By default, the loan amount will get credited to your NiyoX Equitas savings account.
The repayment bank (that you will use to pay EMI) can be different from the NiyoX Equitas account.
- If Prefr (lending partner) has access to your SMS, they will recommend you a bank account that you should use as your repayment bank.
- If you are a low-risk customer for them, then you will have an option to choose any other bank account as well (don’t have to go with their suggestion and you can enter the bank details of your choice).
- If you are a high-risk customer for them, then you will have to choose the suggested bank account only.
Both your bank accounts (NiyoX Equitas and the one you select as repayment bank) will be verified (Rs. 1 will be sent to both).
- If both accounts are successfully verified, you can proceed.
- If Equitas bank account is verified successful but the repayment bank is not -
- a) If you are a low-risk customer, you can choose another bank account.
- b) If you are a high-risk customer, you will unfortunately not be able to proceed.
- If Equitas bank account verification fails, but the repayment bank verification is successful - The repayment bank will be used to both get the loan and to repay the loan.