FAQ

When you make a draw down from your credit line, you can select tenors of between 3 and 9 months in 3 month increments. i.e. 3m, 6m, 9m

You must be an Indian citizen and aged between 21-55 years. Minimum job tenure of 6 months and earn a salary of Rs 10,000 or higher per month.

Salaried job specially blue collared segment workers who earn wages/salary in cash (to be verified by Employer) or through banking channel is a prospective AdvanX customer.

We are also looking at first time borrowers with no historical credit footprint

We will assign you a limit of between Rs. 5,000 and Rs. 50000. Your limit is based on our credit assessment of the amount of debt that you can comfortably service.

We charge ROI as per the credit assessment of customer profiles we are catering and the quality of loan documents submitted by the customer with us.

Sometimes the income is assessed and considered basis the personal discussion with our credit officer and is not exhibited through formal income proofs, as we are encouraging first time borrowers and underserved segments we charge relatively higher ROI as per the risk profiling of such customers.

1. Semi-skilled workers like plumbers, electricians, carpenters, drivers, mechanic, technicians, salesman, peons, security guards etc who are either working as salaried in small Proprietorship / Partnership / Private Ltd companies.

2. Salaried employees working with employer partner customers onboarded by AdvanX who validate the employment details including income, date of joining, mode of payment of salary for credit decisioning

3. If cash component of income by way of salary or wages is more than 25% it could still be considered basis due diligence and personal CO discussion with respective customers

The in-principle approval would be shown on the app instantly once the application is completed. The final approval will be given as soon as all the documents are uploaded and collected (if applicable to your application). You can expect to complete this step in 2-48 hours.

No, customers could submit other proof of income like bank statement for 3 months, salary slip or EPFO passbook at time of loan assessment

Minimal Paperwork, only your most recent payslip, KYC documents like Aadhar Card and bank statements for the last 3 months. These can be submitted on AdvanX app.

In case you don’t have any document, please contact our support team for enquiries at support@advanx.in or you can call us at ______ . Our support team shall advise you for completing your application.

Maximum tenor allowed is 6 months, however, in case you have successfully repaid and closed earlier 2 loans with us you shall be eligible for tenure of 9 months basis approval and successful track record with us

If credit tested, minimum CIBIL Score of 650 is required for all borrowers.

Prepayment is allowed for all loans after 3 months. Any repayment before 3 months will attract prepayment charge of 3% on the outstanding principle

We are considering applications from India including cities such as Ludhiana, Jalandhar, Lucknow, Kanpur, Delhi, Noida, Gurgaon, Jaipur, Delhi NCR.

We would be taking your consent for setting up an auto-debit instruction at the time of applying for loan to AdvanX. Once the mandate is successfully registered, please ensure that you maintain sufficient funds in your bank account on every EMI due date as per the repayment schedule advised to you at the time of sanction.

The EMIs will be automatically deducted from the designated account. If for some reason, the auto-debit isn't processed, we'll notify you via SMS, email and app notifications. In this case, you can pay via the PAY EMI option in the AdvanX app.

How do I delete my account?

You can delete your account at any time from the Settings section within the Main Menu on the AdvanX app. A person from our operations team will connect with you to make sure that all except the mandatorily required information by the bank and the RBI will be deleted. Please note that if you have loan amounts outstanding, you would not be able to delete your account.

In case we find you eligible for another loan and there is no active loan from AdvanX where outstanding is not greater than the 30% of the active loan you can apply for another loan through AdvanX app.

Currently, we support mobile Android platform. We may launch our iOS app and web based android app in future.

You can write an email to our support team at support@advanx.in if you wish to update your contact details.

Your interest rate will be a function of your credit score on our RISK BASED SCORING MODEL. The higher your score, the lower your interest rate. Our interest rates will vary from 2.0% to 3.0% per month, or 24% to 36% per year (annual percentage rate or APR).

There will a processing fee of a minimum of Rs.250 + GST and a maximum of 3.0% of loan amount on your first loan. This is to cover the costs of on-boarding including document collections, verifications, and payment setup.

There are two modes of payment. You can either pay with the auto-debit instruction which was set up during the time of loan application or you can pay using the the app via netbanking/debitcard. For the auto-debit, kindly ensure that you have sufficient funds in your account on EMI due date.

Yes, there will be an auto-debit mandate return charge levied on your bank account from your bank. Also, you will incur a late payment fees for any delayed payments. Unlike the utility bill payments, delays in EMI payment incur high late payment charges.

There will be a NACH return charge levied on your bank account from your bank. Also, you will incur a late payment fees for the delay in payment.

There are no additional fees beyond processing fee if your payments are made on time. In case you are late, a late payment fee will apply. If you prepay your loan during the first three months, prepayment penalties will be apply.

Once the loan is complete, you can expect the No dues certificate within 2 working days.

NACH is an auto-debit instruction from you that authorises us to collect your EMI payments directly from your salaried account. We will only collect the payment due and no more. E-mandate is the digital equivalent of the same auto-debit form. It is available to those whose banks are live with e-mandate. Click on this link to see if your bank is live with e-mandate - https://www.npci.org.in/nach-e-mandates

Only if your bank doesn't yet allow e-mandates. With a growing number of banks now allowing it, chances are that your bank does too (meaning no NACH form and a paperless process!).