FAQs

What is Udhaar Card?

Udhaar Card is an app-only loan lending platform that gives personal loans to students.

Do I get a physical Udhaar 'Card’?

No. We are trying to do everything digitally here. The name is just our take on the more famous cousin of ours!

How does one apply for the loan?

Download the Udhaar Card app from the Google Playstore or the Apple App Store to app to avail this facility

What is Udhaar Score?

Udhaar Score is a proprietary algorithm developed by its founders. Your credit limit is dependent on your Udhaar Score. A lot of factors are taken into consideration, but most of all, pay back on time every time, and you’ll be good.

My college isn’t listed?

Please write to info@udhaarcard.in in case your college isn’t listed. We will look into it immediately.

What if I don’t pay back in time?

You are charged a fine of Rs. 5 per day for every day you are late.

Why Udhaar Card?

Because it’s simple! The documentation, loans disbursal and repayment are all done digitally, with no lengthy paperwork or human interaction.

What kind of loans are we talking about?

Udhaar Card gives personal loans ranging from Rs 100 – Rs 5,000 for periods ranging from 30,60, and 90 days to students  to meet their short-term financial goals.

I do not have a credit score. Can I apply for a loan?

Since students are not used to having a Credit Score and thereby denied loans by financial institutions, they are provided with an Udhaar Score, a proprietary algorithm developed by its founders. You will be able to apply for a loan based on your Udhaar Score.

What documents are needed?

Your Aadhar Card and your college ID are compulsory. While the PAN card is optional, it helps in  improving your Udhaar Score.

What if I don’t pay back?

Here’s to hoping you never come to that. Udhaar Card was founded so that students can be financially responsible and financially independent. Not paying back should never be an option. We would call you, send out reminders but if you insist on not paying we are but obliged to take some measures to safeguard our money:

You are bound to face legal action and your future financial security might be at risk. This not only hits your future loan taking ability with every bank/ financial institution, but also hinders your career. Your placement department may be informed. More importantly, companies check credit scores of newly recruited employees. Imagine word going out to your friends and family in your social circle about you defaulting. We would never want to harass you with any of these. And hence would insist on you paying back. For any further queries or help with repayment, feel free to call up our customer care.