What is Finomena?
Finomena is a web and mobile App platform that provides electronic gadgets on flexible monthly installments. So the next time you want to buy the latest iPhone or Macbook or any of your favorite devices, don’t let the lack of a credit option bother you.
What kind of products can I buy here?
Phones/ laptops/ electronics and even furniture. You name it, we’ve got it! From interiors for decor to products that increase the productivity in your life (like a laptop or a phone), we give loans for everything. We aim to provide 'good' credit which refers to the loans given for products that are not only useful but also cozy, comfy as well as pocket-friendly for you.
How is Finomena different from other players in the market providing EMIs on gadgets ?
E-commerce portals provide loans on credit cards. However, not everyone - especially students and young professionals - possess credit cards. That is why Finomena provides loans on your debit card (savings account) after assessing applicants’ creditworthiness using machine learning algorithms, big data and Artificial Intelligence.
How does Finomena help in improving credit history or score?
Credit score is a parameter of your performance in the banking system maintained by four main bureaus - CIBIL, Experian, Equifax etc. Credit Score is generated only after a person either takes a loan or a credit card - options that are out of bounds or unviable for some, such as students and young professionals with no prior credit history and negligible employment history. Finomena helps them by giving them loans via partners and by enabling them to repay it on time through easy repayment options. By generating a good credit score early in life, individuals get on the fast track of creating a good credit history, thus improving their creditworthiness in the long run. Responsible and timely repayments will help you improve your credit rating which later on helps in opting for bigger loans in the future.
Are the products on Finomena covered by warranty?
Absolutely! All products on Finomena are 100% original and are covered by the manufacturer’s warranty from the day of purchase. This applies even to the products bought through Finomena from e-commerce players - Flipkart, Snapdeal, PayTM and Amazon.
How do I know whether I am I eligible?
You must have a bank account in your name and a Govt ID card (Aadhaar card is preferred). At Finomena, we do not measure creditworthiness through traditional channels such as your CIBIL score. Instead, we study your digital footprint in addition to the information in the public domain such as your Aadhaar number and PAN card to assess how likely are you to repay your loan successfully. Positive spending habits such as paying bills on time, accurate personal information in public domain such as Aadhaar Card, and a good plan for repayment would increase your eligibility.
I don’t have an Aadhaar Card?
If you do not have an Aadhaar card, that’s ok. However, we need some Govt ID proof that can be validated by our systems to verify your identity (Voter ID, Passport).
I do not have net banking on my account. Am I still eligible?
Yes, you are still eligible for a loan. Just upload scanned copies of your bank statements or the updated bank passbook from the past year, and you are good to go!
I do not have a bank account but can pay in cash. Am I still eligible?
Sadly, you are not eligible in that case. Uploading bank statements is an important part of our process, without which our systems cannot assess the credibility of your loan application.
Application / Website
How do I buy something from Finomena?
Buying your dream gadget from Finomena is as simple as 1-2-3.
- You can either choose a product directly from Finomena or copy and paste the URL of a product from the e-commerce website of your choice or one of our e-commerce partners - Amazon, Flipkart and Snapdeal.
- Customize your installment plan using the sliders on the app/website to choose the amount for down-payment, the loan tenure and the FMI (Flexible Monthly Instalment), our alternative to the good old EMI.
- Upload all relevant details such as Aadhaar card number and your 12 month bank statement.
- In the absence of Aadhaar, furnish all relevant details such as name / address supported by relevant legal documents. Passport and Voter ID cards are sufficient alternatives to the Aadhaar card. If you do not possess any of the above ID proofs, do contact our customer support team so that we may help you through this hurdle.
- We will let you know in 48 hours whether your purchase-loan has been approved.
- In case of an approval, we will seek your permission for monthly auto-debit of your registered bank account for paying the FMIs.
- Once you make the down payment, we will immediately ship the product !
I am having issues getting the Aadhaar OTP. What should I do?
If your current phone number is different from the one you used to register for Aadhaar, you will not receive the OTP. In such a case, choose the ‘Don’t Have Aadhaar’ option and complete the application. However if you have the registered phone and are still not receiving OTP, please bear with us as the OTP comes directly from UIDAI and not from Finomena servers. Please contact the customer support team to handle this scenario.
What are the payment options?
You can use a Debit Card / Net Banking or Wallets to make the downpayment on the App. For monthly FMI payments, we will auto debit your bank account using NACH mandates once they get approved. Meanwhile, you can also use the App to make FMI payments
How many products can I buy from Finomena in a single order?
You can buy only one product at a time using Finomena. However, you may apply for a second product once you have repaid six FMIs (over the same number of months) irrespective of the tenure of the plan or by paying the entire amount, whichever is earlier. Of course, we advise you to pay up quicker to avoid multiple debts.
How much time would it take to review my application?
Typically, our systems take around 48 hours to review an application.
How do I cancel my application?
If you want to change the product you can always do that through the app via the side menu swiping right on the application. If you want to cancel the product, don’t hesitate to get in touch with our customer happiness team at [email protected] They would love to help you with that (trust us, they wait for you all day).
