Common Questions
How to apply for a loan?
Easy-peasy! This is how you can own something you have always dreamt of:
  1. Make up your mind - Choose a product directly from Finomena, or copy the URL of a product from an e-commerce website of your choice. Paste it in the URL bar on the Finomena website or app.

  2. Be the architect of your loan - 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.

  3. Let us know a little more about you - Upload all relevant details such as Aadhaar card number and your 12 months’ 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.

  4. Wait-for-it - We will let you know in 96 hours whether your purchase-loan has been approved.

  5. Make the downpayment - Once the loan is approved, make the down payment using the app or the website.

  6. Help us help you - We will seek your permission for monthly Auto-Debit of your registered bank account for paying the FMIs, so that you do not have to remember the due dates. The EMI will be automatically debited from your account, because we know you have a lot other important dates to remember. Once we receive the signed copy of auto-debit form, your product will be shipped.

Am I eligible?
To be 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 you are 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 the chances of your eligibility.
I don't have one or more of the required documents. What to do?
Oops! That’s a hurdle. Which document do you not have?
  1. Aadhar card: We would strongly advise you to get it created. For now, if you do not have an Aadhaar card, we’ll be needing some other Govt ID proof that can be validated by our systems to verify your identity (Voter ID, Passport).

  2. Bank statements: In this case, instead of bank statements, upload scanned copies of updated bank passbook from the past year. If you do not have a bank account, sadly, you’re not eligible. Uploading bank statements is an important part of our process, without which our systems cannot assess the credibility of your loan application.

  3. Any Govt. issued ID card: If you do not have any govt. issued document which proves your identity, we’re afraid, it will not be possible for us to take your loan application forward. It is important for the document to be validated by our systems to verify your identity.

What is CIBIL score and how does Finomena help improve it?

Credit / CIBIL 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. These options 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 loans via partners, which they can repay 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 ratings which later on helps in opting for bigger loans in the future.

Why was my loan rejected?

First of all, we want to let you know that we feel as bad as you do when the loan is rejected. But then, there is always a valid reason behind it.

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.

For more details, please contact our customer support team over chat, or contact us at [email protected]

How to pay EMIs?

After your loan is approved, we send you an Auto-Debit form over email, which you need to fill and submit. Auto-debit mandate form is a form which once approved by your bank, authorises us to automatically deduct the EMIs from your account on the due date. So, if it’s approved, you don’t need to worry about remembering the EMI due dates, they’ll be deducted automatically.

Before it is approved, or in case it is not approved, you can pay the EMIs online using the Finomena Android app or website.

What is an auto-debit form and how to submit it?

Auto-Debit mandate form is a form which once approved by your bank, authorises us to automatically deduct the EMIs from your account on the due date. Apart from making it convenient for you, it also saves you from going through a serious financial blunder - forgetting paying an EMI can cost you more than just the late penalty. It can take a toll on your CIBIL score as well, which makes it difficult for you to get a loan approved by any of the banks or financial institutions in the future. Not worth the risk, right?

Here’s how it works:

  • When your loan is approved, we send you the auto-debit form over an email with the instructions (along with a video) on how to proceed with filling the form.
  • After you fill the form, you need to take a picture of it and upload in the app
  • Since a hard copy of the form is needed by the bank, we arrange pickup for it on a location specified by you.
  • Once we receive the signed copy of the form, we send it to your bank. After it is approved, EMIs are automatically deducted from your bank account.

When can I apply for the second loan?

You can apply for the second loan after you consistently pay EMIs for half of the chosen tenure of your first loan.

That is, if the tenure of your first loan is 12 months, you can apply for the second loan after paying the EMIs for first 6 months.

How much time would it take to review my application?
As soon as you apply for a loan, we jump with excitement and start working on getting you a decision super-fast. Typically, our systems take around 96 hours to review an application. To provide you an even better experience, we are continuously working on reducing this time taken.
Is there any COD option available for down-payment?

No, you can not make the downpayment in cash. You need to do it on the app/website using your credit/debit card, Net Banking or one of the Wallets (Airtel, Freecharge, Mobikwik, PayZapp, PayU money).

Also, please note that the downpayment needs to be made in advance for us to go ahead and place your order.

