Olyv is a mobile application-based online loan provider that makes easy for anyone to borrow cash quickly and conveniently. We believe that getting a loan should be as easy and pleasant experience as online shopping, without being tiring or embarrassing. Olyv is like a friend you can borrow from without hesitation. In fact, the more you borrow and repay on time, the better it becomes for you
After completing your registration, you can apply for a loan by following these steps: 1. Submit your work details to unlock your loan. This can be done by providing your information through the loan unlock card. 2. Choose from the available loan products for the desired amount and tenure, and apply. 3. After selecting your loan amount, submit your bank details. 4. Complete your KYC by providing a selfie and finishing the KYC process. 5. Once your KYC is approved, we will proceed with verifying your documents. If your bank verification fails, you will be asked to transfer ₹ 1 to Up Move, which will be returned to your bank account. 6. After your documents are verified, you will be asked to set up an e-mandate for your EMIs and sign the e-agreement. 7. Once this process is completed, the full loan amount will be transferred instantly to your bank account. Make timely payments and continue using Olyv to unlock higher limits and better fees & terms over time.
Any Indian individual above the age of 21 can apply for loans via Olyv, provided they have a monthly source of income.
Olyv has partnered with Up Move Capital Private Limited (an NBFC) and several other NBFCs to facilitate loans for its user.
All loan applications sanctioned and approved in Olyv are processed by RBI registered NBFCs/ Banks.
Olyv provides an online platform which connects the NBFCs/Banks with prospective borrower. All loan applications are sanctioned & approved by NBFCs/Banks registered with RBI and their details are shown upfront during Loan application. Details are also available in the Loan Agreements. Olyv undergoes periodic review of its policies to make sure that it is in compliance with the applicable guidelines.
In case you need help, you can call our team on +91 9148380504. You can also send your queries via email to help@smartcoin.co.in
We highly recommend that you use the phone number that is registered with your official records (banks, aadhaar, etc.).
The user can request the support team to delete their data by writing an email to help@smartcoin.co.in. The user can also call us at +91-9148380504. However, the data of a user with an active loan will not be deleted until the loan has been paid in full.
To revoke any already granted consent like permission for use of specific data, disclosures to third parties, data collection and retention, etc, the user can write to Olyv either on help@smartcoin.co.in or at our office address. The user can also call us at +91-9148380504. However, user must note that certain permissions are necessary for continuing with the services
Olyv is a 100% digital lending platform. For our app to function properly and to provide you with the best loan offer, we require certain permissions to analyze your profile
You can read Olyv's Privacy Policy here https://www.Olyv.co.in/privacy_policy.html.
You can read Olyv's Terms and Conditions here https://Olyv.co.in/terms_and_conditions.html.
We use your data for the purpose of facilitating loans for you. We transfer and share data over a secured connection, while maintaining high standards of data encryption and security. You can read more about it in our privacy policy document.
After completing your registration, you will need to provide your work and personal details through the Unlock Loan Card (located on the home page). This will help us unlock the best loan offers for you.
Please follow the below steps: 1. Open the Olyv app 2. Press the navigation menu button on the top left 3. A menu will open from the left 4. Click on "Bank Details" 5. Click on the round edit button in bottom right of the screen 6. Bank account edit form will open, add your new bank details and save Please ensure that the bank account is owned by you, as it might otherwise get rejected during verification. Note: You can change your bank details before loan disbursement. If you need to change your account after loan disbursement, you will have to contact our support team
We use your personal and work related information to create your profile. Based on your profile, we calculate the loan eligibility, which enables us to decide on unlocking best loan offers for you
You can change your details by going to "My Profile" from the main menu of the app.
You can change your details by going to "My Profile" from the main menu of the app. Click the "Edit" button at the bottom right of the page and choose to edit any of the details you need to. Note: Details like name, PAN number, and phone number won't be editable.
Please follow the below steps: 1. Open the Olyv app 2. Press the navigation menu button on the top left 3. A menu will open from the left 4. Click on "Bank Details" 5. Click on the round edit button in bottom right of the screen 6. Bank account edit form will open, add your new bank details and save Please ensure that the bank account is owned by you, as it might otherwise get rejected during verification. Note: You can change your bank details before loan disbursement. If you need to change your account after loan disbursement., you will have to contact our support team.
Details like phone number, PAN number, and name can't be changed once you have completed your registration.
No, you cannot update your Gmail or Email Id.
No, with Olyv, you can apply for only one loan at a time.
Your eligibility and limits are decided by your lender. Olyv provides a score to the lender which the lender may use to judge the eligibility of your loan application. Olyv Score is an internal measure of a borrower’s credibility and his/her likelihood of paying back the loan amounts in time. The score takes into account various information about the borrower such as financial profile, social networks and behaviour data. The score is dynamic and keeps evolving as we obtain greater data on the user. Therefore, good behaviour and timely loan repayments will help a user to increase his score and get better loan terms over time.