If I cancel the product request, after making the down payment but before receiving the item will I get my refund?
Since we try to deliver the product as fast as we can, our automated ordering systems place the order as soon as downpayment is deducted from your account and hence we’re unable to accept product return requests.
How do I change my address and contact details?
You can always get in touch with our customer happiness team to get it updated at [email protected]
What if the delivery is delayed?
The delivery totally depends on the e-commerce portal you have opted for! If it’s delayed then that’s unusual. Please get in touch with our customer happiness team.
Is there a way to track my order shipment?
Once your order is dispatched, we shall provide you with tracking details of your shipment.
What is the procedure to return and get a refund for my purchase?
We do not have a return/refund policy. However, you can replace the product in case it is defective/damaged. Replacements are subject to the respective e-commerce portal's return policy.
What kind of interest rates do you charge?
The interest rate depends on the product and the period of repayment that you choose. Generally it is in the range of 5% to 25%.
Is there any kind of down payment on the products? If yes, how much?
Yes, you need to pay a minimum of 25% of the cost of the product you want to purchase as down payment.
What is the upper limit of the loan amount one can avail from Finomena?
Finomena typically gives loans for products priced under INR 1,00,000/.
Why was my loan application rejected?
At Finomena, our aim is to offer loans to individuals typically excluded by traditional channels of funding such as banks. However, we do need to assess your ability to repay the loan you intend to take. If our evaluation system reveals that the loan would be a burden that you wouldn’t be able to carry, it will have to be rejected. However, this doesn’t mean that you cannot apply again. An individual’s creditworthiness changes with life events and yours could improve because of your positive spending behaviour. In such cases we recommend reapplying for a loan after 6 months.
What can I do to improve my creditworthiness so that my loan is approved?
There are several steps you could take to improve your creditworthiness:
- Correct any inaccuracies in documents such as Aadhaar, PAN etc.
- Improve your spending pattern. For example, pay bills on time and purchasing useful goods and services, etc.
- When you apply, describe as accurately as possible the reason for wanting to take a loan.
- Remember, we appreciate honesty!
Are there any hidden charges that I should be aware of?
Apart from the interest amount on your loan and a one time processing fee of Rs. 249, there are no unpleasant surprises in the form of hidden charges at Finomena. Our pricing is absolutely transparent.
At what stage do I make the down payment?
Once the decision is made and the loan is approved we will notify you. You can make your down payment via debit card, credit card or net banking.
What is FMI?
While most months are easy, others aren’t. Unforeseen expense can take anyone by surprise and upset the monthly budget. That is why, we offer our customers the flexibility to skip paying an instalment in a tough month and pay it the next month for a small convenience fee. That’s why we call these payments Flexible Monthly Instalments (FMIs) instead of Equal Monthly Instalments (EMIs).
If I buy a product from Finomena, how would I pay the FMIs?
We don’t want to bother our customers with nitty-gritties of EMI. That’s why we set up an Auto Debit Instruction from your savings bank account so that the instalments are automatically deducted from it every month.
Will late payment of the monthly installment invite some kind of penalty?
Well a late monthly payment invites a convenience charge along with it. The charge however will depend on your product price.
What happens if I don’t pay my monthly installments?
Like any other loan, all agreements are legally binding as per RBI regulations and not paying EMIs is a criminal offence in the Indian court of law. After you default on the loan, your personal information is sent to all credit bureaus and banks in India who then subsequently drop your credit score (or CIBIL score). It will become really hard for you to take any bigger loan from any Bank in India in the future as they will see that you have not paid EMIs in the past in your credit history.
What do I do incase my savings account doesn't have enough balance at the time of due date?
The required amount of balance must always be maintained at the time of due date for debiting the monthly payment. Insufficient balance would lead to a bounce of payment which is a criminal offence in the Indian court of law. It shall also attract a penalty (same as the convenience fee for a ‘no payment’) and affect your credit score adversely.
Do you have an option of pre-payment of the FMIs?
Yes, our customers can pre-pay the instalments without being penalized.
Can I extend the tenure of FMIs after taking a loan?
Sorry, extending the tenure after a loan has been approved is not possible. :/
What happens if I skip a monthly instalment? Can I pay it at once the next month?
We strongly advise you not to skip paying an instalment. Defaulting on an instalment will dip your credit score and you will not be able to take further loans from any financial institution. Kindly get in touch with us for detailed guidance. You cannot skip the payment for a particular month. Skipping a payment will invite a convenience charges along with the monthly payment.
Once I have paid all the FMIs how do I get a confirmation?
We will send you a No Objection Certificate once you have paid all your FMIs.
Why do you need my bank statements?
Bank statements help us understand your spending pattern. These data points are important for us to measure your creditworthiness.
Why was I asked to re-upload my scanned documents?
Often we receive a scanned document that is illegible and blurred which cannot be verified, although we try our best. Hence, we are forced to bother you and make you take a better scan. Technology, right?
Why do you need my Aadhaar card and bank statements?
Aadhaar Card helps us verify your identity and address while bank statements help us understand your spending pattern. These data points are important for us to measure your creditworthiness.