Is there any kind of down payment on the products? If yes, how much is it and when do I need to pay?
Yes, after the loan is approved, you need to pay a minimum of 30% of the cost of the product you want to purchase, as down payment. You can do it using the app or the website.
What kind of interest rates do you charge?
The interest rate charged on your loan is decided by our banking partners who approve your loan, and is done on a reducing basis as compliant with RBI regulations. We ensure that overall, you do not end up paying more than 8-12% additional on your product. For example, if your product costs Rs. 20,000, you will pay interest in the range of Rs. 140 to Rs. 200 per month over the course of 12 months.
Eligibility
What is Finomena?
A dream come true for all those who have ever seen a dream to own something, but couldn’t afford it. Finomena is here to make the dreams more affordable than ever. It is a web and mobile app platform where you can buy mobiles, laptops, electronic appliances, furniture and more on easy Flexible Monthly Instalments, without the need of a credit card. You can buy anything you want, and pay for it later in easy monthly instalments using your debit card or netbanking.
How is Finomena different from other players in the market providing EMIs on gadgets?
E-commerce portals provide loans on credit cards. However, we understand that not everyone (especially a student or a young professional) possesses a credit card. That is why, Finomena provides loans on debit card (savings account) after assessing applicants’ creditworthiness using machine learning algorithms, big data and Artificial Intelligence.
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.
What is an FMI?
While most months are easy, some aren’t. Unforeseen expense can take anyone by surprise and upset the monthly budget. That’s 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. Hence, we call these payments ‘Flexible Monthly Instalments (FMIs)’ instead of Equal Monthly Instalments (EMIs).
About Finomena
I don't have one or more of the required documents. What to do?

Oops! That’s a hurdle. Which document do you not have?

  1. Aadhar card:We would strongly advise you to get it created. For now, if you do not have an Aadhaar card, we’ll be needing some other Govt ID proof that can be validated by our systems to verify your identity (Voter ID / Passport).

  2. Bank statements:In this case, instead of bank statements, upload scanned copies of updated bank passbook from the past year. If you do not even have a bank account, sadly, you’re not eligible. Uploading bank statements is an important part of our process, without which our systems cannot assess the credibility of your loan application.

  3. Any Govt. issued ID cardIf you do not have any govt. Issued document which proves your identity, we’re afraid, it will not be possible for us to take your loan application forward. It is important for the document to be validated by our systems to verify your identity.

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.
How do I know whether I'm 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 you are 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.
All about documents
I changed my product / EMI plan, from which mail do I take the printouts of Auto-Debit form? The initial approval mail, or the one with the revised docs?
If you have changed the product or the EMI plan, you need to take printouts of the revised documents you receive in another email from Finomena (after the initial approval mail).
Why is the amount on my Auto-Debit slip so much? / How is the amount mentioned on my Auto-Debit slip calculated?

The amount mentioned in the Auto-Debit slip, is the amount for which you are taking a loan from Finomena. It is (The original price of the product) - (The downpayment you are paying).

For example -
If the price of the product you are buying via Finomena is Rs. 10,000, the downpayment you pay is Rs. 3000. So, the amount you will find mentioned on the Auto-Debit slip will be Rs. 7000.

Apart from uploading documents on the app, what all documents do I need to hand over, and to whom?

One of the agents from our logistics partner will be coming to the given address to collect the following documents:

  • 1 signed copy of the document containing 3 Auto Debit slips (we’ll send it over email)
  • The loan application form which you received over email (signed on page no. 4,7,8,9).
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 this 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.
Why do you need my bank statements, and what if I do not have them?
Bank statements help us understand your spending pattern, which is an important parameter for us to measure your creditworthiness. If you do not have them, please upload scanned copies of updated bank passbook from the past year.
Why do you need my Aadhaar card?
We need Aadhar card to verify your identity and address. If you’re a supernatural creature, you will anyway get whatever you want using the superpowers.
What all documents do I need to upload?

Here are the documents that you need to upload to complete the application process:

  1. A govt. issue photo ID card: Aadhar is preferred, but if you do not have one created for yourself, you can upload the picture of your Voter ID card or Passport.
  2. Pictures of 12 months’ bank statements
  3. PAN card
  4. Auto-Debit form (After the loan is approved).
I don't have one or more of the required documents. What to do?

Oops! That’s a hurdle. Which document do you not have?

  • Aadhar card: We would strongly advise you to get it created. For now, if you do not have an Aadhaar card, we’ll be needing some other Govt ID proof that can be validated by our systems to verify your identity (Voter ID, Passport).

  • Bank statements: In this case, instead of bank statements, upload scanned copies of updated bank passbook from the past year. If you do not have a bank account, sadly, you’re not eligible. Uploading bank statements is an important part of our process, without which our systems cannot assess the credibility of your loan application.

