Frequently Asked Questions

Frequently Asked Questions

1. Why borrow through Srikara Finance?
2. How does Srikara Finance work?
3. How do I get started?
4. Why do you require the supporting documents that you are asking for?
5. How much can I borrow?
6. What is the tenure of loans on Srikara Finance?
7. Can I pre-pay my EMI? Can I repay my loan early if I like? Are there any charges?
8. What rates can I expect to pay?
9. On what parameters does Srikara Finance verify my profile and check my credit-worthiness?
10. How long is the disbursal process?
11. Why was my application declined?
12. Are loans secured? What collateral do loans require?
13. What happens in case of delayed or non-payment of EMI?
14. Are there any hidden charges?
15. Can I change the loan amount I want to borrow after applying?
16. How do I cancel my loan application?
17. How do I change my bank details?
18. Why is Srikara Finance asking me permission to access my bank account details?
19. What are the eligibility criteria for borrowers?
20. What are the typical documents required as part of the loan application process?
21. What are the options for loan repayment?
22. For what purposes are loans available?
23. Can I use my CKYC Identifier for the Srikara Finance KYC process?

Srikara Finance connects borrowers to lenders directly and efficiently and uses technology to assess eligibility and process applications, thereby reducing transaction costs. This means that, as a borrower, you get access to fair rates, and flexibility to borrow money on your own terms.

Step 1: Application: Complete our simple, easy to fill application form with details about you, your income and your work or business. You can either use our convenient e-KYC options or upload specified documents to verify your identity and provide income details.

Step 2: Scoring: We will use our proprietary Srikara Finance credit engine to generate an Application Credit Score for you. This will help the banks and NBFCs on our platform to easily take a decision about your loan.

Step 3: Decision: Based on your loan needs, we will forward your scored loan application to the appropriate lender. Once your loan is approved, we will assist you in completing the required loan documentation with the lender so that you can start using your loan funds at the earliest.

Sign up through the simple step by step process as instructed. Once you have filled the basic information required and we have completed the e-KYC process, you will be asked for more detailed information that will allow us to better match your requirements with the lenders on our platform. We will also ask you to upload some documents to support the details provided by you. The Srikara Finance risk assessment team will then review your details and decide whether your profile can be included in our borrower database. Once your profile is approved in the risk review process, it will be sent to the appropriate lender for a final decision.

The documents are required to verify your identity and asses your credit-worthiness before registration. Apart from the CIBIL score, we use various other parameters like ability to pay, income stability, past performance and intention of the borrowers, which are evaluated on the basis of these documents.

Loan disbursal is dependent on the type of loan requirement as well as other parameters like income and credit strength. The maximum loan amount differs from product to product and is more specifically stated in the product description on our website. Please note that the final amount you may be eligible for could be lower than the maximum allowed and will be decided based on the credit assessment of your profile.

Loan tenure depends on your loan requirement as well as other parameters like income and credit strength. The maximum loan tenure differs from product to product and is more specifically stated in the product description on our website. Please note that the final tenure you may be eligible for could be lower than the maximum allowed and will be decided based on the credit assessment of your profile.

Pre-payment charges if any are specified by lenders while entering into a loan contract. This is payable directly to lenders. Srikara Finance does not charge any pre-payment fees.

Interest rates charged to you depend on your loan requirement as well as other parameters like income and credit strength. Interest rates differ from product to product and are more specifically stated in the product description on our website. Please note that what is indicated is a range and the final interest rate charged could be within the range or outside it based on the credit assessment of your profile.

We use a highly-developed, technology-driven process of verification across various criteria based on the personal and financial information and documents provided by the borrower. Each borrower’s identity is verified against government databases and credit risk assessed using a methodology designed by our experienced team. The ability to repay, income stability and intention of borrowers is evaluated.

The time for disbursal includes the time taken to verify your identity, assess your creditworthiness and complete loan documentation. The time taken for each of these steps varies from case to case and is dependent on many things, including the completeness of documentation submitted to support the loan. We follow up with the respective lenders to ensure that disbursal is completed as soon as possible. Our aim is to complete the post-documentation loan disbursal within a week.

Srikara Finance can decline to proceed with an application if the borrower and/or application does not meet its internal credit worthiness criteria. The decision to lend or not is based on the evaluation of multiple criteria and is not linked to any one parameter. In addition, the borrower’s application will be declined if KYC cannot be verified, documentation is incomplete or cannot be authenticated, physical verification of the borrower’s address is negative or if the borrower is found to have provided incorrect, incomplete or misleading information with the intent to cheat Srikara Finance, its employees, directors, its customers, or any other entity associated with it.

Currently, business loans on Srikara Financeare unsecured obligations and do not require collateral. Home loans and education loans will usually require mortgage of property.

In case a borrower does not pay the EMI by the due date, penal interest will be applied to the amount due for the duration of delay. Additionally, collection charges will be levied by Srikara Finance. Srikara Finance will support our lenders in exploring all available legal methods for recovery of their funds including the initiation of legal proceeding where required.

No, there are no hidden charges. We charge the lender a fee after a loan is sanctioned. There are currently no charges to be paid by borrowers.

No, you cannot make changes to details of a loan once you have applied. Any changes, including a reduction in loan amount, that are required to comply with Srikara Finance’ policies will be communicated to you and made by us after your agreement.

Please write to support@srikarafinance.com requesting cancellation of your registration as Borrower. Loan cancellation can only happen prior to disbursal of funds.

Please write to support@srikarafinance.com stating both your old and new bank details and we will inform you of the documents required to make the change.

Srikara Finance verifies the financial documents submitted by the borrower(s) which takes a lot of time and can delay the listing of a loan request. Accordingly, where available, we use automatic feeds from financial institutions to speed up the verification and assessment process to help fund loan application faster.

An individual borrower on Srikara Finance should:

• Be a resident of India.
• Be at least 21 years of age on the date of application

A Non-individual borrower on Srikara Finance should:

• Be an entity registered under the relevant government agency or act of law e.g. under the Indian Companies Act for corporates, under the LLP Act for LLPs, under the Shops and Establishments Act for retailers etc.
• Be in business for at least 2 years.
• Be permitted by existing government regulations and internal rules to borrow.

Borrowers will typically be required to provide Srikara Finance with following documentation before loan disbursal (apart from the loan documentation that will need to be signed).

Information provided by you will be used strictly for official purposes, and Srikara Finance safeguards client confidentiality. For further information, please read the Srikara Finance Privacy Policy and Terms and Conditions

Borrowers can repay through multiple electronic means available on our website like debit card and net banking as well as through NEFT. Further, the option of auto debit from bank accounts is also available. As a part of loan documentation, the borrower will also have to provide one or more post-dated cheques as security against default covering the entire principle and interest payable over the term of the loan. Please note that Srikara Finance does not deal in cash.

At Srikara Finance, we encourage loans for productive purposes like building a home, higher education, improving livelihood prospects, improving living conditions, reducing cost of existing debt and running and expanding small businesses. We encourage our borrowers to be responsible and aware of their own repayment capabilities and avoid over burdening themselves with debt. Loan requests can be made for many purposes like:

• Individuals:
• Home buying
• House Repair
• Education
• Non-individuals:
• Working Capital Finance
• Capex
• Repayment of Existing Debt-Working Capital
• Repayment of Existing Debt-Capex

The list is not exhaustive and loans are available for other purposes for which borrowers may have a need.