Nearby Technologies (“PayNearby”/ “We”/ “Our”) is a DIPP Certified fintech Company registered under The Start-up India program of the Government of India. With a vision to make financial services available to everyone, we have partnered with United Small Finance Bank Limited (“USFBL” or “Unity” or “Lender”) whereby you, as our retail partner, can become eligible to avail unsecured business loans from Unity to meet your business cash flow requirements.

Unity, the lender, is a small finance bank regulated by the Reserve Bank of India.

You may apply for this unsecured business loan using the PayNearby app. Upon your application, our role is to assist Unity in processing the same and determining whether the details provided by you meet the eligibility criteria as laid out by the lender. We clarify that our role is limited to assisting you in applying to the lender, availing the loan and at no point do we make any decision with respect to grant of loan by the lender.

Our aim is to create access to financial services for our retail partners. We have partnered with Unity (through API integrations) such that you can get a seamless experience in applying for loans directly through our app, in case you need any financial assistance for meeting your cash flow requirements for either your existing or PayNearby business.

The lender would process your application (along with relevant documents) within 2 days of submission. Please note that you would be required to meet the credit policy parameters set by the lender in order to avail the loan.

This unsecured business loan can be taken either for the purchase of stock at your store, payment to your existing creditors or to meet any of the day to day working capital or operating expenses of your business.

Some of the indicative eligibility criteria are as follows:

• Minimum age: 24 years
• Maximum age: 59 years
• Minimum 2 years of overall business experience

You will also need to satisfy certain pre-qualification criteria as agreed between PayNearby and the lender for you to be eligible for applying for this loan. You will get a notification via SMS, WhatsApp or in- app if you are eligible to apply for this loan.

Click on the link provided to you via in-app notification or SMS, fill the form and upload the required documents.

The application process is very simple, completely paperless and online.

Credit history generally plays a significant role in any loan approval process. The Reserve Bank of India has mandated the four credit bureaus in the country to keep a record of your repayment history of credit card bills and all forms of loans. Before approving your loan, the lender shall check your repayment track record. A good credit score will help you fetch higher loan amounts at competitive interest rate.

Please note that for the purpose of this loan application, it is not mandatary for you to have a credit score. The lender may approve your loan application even if you do not have a credit score subject to you fulfilling the other relevant eligibility criteria for this loan.

There is no fee to be paid at the time of making the loan application at the PayNearby app/website. Also note that no fee shall be charged by any PayNearby agent for you to avail this loan.

We will not be able to estimate your eligibility unless you complete the application with the required details as required in the application form.

You can log into your PayNearby App and check the status of your application in the app dashboard. You can also call us on +913366909090 or write an email to customercare@paynearby.in with your loan application number in the subject line.

You can log into your account anytime through the Login Page and continue with your earlier saved application. The part of the application you filled earlier will be saved automatically on the app so you don’t have to go through the trouble of filling the information again.

We will need the following documents to be uploaded with the application forms:

A.  For loan amounts up to Rs. 1 lac:

Basic KYC documents:

1. Photo of your original permanent account number (PAN)
2. Photo of your original address proof – It would be preferable to have an Aadhaar xml as we will authenticate this with If you do not have the xml file, then we shall take alternate proof of address document – voters id card or your driving license
3. Residence ownership documents – any one of electricity bill / Property tax receipt

B.  For loan amounts above Rs. 1 lac:

1. 1. Basic KYC documents as above
   2. Residence ownership documents – any one of electricity bill / Property tax receipt
   3. Business KYC document – Any one of GST certificate, Shops and establishment Certificate and Udyam Registration certificate And
   4. Bank statement in PDF for last 6 months from the date of the application

You will be charged interest rate based on your risk score, which is derived from your credit report

Credit Risk Category

• Category A – 22% p.a. reducing balance
• Category B – 25% p.a. reducing balance
• Category C – 28% p.a. reducing balance

If you fall in risk Category A you will be charged interest on your loan amount @ 22% p.a. reducing balance method and so on.

A onetime processing fee of 3% of the loan amount (plus applicable taxes i.e. GST of 18%) shall also be charged and deducted from the loan disbursal amount.

The tenure of our loan starts from a minimum of 6 months, to a maximum of 36 months.

A Business KYC document  is a proof that you  are carrying out your business in a particular  name and a constitution format and it also acts as a proof of continuity of your business. The examples of a business KYC document can be –

• GST Certificate
• Shops and establishment certificate
• Udyam Aadhaar registration

There is no need to worry if you do not have Business KYC document. You will still be eligible to get a loan of up to Rs. 1 lac subject to the other credit policy parameters set by the lender.

The pictures of your store with your business name and inside of the store images give a lot of comfort to the lender while assessing your credit worthiness in the loan application approval process.

You will be required to upload a .pdf document of last 6 (six) months of your bank statement. The six months should be from the date of your application; for e.g. if you are making the application on 11 November 2021 then you will need to upload the bank statement for the period 11 May 2021 to 10 November 2021. You are free to upload the bank statement for a higher period i.e. more than 6 months, if you wish but 6 months is bare minimum.

