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Refund & Cancellation Policy

1. Introduction

This Refund & Cancellation Policy governs all payments, cancellations, refunds, and replacements made through IOFC’s platform. By using our services, you agree to this policy along with our Terms & Conditions.

2. Cancellation Policy

2.1 Loan/Application Cancellation

  • Customers may request cancellation:
    • Before loan approval/disbursement: Allowed without charges
    • After approval but before disbursement: Allowed with admin charges
    • After disbursement: Not allowed

2.2 Time Limit

  • Cancellation requests must be raised within 48 hours of application submission or before disbursement, whichever is earlier.

2.3 How to Cancel

  • Email: care@iofc.co.in
  • Include:
    • Application ID / Loan ID
    • Customer Name & Mobile Number
    • Reason for cancellation

3. Refund Policy

3.1 Eligibility for Refund

Refunds are applicable only in the following cases:

  • Duplicate payment made by customer
  • Payment deducted but service not initiated
  • Loan application rejected by IOFC/partner
  • Technical failure resulting in unsuccessful transaction

3.2 Non-Refundable Charges

The following charges are strictly non-refundable:

  • Processing fees (once application submission )
  • Documentation / file login charges
  • Field investigation / verification charges
  • Any third-party charges (CIBIL, bank, partner NBFC, etc.)

3.3 Partial Refund (If Applicable)

  • If cancellation is approved after partial processing:
    • Refund may be given after deducting:
      • Processing cost
      • Verification cost
      • Admin charges

4. Refund Timelines

  • Refund approval: Within 3–5 working days
  • Refund processing: 5–10 working days
  • Bank credit timeline: Up to 7 additional working days

5. Refund Mode

  • Refunds will be processed only to the original payment method:
    • Bank account / UPI / Card / Wallet

6. Replacement / Service Correction Policy

Since IOFC provides services (not products):

  • If any issue arises:
    • Customer must report within 48 hours
    • IOFC will:
      • Rectify the issue
      • Reprocess the application
      • Provide alternative resolution
  • No “replacement” applies, but service correction is provided

7. Failed Transactions

  • If payment is deducted but service not confirmed:
    • Automatically refunded within 5–10 working days
  • If not received:
    • Customer must raise complaint within 7 days

8. Chargebacks & Disputes

  • Customers must first contact IOFC before initiating chargebacks
  • Unauthorized chargebacks may lead to:
    • Account suspension
    • Legal action if misuse is detected

9. Contact for Refund/Cancellation

Email: care@iofc.co.in
Phone: 0154-3550204
Address: 17 Tilak Nagar, Near Jindal Hospital, Sri Ganganagar

10. Policy Updates

IOFC reserves the right to modify this policy at any time. Changes will be updated on the website and will be effective immediately.