FAQ & Help Center

Vryfide Loans offers several advantages over traditional banks:

• Faster Processing: Digital applications with approval in hours instead of days
• Higher Approval Rates: Advanced algorithms consider more than just credit score
• Lower Interest Rates: Competitive rates due to partnerships with multiple banks
• Better Customer Service: Dedicated relationship managers and 24/7 support
• Simplified Process: Minimal documentation and end-to-end digital journey
• Wider Product Range: Access to products from 50+ partner banks through one application

Absolutely. We implement bank-grade security measures:

• 256-bit SSL Encryption: All data transmitted is fully encrypted
• Secure Data Centers: Information stored in ISO 27001 certified facilities
• GDPR & Data Privacy Compliance: We adhere to strict data protection regulations
• No Unauthorized Sharing: Your data is never shared without explicit consent
• Regular Security Audits: Third-party security assessments conducted quarterly
• Secure Payment Gateways: All transactions processed through PCI-DSS compliant partners

Your privacy and security are our top priorities.

Applying is simple and completely digital:

1. Visit Vryfide Connect: Go to connect.vryfide.in to create your account
2. Complete Profile: Fill in your personal, employment, and financial details
3. Check Eligibility: Our system will show personalized loan and credit card offers
4. Select Product: Choose the loan or credit card that best fits your needs
5. Upload Documents: Submit required documents digitally (e-KYC supported)
6. Get Approval: Receive instant approval decision
7. Sign Agreement: E-sign the loan/credit card agreement
8. Receive Funds/Card: Loan disbursal in 4-48 hours or credit card delivery in 5-7 days

The timeline varies by product but is significantly faster than traditional banks:

• Credit Cards:
  • Eligibility Check: Instant
  • Approval Decision: 2-4 hours
  • Card Delivery: 5-7 business days
• Personal Loans:
  • Eligibility Check: Instant
  • Approval Decision: 4-6 hours
  • Disbursal: 4-24 hours after document verification
• Business Loans:
  • Eligibility Check: 2-4 hours
  • Approval Decision: 24-48 hours
  • Disbursal: 24-72 hours after approval
• Home Loans/LAP:
  • Eligibility Check: 4-6 hours
  • Approval Decision: 3-5 days
  • Disbursal: 7-10 days after property verification

The basic eligibility criteria for personal loans are:

• Age: 21-60 years (salaried), 25-65 years (self-employed)
• Minimum Income: ₹25,000 per month (salaried), ₹3 lakhs per annum (self-employed)
• Employment: Minimum 6 months in current job (salaried), 2 years in business (self-employed)
• Credit Score: Minimum 650 (varies by lender)
• Residential Stability: Minimum 1 year at current address

Note: These are general criteria. Specific requirements may vary based on the lender and loan amount.

The document requirements vary by loan type:

For Salaried Individuals (Personal Loan/Credit Card):

• Identity Proof: PAN Card (mandatory), Aadhaar Card, Passport, or Driver's License
• Address Proof: Aadhaar Card, Passport, Utility Bills (last 3 months), Rental Agreement
• Income Proof: Last 3 months' salary slips, 6 months' bank statements, Form 16
• Employment Proof: Employee ID card, Appointment letter
• Photographs: 2 passport-size photographs

For Self-Employed/Business Owners:

• Identity & Address Proof: Same as above
• Business Proof: GST Certificate, Shop Establishment License, Partnership Deed, etc.
• Income Proof: Last 2 years' ITR with computation of income, 6 months' business bank statements, Profit & Loss Statement, Balance Sheet

For Home Loans/LAP:

• All above documents plus property documents
• Property Papers: Sale deed, Agreement to sell, Title documents, NOC from society/builder
• Construction Estimate: For under-construction properties

EMI (Equated Monthly Installment) is the fixed amount you pay each month towards your loan repayment. It consists of both principal and interest components.

EMI Calculation Formula:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]

Where:

• P = Principal Loan Amount
• R = Monthly Interest Rate (Annual Rate ÷ 12 ÷ 100)
• N = Loan Tenure in Months

Example: For a ₹5,00,000 loan at 12% annual interest for 5 years (60 months):

• Monthly Interest Rate = 12% ÷ 12 ÷ 100 = 0.01
• EMI = [500000 × 0.01 × (1+0.01)^60] / [(1+0.01)^60-1] = ₹11,122
• Total Payment = ₹11,122 × 60 = ₹6,67,320
• Total Interest = ₹6,67,320 - ₹5,00,000 = ₹1,67,320

You can use our EMI Calculator to calculate your monthly installments.

Yes, most loans allow prepayment, but terms vary:

Personal Loans:

• Salaried Individuals: Usually allowed after 6-12 months of regular payments
• Prepayment Charges: 2-5% of outstanding amount (varies by lender)
• Partial Prepayment: Minimum amount typically ₹25,000-₹50,000
• Full Prepayment: Allowed after paying specified number of EMIs

Home Loans:

• Prepayment usually allowed from own funds (not from another loan)
• Floating Rate Loans: No prepayment charges for most lenders
• Fixed Rate Loans: 2-3% prepayment charges may apply
• Some banks allow free prepayment up to 25% of outstanding per year

Business Loans/LAP:

• Prepayment terms specified in loan agreement
• Charges typically 2-4% of prepaid amount
• Some lenders offer "No Prepayment Penalty" schemes

Important: Always check your specific loan agreement for prepayment terms and charges.