Olyv Score is an internal measure of a borrower’s credibility and his/her likelihood of paying back the loan amounts in time. The score takes into account various information about the borrower such as financial profile, social networks and behaviour data.
The loan limits are automatically generated based on your Olyv Score, which might not be sufficient for a higher limit at this point. However, as you take more loans and repay on time, your Olyv Score could improve and we would be able to provide higher loan amounts and lower loan fees over time.
As soon as you complete registration, we analyse your profile and unlock the best loans possible. If there are no loans open for you, it may be because of the following reasons: 1. In some cases, you may also be required to upload your Bank Statement. We will show a message to you to validate your bank linked mobile number to fetch your bank statements with your consent. 2. In other cases, we may not have gotten enough financial data to open loans for you and will not be able to offer loans immediately. We apologise if this is the problem and request you to check for loan offers at a later time!
To get another loan from Olyv, you need to complete your existing loan first. After completing the loan, we analyze your profile and loan repayments to unlock new loans for you.
The loans you get from Olyv are directly disbursed to your bank account. You can use this amount for any of your requirements.
Once you have applied for the loan, you need to ensure the following: 1. KYC is completed. 2. The bank is verified (this generally happens from our side). 3. All documents are processed and the loan is approved. Once the above conditions are fulfilled, the money will reach your bank account within 6 hours. For a repeat customer, the process is much faster, and the money will reach their bank account in less than an hour.
After we have unlocked loan offers for you, we will inform you about them on the app. You can then check all the available loan offers and EMI options and choose the best offer for yourself. Once you have selected an offer, click on 'Apply' and proceed to complete your KYC (if you are a new user). After completing your KYC, we will approve your loan. You will then need to sign the loan agreement to have the amount disbursed to your account
You can use the personal loans for any of your needs.
You can apply for a new loan after you have completed your current loan.
Your application may have been rejected for one of the following reasons: 1. Insufficient Olyv Score. 2. Contradictory personal or work information. 3. Your profile did not meet the lender's criteria. This does not reflect your credibility but rather our algorithms and criteria. We encourage you to reapply after some time (at least a month) as we may have gathered sufficient data for a better Olyv Score to get your application approved.
The applicable interest rate is 36.0% per annum (or 3.0% per month), and will be calculated as per the following formula: Loan amount and Loan Term x Interest Rate
The fees charged from the borrowers is the sum total of processing fees and interest charges. The borrowers are informed about the exact charges at the time of applying for the loan. Processing fees would vary depending on the loan amount and borrower’s Score. Processing charges will go down as you keep using Olyv and build a good score. The applicable interest rate is 36.0% per annum (or 3.0% per month), and will be calculated as = Loan amount x Loan Term x Interest Rate. In case where you have opted for Insurance, a very small amount of Insurance Premium will also be deducted.
At Olyv, we spend a lot of time and effort reviewing loan applications for our lenders, processing documents and helping the lenders with collections. For this, we charge a small percentage of the loan as Platform Service Charge. The lender charges these fees at the time of disbursal, ie, your loan amount is sent, after subtracting the fees. These fees vary, depending on the loan amount and reduce over time, as you keep using Olyv’s services.
There are no hidden fee components. All the charges and interest rates are informed while you are applying for the loan.
Olyv invests a lot of time and effort to analyze your profile, perform credit checks and sanction the loan. This involves a lot of operational effort, which is done during the application stage. Hence we deduct processing fees upfront from the loan to support the operational effort.
Your application may have been rejected for one of the following reasons: 1. Insufficient Olyv Score. 2. Contradictory personal or work information. 3. Your profile did not meet the lender's criteria. This does not reflect your credibility but rather our algorithms and criteria. We encourage you to reapply after some time (at least a month) as we may have gathered sufficient data for a better Olyv Score to get your application approved.
At present, there is no option to cancel a loan after it has been disbursed. However, during the loan application process, you can choose to reject the loan agreement. In this case, the loan will be canceled within a few days. Please contact customer support at help@smartcoin.co.in for further assistance.
Loan agreement contains information about your loan, lender and other important information. It contains all the relevant data between the the borrower and the lender.
Yes, in order to process your loan, you need to sign your agreement.
Once you have signed the loan agreement and the amount has been disbursed to your account, you cannot change loan terms. In case you want to cancel the loan application before agreement, please reach out to our customer support.
The loan amount is disbursed to the bank account that you have provided while filling in your loan application.
You can check the loan disbursal details in the statement of the Bank Account shared by you during registration. In case of any further queries reach out to our support team in case you have any concerns.
Almost all the loans are disbursed in 24 hours to 48 hours of signing the loan agreement. In some cases due to bank issue, the disbursal might get delayed.
