Effective Date: 1 January 2024 | These terms govern all payday loans issued by Astha Micro Finance Association / RapidLoan.
By submitting a loan application or using any RapidLoan service, you agree to be bound by these Terms & Conditions. If you do not agree, please do not use our services.
1. About RapidLoan
RapidLoan is a digital lending platform operated by Astha Micro Finance Association, registered under the Companies Act 2013. We exclusively provide payday loans to salaried professionals across India. All lending activities are conducted in compliance with applicable RBI guidelines and NBFC regulations.
2. Eligibility Criteria
To qualify for a RapidLoan payday loan, applicants must meet the following criteria:
- Indian citizen, resident in India
- Age between 21 and 55 years
- Salaried employee (private sector, government, or PSU)
- Minimum monthly income of ₹15,000
- Valid PAN card and Aadhaar card
- Active bank account with net banking or UPI enabled
- No active default on any existing loan
Self-employed individuals, freelancers, and students may apply but are subject to stricter eligibility verification and may not qualify for all loan products.
3. Loan Products & Amount
RapidLoan offers the following payday loan product:
| Product |
Loan Amount |
Tenure |
Purpose |
| Payday Loan |
₹10,000 – ₹1,00,000 |
1 – 60 Days (assigned by team) |
Emergency, medical, salary gap, travel |
Approved loan amounts are at the sole discretion of RapidLoan based on creditworthiness, income, and existing obligations.
4. Interest Rates & Fees
Interest rates and fees applicable to RapidLoan payday loans:
| Charge Type |
Rate / Amount |
| Interest Rate |
0.2% – 0.45% per day |
| Processing Fee |
1% – 3% of loan amount (one-time) |
| Late Payment Penalty |
1.25/D |
| Prepayment Charges |
NIL — Zero prepayment penalty |
| Bounce Charges (ECS/NACH) |
₹500 per bounce |
| GST |
18% applicable on fees and charges as per govt. regulations |
The actual interest rate offered to you may vary based on your credit profile, income, loan tenure, and risk assessment. The final rate will be communicated to you before loan disbursement.
5. Repayment Terms
Loan repayment works as follows:
- Full repayment (principal + interest) on the due date assigned at loan origination
- Payment accepted via UPI, NEFT, RTGS, IMPS, or bank transfer
- Auto-debit via NACH/ECS mandate (where applicable)
- Repayment details (QR code, UPI ID, bank account) are available at rapidloan.co.in/repay
- Repayment Support: Contact our support team promptly if you need help understanding your repayment schedule or available payment methods
6. Default & Consequences
A loan is considered in default if payment is not received within 7 days of the due date. Consequences of default include:
- Late payment penalties as specified in Section 4
- Negative reporting to CIBIL and other credit bureaus, impacting your credit score
- Recovery actions including phone calls, legal notices, and legal proceedings
- Ineligibility for future RapidLoan products
RapidLoan follows the RBI Fair Practices Code for debt collection. Our recovery team will not contact borrowers before 8AM or after 7PM, and will not use abusive language or harassment.
7. Documentation Requirements
The following documents are required to process your payday loan application:
- Government ID Proof: Aadhaar Card (mandatory)
- PAN Card (mandatory for KYC)
- Latest 3 months' salary slips
- Latest 3 months' bank statements
- Passport-size photograph
- Employment letter or offer letter (for new employees)
8. Prohibited Use
RapidLoan loans must not be used for:
- Speculative investments, stock market, or cryptocurrency trading
- Gambling or any illegal activity
- Repayment of another loan taken for illegal purposes
- Any activity prohibited under applicable Indian law
9. Governing Law & Jurisdiction
These Terms & Conditions are governed by the laws of India. Any disputes arising from these terms or from any loan agreement shall be subject to the exclusive jurisdiction of the courts in New Delhi, India. Disputes may first be referred to arbitration under the Arbitration and Conciliation Act, 1996.
10. Amendments
RapidLoan reserves the right to modify these Terms & Conditions at any time. Changes will be posted on this page. Continued use of our services after changes are posted constitutes acceptance of the new terms. We recommend reviewing this page periodically.
11. Contact & Grievances
For loan-related queries, disputes, or grievances:
If your grievance is not resolved within 30 days, you may escalate to the RBI Ombudsman for Digital Lending.
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