Refund Policy

Upkaar Micro Finance Private Limited, a company incorporated under the laws of India, with its registered office at Near Bypass Road, Jatwada Pul, Jawalapur, Haridwar, Uttarakhand 249407, (Upkaar, we, us) manages, operates, and owns upkaarmfi.com (referred to as the Website), where Users/Borrowers can pay their installments, fees, charges, or any other amounts towards repayment of loans granted by us, as listed/available on the Website, through the payment gateway services used by Upkaar to process such online transfers to Upkaar Finances bank account (User or Users or you or Borrowers).

This Refund Policy is designed to outline the process and set a timeframe within which refunds will be processed based on transactions made by Users to Upkaar. The refund policy is subject to change by Upkaar. Please review the refund policy whenever you wish to use the website to understand the terms and conditions that apply at that time. If the user continues to use the Upkaar website or payment gateway to process online transfers after the date the changes come into effect, the user's use of the Upkaar website or payment gateway to process online transfers indicates that the user agrees to the new, changed, or revised refund policy. If you do not agree to the terms and conditions stated in this policy, you are advised not to transact on the website or payment gateway. Please note that once the payment is deducted, it will be considered a successful transaction and the user cannot cancel such transaction. If any amount is debited from the user's/borrower's bank account or card despite a failed transaction for any reason, the user's bank/card/wallet company will be responsible for reversing the amount. If a User or Borrower attempts to make an online transaction more than once and the same is credited to Upkaar's bank account, Upkaar reserves the right to adjust the excess amount credited to Upkaar's bank account as an extra installment or any other outstanding overdue charges, as it deems fit, against any one or more of the User's/Borrower's loan accounts with Upkaar, irrespective of the portion paid by the User/Borrower. To claim a refund for the excess amount credited to Upkaar's bank account, the User must apply for a refund or send an email to Upkaar from his/her registered email ID with Upkaar, along with the transaction number generated at the time of making the payment and the original payment receipt. The User must claim any refund within 7 days from the date of making the payment. The refund application will be processed manually and after verification, if the claim is found to be valid, the excess amount will be refunded by Upkaar electronically in favor of the user/borrower and a confirmation will be sent to the mailing address provided by Upkaar within 30 calendar days of receipt of the claim. The amount may take time to reflect in your bank account depending on your bank's policy. Upkaar will not be responsible or assume any liability if it is unable to effect any payment instruction on the payment due date due to any one or more of the following reasons:

  1. If the payment instruction issued by you is incomplete, incorrect, invalid, or late.
  2. If the bank account user does not have sufficient funds/limit to cover the amount specified in the payment instruction.
  3. If there are any encumbrances or charges on the funds available in the payment account.
  4. If your bank refuses or delays the payment instruction.
  5. Circumstances beyond Upkaar's control (including, but not limited to, fire, flood, natural disasters, bank strikes, power outages, and system failures such as computer or telephone line outages due to unknown causes or external interference).

    6. Upkaar may, at its sole discretion, suspend or terminate the use of online payment services from any payment gateway service provider for any reason or no reason.