vCard is an app-based personal credit line, offered in partnership with banks. The app lets you borrow any amount as per your requirement, ranging from Rs.3000 to Rs.5 lakhs, relying on your credit limit that is set by our banking partners. The app charges interest only the amount you use.
We have partnered with several banks and Non Banking Financial Companies (NBFCs) to offer you the best services. We study your profile, choose the best bank or financial company that has the utmost probability of approving your credit application. After your application is approved, we disclose your issuer (Bank) to you.
Yes. It is simple!
You can transfer your credit balance form the app to your bank account, withdraw from ATM and get in-hand cash. You can also transfer funds through NEFT/IMPS.
You have to pay interest only on the amount you use. During withdrawal, you can select the terms of repayment (Minimum: 2 months and Maximum: 3 years). Number of installments and the installment for EMI depends on the EMI tenure you opt.
The interest rate is same as the interest rates for any ‘personal loan’ with zero collateral or security. The interest you have to pay could be as low as 1.25% per month, it depends on your credit profile and the partner bank.
In addition to the App, your issuer (bank) will deliver a vCard credit card to your registered address. This acts as a physical credit card for your shopping. Your vCard credit card is linked to the app, you can track all your transactions. As per your monthly billing cycle, you can pay the outstanding. You will not be charged any interest or hidden fees until the payment due date.
With a simple tap, you can covert you spending more than Rs.3000 to EMIs. This will save you from paying a significant amount of interest.
vCard can be used to encounter any kind of your financial requirements. Few Include:
Yes, you will gain reward points for your online spending through the app and offline spending through the card. The information regarding rewards programme varies according to the banking partner and will be shared with you along with the vCard card.
Remember, the app charges interest only the amount you use. So, get your limit approved and use it instantly when you need. Once your request is approved, you gain access to funds 24x7 at the tap of a button.
You will receive a VCARD card which can be used like any other credit card. You will be gaining reward points for your each activity online through the app and offline through the card.
You need to share following details:
Banks unilaterally cannot upgrade your credit card. Your prior consent is required to upgrade your credit card.
On an average, your application process takes 5 minutes to complete. The time might vary according to your typing speed.
Yes. You get approvals irrespective of banking hours and holidays. However, the KYC authentication process might be impacted on holidays but not on banking hours.
Our robust technology, along with the partnership of leading banks and financial firms, does a series of instantaneous checks on your application prior to the approval. If at any phase, the details provided by you or the verification(s) originated by us are incomplete, identified illegitimate or inappropriate then your application will be dismissed. We will not charge any fees for this.
Therefore, please provide us the right information at the onset!
You can always opt to change or cancel your request before you receive final approval from vCard.
You will be directly paying the outstanding amount (as per your bill) to our partner bank. The app will display your spending, outstanding, remaining balance and also reminds you about the payment.
You can make the payment by –
Visit our partner bank website (Your application approver) and follow the instructions to setup auto-debit.
You can change or postpone your EMI date by writing to us contact_us@vCard.ai. Please make sure you have enough balance before the due date.
If you fail to pay back, you will lose vCard access. Our partner bank will automatically report Reserve Bank nominated 4 credit agencies (CIBIL, Experian, Equifax, Highmark). This will lower your credit score and affect your future financial loans or credit (house loan, car loan or a two-wheeler loan, or get a credit-card) with any financial firm.
Our partner bank might also initiate legal proceeding to recover the money from you.
So, we suggest you not to use the fund if you think that you cannot pay your EMI or outstanding before or on the due date.
Our partner bank/financial firm decides the credit limit based on your profile, income, social profile (Facebook, LinkedIn, Twitter, Phonebook, etc.), CIBIL score and other such factors. The limit might increase, decrease, rejected or blocked as per our partner bank’s/financial firm’s credit policies and also the information you provide us.
Good customers are always valued. Pay your outstanding bills and EMIs on time to raise your credit limit. However, users with too many other loans or a substantial drop in the income might not be eligible.
A good CIBIL is one of the significant aspect to get Home loans/personal loans/Car loans/2-wheeler loans/others. Once you start using vCard and make timely payments, you start growing your credit history and CIBIL score. Indeed, repaying the credit amount on-time is one of the best means to build your credit score.
On the other hand, if you delay or fail to pay your monthly payments, your credit score will be affected. Do not worry! We will be remind you regarding the due date, payment amount, etc. through the app, so that you do not miss your payments.
