This Refund and Cancellation Policy ("Policy") outlines the terms and conditions under which you may cancel a loan application or request a refund of amounts paid in connection with the short-term lending facilitation services provided by AlphaSalary through its Website www.alphasalary.com. Please read this Policy carefully before applying for a loan.
1. Cancellation Policy
1.1 Cancellation Before Loan Disbursement
You may cancel your loan application at any time before the loan amount is disbursed to your bank account. To initiate a cancellation, you must:
- Send a written cancellation request via email to info@alphasalary.com with your registered email ID, or
- Call our customer support team at +91-9319020901 during working hours (Monday to Saturday, 10 AM to 6 PM IST).
Upon receiving your cancellation request before disbursement, your application will be cancelled and no further action will be taken. No fees or charges will be levied for cancellation before disbursement.
1.2 Cancellation After Loan Disbursement
Once the loan amount has been disbursed to your bank account, the loan agreement between you and the Lending Partner (RBI-registered NBFC) comes into effect. In this case:
- You may choose to prepay or foreclose the loan at any time during the loan tenure by paying the outstanding principal amount along with the interest accrued up to the date of prepayment.
- No prepayment penalty or foreclosure charges are applicable. You only pay the interest for the number of days the loan was outstanding.
- The cancellation of the loan post-disbursement is treated as a prepayment/foreclosure and is subject to the terms of your loan agreement.
1.3 Cancellation of Application Processing Fee
If any processing fee or platform fee has been collected from you and the loan has not been disbursed within 7 working days from the date of fee collection, you are entitled to a full refund of the processing fee. The refund will be processed within 7 to 10 working days from the date of your cancellation request.
2. Refund Policy
2.1 Eligibility for Refund
You may be eligible for a refund under the following circumstances:
- Double Payment: If a payment is debited from your account more than once for the same loan repayment due to a technical error or payment gateway issue, the excess amount will be refunded to your original payment source within 7 to 10 working days.
- Excess Charges: If any fee or charge has been levied incorrectly or in excess of the amount specified in the Key Fact Statement (KFS) and your loan agreement, the excess amount will be refunded upon verification.
- Rejected Application: If your loan application is rejected after collection of any fees, the collected fees (excluding applicable verification charges) will be refunded within 7 to 10 working days.
- Prepayment Interest Adjustment: If you have prepaid your loan and interest has been charged for a period beyond the date of prepayment, the excess interest will be adjusted or refunded within 7 working days.
2.2 Non-Refundable Items
The following are not eligible for a refund:
- Processing fees or verification charges that have been clearly disclosed and for which the loan application has been processed.
- Interest charges on loans that have been successfully disbursed and utilized by the borrower.
- Bounce charges or overdue interest levied as per the loan agreement due to failed or delayed repayments.
3. Processing Time
All valid refund requests will be processed within the following timelines:
- Refund Verification: 1 to 3 working days from the date of receipt of your refund request.
- Refund Processing: 5 to 7 working days from the date of verification and approval of the refund request.
- Credit to Account: 7 to 10 working days from the date of refund initiation, subject to your bank's processing time.
The refund will be credited to the original payment source (bank account, UPI ID, or debit card) from which the payment was made. AlphaSalary and its Lending Partners are not liable for any delays caused by the borrower's bank or payment intermediary.
4. Contact for Refunds
If you wish to cancel your loan application or request a refund, please contact us through any of the following channels:
We acknowledge all refund requests within 2 working days of receipt. If you do not receive an acknowledgment or your refund within the specified timelines, please escalate the matter to our Grievance Redressal Officer or visit our Grievance Redressal page for further assistance.
Last Updated: 09 September 2026