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.
• Non-Refundable Nature: Generally, processing fees, documentation charges, and technical/legal valuation fees are non-refundable once the loan application has been processed or the loan is sanctioned.
• Exceptions: If a customer has paid a processing fee but the loan is rejected by LuLu Finserv due to internal policy changes (and not due to applicant misrepresentation or credit eligibility), a partial or full refund may be considered at the discretion of management.
• 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.
