Saving with friends on Finlok has just become even better! Finlok rewards programs provides benefits to the users based on their group position. So while the users that receive funds in the initial cycles benefit from early access to funds (credit) the users receiving funds in later cycles benefit for their saving discipline through Finlok rewards program. The following illustration shares the rewards that would be offered from Finlok. Terms and conditions:
- Finlok reward program payout would be made at the successful completion of the last payment cycle
- All group payments need to be made on time; if a member delays their group payment they would forfeit the rewards accumulated against that group
- Finlok also offers group members short term credit; the repayment of the same needs to also be made on time. Any delay on payments would result in the member forfeiting their Finlok rewards accumulated against the group
- Finlok reward points, w.e.f 6th July are calculated at an annualized return of 7% (pa); –
- The same is subject to change in the future; the updated rate would be applicable for new groups formed on and after the update date.