Frequently Asked Questions

How much can I borrow and for how long?

OptaCredit offers Short-term, Unsecured Loans to Salaried Employees, ranging from Rs.50,000 to Rs.5 lakhs. The Loan Tenure ranges from 2 month to 12 months, which is totally flexible and can be chosen based on your level of comfort.

How much will a loan cost me?

OptaCredit offers loans at rates from 1.34% p.m to 2% p.m (dependent on borrower profile) with a minimal processing fee of 1% which will be deducted from your loan amount at the time of disbursement.

Are there any hidden charges?

Transparency is one of our core ethos, and we do not place the devil in the details. No hidden charges. We abide by our Fair Practices Code and inform you of all the charges applicable, in the Loan Documents.

How much time will it take for my application to get evaluated, and when will I get a decision?

Our intelligent, data-driven underwriting process enables us to evaluate your application extremely quickly and provide a decision within 24 hours. Obviously this is dependent on you providing all details accurately.

What are the documents that are needed along with my online application?

You would be required to upload:
  • PAN Card
  • Any one of these: Aadhaar/Driving License/Voter ID/Passport
  • Original PDF of your Bank Statement* (with last 6 months transactions. The same Bank Account as mentioned in the application form).

    *If your PDF bank statement is password protected, please share your password. We will keep your data safe and secure
  • Latest ITR Form
Kindly ensure that the scanned images are :
  • Clear (Should not be blurry)
  • Complete, and,
  • of Adequate Size.
All these documents are required to not only help us understand you better, but also to comply with RBI Norms.

Where and how do I get the Loan Agreements signed?

Once we evaluate your application, an In-principle E-Sanction will be shared through our customer dashboard in our website, which you can access once you login. On accepting the E-Sanction, all the listed Loan Documents will be produced to you for your signature by our OptaCredit Authorised Representative, at a time and place of your convenience.

Why have I been asked to provide additional details?

Our platform is extremely intelligent and can crunch huge amounts of data to assess your application. Nevertheless, sometimes we might require some additional inputs to arrive at a decision. In such scenarios, we will require additional data/documents for us to understand you better and also provide a better service. Help us to help you.

How many times can I borrow?

There is no cap on the number of times you can borrow from us. You can apply and avail your next loan by fully repaying the existing loan. Simply put, you can have only one live loan at any point in time.

Can I track the status of my application?

Our platform is built for providing you with 24x7 access to your Intuitive Dashboard, where details/stages of your application are provided in real-time. In addition, we also keep you updated of your application status through SMS and E-mails.

How do I know my outstanding account balance and due dates for repayment?

No worries. We constantly keep you updated via SMSs and e-mails about your account balance, due dates, due amounts etc. You could also login to our customer dashboard for the real time status of your account with details on outstanding balance, due dates for repayment, account statements, details on EMIs paid etc.

If you need to know more details, then feel free to contact us at 044-3957 3757 or email us at support@optacredit.com. Do mention you Customer Identification Number for all mails or calls.

How will the loan amount be transferred to my account?

Upon receipt of the executed Loan Documents, we would directly credit the loan amount to the bank account intimated by you in the application form, through RTGS/NEFT.

What are the repayment options available to me?

We use Direct Debit/NACH (National Automated Clearing House) to take care of repayment automatically. On the due date (7th of every month), we will automatically debit your bank account registered with us. Kindly ensure that you have enough money in your bank account on that day.

Additionally, repayments can also be made through Cheque, Cash deposit, RTGS/NEFT to our Bank Account.

Can I repay before due date or pre-close the loan? Are there any pre-closure charges?

We provide a very flexible loan product with no pre-payment charges. Ideally, you have one pre-payment option in the first 6 months, and another option to pre-pay in the next 6 months. These options expire if not used within the window.

Will OptaCredit report the repayment behaviour of its customers to the credit bureaus?

Yes. We are mandated by RBI to submit loan and repayment behaviour information including late and non-repayment of dues to credit bureaus like CIBIL and Experian. In case of any late or non-repayment of dues, this will impact your chances of getting banking products. By paying on time, your score improves and so does your chance of getting loan.

Can I Pre-Pay using a credit card?

As per Reserve Bank of India guidelines, you cannot pay your dues using a Credit Card.

If the due-date is standardised as 7th of every month, then how is the interest calculated and paid for first due-date as disbursements can happen on all days?

Interest* from the date of disbursement to the 7th(Repayment Date) of coming month is calculated and that interest component alone is deducted upfront during disbursement. This interest is charged only for the no.of days the amount is made available to you. This is called as Pre-EMI Interest.

Thereafter, EMIs are deducted via NACH directly from your account towards repayment, on the 7th of every month.

* Interest as per the rate fixed by OptaCredit based on internal risk-assessment.

How much can I borrow and for how long?

OptaCredit offers Short-term, Unsecured Loans to Salaried Employees, ranging from Rs.50,000 to Rs.5 lakhs. The Loan Tenure ranges from 1 month to 12 months, which is totally flexible and can be chosen based on your level of comfort.