No. I you foreclose your outstanding balance there will be no negative impact on your CIBIL score. Once you foreclose your outstanding amount, we will be report to CIBIL as ‘Closed’ along with ‘0 outstanding’.
Yes. The partner bank/financial can anytime revoke your credit limit if they suspect any credit risk activity. However, this scenario is much rare.
Yes. You can only apply to us by downloading vCard app on Google Play (Android) or the App Store (iOS) because our product is an app-only product.
You approval process is instant, there is no days together waiting process, unlike the traditional credit card application. After the approval, we have to complete the KYC and DigiLocker formalities. There is no fees or hidden charges for approval, it is completely free.
Anyone citizen of India, holding an Aadhaar card and is above 18 years is eligible to apply.
Before you apply from the vCard app, please have the following information handy:
A variety of data sources is used to make a lending decision. One data source is a credit bureau (e.g. CIBIL), including your score. However, a credit bureau score is not mandatory so if you do not have a CIBIL score, you may still be approved.
It is not mandatory to open/hold a Savings/Current account with the partner bank.
No. We do not contact your employer as we have a robust technology in verifying the legitimacy of the information you provide to us.
vCard is a user-centric and transparent app. At the time of your spending (through the app or through card) the interest rates and fee structure will be displayed to you. This will provide you with clear details on what you are paying for. vCard does not encourage hidden fees. Below are the fees and interest rate details:
The EMI tenure and the total interest are inversely proportional. That is, the longer EMI tenure you choose, the high rate of interest you need to pay. Of course, you can pay less amount and reduce greater EMI burdens in long EMI tenures.
We will be reminding you regarding your due date and pending payments in timely manner as per your billing cycle. Missing the payment on the due date will have the following negative effects:
No. You can repay all or some of your outstanding balance at any time without penalty. The amount you repay will depend on the date of the month.
If you pay only Minimum Amount Due, interest will be accrued on total outstanding balance after due date.
Yes. Opt for an International card, we will coordinate with our partner bank to provide you the same. Standard international charges are applicable on your spending at various merchants.
Do not worry! You are safe.
We establish a read-only connection with your net banking. We cannot tamper any of your financial details, we only pull your bank statements. We also have an auto-logout feature which is enabled within a few seconds after we get read-only access.
vCard and its banking partners use SSL and other industry standard encryption technologies while exchanging confidential information. Our technology is built in such a way that most of the activities are automated. Our systems are verified and approved by IT and information security teams of our partner banks. Our systems have been designed such that most of the steps are automated. We comply with all the data privacy and IT security standards of the country.
Your detailed information related to your transactions, upcoming payments, etc. will be displayed on the app. Also, our partner bank or financial firm will send you a monthly credit card statement.
Uninstalling vCard will not be considered as a good credit behavior. If you uninstall, you will lose access to any of the functionalities offered by vCard. However, your ongoing EMIs will be processed by the partner bank and all loan obligations on the funds used will continue. We will not be able to communicate and remind you regarding your due date and pending payments.
You will remain to receive the monthly credit card statements from our partner bank, so you can pay your monthly bills as per your billing cycle.
One you change your phone, you can download vCard again and sign in using your existing credentials. All your data will be automatically restored and you will have no break in using vCard functionalities.
You can simply login to the app using your registered email ID and update your new phone number. You should also update the partner bank with your new phone number. If not, do write to firstname.lastname@example.org. This is a critical scenario that has to edited and communicated to us, as your funds are linked to your mobile number and KYC particulars.
You need not start from the beginning. You can continue from where you left. In case of any other difficulties write to us at email@example.com.
Please communicate with our customer care or write us at firstname.lastname@example.org. We are 24x7 ready to assist you.
Please feel free to contact us at email@example.com for any information/query/support/service.
The applications support Android and iOS smart phones.
Download the free app on Google Play (Android) or the App Store (iOS)
Sometimes because of Logistics issues, delivery of bills may get delayed. However, you can always check your bills online or through app.
If you forgot your Aadhar Number (UID) there is no need to worry. you can find your UID number online within few minutes. Please follow the below steps to find UID Number:
Yes, we will communicate a reminder to you through SMS and email 2-7 days before the payment due date, so that you can ensure sufficient funds are in your bank account.