The loans disbursed by the lender is unsecured and no collateral is needed as security.

The processing of the loans usually takes 2 working days after all the documents are submitted.

The purpose of taking Insurance is to provide financial protection to your family and your assets from unfortunate eventualities such as death, accident, illness, etc. during the course of your loan tenure. A standard insurance policy, i.e. a term plan, provides financial assistance to your family in the unfortunate event of your death.

The choice of whether you need to take an insurance cover while making this application is absolutely yours and voluntary. In case you do not choose to take this insurance it’s absolutely fine. If you do, then the amount of premium payable to the insurer shall be deducted from the loan amount being disbursed to you. The insurance premium to be charged by the insurance company will be based on your age, income, demographics etc.

A Nominee is mandatory at the time of choosing for this insurance policy.

Yes, a minor can be the nominee of a policy. However, he or she must have a legal guardian in the form of an appointee while applying for this loan.

Yes. You as the insurance policy holder can change your nomination any time before the date of maturity of the policy or entire repayment of this loan.

The repayment of the loan is usually done on a monthly basis through NACH/ECS as the preferred option. However, we also provide facility to repay through UPI QR Code if the NACH  EMI registration is delayed for some technical reason or the NACH presentation has bounced.

Interest will continue to be charged at 2% P.M. on Instalment overdue. Also Rs. 500 (plus taxes i.e. GST of 18%) will be charged on dishonour of each ECS/NACH.

If you have serviced at least 50% of the total EMIS or 6 EMIS, whichever is lower, then you are eligible to repay the entire balance outstanding amount without any penalty and you shall be charged interest only till the date of your repayment.

If you wish to pre-pay the entire loan earlier than the above specified duration, you will have to pay 3% of the outstanding loan amount as the pre-payment penalty. If you intend to prepay your loan, please send an email to cml.request@int.centrum.co.in with your outstanding balance and loan account no. in the subject line.

You can register a request for your account statement by sending an email directly to cml.request@int.centrum.co.in with your loan account number.

If you have repaid 50% of the total EMIs due, you will be eligible for a top up loan.

Please note that the lender has the final right to take the decision to approve or reject all loan applications as per their approved credit policy. If your application would have qualified as per lender’s credit policy, then your application may have be approved. If you still have any questions, please drop an email to customercare@paynearby.in with your loan application number and we will get back to you with the reasons of rejection of your application.

Please note that your application may be rejected due to following reasons:

• Credit Bureau result (Score lower than 600);
• A history of DPDs (Days past Due), Write off or settlements in the last 12 months in any of your existing loans or credit cards;
• You have an active loan with Unity/Centrum already;
• In-principle sanction letter sent to you is not accepted by you within 3 days;
• Digital document signing failed 3 times at your end;
• E-NACH mandate registration failed 3 times;
• Any other reason as per credit policy of the Lender.

There could also be some reasons for rejection at the application stage itself, such as:

• Age parameter not being met – Age of the applicant is not between 24-59
• Business experience check – Minimum 2 years of business experience required
• If the bank account of the applicant is not in the list of banks where eNACH mandate is not live

You can pay your missed EMI by scanning the UPI QR code as seen on your Repayment schedule (part of your loan documentation pack) and pay the EMI through any UPI supported App like Paytm, GooglePay or PhonePe etc. On scanning the QR code, your loan account details including the EMI etc. will be displayed on the app. You need to confirm the same and use your UPI Pin to complete the payment. You can write an email to cml.request@int.centrum.co.in with your loan account number and we shall be able to send you a link for repayment.

Once you receive the message that your loan application has been approved, you are required to complete the digital documentation (which is done online through the use of an OTP validation) and ENACH mandate registration. Please check if you have received the link to complete the esign of the loan documentation and ENACH mandate registration.

If you have completed the documentation and still not received the loan, please call on +91 9994909090 or write to us at customercare@paynearby.in with your loan application number in the subject line of the email.

If you have not received the link to complete your loan documentation and NACH mandate registration, please call us on +91 9994909090 or write to us at customercare@paynearby.in with your loan application number in the subject line of your email. We would be happy to assist.

You can send an email to cml.request@int.centrum.co.in with your loan account number and the details of restructuring you need to request for.

Please share the payment details on email to cml.request@int.centrum.co.in with your loan account number and they shall be happy to assist you and send you an updated loan statement.

You can register your complaint with full details of the issue by sending an email directly to cml.complaints@int.centrum.co.in with your loan account number.

Your data is extremely important to us and shall be protected all times. Your data with us is secured by

a 128-bit SSL connection, ensuring that your personal and financial information will always be protected.

Also, please note that PayNearby does not sell your information to any third parties and has stringent policies in places to avoid any such data leakage.

Please drop us an email @ cml.request@int.centrum.co.in or call us at 91-90828 29036 / 91-022 62756222.