Common questions about borrowing from an NBFC, our process and your rights as a customer.
Indian residents aged 21–65 with a valid PAN and a bank account in their own name. Salaried applicants typically need three months of income history; self-employed applicants need twelve months of bank statements or income tax returns. Secured loans (gold, property) carry lighter eligibility — the asset does most of the talking.
For most personal loans: PAN, Aadhaar (for e-KYC), and the last three months of bank statements, fetched with your consent. Business loans add twelve months of statements plus GST returns. For gold or property loans, the asset valuation is scheduled after eligibility is confirmed.
No. The initial eligibility check is a soft inquiry — visible to you but not reported to other lenders, with no impact on your credit score. A hard inquiry only takes place once you accept an offer and choose to proceed.
The eligibility check takes a few minutes. After acceptance, personal credit is typically disbursed within one to two working days. Business loans and secured products take longer — usually three to seven working days — because of additional verification, including, in the case of secured loans, asset valuation.
Interest rates are set on application and depend on the product, your credit profile, the tenure, and (for secured loans) the loan-to-value ratio of the asset. We share the full schedule of charges and the effective annualised cost in writing before you sign.
No. The processing fee, GST, documentation charges, and any other applicable charges are disclosed upfront in the Key Fact Statement and the loan agreement. If a fee is not in those documents, we cannot charge it.
All our rates are quoted on a monthly-reducing balance basis, which is the standard fair method for retail loans. We also disclose the effective annualised rate (APR) so that you can compare offers across lenders on a like-for-like basis.
Yes. Prepayment and foreclosure are permitted on all our products, subject to product-specific terms set out in your loan agreement. There is no penalty for being responsible — the full fee schedule, including any prepayment charge, is printed on your loan documents.
We try to reach you before the due date if a payment looks at risk. If circumstances have changed — job, illness, business — we will discuss restructure options. A missed EMI incurs a late fee per the loan agreement and is reported to credit bureaus only after thirty days. Collections are dignified; that is written into our Fair Practices Code.
Statements and amortisation schedules are issued on disbursal and on request thereafter. Customers can request these by email to liaison@favoform.com or via our customer support line.
Favoform Capital Pvt Ltd is incorporated in India under CIN U64910MH2023PTC413136 and operates as a Non-Banking Financial Company under the Reserve Bank of India's regulatory framework. Our RBI Certificate of Registration number is published in the website footer and on our Policies page.
Data is encrypted in transit and at rest using industry-standard methods. We comply with India's Digital Personal Data Protection Act, 2023, and never sell customer data to third parties. Our full privacy policy and data-retention schedule are linked in the footer.
We follow the escalation framework set out in the RBI's Fair Practices Code. The full process — Customer Service → RBI Ombudsman — is published on our Contact page.
Email or message the desk and we'll come back within one working day.