How much will a loan cost me?

OptaCredit offers loans at rates ranging from 1.34% p.m to 2% p.m (dependent on borrower profile) with a minimal processing fee of 1% which will be deducted from your loan amount at the time of disbursement.

Are there any hidden charges?

Transparency is one of our core ethos, and we do not place the devil in the details. No Hidden Charges. We abide by our Fair Practices Code and inform you of all the charges applicable, in the Loan Documents.

How much time will it take for my application to get evaluated, and when will I get a decision?

Our Intelligent, Data-Driven Underwriting process enables us to evaluate your application extremely quickly and provide a decision within 24 hours. Obviously this is dependent on you providing all details accurately.

What are the documents that are needed along with my online application?

You would be required to upload:
  • PAN Card
  • One Document from Aadhar/Driving License
  • Original PDF of your Bank Statement (with last 12 months transactions. The same Bank Account as mentioned in the application form)
  • Latest ITR Form
  • The Original Bank (un-protected) statements in PDF format to be uploaded. If your PDF bank statement is password protected, please share your password as well in the Application, and, we will keep all your data safe and secure
Kindly ensure that the scanned images are :
  • Clear (Should not be blurry)
  • Complete, and,
  • of Adequate Size.
All these documents are required to not only help us understand you better, but also to comply with RBI Norms.

Where and how do I get the Loan Agreements signed?

Once we evaluate your application, an In-principle E-Sanction will be shared through our customer dashboard in our website, which you can access once you login. On accepting the E-Sanction, all the listed Loan Documents will be produced to you for your signature by our OptaCredit Authorised Representative, at a time and place of your convenience.

Why have I been asked to provide additional details?

Our platform is extremely intelligent and can crunch huge amounts of data to assess your application. Nevertheless, sometimes we might require some additional inputs to arrive at a decision. In such scenarios, we will require additional data/documents for us to understand you better and also provide a better service. Help us to help you.

How many times can I borrow?

There is no cap to the number of times you can borrow from us. You can apply and avail your next loan by fully repaying the existing loan. Simply put, you can have only one live loan at any point in time.

Can I track the status of my application?

Our platform is built for providing you with 24x7 access to your Intuitive Dashboard, where details/stages of your application are provided in real-time. In addition, we also keep you updated of your application status through SMS and E-mails.

How do I know my outstanding Account balance and due-dates for Repayment?

No worries. We constantly keep you updated via SMSs and E-mails about your Account balance, Due Dates, Due Amounts etc. You could also login to our Intuitive Customer Dashboard for the real time status of your Account with details on Outstanding Balance, Due-dates for Repayment, Account Statements, details on EMIs paid etc,.

If you need to know more details, then feel free to contact us at +91 Phone-Number or email us at support@optacredit.com. Do mention you Customer Identification Number for all mails or calls.

How will the loan amount be transferred to my Account?

Upon receipt of the executed Loan Documents, we would directly credit the loan amount to the Bank Account intimated by you in the application form, through NACH/RTGS/NEFT.

What are the repayment options available to me?

We use Direct Debit/NACH (National Automated Clearing House) to take care of repayment automatically. On the due date (7th of every month), we will automatically debit your bank account registered with us. Kindly ensure that you have enough money in your bank account on that day.

Additionally, repayments can also be made through Cheque, Cash deposit, RTGS/NEFT to our Bank Account.

Can I repay before due date or pre-close the loan? Are there any pre-closure charges?

We provide a very flexible loan product with no pre-payment charges. Ideally, you have one pre-payment option in the first 6 months, and another option to pre-pay in the next 6 months. These options expire if not used within the window.

Will OptaCredit report the repayment behaviour of its customers to the Credit Bureaus?

Yes. We are mandated by RBI to submit loan and repayment behaviour information including late and non-repayment of dues to Credit Bureaus like CIBIL and Experian. In case of any late or non-repayment of dues, this will impact your chances of getting banking products. By paying on time, your score improves and so does your chance of getting loan.

Can I Pre-Pay using a credit card?

As per Reserve Bank of India guidelines, you cannot pay your dues using a Credit Card.

We are extremely sorry that you had encountered issues with our services.

Be rest assured, that we will take all possible steps to make you feel comfortable.

Do send us your concerns to : support@OptaCredit.com and we will resolve your issue as soon as possible.

If you are still not satisfied, you can write to our Grievance Redressal Officer at 911@OptaCredit.com.

Please do quote your Customer Information File ID (CIF) in all your interactions with us.

Still need help?
Feel free to contact us
044-3957 3757
10am - 6pm (Mon -Sat)
support@optacredit.com

We are extremely sorry that you had encountered issues with our services. Please do quote your Customer Information File ID (CIF) in all your interactions with us.

Be rest assured, that we will take all possible steps to make you feel comfortable.

Get your OptaCredit Loan Now!

Apply Now