Q. What is SaveIN?
A. SaveIN is a fintech platform that aims to offer unique financial products and services to its members in a never seen before, fully digital avatar through its mobile app on Google and Apple play store. You can also call us a neo-banking platform!
Q. What are the various services offered by SaveIN?
A. At present, SaveIN is offering a revolutionary, new to market product called Social Finance (SoFin™) allowing members to lend and borrow money, within their trusted contacts like family, friends and acquaintances (with or without interest). In due course, SaveIN aims to launch several other financial products and services for its customers in the personal finance domain.
Q. Is SaveIN a bank or a NBFC?
A. No, SaveIN is neither a bank nor a NBFC. It is a fintech company and works in association with banking and payment partners to bring to you the best of products, services and experiences along with peace of mind in a highly secure environment.
Q. Is SaveIN a Peer to Peer(P2P) lending NBFC?
A. No, SaveIN is not registered as a P2P NBFC, since all transactions are facilitated amongst known contacts only (two-way transparency), without any underwriting from SaveIN, and can also be performed by willing members, without any interest consideration, unlike a P2P NBFC which is specifically focused on facilitating loan transactions amongst unknown people, through the process of financial underwriting and with only one-way transparency between borrowers and lenders.
Q. Is it safe to transact via SaveIN?
Q. What is the primary product offered by SaveIN?
A. Democratic and mutually agreeable financial transactions amongst family, friends and acquaintances is the oldest form of transfer of money. But in most of such cases, transactions are unstructured, lack associated records of payments, loan schedule, hence making the process frictional and inefficient.
SaveIN allows its users to register as a lender, borrower, or both on its platform thereby facilitating real time discovery and match making of lenders and borrowers within a user’s trusted network.
Willing lenders and borrowers can discover each other in real time, agree on the transaction terms like amount, tenure and rate of interest if any, and the transaction can be completed through the user’s preferred bank account within seconds. The entire process is completed through an organized, transparent and fully recorded digital platform.
Q. How does SaveIN enrich and control user behaviour on its platform?
A. SaveIN aims to promote responsible transactions amongst willing individuals, by recommending and controlling permissible limits on loan amount, interest rate to be charged, frequency of lending/borrowing etc., thereby allowing users to transact in a safe and transparent manner.
We make the process of lending to known and trusted contacts easier and more digital friendly, by allowing users to use the platform when they need to borrow or lend money within their own trusted network and help track the amount they have lent or borrowed through a sophisticated digital and transparent system with adequate record keeping and timely reminders
Q. How does SaveIN enrich and control user behaviour on its platform?
A. SaveIN identifies and matches borrowers and lenders through their trusted, social contact lists and connects them in real time, in a transparent and democratic manner. Your mobile phone book is deemed to be the primary repository of your trusted contacts.
Q. What is meant by Social or Trusted network/ contact list?
A. Trusted, social network as per our methodology is those people whose contact details are already saved in your phone contact list or other social contact lists and vice versa. To be able to transact on SaveIN, one should have contact details of the counterparty saved in their contact list on phone/ email etc.
Q. Can I borrow from someone who is not in my social network or contact list?
A. No, SaveIN allows you to transact only with those who you know personally and have their contact details saved in your phone/ other social contacts. No other person will be listed as a prospective lender in your dashboard.
Q. Can I lend to someone who is not in my social network or contact list?
A. No, only your known contacts (those who have your contact details already), will be able to reach you on SaveIN. Sometimes, the borrower may be socially connected to you as a prospective lender and have your contact details, but you may not have saved borrower’s contact on your phone, in such cases, SaveIN will display the borrower’s registered name to you for your reference and final decision.
Q. How much money can I lend or borrow through SaveIN and for how long?
A. SaveIN is a platform that only facilitates democratic money transfer transactions between two willing and known users. However, we have put the following caps on the transaction amount:
Total money that a lender can lend across multiple borrowers at a time: Rs 100,000
Maximum amount per loan: Rs 20,000
Maximum interest rate: 36% p.a.
