Terms & Conditions

Because Every Detail Matters

The following terms apply to all loan applicants with Umang Finance:

Loan Amounts– Loans range from ₹1,00,000 to ₹5,00,00,000.
Interest Rate– Flat annual rate of 5% on the sanctioned loan amount.
Tenure– Repayment period ranges from 1 to 20 years.
Repayment– Loans are repaid in equal monthly instalments (EMIs) covering principal and interest.
Eligibility– All employees working in India may apply.
Government Employees – All central and state government employees are eligible, except those from defence departments.
Loan Purpose Restrictions – Loans cannot be used for marriage, medical expenses, or any illegal activities. Applications for these purposes will be rejected and will not be eligible for refund.
On-time Repayment Benefit – Borrowers who repay on schedule are eligible for an interest waiver on the outstanding principal.
Borrower’s Responsibility– The applicant must bear all applicable fees such as file preparation, property verification, registration, guarantee deed, and agent commission.
Approval– Loan approval is subject to complete documentation, verification, and company norms.
Disbursement– Once all formalities are complete, loans are disbursed within 3–5 working days by cheque, bank draft, or RTGS only.
Agent Role – Agents are responsible for submitting the complete applicant file (including forms, guarantee papers, photographs, etc.) and coordinating until disbursement.
Documentation Compliance– If the applicant or guarantor fails to submit required documents on time, provides false details, or withdraws consent, the company reserves the right to reject or cancel the loan and deposits will not be refunded.
Private Guarantors – Written consent from all adult family members is required. The government valuation of the
guarantor’s property must be at least twice the loan amount; otherwise, the loan amount may be reduced or rejected.
Conduct– Misconduct, abusive language, or harassment towards company staff will result in loan cancellation and
no refund of any deposits, and may attract legal action.
Jurisdiction – All disputes shall be subject to the Civil Courts of Bengaluru.
Minimum Repayment Period – After disbursement, the borrower must complete at least 180 consecutive days of repayment before foreclosure is allowed.
Bounce Policy – In case of EMI bounce, an advance EMI will be recovered, and bounce charges will apply as per company policy until the loan is fully repaid.
Future Loan Facility – The company may offer a top-up loan up to twice the current amount, provided there is no history of EMI bounce.
Payment Capacity Requirement – Borrowers must be capable of paying the file charge and processing-related charges before disbursement.