Refund Policy

1. Introduction

This Refund Policy outlines the terms and conditions governing loan repayments, refunds, pre-closures, excess payments, cancellations, and related financial adjustments provided by Swagat Hire Purchase and Finance Company Pvt. Ltd. (“the Company”).

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

2. Scope

• Hire Purchase Loans
• Vehicle Loans
• Personal Loans
• Business Loans
• Any other financial product offered by the Company

3. Loan Repayment Terms

1. Borrowers must repay the loan in EMIs or as agreed in the Loan Agreement.
2. Repayment may be made through:
   • Bank Transfer
   • ECS / NACH
   • Cheque
   • UPI
   • Any other approved payment mode
3. EMI due dates are fixed and must be honored without delay.

4. Refund of Excess Payment

If excess payment is made due to:

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

The Company shall:

• Verify within 7 working days
• Refund within 10–15 working days
• Credit to original payment 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 + interest.
3. Foreclosure charges may apply.

• 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 (Hire Purchase Cases)

• Refund after full loan closure.
• Processed within 15 working days.
• Deductions may apply for pending dues, penalties, or liabilities.

9. Failed / Reversed Transactions

• Failed payment but debited amount
• Bank reversal delay

Refund 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
Swagat Hire Purchase and Finance Company Pvt. Ltd.
Email: info@mitrsewa.in
Phone: 0522 3128640
Address: D-1398, NH-24a, Indira Nagar, Lucknow, UP 226016

Complaints resolved within 15 working days.

13. Compliance & Amendments

• Applicable RBI Guidelines (where applicable)
• State Financial Regulations
• Internal Compliance Norms

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