Refund Policy

This Refund Policy applies to all individuals who have:

• Submitted a loan application (two-wheeler, three-wheeler, EV, or refinance) to Megna Fincap.
• Paid any fee, charge, or deposit in connection with a loan application or approved loan account.
• Made an advance EMI payment, excess payment, or prepayment towards their loan account.
• Paid for bundled insurance products through Megna Fincap at the time of loan disbursal.

The following charges are strictly non-refundable under any circumstances:

• Loan Processing Fee: The one-time processing fee collected at the time of loan application or sanction is non-refundable, regardless of whether the loan is subsequently disbursed, cancelled by the applicant, or rejected by Megna Fincap.
• KYC / Documentation Charges: Any charges levied for document verification, field investigation, or KYC services are non-refundable.
• Credit Bureau Enquiry Charges: Charges for credit report pulls conducted as part of loan evaluation are non-refundable.
• Late Payment Charges (Penalties): Penalties levied for delayed EMI payments are non-refundable once the amount has been applied to your account.
• Cheque / ECS Dishonour Charges: Charges for returned cheques or failed ECS/NACH debits are non-refundable.
• GST on Fees: Goods and Services Tax (GST) collected on any fees or charges is non-refundable as it is remitted to the government.
• Insurance Premiums: Once the insurance policy is issued and the premium is remitted to the insurer, it is non-refundable through Megna Fincap. Refund requests must be directed to the respective insurance company as per their cancellation policy.

Megna Fincap will process a refund in the following specific circumstances:

• Excess EMI Payment: If an EMI payment is credited twice or an amount in excess of the due EMI is received (e.g., due to a technical error or banking error), the excess amount will be refunded after verification.
• Overpayment at Foreclosure: If a customer overpays during loan foreclosure (full settlement), the excess amount over the outstanding principal, accrued interest, and applicable foreclosure charges will be refunded.
• Loan Cancelled Before Disbursal — Specific Charges: If a loan is cancelled by Megna Fincap after collecting certain specific security deposit or advance EMI amounts (other than the processing fee), such amounts may be refunded at Megna Fincap's discretion, net of applicable deductions.
• Wrongful Debit / Technical Error: Any amount debited from your bank account due to a system error, duplicate ECS trigger, or banking malfunction will be refunded upon verification and confirmation from our banking partners.
• Advance EMI Adjustment: If an advance EMI was collected at the time of disbursal and the loan is foreclosed before those EMIs fall due, the advance EMI may be adjusted against the outstanding principal at the time of foreclosure (not necessarily refunded in cash).

To initiate a refund request, please follow the steps below:

• All refunds are processed only to the bank account registered in the loan records of Megna Fincap. Refunds to third-party accounts will not be processed.
• Refunds are processed exclusively via NEFT or IMPS bank transfer. No cash or cheque refunds will be issued.
• Megna Fincap reserves the right to adjust any refundable amount against any outstanding dues, overdue EMIs, or penalties before processing the refund.
• The refund timeline of 7–14 working days begins from the date of approval of the refund request, not from the date of submission.
• Refund requests must be raised within 90 days of the transaction date. Requests beyond this period will not be entertained.
• Megna Fincap will not be responsible for delays caused by banking system failures, incorrect bank account details provided by the customer, or public holidays.

Customers wishing to foreclose (fully repay) their loan before the end of the agreed tenure should be aware of the following:

• A foreclosure statement must be requested from Megna Fincap before making the final payment. The statement will detail the total outstanding principal, accrued interest, and applicable foreclosure charges.
• Foreclosure charges, if applicable, are specified in your Loan Agreement and may range from 0% to 5% of the outstanding principal, depending on the loan product and tenure completed.
• Any payment made in excess of the foreclosure statement amount will be processed as a refund within 7–14 working days, subject to verification.
• No refund of interest already paid on past EMIs will be provided upon foreclosure, as such interest was payable for the period during which the principal was outstanding.
• Upon successful foreclosure, Megna Fincap will release the vehicle's hypothecation (RC endorsement removal) documents within 15–30 working days, subject to applicable RTO processing times.

If you are not satisfied with the resolution of your refund request, you may escalate the matter through Megna Fincap's Grievance Redressal process:

• Level 1: Raise a complaint to our Customer Support team at support@megnafincap.com within 7 days of the refund decision.
• Level 2: If unresolved within 15 working days, escalate to our Grievance Redressal Officer at gro@megnafincap.com.
• Level 3: If the matter remains unresolved within 30 days, you may approach the RBI Ombudsman under the Integrated Ombudsman Scheme, 2021 (cms.rbi.org.in).