  • Any Govt. issued ID card: If you do not have any govt. issued document which proves your identity, we’re afraid, it will not be possible for us to take your loan application forward. It is important for the document to be validated by our systems to verify your identity.

Applied, waiting for approval
How much time would it take to review my application?
As soon as you apply for a loan, we jump with excitement and start working on getting you a decision super-fast. Typically, our systems take around 96 hours to review an application. To provide you an even better experience, we are continuously working on reducing this time taken.
How do I cancel my application?

If you want to change the product, you can always do that through the app. Launch the app and swipe from the left edge of the screen to find an option for it in the side panel.

If you want to cancel the loan application instead, please get in touch with our customer happiness team over chat, or contact us at [email protected]. They would love to help you with it (trust us, they wait for you all day).

Why was my loan application rejected?

First of all, we want to let you know that we feel as bad as you do when the loan is rejected. But then, there is always a valid reason behind it.

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.

For more details, please contact our customer happiness team over chat, or contact us at [email protected]

What can I do to improve my creditworthiness so that my loan is approved?

Great question! It’s good to see that you are becoming more financially aware. Here are some tips for you to improve your creditworthiness:

  • Correct any inaccuracies in documents such as Aadhaar, PAN etc.
  • Improve your spending pattern. For example, paying bills on time, purchasing useful goods and services, etc.
  • When you apply, describe the reason for wanting to take a loan as accurately as possible. We are biased towards those who are honest.
After Approval
If I cancel the product request, after making the down payment but before receiving the item will I get my refund?
We’re afraid not! 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. Hence, we’re unable to accept product return requests.
What if the delivery is delayed?
As much as we would like to, there’s hardly anything we can do about it. 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, they’d love to help you with it.
Is there a way to track my order shipment?
We know curiosity kills! As soon as your order is dispatched, we provide you with tracking details of your shipment over SMS/Email.
What if my product doesn't get delivered after I make the downpayment?

We make sure it does!

Once your loan is approved and you upload the Auto Debit form, we place the order on the same e-commerce website where you had selected the product from. You get a confirmation email immediately after making the downpayment. Also, we send you an email once the order is placed, along with the invoice and tracking details.

If you have any further queries, please feel free to contact us.

What if my product is defective?
If the product you receive is defective, contact us immediately so that we can help you get the replacement for the same coordinating with the respective e-commerce website. However, please note that the replacements/returns are subject to the e-commerce website’s Returns Policy.
When can I apply for the second loan?

You can apply for the second loan after you consistently pay EMIs for half of the chosen tenure of your first loan.

That is, if the tenure of your first loan is 12 months, you can apply for the second loan after paying the EMIs for first 6 months.

Cancel / Returns / Refunds
If I cancel the product request after making the down payment but before receiving the item, will I get my refund?
We’re afraid not! 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. Hence, we’re unable to accept product return requests.
What if my product is defective?

If the product you receive is defective, contact us immediately so that we can help you get the replacement for the same coordinating with the respective e-commerce website. However, please note that the replacements/returns are subject to the e-commerce website’s Returns Policy.

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 cancel my application?

If you want to change the product, you can always do that through the app. Launch the app and swipe from the left edge of the screen to find an option for it in the side panel.

If you want to cancel the loan application instead, please get in touch with our customer happiness team over chat, or contact us at [email protected]. They would love to help you with it (trust us, they wait for you all day).

Delivery
What if the delivery is delayed?
As much as we would like to, there’s hardly anything we can do about it. 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, they’d love to help you with it.
Is there a way to track my order shipment?
We know curiosity kills! As soon as your order is dispatched, we provide you with tracking details of your shipment over SMS/Email.
What if my product doesn't get delivered after I make the downpayment?

We make sure it does!

Once your loan is approved and you upload the Auto Debit form, we place the order on the same e-commerce website where you had selected the product from. You get a confirmation email immediately after making the downpayment. Also, we send you an email once the order is placed, along with the invoice and tracking details.

If you have any further queries, please feel free to contact us.

Is there any COD option available for down-payment?

No, you can not make the downpayment in cash. You need to do it on the app/website using your credit/debit card, Net Banking or one of the Wallets (Airtel, Freecharge, Mobikwik, PayZapp, PayU money).

EMIs / Payments
How do I pay the monthly instalments?

After your loan is approved, we send you an Auto-Debit form over email, which you need to fill and submit. Auto-debit mandate form is a form which once approved by your bank, authorises us to automatically deduct the EMIs from your account on the due date. So, if it’s approved, you don’t need to worry about remembering the EMI due dates, they’ll be deducted automatically.