You can provide any active bank account that is open under your name. However, we suggest that you provide us with your primary bank account. If it is a joint account, please ensure that you are the primary account holder
We try to verify your bank account by transferring ₹ 1 to it. This is an automatic process. In case the verification fails, you will be informed and a process will be triggered asking you to transfer ₹ 1 to our account. Don't worry, the money will be transferred back to your account
We verify your bank account to ensure that the bank account belongs to you.
The bank account verification may fail due to issues with the bank server or if the account provided does not belong to you
In case the verification fails, you will be informed and a process will be triggered asking you to transfer ₹ 1 to our account. Don't worry, the money will be transferred back to your account
No, you cannot get the loan amount transferred to someone else's bank account.
You need to provide the following documents at the time of loan application (one-time) 1. ID Proof - Aadhaar card (Front and Back) or your PAN card. 2. Selfie photo.
While you are uploading documents for ID and Address verification (PAN, Aadhaar, Utility bill, etc.), please ensure the following: 1. The document should be in your name. 2. You must always click photo of the actual document. Please avoid taking photo of scanned copy or print copy of the document. 3. The image of the captured document is clear and is taking with appropriate light. 4. No part of the document is covered by your hands or any other object.
While taking a selfie, please ensure the following: 1. Keep the camera directly opposite to your face and ensure proper lighting. 2. The image must not be taking sideways or from top or bottom. 3. Please don't wear any sunglasses or scarf while taking the photo.
We verify all the documents that we uploaded by you. Sometimes we reject the documents to abide by the set standards. This may be because of either of the following: 1. The document does not belong to you. 2. The image was unclear. 3. The document did not adhere to the document best practice. Please read out best practices FAQ for more details on this.
Approval of KYC documents is an automated process. Usually, the approval happens within an hour. In some cases, where the uploaded images are not clear and require manual approval, it may take more time.
In case your documents are rejected, you will be informed. An option to redo your KYC will be available for you.
Customers can register for E-Mandate (Auto-Pay) while applying for the loan by providing basic details, as well as customer also has the option to register for E-Mandate (Auto-Pay) once the loan is disbursed.
The Capping amount is required for setting up E-Mandate (Auto-Pay) registration, though you won't be charged any amount on registration. The Autopay registration is completely free.
You can register for Auto-Pay using Net banking, Debit Card/ Credit Card and UPI.
Auto-Pay registration done through Debit Card or Net banking takes 30 min to 2 days, while registration done through upi can take 5-10 minutes
Yes, Auto-Pay signed bank account and loan amount receiving bank account can be different. Though Customer should always signed Auto-Pay through salaried/saving account.
Customers should maintain sufficient balance equals to their emi Amount/Pending Amount + ₹ 5.90 Please note : Olyv does not charge any extra amount on auto-debit, the extra charges of ₹ 5.90 per transaction are the payment gateway charges. Even after maintaining sufficient balance if Auto-Pay is not triggered then it could be because of an issue on the bank side. In such cases, customer can manually make the payment.
After e-mandate is bounced, payments option are enabled for customer to manually the make payment. If there any issues, you can also reach out to +91 9148380504
Auto-Pay is triggered on the due date between 9AM - 7 PM. So it is advised to maintain the sufficient balance one day prior to that i.e. day before due date.
Customers should maintain sufficient balance equals to their emi Amount/Pending Amount + ₹5.90 . Please note : Olyv does not charge any extra amount on auto-debit, the extra charges of ₹ 5.90 per transaction are the payment gateway charges.
Failing to maintain sufficient balance can cause bouncing of Auto-Pay. Delay in emi payment will negatively affect your credit score. Also your bank can charge Autopay bouncing charges too.
On weekday Auto-Pay will get debited within 2hr - 1 Day, while on weekend due to bank holiday it can take between 2hr - 2 day for amount to get debit. Delay caused in debiting Auto-Pay amount is not considered and it also does not affect your credit score.
Customer will receive the confirmation of Auto-Pay debit within 2hr - 1 Day on weekdays, while on weekends due to bank holiday it can take between 2hr - 2 day for confirmation. Customer are also informed through notification and email for same.
Yes, customers can pay their emi by upi or debit card till one day before the due date. In case the auto pay fails on the due date, there will be an option to manually pay the EMI.
If customer have made full emi/pending amount payment then Auto-Pay is not triggered. But still if there is any amount left to settle then for that amount Auto-Pay is triggered.
Sometimes due to network issues, loan details might not be reflected. In such cases you can restart the app or click on the troubleshoot option or login again into the app. Even after all this, Loan detail is still not reflected then you can reinstall the app.
