FAQ

Most frequent questions and answers

Most people use banks and other market instruments to save and raise money. At Finlok individuals can save money for themselves, leveraging their own social groups of friends and family, for medical expenses, education, marriage needs, emergencies, buying necessities and/or luxury items to name a few. Studies have shown that saving within a social group helps you save 80% better.

Finlok aims to give the power of banking back into the hands of people.

Anyone with a valid bank account and Aadhaar card can register with Finlok and can start using the Android Mobile App for saving funds.

It’s free to create and share with your friends. There is no sign-up fees. There is only a convenience fees based on the group created by the user. This is covered in detail under pricing and fees section on the website.

Anyone with a valid bank account can register with Finlok and can start using the Android Mobile App for saving funds.

A new user can join and create its own savings group in a few simple steps

  • Download the “Finlok” app from the Google Playstore
  • Then Log in to the app via your mobile number (OTP verification) and completing a simple registration form
  • Now you are ready to create your own savings group. Add basic details of amount, top-up amount, time interval and tenure you want to save the funds
  • After this, all you have to do is click on the invite friends button, select the contact you want to invite, an SMS would automatically go to your contact with the App URL. The group starts with minimum 3 members having joined
  • Once group is active; platform would notify users about fund allocation and reminders to pay
  • Finlok supports direct bank transfers between group members using BHIM-UPI (detailed provided below)
  • The group would be completed once each member of the group has received funds once.

The funds and member limits would be dependent on the subscription category as per the pricing and fee section.   

All group payments are peer to peer using BHIM-UPI (integrated across 95 banks) powered by Yes Bank. 

We use BHIM-UPI as the payment mechanism for our users which is a product developed by the National Payment Corporation of India (NPCI). The technology has been developed bearing in mind security and safety; the technology further ensures that no sensitive data pertaining to users bank details is every visible to any other user or application. The payments itself are authenticated by the user entering a PIN which is stored only the NPCI servers.

No! Users pay the funds amongst each other. Finlok doesn’t hold any members or groups funds ever.

As explained Finlok doesn’t hold any member or groups funds ever. Finlok plays the role of a platform that helps members manage their savings groups.

The funds and member limits would be dependent on the subscription category as per the pricing and fee section.   

Finlok includes the use of SMS and web-based reporting create transparency and accountability at all stages, further alerting us on any discrepancies in the process. We follow up extensively for the payments proactively and even incase of delays, with regular calls and reminders. The Finlok Rating  also penalises payment irregularities and as such is designed in a manner that in case an individual has defaulted, he is unable to receive the funds from any other savings done on the platform, also incase there is a delay of more than once in the payments, the individual delaying receipts his funds only at the end on the savings group. The defaulter or the “undisciplined saving” member is further named on the platform within the group members in-order to ensure moral and social pressure to pay back the funds.

Yes, incase a group has not started, in this case he can contact our support team to update the group details. However, in case, a group has started the borrower cannot change the amount as the other members have agreed to the terms of the saving group.

Finlok Rating is an in-house user scoring model which is a rating rating from 1-10 with 10 being the category with the strongest credit profile and 1 being the weakest. The rating is derived by data such as repayment history on the platform, social media connect, references from peers, socio-economic factors, financial behaviour etc.). An individual can improve his rating by ensuring timely payments, giving more detailed information and access to other online data, which is analysed to better the scoring thereby improving the user’s profile to access funds in case of need.

Finlok offers short term credit (tenure between 2-4 weeks) to members of active groups on Finlok. Users can apply for the same through the “Loan” section of the Finlok mobile app.

Finlok charges a nominal fee from each group member for operating their saving group on the platform. Finlok offers short term credit to group members based on their Finlok Rating; where a interest and a processing fee is charged to users.

It’s free to create and share with your friends. There is no sign-up fees. There is only a convenience fees based on the group created by the user. This is covered in detail under Platform Fees Section

Finlok offers group members rewards for their commitment to their group as well as timely payments. You can find more details about the same here.

One can contact us via +91-9076118691 or email at support@finlok.com. You can also connect with us on FB and Twitter. We promise to respond as soon as possible.

Our platform features the most secure payment encryption technology (256 bit SSL encryption – the highest in the industry). Since we use UPI (powered by Yes Bank) we don’t store any card / banking details.

We take your privacy very seriously and never share your personal information with anyone.

If you did not find the answer to your question on this page please send in your query on the email/contact number shared here

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