Before it is approved, or in case it is not approved, you can pay the EMIs online using the Finomena Android app or website.

What is an FMI?
While most months are easy, some aren’t. Unforeseen expense can take anyone by surprise and upset the monthly budget. That’s 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. Hence, we call these payments ‘Flexible Monthly Instalments (FMIs)’ instead of Equal Monthly Instalments (EMIs).
Why isn't the EMI being auto-deducted from the bank?

We fail to auto-debit your account when the Auto Debit mandate is not approved by the bank. It is possible that the bank is taking longer to approve it, or it is permanently rejected.

In such cases, you need to manually make the EMI payments by logging into your account on Finomena website or Android app.

Is there any COD option available for down-payment?

No, you can not make the downpayment in cash. You need to do it on the app/website using your credit/debit card, Net Banking or one of the Wallets (Airtel, Freecharge, Mobikwik, PayZapp, PayU money).

Also, please note that the downpayment needs to be made in advance for us to go ahead and place your order.

How do I make the downpayment
You can use a Debit Card / Net Banking or Wallets to make the downpayment on the app or website.
Are there any hidden charges that I should be aware of?
No, the only surprise we believe in is delivering your product to you sooner than you expect. You pay an 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.
Once I have paid all the FMIs, do I get a confirmation?
Yes, we will send you a No Objection Certificate once you have paid all your FMIs.
Will late payment of the monthly installment invite some kind of penalty?
Well, a late monthly payment does invite 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?

We’ll be sad for you!

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.

We don’t want this to happen to our amazing customers, and hence advise to take paying of EMIs on time very seriously.

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, so that the monthly payment can be debited. 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.
What kind of interest rates do you charge?
The interest rate charged on your loan is decided by our banking partners who approve your loan, and is done on a reducing basis as compliant with RBI regulations. We ensure that overall, you do not end up paying more than 8-12% additional on your product. For example, if your product costs Rs. 20,000, you will pay interest in the range of Rs. 140 to Rs. 200 per month over the course of 12 months.
Is there any kind of down payment on the products? If yes, how much is it and when do I need to pay?
Yes, after the loan is approved, you need to pay a minimum of 30% of the cost of the product you want to purchase, as down payment. You can do it using the app or the website.
Do you have an option of pre-payment of the FMIs?
Yes, when you get richer in a particular month, you can pre-pay the instalments using one of the Powerpacks.
What are the Powerpacks and how are they helpful?

We understand that unforeseen expenses can take anyone by surprise and upset the monthly budget. To help you out in such cases. we have designed Powerpacks. There are four Powerpacks you can avail on Finomena. Powerpack to -

  1. Change the next pay date:

    If you know that you will not be able to pay the next EMI on its due date, you can use this Powerpack to postpone it by 20-25 days.

    You will be able to use this Powerpack only for alternate payments.

    Let’s say you used it to postpone the EMI for the month of November, you will need to pay the EMI on the postponed date (for November), but you will not be able postpone the EMI due date for the month of December. However, you can use it again for the EMI due date of January.

  2. Change the next EMI amount:

    If you’re unable to manage the EMI amount due for a particular month and wish to reduce it, or if you want to pay more than the due EMI amount, you can use this Powerpack.

    • It lets you change the EMI amount by 25% (That is, you can pay 25% more than the due amount, or 25% lesser than it)
    • It can be used only for alternate months’ payments.
  3. Delay all EMI payments by one month:

    If you wish to skip paying a month’s EMI, you can use this Powerpack.

    • When you use this, it delays all the EMI payments by one month.

    For example, if your loan tenure is January to December, you can use this Powerpack to make it February to January (next year).

    • It can be used only once in the entire loan tenure.
  4. Pre-payment:

    If you wish to pay the EMIs of next few months along with the EMI of a particular month, you can use this powerpack.

    • It lets you pay the EMI for subsequent months in advance. Let’s say you wish to pay the EMI for January and February along with the EMI of December, you can use this Powerpack.
    • It can be used for any number of times in the loan tenure.
Please note that -

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, which will make it extremely difficult for you 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.

However, if it is a really tight month for you, you can take a look at the Powerpacks available.

Can the due dates be changed?
You can change the next pay date using one of the Powerpacks. To know more about powerpacks, click here.
Can the EMI payment be delayed by a month?
Yes, you can do it using one of the Powerpacks. To know more about powerpacks, click here