At LuLu Finserv, we aim to ensure a transparent and seamless experience for our customers across Gold Loans, Business Loans, Personal Loans, and Consumer Durable Loans. This policy outlines the circumstances under which fees or payments may be refunded.
For the purposes of this Policy, the following terms shall have the meanings ascribed to them below:
Term Definition
Charge Back A transaction that was approved and settled by the Company but later reversed by the credit card company or payment bank, with the amount debited back along with applicable charges, penalties, or incidental costs.
Customer / User /
Borrower Any individual or entity who has availed or applied for a loan from Lulu Finserv and makes payments via the Company’s online payment platform.
Duplicate Payment A situation where a customer’s bank account or card is debited more than once for the same transaction due to a technical error.
EMI/EPI Equated Monthly Instalment/Equated Periodical Instalment – the fixed periodic repayment amounts payable by the borrower towards their loan.
Excess Payment An amount paid by the customer over and above the due EMI/EPI or repayment amount in a single transaction, typically due to a technical error.
Failed Transaction A transaction where the customer’s account is debited but the amount is not credited to the loan account due to technical or connectivity issues.
Payment Gateway A third-party platform integrated with the Company to enable secure electronic payment processing.
Payment Gateway
Service Provider
(PGSP) The entity that provides payment gateway services to the Company.
Payment Service
Provider (PSP) An entity, including banks and payment system operators, that facilitates payment services.
Refund The process of returning funds that were wrongly or repeatedly debited from a customer’s account, credited back through the original payment method or electronically.
e-Mandate An electronic standing instruction registered by the customer with their bank to allow automatic periodic debits for loan repayment.
• Interest Adjustments: If interest is calculated incorrectly due to a technical glitch, LuLu Finserv will rectify the entry and refund the difference to the customer’s loan account or bank account.
• Auction Surplus: In the event of a gold auction, any surplus amount realized (after adjusting the principal, interest, and legal costs) will be refunded to the borrower as per RBI guidelines.
• Customers may request to cancel a loan application before the disbursement of funds.
• Once funds are transferred to the customer’s bank account or the merchant (for Consumer Durable Loans), the loan cannot be "cancelled"—it can only be foreclosed as per the terms of the Sanction Letter.
To request a refund, customers should contact our Kochi headquarters or their respective branch:
• Email: info@lulufinserv.com
• Timeline: Approved refunds are typically processed via NEFT/RTGS within 10 business days.
