Frequently Asked Questions

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Q1. What is InstaCred EMI?

Answer.

InstaCred is a facility which enables users to activate, utilize and manage a Cardless EMI credit line on behalf of the Bank/Lender at our merchant network. It allows you to avail a credit line that enables you to buy your favourite products and services and pay for it in equated monthly instalment (EMI) at low-interest rates. e.g. - You want to purchase a cell phone or go on a holiday that costs INR 50,000 - split the amount into a equated monthly instalments, at a low-interest rate using InstaCred EMI payment option.

Q2. How does it work?

Answer.

The facility to purchase using InstaCred EMI is available at hundreds of merchant partners. Simply select InstaCred option on the payment page at the Merchant website to proceed.

Q3. Who is giving me this credit line?

Answer.

Credit Lines are issued to you by your Bank/Lender. This Credit Line can be used to make purchases on InstaCred's Merchant Network.

Q4. Are there any processing fees associated with InstaCred EMI?

Answer.

Fees / Charges on your Loan are at the discretion of your Bank/Lender. Processing Fees, if any, will be displayed to you at the time of Transaction confirmation

Q5. How do I shop using InstaCred?

Answer.

To shop using InstaCred, you need to be pre-approved by one of Lending Partners (Banks / NBFCs). As a pre-approved user, you can shop at our partner merchants choosing InstaCred at the Payment Checkout page.

Q6. What is the tenure of the loan?

Answer.

Loan Tenures are decided by your Bank / Lender. Currently, our lending partners offer tenures ranging from 3 months to 18 months.

Q7. Do I need to make a down payment?

Answer.

No. There is no down payment that is required to buy a product via InstaCred.

Q8. Can I do partial payment for any purchases using InstaCred EMI and other payment options?

Answer.

No! InstaCred do not currently support partial payment transactions with InstaCred Cardless EMI.

Q9. How much interest will I be paying?

Answer.

Interest rates are set by your Bank/Lender. The interest rate applicable will be displayed to you at the time of transaction.

Q10. Where can I track the status of my purchase?

Answer.

Once your purchase is complete, you will receive a confirmation at your Merchant. You can also check the status of your purchase by navigating to purchase history after logging in to instacred.

Q11. What happens if I don’t need the product/service I bought?

Answer.

Your return policy is guided by the Merchant at which you have made the purchase. Once the merchant initiates the refund for your product, this will be refunded back to your Bank/Lender. If the refund amount is less than the loan amount then you will need to pay the balance amount to the bank. We recommend that you check with your Bank/Lender to determine the balance payable in case of refunds.

Q12. What do I do to sign-up for InstaCred?

Answer.

You do not need to sign-up for InstaCred. You need to have a Pre-Approved line approved by one of our Lending Partners and you are good to transact using InstaCred.

Q13. Do I need to submit any KYC documents?

Answer.

As a preapproved customer, you DO NOT need to submit any fresh KYC document.

Q14. Why am I not receiving an OTP?

Answer.

Please ensure that the mobile number you are using to register for InstaCred is the same that you’ve used to register with our Banking / NBFC partner.If you still do not receive the OTP, please check your Network Connection.If you are still not receiving an OTP, please try again in a few minutes.If you are repeatedly facing this issue, send us a query at contact@flexmoney.in.

Q15. How do I re-pay InstaCred?

Answer.

The loan is issued to you by one of our Lending Partners. Repayment of EMIs also needs to be made to your Bank/Lender. For any query pertaining to your Loan, you may get in touch with your Bank/Lender.

Q16. What is the process to pre-close the EMI?

Answer.

Pre-closure of EMI is governed by the Terms of your Bank/Lender. You may get in touch with your Bank/Lender for pre-closure of EMIs. Terms and Conditions of your loan will be displayed to you at the time of transaction.

Q17. Is there any Late Payment Fee associated with my loan?

Answer.

Fees / Charges on your Loan are at the discretion of your Bank/Lender. Your Bank/Lender may charge a Late Payment Fee. Please check with the Bank/Lender for the schedule of charges. Terms and Conditions of your loan will be conveyed to you at the time of transaction.

Q18. Can I increase the tenure of the loan after it has been approved?

Answer.

No, the loan tenure cannot be extended once the loan has been approved.

Q19. Can I change my repayment cycle date?

Answer.

No, your repayment cycle date is governed by your Bank/Lender. This cannot be changed.

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