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 social groups of like minded individuals, 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.

Finlok is for anyone that is looking to develop a saving discipline, earn handsome returns or borrow a lump sum.

There is no sign-up or registration fees. Finlok only charges a fee to operate groups on the platform. These are covered in detail under pricing and fees section on the website.

Finlok Groups - Process Flow

For more details you can visit the product page. 

At present members can participate in groups ranging from ₹30,000 to ₹1,20,000. The scheme details are available within the Finlok App – You can download app from here

All group payments are done using a BHIM-UPI app 

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.

Member funds are held in an authorised bank account adhering to the regulations laid out under the Chit Fund Act. 

Finlok adds only verified members to its Savings Groups and the risk to member funds are covered as per the Chit Fund Act. 

Finlok further, 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.

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 Rating would help users participate in larger Savings Groups as well as earn incentives. 

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 +91-9067118691 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). 

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

Finlok bhishi groups are operated in partnership with Chit Funds registered and regulated under the Chit Fund Act of India. Since Chit Fund companies manage public money they are required to follow a strict due diligence process to ensure that the right member joins the bhishi group and that member does not default on group payments.
All users are therefore required to share clear and valid ID, address and income proof to help Finlok and partner Chit Fund Company to verify and validate.
ID and Address – Verify identity of all members participating in bhishi groups. To prevent money laundering and other illegal activities. As well as follow-ups regarding in case of payment delays.

Income – To understand the source of income, availability of funds to continue payments towards bhishi groups and assess risk of delayed payments.
About Finlok bhishi groups
Finlok allows users to join online bhishi groups (also referred to as Chit Funds, Kurries, Committees etc.) in order to manage their finances. Finlok bhishi groups are formed with likeminded people to save funds, earn a return and borrow funds from their group. The bhishi groups are managed as per regulations under the Chit Fund Act of India in partnership with our partner Chit Funds.

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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