FAQs
Frequently Asked Questions
What is FlyHi?
Flyhi Finance is a technology enabled education finance focused NBFC. We provide quick and highly affordable domestic study loans at attractive terms. We provide affordable study loan solutions across a wide range of education levels: K-12, Coaching Classes, College, University, Vocational Trainings as well as Executive Education courses
Who can avail FlyHi Study loan?
Parent/spouse/guardian having regular monthly income and atleast 21 years of age, can avail FlyHi study loan
Do FlyHi loans require collateral or security?
No, all our study loans are unsecured and does not require any collateral
I have already paid some part of my Institute’s fees. Can I apply for a FlyHi Study loan for remaining fees?
Yes, you can apply but you need to apply for the remaining fee
What is a No Cost EMI?
No Cost EMI is an optional Facility, in which your loan amount is equally divided into monthly instalments as per your chosen tenor, without any interest charges
What is the interest charged on the loans that I avail with FlyHi Study loan?
The interest rate being charged to you depends on factors such as the Institution from where you are enrolled, amount of loan, tenor. Monthly Interest rates could vary between 0% to 2%. In all cases the interest rate will be made known to you before you avail the loan
Is loan amount disbursed to our account?
No, Loan amount will be directly transferred to the Institute’s Bank account
What documents do I need to provide at the time of application?
You need to provide your PAN card, Aadhaar card, 6 month’s Bank statement* and Address proof (if different from Aadhaar)
What is the Minimum & Maximum Loan tenure can customer avail for the loan?
Loan tenure will depend on the course tenure. However, we are flexible in providing the same
What is the Minimum & Maximum Loan amount can customer avail for the loan?
It can be starting from INR 15,000
Is there any processing fee??
Yes. Processing fee is charged depending on the loan amount*. In all cases the Processing fees will be made known to you before you avail the loan and it is non-refundable
What if my Institution is not listed?
In case you are not able to find your institution, You can still apply for FlyHi study loan where Interest rate would be applicable*. You can also provide your Institution details @ contactus@flyhifinance.com or contact @7208003102
If I apply for a loan, how much time will it take till the money to be disbursed in the Institute’s account?
After you complete the loan process, we will disburse the fee amount within 24 hours or as per the terms of the tied up institute
What is the repayment date to pay the EMI?
Your repayment will usually start from the next month of your loan disbursement month. Your repayment date will be intimated to you during the loan sanction process
What is eNACH mandate?
Nach Mandate is an authorization that customers provide to lending Institutions to Debit funds from their bank account for repayment of the loan installments or other applicable charges
What is an E-Sign?
The term E-Sign stands for electronic - Signature. We use the services of our service partners to enable our customers to sign documents such as our Loan Agreements, Sanction letter, MITC, digitally. An E-sign is a legal way to give consent or execute any legal document.
Can I reschedule or postpone my EMI date?
No. FlyHi does not provide any option to reschedule or postpone your EMI date unless there is a regulatory or any government mandate. As such, these postponement or deferment of EMI’s may be termed as restructuring of loan and your loan may be reported as a substandard asset by the reporting entity
Can I Foreclose my loan & what is the process to do so?
Yes, you have the facility to foreclose your loan. You can reach out to us at contactus@flyhifinance.com for the same
What if I have an issue or query regarding the course?
FlyHi is a loan partner and has no role in the services provided by the educational institution. You must contact your institute for any query regarding the course
What happens if I fail to repay the EMI?
It may impact your credit-worthiness in the future. As per law, we will be reporting it to credit bureaus, which may lower your credit score and in turn it can affect your access to loan facilities from other banks and financial institutions
Does FlyHi provide Moratorium/Holiday period to start the EMI after sanction?
No. FlyHi does not provide Moratorium facility. EMI will start from the subsequent month after the sanction
DISTRIBUTORS FAQs
What is the benefit to the Institute for enrolment with FlyHi?
Institute will get their course fees paid upfront, resulting in zero collections hassle from their students which will lead Higher student retention & New admissions
What type of Institution can empanel with Flyhi Finance?
FlyHi Finance lends to students who are studying in K-12 School, College/University, Vocational course, Coaching class, Executive Education and various other Online courses
What is the process for empanelment?
Institution can apply online by filling a simple application form along with submitting a few documents on our website or can call us @7208003102
What is the time duration for disbursal of fee amount in the Institute A/C?
Institute will receive the fee amount within 24 hours after customer complete the loan documentation process
Can scheme be customized as per Institute’s convenience?
Yes, FlyHi Finance allows to customize the scheme as per Institute’s convenience*
What are the documents required to avail the FlyHi Finance loan?
Customer needs to provide Aadhaar card, PAN card, 6 Months Bank statement* and Address proof (if different from Aadhaar)
What does subvention or discount mean?
Subvention or discount is an amount including taxes which Institute bears for FlyHi Finance to enable Low or No Cost EMI facility to the customers
What is the time duration for sanction of a loan?
The time duration for sanction of a loan would be around 30 minutes or higher depending on the applicant’s profile
What if the customer’s loan is not approved?
If the loan is not approved, its Institution’s sole discretion to proceed with student’s enrolment
What is the Minimum & Maximum Loan amount customer can avail?
Loan amount can be starting from INR 15,000
What if student discontinue the course with Institute?
If student wishes to discontinue the course, Institute would be liable to refund the due loan amount of that student back to FlyHi Finance after adjusting the subvention (if any) on a pro-rata basis
What if my Institution is not listed?
In case you are not able to find your institution, You can still apply for FlyHi study loan where Interest rate would be applicable*. You can also provide your Institution details @ contactus@flyhifinance.com or contact @7208003102
If I apply for a loan, how much time will it take till the money to be disbursed in the Institute’s account?
After you complete the loan process, we will disburse the fee amount within 24 hours or as per the terms of the tied up institute
What is the repayment date to pay the EMI?
Your repayment will usually start from the next month of your loan disbursement month. Your repayment date will be intimated to you during the loan sanction process
What is eNACH mandate?
Nach Mandate is an authorization that customers provide to lending Institutions to Debit funds from their bank account for repayment of the loan installments or other applicable charges
What is an E-Sign?
The term E-Sign stands for electronic - Signature. We use the services of our service partners to enable our customers to sign documents such as our Loan Agreements, Sanction letter, MITC, digitally. An E-sign is a legal way to give consent or execute any legal document.
Can I reschedule or postpone my EMI date?
No. FlyHi does not provide any option to reschedule or postpone your EMI date unless there is a regulatory or any government mandate. As such, these postponement or deferment of EMI’s may be termed as restructuring of loan and your loan may be reported as a substandard asset by the reporting entity
Can I Foreclose my loan & what is the process to do so?
Yes, you have the facility to foreclose your loan. You can reach out to us at contactus@flyhifinance.com for the same
What if I have an issue or query regarding the course?
FlyHi is a loan partner and has no role in the services provided by the educational institution. You must contact your institute for any query regarding the course
What happens if I fail to repay the EMI?
It may impact your credit-worthiness in the future. As per law, we will be reporting it to credit bureaus, which may lower your credit score and in turn it can affect your access to loan facilities from other banks and financial institutions
Does FlyHi provide Moratorium/Holiday period to start the EMI after sanction?
No. FlyHi does not provide Moratorium facility. EMI will start from the subsequent month after the sanction