FREQUENTLY ASKED QUESTIONS
Everything you need to know about Swara Fincare

Swara Fincare Limited is a registered Non-Banking Financial Company – Non-Deposit (NBFC) which was incorporated as a Public Limited Company in 2020. Swara has received its RBI certificate of registration in September 2021.

We are an RBI registered NBFC (Non-banking Financial Institution).

Any Indian individual above the age of 21 years, who is salaried or has a monthly source of income can apply for a Loan.

We offer various loan products like Business loan, Personal Loan, Consumer Durable loan, Business Loan for women enterpreneur, and Livestock loan in our retail segment.

The loan amount is transferred directly to your bank account, which is provided by you during the loan application process.

To check your loan status, you can call our Relationship Manager or our customer care on +91 – 9810970292 or email us at customercare@swarafincare.com from Monday to Saturday 9:30 AM to 6:30 PM, and give your application number provided to you through SMS, upon authentication of details, you will be informed of the status of your account.

It usually takes 3-5 working days for the loan application to be processed, once all relevant documents are collected

You can choose a tenor ranging from 12 to 60 months depending on your preference and the loan sanction conditions.

We offers unsecured loans without any collateral or security to fulfil your financial needs.

Once loan is approved, amount shall be disbursed in your bank account within 2 working days.

Immediately, provided you have repaid your earlier one on time.

We take into account several factors before deciding how much to lend you. These include your credit rating, your income and household expenses and current liabilities. We always try to lend the amount that we feel sure you can pay back.

A Credit score is a three-digit number that ranges between 300-900. It is calculated based on your credit behaviour & credit history. For example, timely EMI payments, keeping sufficient account balance before the due date etc.

A healthy credit score can be maintained/improved by making timely EMI payments and credit card payments.

It is generally advisable to have a Credit/Bureau score of 750 or above to qualify for a loan.

You can raise the issue by visiting our branch or by calling our customer care on +91 – 9810970292 or email us at customercare@swarafincare.com available from Monday to Saturday 9:30 AM to 6:30 PM.

After closure of the loan, the credit records will get updated by the 25th of next month. In case of any discrepancy, please write to us at customercare@swarafincare.com.

Our interest rate varies between 18% - 31%

The processing fee shall be 3.18% (including GST). The Applicable GST rate will be as per government guidelines at the time of loan disbursement.

There is operational effort that goes into performing credit checks and sanctioning the loan, the processing fee is charged upfront from the loan amount. However, this is a standard practice followed by all financial entities.

Insurance premium shall be 1.2% for a loan tenor of upto 1 year and 2.4% for a loan tenor of greater than 1 year and upto 2 years.

EMI bounce or returned’ charge of Rs. 500..

Late charges are applicable on overdue accounts. If a customer misses to pay the EMI OR the NACH (National Automated Clearing House) / ECS (Electronic Clearing System) / SI (Standing Instruction) is returned due to insufficient funds on the due date for payment, 3% late charge will be applicable on the outstanding EMI amounts per month on a cumulative basis.

EMI or Equated Monthly Instalment is a fixed amount that a borrower needs to pay to the lender which consists of both interest and principal. EMI is paid on a specific date every month during the loan tenure.

You can repay the loan in Equated Monthly Instalments (EMIs) using the NACH facility (preferable option) or through our Customer App or through our Website.

Installment is paid on the 7th of every month during the loan tenure.

Yes. This is one-time setup activity, which can be done during loan application. We strongly recommend you to setup this once for hassle-free repayments experience.

You may place a request by visiting our branch or by calling our customer care on +91 – 9810970292 or email us at customercare@swarafincare.com available from Monday to Saturday 9:30 AM to 6:30 PM . It takes upto 7 working days for the NACH swap request to be approved, once approved NACH registration takes 15-21 days.

For all NACH cancellation requests and to make Stop payment requests, please email to us at customercare@swarafincare.com or call us at +91 - 9810970292

You can make online advance EMI payment by logging onto our Customer app and on the website. Advance EMI payment is allowed till 3 days before the due date.

You can make an online payment by logging into the customer app or on the website. Alternatively, we also send a payment link on your email id for making the payment. You can also get in touch with our branch team and Customer care.

In case the payment is received 5 days before EMI date, the EMI shall not be presented for auto debit from our end.

Please log a request for us to check by calling our customer care helpline on +91 – 9810970292 or email us at customercare@swarafincare.com available from Monday to Saturday 9:30 AM to 6:30 PM , also share the bank statement where it shows multiple debits by Swara Fincare. Also, share your bank statement or UTR number of the transaction. Once validated, refund will be issued in 10 working days.

There are major consequences for defaulting on a loan: 1. Late Fee & Penalty charges will be applied for everyday that the loan is overdue. 2. Your Credit score will be updated as a defaulter with credit rating agencies (CIBIL, CRIF High Mark etc.) 3. Your loan applications may be rejected due to defaults and low credit scores.

It takes 2 working days for us to update your EMI payment in your records and for it to get reflected at your end.

Yes, you can preclose/foreclose your loan as per your agreement with Swara Fincare Limited. You will also be charged a fee to preclose/foreclose your loan as per the agreement.

You can get your preclosure letter by visiting our branch or writing to our customer service team at customercare@customercare.com

No, preclosure of your loan will have no impact on your credit bureau record. Once the loan is preclosed, the same will be reported to bureau/ credit record as "Closed".

The pre-closure charge is set at 5% plus GST on the principal outstanding amount. However, for Business Loans specifically tailored for women entrepreneurs, the pre-closure charge is reduced to a more favorable rate of 4%, plus the applicable GST. This reduced rate is part of Swara Fincare Limited's initiatives to support women in business by providing more financially accessible loan options.

You may place a request by visiting our near by branch or login our customer app or by calling our customer care helpline on +91 – 9810970292 or email us at customercare@swarafincare.com available from Monday to Saturday 9:30 AM to 6:30 PM