Refund & Cancellation

Venus Barter Private Limited (V MONEY)

1. Preamble / Objective

Venus Barter Private Limited ("the Company") is committed to fair, transparent, and borrower-friendly practices in line with RBI guidelines. This Refund and Cancellation Policy outlines the rules for cancellation of loan applications, refunds of fees (if applicable), prepayment/foreclosure, and related processes for personal loans offered through the VMoney platform.

All terms are disclosed upfront in the Key Facts Statement (KFS), sanction letter, and loan agreement.

2. Scope

This Policy applies to:

  • Loan applications submitted but not yet disbursed
  • Loans disbursed (including cooling-off period cancellations)
  • Prepayment / Foreclosure (full or partial)
  • Any excess payments or erroneous transactions

3. Cancellation Before Disbursement

  • You may cancel your loan application at any time before disbursement by contacting Customer Care (grievance@venusbarter.com or +91 70696 00691).
  • If the loan is not sanctioned or disbursed, any processing fees paid (if applicable) shall be refunded as per RBI guidelines, minus reasonable administrative costs (disclosed in KFS).
  • No cancellation charges apply pre-disbursement.

4. Cooling-Off Period / Cancellation After Disbursement

As per RBI Digital Lending Guidelines, you have a cooling-off period (typically 3–7 calendar days from disbursement, as specified in your KFS/sanction letter) during which you can cancel the loan without penalty (except for a reasonable one-time processing fee).

  • Inform the Company in writing within the cooling-off period.
  • Repay the full principal amount disbursed immediately (no interest if repaid within cooling-off).
  • Excess amounts (if any) refunded within 7 business days after verification.
  • Processing fee (if charged) is non-refundable beyond the disclosed reasonable amount.

5. Prepayment / Foreclosure (After Cooling-Off)

  • Floating Rate Personal Loans: No prepayment or foreclosure charges as per RBI Directions (effective Jan 1, 2026).
  • Fixed Rate Loans (if applicable): Charges (if any) disclosed upfront in KFS/sanction letter.
  • Interest recalculated on reducing balance; excess refunded or adjusted.
  • No minimum lock-in period.

6. Refund of Excess / Erroneous Payments

  • Submit refund request with transaction details and proof.
  • Email grievance@venusbarter.com or contact Customer Care.
  • Refunds processed within 7–10 business days after verification.
  • No refunds for valid EMI payments unless error proven.

7. Key Commitments & Exclusions

  • No hidden charges — all fees disclosed upfront.
  • Processing fees non-refundable once loan is processed (except cooling-off).
  • No refunds for penal/late fees.
  • Fair practices followed; no coercive recovery.
  • Grievances resolved via RBI-compliant mechanism.

8. Review & Communication

  • This Policy is reviewed annually or on RBI updates.
  • Displayed on website, VMoney app, and KFS/sanction letter.