If you are unable to repay the loan by the due date, you can use the extension feature available in the app—provided you apply before the due date. Failure to repay on time will result in a default service charge and a daily late fee.
You are allowed up to four extensions in total; however, the service charge may vary for the second, third, and fourth extensions.
Please note, if the loan is neither repaid nor extended by the 30th day, by 12:00 PM, your details will be with CIBIL and any applicable penalty charges will be added. This is a mandatory procedure by law.
StuCred is an RBI-registered NBFC, and we are obligated to report loan activity, including repayment history, late payments, and defaults, to credit bureaus such as CIBIL. Timely repayments help improve your credit score. Continued non-payment may also lead to legal action.