Total money that a borrower can borrow at a time: Rs 60,000
Maximum amount per loan: Rs 20,000
Maximum tenure of loan: 90 days
Q. How can I start using SaveIN?
A. SaveIN is available to all Indian residents, having at least one active banking account (preferably with access to UPI). One can simply download the SaveIN application from Google or Apple Playstore and get onboarded within a few steps.
Q. Why do I need to link a bank account on SaveIN?
A. SaveIN facilitates money transfer between users and since we promote and allow digital and authenticated transactions only, we expect users to authenticate at least one of their active bank accounts on their SaveIN profile before they can start transacting. This helps us to identify genuine users and prevent any misuse of the platform. However, while making payments, one is free to use any other account also, but all repayments that one shall receive through SaveIN will be credited only to the account authenticated and linked on SaveIN.
Q. Can I use any other bank account after registering one account?
A. As an initiator of a transfer (whether lender while disbursing the loan or borrower while repaying), we encourage you to transfer the money to the counter party through your account linked on SaveIN, by using UPI/IMPS facility; however, you can also make a payment from an account other than that linked on SaveIN.
But as a recipient of money (whether borrower while receiving the loan amount or lender while receiving repayments), you will only receive money in your account linked on SaveIN.
Q. How does money get transferred amongst users?
A. Money is transferred through payment gateway using UPI mode of transaction and through the SaveIN platform. You can use any of your existing UPI IDs to effect payments through SaveIN
Q. Can I use a credit card to transfer money to my trusted contacts through SaveIN?
A. No, you cannot use your credit card. Money must be transferred from your bank account only both while lending and repaying.
Q. Can I use a debit card to transfer money to my trusted contacts through SaveIN?
A. At present, SaveIN platform facilitates payments via UPI only
Q. For what all purposes can I borrow from others in my network through SaveIN?
A. SaveIN allows lenders and borrowers to offer and avail short term and small amount loans only (up to Rs 20,000) basis mutual consent. One is free to use undertake these transactions for any legitimate purpose; users are responsible for the end use of money.
Q. Can I transact among my family members on SaveIN?
A. SaveIN embodies and facilitates a democratic financial transaction ecosystem that allows willing and known individuals to transact with each other as per mutually agreeable terms and conditions. One is free to transact with anyone in their trusted network, including family members.
Q. Is it mandatory for a user to provide access to contact book on the phone?
A. At SaveIN, we pride ourselves in conforming to the highest degree of consent based, user experience. SaveIN discovers and connects lenders and borrowers in their own, existing and trusted social network. This is primarily done by identifying and compartmentalizing your contacts and then matching with our database of other SaveIN users to facilitate matchmaking for the purpose of financial transactions. Therefore, in case you wish to use SaveIN for borrowing or lending amongst your family, friends and acquaintances, we need access to your contact book on the phone device. Rest assured, your data and contact book shall be discreet.
Q. How much time does it take to lend or borrow through SaveIN?
A. When it comes to transacting, SaveIN is as fast as a UPI money transfer. Given that lender should already know the borrower, in most cases the decision from the lender about the loan request is made fairly quickly without the need for any paperwork making it arguably the fastest way to borrow in India. Sometimes a loan can be availed in under 60 seconds!
Q. Will SaveIN help me in recovering my money lent through the SaveIN platform?
A. SaveIN facilitates record keeping and shall send timely notifications to lenders and borrowers reminding them of their mutual obligations linked to a particular transaction. However, SaveIN does not provide any collection services or guarantees repayment of loans facilitated through the platform. The entire loan process is based on the independent assessment and judgement of the lender and borrower and their mutual comfort.
Q. Is there a fee that is charged by SaveIN?
A. We would love users to experience SaveIN and hence we have kept our services free of any additional charges as of now 😊
Q. Can I rate my experience of transacting with a person on SaveIN?
A. Yes, we do ask users to rate each other after having completed a transaction on SaveIN. This also helps future users in making informed decisions about registered SaveIN customers especially while deciding on lending/borrowing.
