1. What is Refyne?
Refyne is a Bengaluru, India-based fintech company that provides salaried individuals access to their earned wages — an affordable product that provides hassle-free access to cash to the employees. Refyne partners with companies to offer their employees the product.
Refyne’s app enables employees to track and withdraw their real-time earned salary on-demand any time before the scheduled salary day. Launched in 2020, Refyne’s goal is to give the Indian workforce ready access to money that they’ve already worked for and earned instead of being paid only once in a month.
Refyne is a credit line product offered in partnership with registered NBFCs. Refyne is a closed marketplace that runs as a service to employers and their employees. The service is open only to partnering employers and their employees. The employer sets the limits on the amount of earned salary withdrawals employees can make.
2. Why Refyne?
Refyne allows employees to withdraw their earned salary for only a flat one-time transaction fee, where they enjoy a stipulated interest-free repayment period.
Refyne helps salaried individuals break out of the monthly pay cycle, align their income and expenses and reduce their dependence on unregulated and informal high-interest short-term loans.
3. Who can use Refyne?
Refyne is meant only for employees of partner companies. This is a closed marketplace and not intended for public use. The user must be an active employee of the partner company for at least three months and have signed employment agreement forms with their employer.
Every user must be an Indian resident and must complete full KYC as per the RBI guidelines.
4. Services provided
Employees can track and withdraw their earned salary on-demand, anytime before the scheduled salary day & cover their expenses via Refyne’s app
5. Fees & Charges
Refyne is a “salary on credit-line” product. Users can withdraw up to INR 1,00,000 on the Refyne Credit Line at a Maximum APR (annual percentage rate) of 16%. Each time they make a withdrawal, Refyne charges them a one-time transaction fee which ranges from INR 9 - 199 exclusive of GST. The repayment duration, i.e the credit line can be extended up to 12 months.
6. Transaction breakup (Fees and Charges)
Below is an example of the fee breakup for a transaction:
Loan amount: ₹ 10,000
Tenure: 12 months
Interest Rate:
0% (for the first 3 months)
4th month onwards, 16% p.a. reducing
Processing Fee: ₹ 99
GST on Processing Fee: ₹ 18
Total Interest: ₹ 678 (calculated from 4th to 12th month, in total 9 months)
APR: 16%
Disbursed amount is ₹ 9,883
Total loan repayment amount is ₹ 10,678
7. RBI Compliance
Refyne has partnered with RBI-authorised & regulated NBFCs. Our policies and services are fully regulated and legally compliant. We are 100% RBI-compliant in all processes duly defined by the RBI.
8. Safety & Security (Data Protection)
Data Security
Refyne is ISO 27001:2013 certified
Data at rest and in transit is encrypted
Customer data stored & processed in India
Refyne employees do not have access to customer information
Infrastructure & Network Security
Refyne’s product is VAPT certified by a CERT-In empanelled auditor
Data Ownership
Users can delete their personal information from the Refyne databases, at any time
Any session logs containing PII data of the users are automatically purged from the cloud
Read More: Privacy Policy and Terms & Conditions
9. App Permissions
Camera
Takes pictures and videos
Location
Access precise location only in the foreground
Access approximate location only in the foreground
Storage
Read the content of your shared storage
Modify or delete the contents of your shared storage
Other
Have full network access
View network connections
Prevent phone from sleeping
View Wi-Fi connections
10. Customer Support
Email : support@refyne.co.in
Phone : +917406343332
Refyne is a Bengaluru, India-based fintech company that provides salaried individuals access to their earned wages — an affordable product that provides hassle-free access to cash to the employees. Refyne partners with companies to offer their employees the product.
Refyne’s app enables employees to track and withdraw their real-time earned salary on-demand any time before the scheduled salary day. Launched in 2020, Refyne’s goal is to give the Indian workforce ready access to money that they’ve already worked for and earned instead of being paid only once in a month.
Refyne is a credit line product offered in partnership with registered NBFCs. Refyne is a closed marketplace that runs as a service to employers and their employees. The service is open only to partnering employers and their employees. The employer sets the limits on the amount of earned salary withdrawals employees can make.
2. Why Refyne?
Refyne allows employees to withdraw their earned salary for only a flat one-time transaction fee, where they enjoy a stipulated interest-free repayment period.
Refyne helps salaried individuals break out of the monthly pay cycle, align their income and expenses and reduce their dependence on unregulated and informal high-interest short-term loans.
3. Who can use Refyne?
Refyne is meant only for employees of partner companies. This is a closed marketplace and not intended for public use. The user must be an active employee of the partner company for at least three months and have signed employment agreement forms with their employer.
Every user must be an Indian resident and must complete full KYC as per the RBI guidelines.
4. Services provided
Employees can track and withdraw their earned salary on-demand, anytime before the scheduled salary day & cover their expenses via Refyne’s app
5. Fees & Charges
Refyne is a “salary on credit-line” product. Users can withdraw up to INR 1,00,000 on the Refyne Credit Line at a Maximum APR (annual percentage rate) of 16%. Each time they make a withdrawal, Refyne charges them a one-time transaction fee which ranges from INR 9 - 199 exclusive of GST. The repayment duration, i.e the credit line can be extended up to 12 months.
6. Transaction breakup (Fees and Charges)
Below is an example of the fee breakup for a transaction:
Loan amount: ₹ 10,000
Tenure: 12 months
Interest Rate:
0% (for the first 3 months)
4th month onwards, 16% p.a. reducing
Processing Fee: ₹ 99
GST on Processing Fee: ₹ 18
Total Interest: ₹ 678 (calculated from 4th to 12th month, in total 9 months)
APR: 16%
Disbursed amount is ₹ 9,883
Total loan repayment amount is ₹ 10,678
7. RBI Compliance
Refyne has partnered with RBI-authorised & regulated NBFCs. Our policies and services are fully regulated and legally compliant. We are 100% RBI-compliant in all processes duly defined by the RBI.
8. Safety & Security (Data Protection)
Data Security
Refyne is ISO 27001:2013 certified
Data at rest and in transit is encrypted
Customer data stored & processed in India
Refyne employees do not have access to customer information
Infrastructure & Network Security
Refyne’s product is VAPT certified by a CERT-In empanelled auditor
Data Ownership
Users can delete their personal information from the Refyne databases, at any time
Any session logs containing PII data of the users are automatically purged from the cloud
Read More: Privacy Policy and Terms & Conditions
9. App Permissions
Camera
Takes pictures and videos
Location
Access precise location only in the foreground
Access approximate location only in the foreground
Storage
Read the content of your shared storage
Modify or delete the contents of your shared storage
Other
Have full network access
View network connections
Prevent phone from sleeping
View Wi-Fi connections
10. Customer Support
Email : support@refyne.co.in
Phone : +917406343332
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