What is Quiklo?

Quiklo is an online platform which provides a Website and a Mobile App to enable students to buy products on EMI without a credit card.

What products are available on Quiklo?

Electronic Devices such as Smartphones, Laptops, Cameras, Tablets and more are available on Quiklo. We are working hard to add more products on our platform.

Are products from Online sites available on Quiklo?

You can browse the products available on our website or paste the URL of any product on Flipkart or Amazon and we will help you get the product on EMI.

How is Quiklo different from others products available in the market?

Quiklo is the only platform which offers EMI options to students, our approval and fulfillment process is the fastest and we provide the best interest rates for the EMI scheme.

Does taking a Loan from Quiklo help me in the future?

Definitely, Quiklo partners with reputed NBFCs and Banking Partners to provide Loans, which have access to CIBIL. Your payment behavior gets reflected in your CIBIL score, which enables you to avail Credit Cards and more Loans in the future. In a way, Quiklo is making you financially responsible and setting you up for your future credit needs.

What is the eligibility criteria to apply at Quiklo?

You must be an Indian citizen, over 18 years of age and studying in a College to be able to apply for a Loan.

Which cities are you currently operating in?

We are operational in Bangalore, Chennai, Pune, Mumbai and Hyderabad right now. We plan to expand to more cities very soon. We appreciate your patience :).

Is Aadhar Card mandatory?

While we prefer Aadhar card as it makes the Loan process 2x faster, we do not stop you from taking a Loan if you don’t have one. The process just gets a bit longer :).

Is a Credit card needed?

As you might know by now, Quiklo helps you buy products on EMI without a credit card.

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What is Applied?

We have received your Application from either the Website or Android App. Your Application needs to be complete with documents to be ready for Verification. Check more on Loan Application below.

What is Approved?

We will process your Loan Application to check for your eligibility. This includes running algortihms on your Application and calling you up for verification. Check more on Approval process below.

What is Fulfilled?

Viola, this means that your Order is ready. At this point, you will have to make the down payment for the Loan and sign a few documents pertaining to the Loan. Read more about fulfillment below. The order gets ready in 2 days. Online Orders might take an extra day or two.

How do I select products to apply for EMI?

Quiklo provides a rich catalogue of Products on its App and Website. You can browse our Catalogue to search for your product. In case you do not find a product, just enter the URL or Product Name and apply, and we will take it forward from there.

What is the minimum and maximum Loan amount?

You can take a loan for any amount between ₹10,000 and ₹30,000. If you wish to avail a loan higher than ₹30,000, the process will involve a few extra steps to ensure that you are eligible for the said amount.

What is the down payment criteria?

The down payment is decided by the complex algorithms we run in the background to judge your eligibility. As a thumb rule, 10% of the product amount is the minimum down payment you need to make. For products costlier than 30,000, the down payment is the amount in excess of 30,000.

What are the minimum and maximum tenor for the Loan?

You can take a loan for a minimum of 6 months and a maximum of 12 months.

Do you charge any processing fees?

Yes, we charge a minimal processing fees for your loan request.

Can the down payment and Tenure be different from the one which I chose while applying?

Yes, our backend algorithms determine the tenure and down payment you are eligible for. Hence, they can be different from what you applied for.

What documents are needed for the Application?

KYC documents (Govt. provided Id Proof and Address proof) and your College ID are the minimum documents needed to apply.

What happens during the Approval process?

We judge your Loan eligibility using complex algorithms, which includes verification calls and background checks. Please be prepared to receive calls and notifications from Quiklo once you have applied for a Loan.

What is the interest rate for the Loan?

Interest rate would depend on our credit risk assessment for you based on various parameters. This is determined by our backend algorithms.

How much time does the approval process take?

Depending on your availability and the completeness of your Application, the Approval can be done within a day to 2 days. You need to respond to our request in a timely manner for fast approvals.

Why was my Loan Application rejected?

We reject your Loan application in case our algorithms perceive a fraudulent application or lack of affordability from your end to pay the loans. In case of the latter, we will recommend you options like a cheaper product or a longer tenure to help you out.

Why am I being asked for more data\documents?

Depending on your loan amount or risk assessment done by our backend algorithms, we might ask you for more data\documents to allow us to approve your loan.

How does the delivery process work?

We will inform you about the Loan Approval and the availability of your product. You then need to make the down payment, sign the necessary documents and take your product.

Do you deliver the product that I have applied for?

Yes, we are very particular about the end use of the Loan amount. So you will only get the product for which you had applied for.

How long does fulfillment take?

In case of non-exclusive products, fulfillment can be done within 2 days. For exclusive products available on Online websites, the timeline is determined by the time take by the website for delivery.

Do you have a return policy?

We do not have a returns policy as of now. Items once purchased cannot be returned.

Can I exchange the product; in case it is damaged?

We only replace items if they are defective or damaged. You need to check the product at the time of delivery and inform us immediately in case of a damage or a defect. Exchange is not possible at a later stage.

How do I repay my EMIs?

You can repay using Wallets, UPI, ECS, Online Transfers and Bank Deposits.

What is ECS?

ECS is automated funds transfer where we debit the EMI from your Bank Account on the due date. This process is very simple and hassle free. You just need to give us the mandate for the debit and ensure that the EMI amount is in your bank on the due date.

Can I pay my EMIs in Cash?

While we allow you to pay your EMI in Cash, you will be charged an additional fee if you decide to do so.

Is there a late payment penalty?

Yes, we want you to pay on time and become financially responsible. We will charge an additional fee in case of delayed payments, the amount is determined by the EMI and delay in payment.

Is there a pre-payment penalty?

There will be no prepayment penalty provided a minimum repayment schedule of 3 months has been followed.

What if I default on my payments?

We will try to remind you to repay, if you still fail, our banking partners will report your case to CIBIL which will make it impossible for you to get credit cards and future loans. Additionally, we will have to collect back your product, something which we do not want to, but we will have to.

I want to pay but am unable to pay. What do I do?

Please get in touch with us, we will listen to your case, and try to help you out in the best possible way.