This policy sets out when and how MMY Elite Funds refunds money to applicants and borrowers. It is designed to be fair, transparent, and compliant with the Reserve Bank of India's consumer-protection guidelines and Cashfree Payments' merchant policy.
1. Loan disbursal amounts
Once a loan is disbursed to your bank account, the amount cannot be refunded — it is a legally binding credit facility. If you wish to cancel a disbursed loan, please see the “Foreclosure” section of your loan agreement. Foreclosure charges may apply (2% of outstanding principal if closed within 6 months, nil thereafter).
2. Excess EMI or duplicate payment
If you make an EMI payment that exceeds your outstanding balance, or if the same EMI is charged twice due to a technical error, we will refund the excess amount to the original source (UPI VPA, card, or bank account) within 7 working days of receiving your written request.
To request a refund:
- Email refunds@elitefunds.in with your Loan ID and the Cashfree order ID.
- Attach the payment receipt (screenshot from your bank / UPI app).
- We will acknowledge within 24 working hours and initiate the refund within 3 working days once verified.
3. Processing fee refund
Processing fees are non-refundable once your loan has been sanctioned and disbursed, as they cover credit-bureau lookups, KYC verification, and underwriting costs already incurred. However:
- If your loan application is rejected after payment of a processing fee (rare — we typically collect it only upon sanction), 100% will be refunded within 5 working days.
- If disbursal fails due to an incorrect bank account provided by us (not by you), the processing fee will be refunded in full.
4. Failed payments
If your EMI payment fails but money is debited from your bank account:
- Same session (redirect back to our site): the status page will show “failed” automatically and no action is needed. Cashfree will auto-reverse the debit within 5 working days.
- Different result on our end vs your bank: forward the Cashfree order ID and your bank statement to refunds@elitefunds.in. We will investigate with Cashfree and refund within 7 working days if the payment did not reach us.
5. Timeline for refunds
- UPI: 1–3 working days.
- Debit / Credit card: 5–7 working days (subject to your card issuer).
- Net banking: 3–5 working days.
- Wallets: 1–3 working days.
These timelines are from the point MMY Elite Funds initiates the refund with Cashfree. Your bank may take additional time.
6. Non-refundable items
- Interest charged on utilised loan amounts.
- Late-payment penalties, bounce charges, and legal fees.
- GST paid on fees (already remitted to the Government).
- Processing fees once loan is disbursed (except as noted above).
7. Cancellation of loan application
You may cancel your loan application at any time before disbursal without any cost. Simply email support@elitefunds.in or click “Cancel application” on your Customer Portal.
After disbursal, the loan is treated as fully drawn and cancellation is not possible — you must foreclose the loan instead.
8. Chargebacks
If you initiate a chargeback with your card issuer for a legitimate EMI payment (one that was correctly credited to your loan), we reserve the right to defend the chargeback with Cashfree and report the incident to credit bureaus as a wilful default indicator. Please contact us first to resolve any concern amicably.
9. Grievance escalation
If you are not satisfied with our refund resolution:
- Escalate to our Grievance Redressal Officer at grievance@elitefunds.in. Response within 5 working days.
- If unresolved within 30 days, escalate to the RBI Ombudsman via https://cms.rbi.org.in.