All charges are shown in your Key Fact Statement (KFS) before you accept the loan. Nothing is payable before sanction.
| Charge | Amount | How it is collected |
|---|---|---|
| Processing fee | 0.5% - 2.5% of loan amount (by product) + GST | Deducted from the disbursed amount |
| Interest | As per sanction letter, fixed rate, reducing balance | Included in EMI |
| Penal charges | As per KFS, on overdue amount only | Added to next EMI |
| Foreclosure | As per KFS | At the time of closure |
Refund
If a processing fee has been paid and the loan is not disbursed for any reason, it is refunded in full to the source account within 7 working days.
Beware of fraud
Lonify never asks for "GST", "TDS", "insurance", "file charges" or any other payment to release a loan, and never asks you to pay to a personal account or UPI ID. Report such requests to grievance@lonify.in and at sachet.rbi.org.in.