Refund & Cancellation Policy

Last Updated: January 1, 2025

This Refund and Cancellation Policy outlines the terms under which Loan Orbit Pro ("we," "us," "our") handles loan cancellations, prepayments, and refund of fees. Please read this policy carefully before applying for any loan product.

1. Loan Cancellation Before Disbursal

You may cancel your loan application at any time before the loan amount has been disbursed to your bank account. To cancel, please contact us at contact@loanorbitpro.shop with your Application Reference Number.

• Cancellations requested before disbursal will be processed within 5–7 working days.
• No EMIs will be collected for cancelled pre-disbursal applications.
• Any processing fees already charged may be subject to deduction as per the fee schedule below.

2. Loan Cancellation After Disbursal (Cooling-Off Period)

If you wish to cancel a loan that has already been disbursed, Loan Orbit Pro provides a cooling-off period of 3 business days from the date of disbursal, in accordance with RBI guidelines. During this period:

• You may return the full loan amount to Loan Orbit Pro.
• You will be charged interest only for the number of days the funds were held.
• Processing fees (if any) will be non-refundable.

After the cooling-off period, the standard prepayment/foreclosure terms will apply.

3. Prepayment & Foreclosure

Borrowers have the right to prepay or foreclose their loan at any time subject to the following conditions:

• Floating Rate Loans: No prepayment penalty for individual borrowers, as per RBI directives.
• Fixed Rate Loans: A foreclosure charge of up to 2%–4% of the outstanding principal may apply (terms disclosed at loan origination).
• Prepayment requests must be submitted in writing with at least 7 days' notice.
• Part-prepayment reduces the outstanding principal and may reduce EMI or tenure as agreed.

4. Processing Fee Refunds

Processing fees collected by Loan Orbit Pro are generally non-refundable once the application review process has commenced. Exceptions include:

• If Loan Orbit Pro rejects your loan application prior to document verification, a full refund of the processing fee will be issued.
• If there is a technical error in fee deduction (duplicate charge), a full refund will be processed within 7 working days.
• Refunds will be credited to the original payment source (bank account or payment instrument).

5. Insurance Premium Refunds

If a loan protection insurance policy was bundled with your loan, the insurance premium is governed by the insurer's refund policy. Loan Orbit Pro will facilitate the refund process but is not liable for the insurer's decisions.

6. EMI Bounce & Reversal

If an EMI is debited in error (duplicate debit, technical failure), Loan Orbit Pro will reverse the excess amount within 5–10 working days upon verification. Please report such issues immediately to contact@loanorbitpro.shop.

7. How to Request a Cancellation or Refund

To initiate a cancellation or refund request:

• Email us at contact@loanorbitpro.shop with subject line: "Cancellation / Refund Request — [Your Name]"
• Include your Application Reference Number or Loan Account Number
• Attach a copy of a valid government ID
• State the reason for cancellation or refund request

We will acknowledge your request within 2 business days and process eligible refunds within 7–14 business days.

8. Exceptions

Loan Orbit Pro reserves the right to decline refund requests in cases of:

• Fraudulent or misrepresented applications
• Violation of the loan agreement terms
• Requests made beyond the stipulated timelines

9. Contact Us

For any questions regarding this policy, please reach out to Loan Orbit Pro:

📧 contact@loanorbitpro.shop
🌐 www.loanorbitpro.shop

We are committed to resolving all concerns within 30 business days.