Q. What if I have issues with regards to my experience on SaveIN?
A. Being a digital first company, we challenge ourselves to providing the most seamless experience with limited manual interventions. We have set up a rich and intuitive chatbot, published a list of detailed FAQs, for you to refer to for all operational queries. Should we fail to satisfy your concerns, you can also reach us on [email protected]
Q. Will I have to pay any income tax for gains made on transactions done on SaveIN?
A. All users are responsible to compute their own tax liabilities including any gains made on transactions performed on SaveIN. From our side, we provide to you a report summarizing all your transactions for ease of calculation (check settings and reports section). SaveIN does not bear any responsibility towards individual tax obligations.
Q. What all reports I can access on SaveIN?
A. We provide to you a comprehensive report summarizing all your transactions for ease of calculation. Please check settings and reports section for accessing this report.
Q. How should I rate an individual with whom I have transacted?
A. We ask all users to rate each other based on their transaction experience on SaveIN once the transaction is duly completed. We urge you to be responsible while rating others, this helps us in improving your overall experience on the SaveIN platform.
Q. Is it mandatory to rate others after the transaction is complete?
A. We want to build SaveIN as a responsible platform and community, having the right set of users as our loved members is paramount in that endeavour. Hence it is critical to receive feedback from all of you about all those you transact with through SaveIN; therefore, it is mandatory to rate the experience.
Q. How can I earn rewards while transacting on SaveIN?
While lending & borrowing money amongst your trusted contacts via SaveIN, you can earn attractive cash rewards each time you transact as a lender or a borrower. You can earn cash reward at different steps like by issuing a new loan, borrowing and repaying the loan on time.
Q. What are the main categories where I can earn rewards
You can earn cash rewards each time you transact as a lender or a borrower. Following are the key categories to earn cash rewards, each time you transact on SaveIN.
- Issue a new loan
- Repay on time
Q. How much rewards would I earn on each transaction
You can earn maximum cash reward of INR 50 per transaction and a total of INR 4000 across all categories
Q. In how much time would cash reward get credited to my account?
Cash reward will get credited to your account within 3 working days of successful transaction. You can also check status of cash rewards earned by you in the rewards section on the SaveIN app.
Q. What is the maximum reward I can earn?
You can earn a maximum of INR 4000 while transacting on SaveIN. Below is the bifurcation of maximum cash rewards per category:
- Issue a new loan- INR 1500
- Borrow – INR 1000
- Repay – INR 1500
Q. As a borrower, will I receive cash reward even if I foreclose/prepay the loan?
A borrower is eligible to receive cash rewards on only those loans where full due amount is paid on the date of maturity of such loan. Prepayments/foreclosure is not eligible under the reward programme
Q. What if loan payment is settled manually or in cash but not via digital payments through SaveIN, will I still get the cash reward?
We encourage all users to transact through the seamless digital payment ecosystem provided by SaveIN, for adequate record keeping and automatic updates to specific loan transactions. Should you end up making a repayment outside of SaveIN, you will not be eligible for cash rewards
Q. Why am I getting “Better luck next time” message on opening the rewards/treasure chest?
Q. Can my rewards expire?
Yes, your cash rewards have an expiry period of 180 working days.
Q. Why is the cash reward earned by me different each time I transact?
The system computes cash reward for each successful and eligible transaction as per an automatic process and in line with our applicable rewards programme Therefore you may receive different amounts each time you transact
Q. What is the validity of the current SaveIN rewards programme?
Q. I did not receive OTP during onboarding process, how should I proceed?
A. In most cases OTP is received within 60 seconds, but in case you do not receive OTP, you can always use ‘resend OTP’ option
Q. I have forgotten my passcode; how can I access the application?
A. Ah snap, we know how it feels when this happens! Do not worry, you can reset your passcode by authenticating OTP that we will send on your registered mobile device.
