15 working days.

13. Compliance & Amendments

  • Applicable RBI guidelines (where applicable)
  • State financial regulations
  • Internal compliance norms

The Foundation reserves the right to amend this policy with prior notice.

14. Declaration

This policy ensures fair treatment of customers and transparent financial practices in accordance with applicable Indian laws.