Terms & Conditions

By applying for a loan or using any service offered by Megna Fincap India Pvt. Ltd., you acknowledge that you have read, understood, and agree to be bound by these Terms and Conditions, our Privacy Policy, and any other policies published on our website or communicated to you.

These Terms constitute a legally binding agreement between you and Megna Fincap India Pvt. Ltd., a Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India (RBI). If you do not agree with any part of these Terms, you must not use our services.

To be eligible for any loan product offered by Megna Fincap, you must satisfy the following criteria:

• Be an Indian citizen or a permanent resident of India.
• Be at least 21 years of age at the time of loan application (and not older than 60 years at loan maturity).
• Have a verifiable and stable source of income (salaried, self-employed, or business income).
• Possess valid KYC documents as prescribed by RBI guidelines.
• Have a satisfactory credit history as assessed by Megna Fincap at its sole discretion.

Megna Fincap India Pvt. Ltd. offers the following financial products subject to eligibility and documentation requirements:

• Two-Wheeler Loan: Finance for purchase of new motorcycles and scooters from authorised dealers.
• Three-Wheeler / Auto Rickshaw Loan: Finance for purchase of passenger autos and cargo vehicles for commercial use.
• Electric Vehicle (EV) Loan: Specialised finance for electric two-wheelers and electric three-wheelers.
• Used Vehicle Loan: Finance for pre-owned two and three-wheelers, subject to vehicle age and condition criteria.
• Loan Against Vehicle (Refinance): Top-up or refinancing against an existing vehicle owned by the applicant.

All loans are subject to applicable loan amounts, tenure, interest rates, and processing fees as communicated at the time of sanction. Megna Fincap reserves the right to modify product offerings at any time without prior notice.

By submitting a loan application, you represent and warrant that:

• All information provided in the application form is true, accurate, complete, and up-to-date.
• All documents submitted (identity proof, address proof, income proof, bank statements) are genuine and unaltered.
• You authorise Megna Fincap to verify your information with relevant authorities, employers, credit bureaus, and databases.
• You consent to a credit bureau enquiry, which may affect your credit score.

The following charges are applicable in connection with your loan:

• Rate of Interest: As specified in your individual Loan Agreement / Sanction Letter. Rates are calculated on a reducing balance basis unless stated otherwise.
• Processing Fee: A one-time non-refundable processing fee as specified at the time of sanction (typically ranging from 1% to 3% of the loan amount).
• Late Payment Charges: Penalty interest charged on overdue EMI amounts at a rate specified in the Loan Agreement.
• Prepayment / Foreclosure Charges: A foreclosure charge may apply if you repay the loan before the end of the agreed tenure. Please refer to your Loan Agreement for specific rates.
• Cheque / ECS Dishonour Charges: ₹500 per instance of a returned cheque or failed ECS/NACH debit.
• Legal / Collection Charges: Any legal or collection costs incurred due to default will be recovered from the Borrower.
• GST: Applicable Goods and Services Tax (GST) will be levied on all fees and charges as per prevailing government regulations.

You agree to repay the loan in equated monthly instalments (EMIs) as specified in the Loan Agreement. Your obligations include:

• Ensuring sufficient balance in your bank account on the EMI due date for ECS/NACH auto-debit.
• Informing Megna Fincap immediately in writing of any change in your bank account, contact details, or residential address.
• Not encumbering, selling, transferring, or disposing of the financed vehicle without prior written consent from Megna Fincap.
• Maintaining valid vehicle insurance (comprehensive) throughout the loan tenure and providing proof of renewal annually.
• Keeping the vehicle in good condition and complying with all applicable traffic and motor vehicle laws.

You shall be deemed to be in default if:

• Any EMI remains unpaid for more than 30 days beyond the due date.
• You provide false information or commit fraud in connection with the loan.
• You are declared insolvent or initiate insolvency proceedings.
• The financed vehicle is seized, condemned, or destroyed, and insurance claim proceeds are not applied to the loan.

• Keep your contact information (mobile number and email address) updated with Megna Fincap at all times.
• Promptly respond to any communication from Megna Fincap regarding your loan account.
• Not use the financed vehicle for any illegal purpose or activity.
• Cooperate with authorised Megna Fincap representatives during vehicle inspection or verification visits.
• Comply with all applicable laws, regulations, and the terms of the Loan Agreement.

Megna Fincap India Pvt. Ltd. shall not be held liable for:

• Any loss, damage, or injury arising from the use, operation, or maintenance of the financed vehicle.
• Any delay or failure in loan processing caused by incomplete documentation, third-party verification delays, or force majeure events.
• Any indirect, incidental, or consequential damages arising from the use of our website, mobile application, or services.
• Any actions of dealer partners, DSAs, or third-party agents that are not expressly authorised by Megna Fincap in writing.

These Terms and Conditions shall be governed by and construed in accordance with the laws of India. Any dispute, claim, or controversy arising out of or relating to these Terms or your loan shall be subject to the exclusive jurisdiction of the courts in Hyderabad, Telangana, India.

Before initiating any legal proceedings, you agree to first attempt to resolve disputes through Megna Fincap's internal Grievance Redressal mechanism. If unresolved within 30 days, the matter may be referred to the RBI Ombudsman under the Integrated Ombudsman Scheme, 2021.