Q. My bank account is not available in the list?
A. We have enabled to link all prominent banks of the country, please check your IFSC code carefully.
Q. My bank account could not be authenticated, how should I proceed?
A. We match the personal details entered by you during onboarding process against the information retrieved from your bank account. Please ensure that the information entered by you is correct and that the bank account belongs to you. This unfortunately is a mandatory step to use SaveIN
Q. I have a joint bank account where I am not the primary holder and hence my account could not be authenticated, how should I proceed?
A. Unfortunately, we will not be able to authenticate this account and hence request you to link the bank account where you are the primary holder.
Q. I am not able to find any customer care number for SaveIN?
A. Being a digital first company, we challenge ourselves to providing the most seamless experience with limited manual interventions. There are multiple ways to reach us at SaveIN. We have set up a rich and intuitive chatbot for your convenience that is available within the SaveIN app and have published detailed FAQs for you to refer to for all operational queries. Should we fail to satisfy your concerns, you can also reach us on supp[email protected]
Lender and Borrower
Q. How should I start lending on SaveIN?
A. Set your lending profile in the app by choosing maximum amount you wish to lend at a specific time, maximum amount per loan and desired interest rate. Once you save your profile, prospective borrowers from your trusted contacts will be able to reach you.
Q. I have registered as a lender, but I am not receiving any transaction request.
A. Receiving requests from prospective borrowers depends on multiple factors like number of registered SaveIN users in your contact list, your preferred transaction terms (amount, interest rate etc.).
SaveIN is a fast-growing platform, we urge you to invite people from your contact list to use SaveIN by using the referral link in your dashboard, also, you may want to review your preferred loan terms (amount and interest). This may not only increase your chances of receiving more lending opportunities but you may also be eligible to earn rewards for successful referrals
Also, if someone approaches you for a loan, outside of SaveIN, you can simply ask them to download SaveIN by sharing your referral link and lend to them seamlessly for free while earning referral rewards!
We request you to be patient since we are adding new users daily 😊
You can also enjoy other rewards and offers available on SaveIN for free
Q. How much interest can I charge as a lender on SaveIN?
A. SaveIN promotes a responsible and democratic transaction environment amongst willing users. Hence charging interest is the prerogative of a lender with express consent of the borrower. Therefore, we allow a lender to charge interest between 0%-36% p.a.
Q. What should I do if borrower who I have lent money to, uninstalls the SaveIN app?
A. In such a case, we request you to reach out to the borrower and ask the borrower to re-install the app so that you can receive the money through SaveIN and the transaction record can be duly updated. If it is not feasible, then you can also ask for the money to be repaid through any other alternate means and ask the lender to manually settle the loan on SaveIN. From our side, we also try and reach the borrower for the same.
Q. Why despite approving the loan and making the payment, my transaction is getting cancelled and money is being credited back to my account?
A. In some rare cases, we are unable to facilitate transfer of money from initiator to receiver due to technical reasons. In all such cases, we work with applicable entities in the payments leg to facilitate refund of money to the initiator within 3 working days from the date of failure of such a payment.
Q. Can I transfer money to a trusted contact at 0% interest rate through SaveIN?
A. SaveIN as a platform helps customers to transact within their trusted contacts; the decision to charge interest, if any, is that of the users. One can certainly transfer money without any interest, SaveIN as a platform only puts a cap on maximum interest rate that one can charge which currently stands at 36% p.a.
Q. What is the maximum interest rate I can charge on SaveIN?
A. Maximum interest rate you can charge on SaveIN is 36% p.a.
Q. I have registered as a lender on SaveIN; can I announce this in my network?
A. Yes, this can help you build your network on SaveIN and hence having multiple opportunities to transact amongst each other and in process earn some cash back on referrals. Please use the referral functionality to send a personalized referral link to your contacts.