Sometimes due to network issues, loan details might not be reflected. In such cases you can restart the app or click on the troubleshoot option or login again into the app. Even after all this, payment is still not reflected then you can reinstall the app. In case the problem is still there, report it at help@smartcoin.co.in or call on 9148380504
As Per the RBI Guideline, Loan Repayment can't be done through Credit Card
customers can make the payment through following modes: bank transfer, Debit card, Credit card, Auto pay,Net Banking, UPi, Wallet.
Yes, customers are rewarded with Olyv reward points for early payment which they can use to purchase digital gold in the app and save for the future.
Yes, from 5 days before the payment deadline date Olyv start sending reminder across different channel such as notification, email and in chat option of app too. So that customer can make payment on time.
This can be the case of customer fraud. For any such issues, immediately report it at help@smartcoin.co.in or call on 9148380504
No, currently we don't support partial payment of EMI's.
Yes, customers have the option to foreclose the loan.
Following are the consequences of not paying on time : 1. Customers are charged extra interest rate and late penalty fees. 2. Your credit score will get negatively affected. 3. Your chances of getting loan from Olyv or any other such financial institution will get highly decreased. 4. Olyv can take legal actions on you. 5. Your account will be reported to multiple credit bureau, causing issues of failure in approve of future loans
Yes, Even after regular reminder through call, email and notification if customer fails to make the payment them we have to take legal action against customer where he is served digital notice on Email, phone number and notice at his home address too.
Based on Customer credit score, Olyv score and past loans payment history, Partial payment option is provided to selected customers.
Late payment decreases customer credit score, which can cause problem in taking future loans.
Yes, Even after regular reminder through call, email and notification if customer fails to make the payment then we have to report customer account to credit beaure as defaulter.
Click on the "Buy Gold" button from quick actions or tap on the "Savings" option from the bottom navigation. Enter the required amount and proceed to make your Gold purchase.
Purchases can be made for any amount between ₹10 and ₹5000 at a time
Within a financial year, you can purchase up to ₹10 worth of Gold on Olyv.
Gold purchases on Olyv can be made via UPI, net banking, debit card, or credit card.
Yes, a GST of 3% is charged while buying the gold, which goes to the government.
In the savings section, you will see a card called "Sell Gold" under Quick Links. After clicking on the card, you can select quantity of gold you want to sell.
The minimum amount of gold that can be sold at a time is ₹10.
Gold can be sold after a minimum period of 1-3 days since purchase.
It takes 1 to 24 working hours for the money to be transferred to the registered bank account after selling/redeeming gold.
There are no hidden charges while selling Gold.
A user can get free gold through following ways: 1. From Free gold option on the home page. 2. From Free gold section in Rewards. 3. By converting your coins to gold.
Upto 100 coins can be converted into Gold within a week.
A minimum of 5 coins can be converted to Gold.
Unlimited times - whenever rewards are present they can be converted to Gold for free.
Gold is provided by Augmont Enterprises.
24K, 99.9% safe and pure Gold is provided by Augmont on Olyv.
The selling and purchasing prices are quoted based on wholesale prices in the spot market, allowing users to benefit from competitive pricing.
The physical gold is stored safely in the vault of Sequel, the service which is utilized by various banks in India and also by various Asset Management Companies (AMCs) for their Gold-ETFs. The physical Gold stored in the vault is also covered by insurance.
The price for Gold (i.e. Buy/Sell) is shared by Augmont, and there is always a little disparity between the buy and sell prices. The spread varies depending on a variety of factors such as price volatility, supply, and external market circumstances. On the platform, we transparently quote live prices. Furthermore, GST, which is imposed on the buy price, is not levied on the sell price, and there are other charges for payment gateways, trustees, and other services that contribute to the difference between the buy and sell prices.
You can go to the savings section, click on the gift gold button, then enter the phone number of the user whom you want to gift gold to, post that you will have to enter the amount of gold you have to gift and then send it
You can only gift to someone who is registered user on olyv
It is a subscription plan that provides an opportunity for our users to access exclusive benefits when using select products on our platform. By subscribing to this plan, users gain enhanced features and advantages.
The main benefit of prime, is that we refresh your score monthly and send the reports to you over whatsapp on a monthly basis, which helps you remain protected from any kind of fraud
A user can become a prime member on Olyv by going into the credit health page or from the quick action button provided on the homepage or from the cards present on the rewards page and paying the subscription fees for the plan he likes
Olyv is a 100% digital lending platform. For our app to function properly and to provide you with the best loan offer, we require certain permissions to analyze your profile
A way to earn rewards for free
You get 2 free spins on a daily basis
By purchasing gold on the platform
Rewards can be earned via referral, timely purchase, in gold purchase, foreclosure, repayment of emi before due date
Reward related details can be checked in "My Rewards" section.
Rewards can be converted into Gold for free. This Gold can be used when needed.