A Nandivardhan Group Company
Refund Policy
REFUND POLICY
MAGNET FINANCIAL SERVICES PRIVATE LIMITED
Version 1.0 Effective Date: 1st April 2026
1. INTRODUCTION
Magnet Financial Services Private Limited (“Magnet”, “Company”, “we”, “our” or “us”), a Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India, is committed to maintaining fair, transparent, and customer-centric practices in all its dealings. This Refund Policy outlines the circumstances under which refunds may be processed and the timelines applicable thereto in relation to loans, fees, charges, electronic mandates (E-NACH), and other payments received by the Company.2. APPLICABILITY
This Policy applies to all customers, borrowers, co-borrowers, guarantors, and users of the Company’s website, mobile applications, digital platforms, and loan products.3. NON-REFUNDABLE CHARGES
The following charges, once collected and services rendered, shall generally be non-refundable:- Loan processing fees;
- Credit assessment and underwriting charges;
- Legal, technical, valuation, verification and due diligence charges paid to third parties;
- Documentation charges;
- Stamp duty and government levies;
- Taxes including GST and statutory levies already deposited with government authorities;
- E-NACH registration charges or mandate setup charges already incurred by the Company or its service providers.
4. REFUND OF PROCESSING FEES
4.1 Loan Not Sanctioned
Where a loan application is rejected by the Company before sanction, processing fees may be refunded only if expressly provided under the applicable product terms or promotional scheme.4.2 Loan Sanctioned but Not Availed
Where a loan is sanctioned but the customer chooses not to proceed after execution of sanction terms, processing fees shall ordinarily not be refundable.4.3 Erroneous Collection
If any processing fee is collected in error, the Company shall refund the excess amount after verification.5. REFUND OF EXCESS OR DUPLICATE PAYMENTS
The Company shall process refunds in the following situations:- Duplicate EMI payments;
- Multiple debit transactions for the same installment;
- Excess recovery due to system or banking errors;
- Recovery after loan closure;
- Any other excess payment established through reconciliation.
6. E-NACH / AUTO-DEBIT RELATED REFUNDS
Refunds may be processed in the following circumstances:- Duplicate debit through E-NACH mandate;
- Incorrect debit amount due to operational error;
- Debit after closure of loan account;
- Debit after cancellation of mandate where the cancellation has been duly acknowledged by the Company.
7. LOAN CANCELLATION AFTER DISBURSEMENT
Where permitted under applicable law, product terms, or internal policy, a borrower may request cancellation of a loan after disbursement. In such cases:- Principal amount disbursed must be repaid in full;
- Applicable interest accrued till repayment date shall be payable;
- Statutory charges, taxes, and third-party expenses shall not be refundable;
- Refund, if any, shall be determined after adjustment of all dues.
8. REFUND PROCESS
Customers may submit refund requests through: Email: contact@magnetfinserv.com Customer Care: +91 7900 8900 64 Registered Office: 803 & 804 The Gateway, Mulund – Goregaon Link Road, Hira Nagar, Near Nahur Station, Mulund (West), Mumbai, Maharashtra – 400080 The request should include:- Customer name;
- Loan account number;
- Registered mobile number;
- Transaction reference number;
- Reason for refund request;
- Supporting documents, wherever applicable.
9. REFUND TIMELINES
Upon successful verification:Any excess amount collected from a borrower due to technical, operational, banking, E-NACH, UPI AutoPay, or system-related errors shall be refunded after verification within 7 working days.
- Refunds relating to duplicate or excess payments shall ordinarily be processed within 7 to 10 working days.
- Refunds involving banking reconciliation, E-NACH settlement disputes, or third-party investigations may take up to 30 working days.
- Refunds shall be credited only to the originating bank account or such account as permitted by applicable regulations and internal verification procedures.
10. MODE OF REFUND
Refunds shall generally be processed through:- Bank transfer (NEFT/RTGS/IMPS);
- Reversal to source account where feasible;
- Any other RBI-permitted electronic mode.
11. FRAUD PREVENTION
The Company reserves the right to:- Seek additional documentation;
- Verify account ownership;
- Reject refund claims found to be fraudulent, misleading, or unsupported.