Q. How should I borrow?
A. One can borrow by selecting desired loan parameters and then discovering people in your known, trusted network, who are available to lend on SaveIN platform. Loan requests can be sent through the SaveIN platform instantly
Q. I want to borrow but do not see any lender in my list when I try to apply for a loan?
A. This happens when you do not have many registered lenders on SaveIN amongst your contact lists. SaveIN is a fast-growing platform, we urge you to invite people from your contact list to use SaveIN by using the referral link in your dashboard. This will not only make you earn immediate rewards, but also increase the number of possible lenders in your network.
Also, if you know someone who is a prospective lender but not using SaveIN, you can simply ask them to download SaveIN by sharing your referral link and borrow from them seamlessly for free while earning referral rewards!
We request you to be patient since we are adding new users daily 😊
You can also enjoy other rewards and offers available on SaveIN for free
Q. What if I do not pay my dues to the lender?
A. SaveIN promotes responsible transactions amongst users and therefore we urge borrowers to pay their dues on time. Any default in repayment impacts your ratings on SaveIN and ability to borrow on the platform in future. Not to forget, you already know the lender and it may sour your personal relationship with the lender in the event of a default. SaveIN is all about harnessing the positive power of your social network and therefore the onus is on the users to ensure best possible behaviour.
Q. What if I repay my dues to the lender, outside of SaveIN platform through other modes?
A. While we encourage all users to transact through the seamless payment ecosystem provided by SaveIN, for adequate record keeping and automatic updates to specific loan transactions, should you end up making a repayment outside of SaveIN, lender does have an option to update such non- SaveIN repayments manually. You as a borrower will have to request the lender to update the same against your loan for such payments to be duly updated on SaveIN platform
Q. I am not able to pay money back to the lender through SaveIN?
A. Sometimes due to technical difficulties, we are unable to facilitate a successful transfer through the SaveIN platform. In such a case, we request you to reach out to lender and make the payment through any alternate channel and ask the lender to manually settle the loan on SaveIN.
What should I do if lender, from whom I have borrowed money uninstalls the SaveIN app?
In such a case, we request you to reach out to the lender and ask the lender to re-install the app so that you can pay and the transaction record is duly updated. If it is not feasible, then you can also repay the lender through any other alternate means and ask the lender to manually settle the loan on SaveIN. From our side, we also try and reach the lender for the same.
Q. What should I do if lender has approved my loan, but money is not getting credited to my account?
A. There is a possibility that after approving the loan, lender might have changed the decision and might not have approved the transfer of the approved amount. We from our side would be sending regular reminders to the lender to complete the disbursal cycle. After a certain pre-defined time period, this open loan request would automatically get closed with proper notifications to both the parties involved.
In other scenarios where the payment has been initiated but is not reflecting in the borrower account, is largely on account of technical glitches, you are requested to follow the instructions clearly mentioned in the message that you get on SaveIN platform. In case of failed transactions, money deducted, shall be refunded within 3 working days from the date of failed transaction
Q. Can I repay my loan amount in multiple transactions instead of a single payment at the end of the loan tenure?
A. At present, you can make one partial pre-payment greater than or equal to 50% of total due amount on or before the due date. Otherwise, all repayments are to be made in full/ single repayment only, as on date of maturity of a loan (repayment date)
Q. Are there any extra charges or penalties on payment made after the due date?
A. SaveIN facilitates democratic transactions between two willing individuals so there are no extra charges or penalties on payment made after the due date from SaveIN, except the overdue interest that may be applicable and calculated basis extent of overdue period and interest charged by lender. We understand that this would make this loan very costly for you and hence SaveIN promotes responsible transactions amongst users and therefore we urge borrowers to pay their dues on time
I am not able to make partial pre-payment to lender on SaveIN?
You are only allowed to make one partial pre-payment greater than or equal to 50% of total due amount during the tenure of the loan. Please make sure that you are adhering to the above-mentioned condition while making the partial pre-payment to lender
Q. Can I foreclose the loan on SaveIN?
A. Yes, you have the option to foreclose the loan on SaveIN
Q. What should I do if lender is not updating the non SaveIN payment on the platform?
A. We request you to again reach out to lender and ask for updating the non- SaveIN repayments manually through the app, considering only lender has the option to do the same. This is also the reason we encourage all users to transact through the seamless payment ecosystem provided by SaveIN, for adequate record keeping and automatic updates to specific loan transaction
Q. I am not in the situation to repay my existing loan, what should I do?
A. We urge the borrowers to pay their dues on time. Any default in repayment impacts your ratings on SaveIN and ability to borrow on the platform in future. Not to mention that it also sours your relationship with your trusted contact who has lent money to you
Q. Does SaveIN allow any concessions on loan taken on the platform?
SaveIN does not issue any loan or provide any collection services or guarantees of repayment of loans facilitated through the platform. The entire loan process is based on the independent assessment and judgement of the lender and borrower and their mutual comfort. Hence it is not possible for SaveIN to impose any penalties/ provide any concession.
Q. I have forgotten my UPI ID or uninstalled UPI applications; how should I repay my loan?
A. As of now we only facilitate payments through UPI. You can always transfer the money to the lender through any other means available to you.
Q. I have a problem with my current bank account and hence unable to repay the loan, what should I do?
A.We request you to reach out to lender and make the payment through any alternate channel and ask the lender to manually settle the loan on SaveIN
Q. I have made a payment through SaveIN, my account is debited but it has not reached the receiver, what should I do?
A. Sometimes due to technical glitches, we are unable to complete the payments in real time. In most such cases, the transaction becomes successful later, but should there be a permanent failure, the initiator shall receive full refund within 3 working days from the date of failure.
Q. On my SaveIN app, button to make a payment, is appearing as disabled?
A. This is for your safety and possibly on account of your previous transaction, for which final response may be pending. You are requested to follow the instructions clearly mentioned in the message that you get on SaveIN platform regarding the same. Once your previous transaction is successful, this button shall be enabled again
Q. How much time does it take to receive refunds for a failed transaction?
A. While the endeavour from our side is to work with applicable partners in the payments journey to help process the refund as soon as possible, in most cases, you will receive refund in up to 3 working days from the date of failure of any transaction.
Q. What are the security practices followed by SaveIN? Is my data safe?
A. At SaveIN, security of data and your personal information is extremely important to us. We are committed to protect your information using physical, technical, and administrative security measures to reduce the risks of loss, misuse, unauthorized access, disclosure, and alteration. Some of the safeguards we use are firewalls and data encryption and access authorization controls. We have ensured that class leading security practices are adopted by SaveIN.
Q. Can I logon to SaveIN through multiple mobile devices?
A. No, at a time, one can access SaveIN only through one device. In case you wish to switch to a new device, the previous device will have to be deregistered.
Q. What if I lose my phone?
A. Do not worry, in case you lose your phone, you can always register your new device with your previous SIM/ mobile number
Q. Will you approach people in my contact list if I do not repay my dues on time?
A. We do realize that such unfortunate practices have been witnessed in the industry, but we at SaveIN will always protect your personal interest and privacy. We will never broadcast any information pertaining to your behaviour on SaveIN to any one in your network or otherwise, irrespective of your repayment behaviour. Please refer our detailed T&Cs to know more.
Q. Will my contacts know if I am borrowing or lending money?
A. No, only the lender/(s) that you select shall be informed of your inclination to borrow through the SaveIN platform. Likewise, as a lender, when you disburse money to a borrower in your network, no one else will get to know about this transaction as the entire experience is hyper-personalized and discreet
Q. Will you access my phone contact list/ read my SMSes without my consent?
Q. While trying to login from a different device, I am getting an error message?
A. You would get an error message in case you are trying to login into a device already linked to an existing SaveIN user. At a time, two users can’t access SaveIN through one device. In case you wish to login into such a device, we request you to contact us.