Frequently asked questions
Quick answers to the questions we hear most often.
What is Lite Finserv?
Lite Finserv is a digital platform operated by Teave Business Solutions Private Limited that helps you buy phones, appliances, electronics and furniture on EMI. Lite Finserv is a Lending Service Provider (LSP). It does not lend money itself.
Who gives me the loan?
Every loan is sanctioned, disbursed and collected by our RBI-registered NBFC lending partner. The lender's name, the loan amount, interest rate, APR, fees and repayment schedule are shown in your Key Fact Statement before you sign.
What does it cost? What is APR?
You pay interest on a reducing balance, plus a processing fee and 18% GST on that fee. The Annual Percentage Rate (APR) combines all of these into one yearly cost, so you can compare offers fairly. The exact figures are in your Key Fact Statement.
What does "no-cost EMI" mean?
We call an offer no-cost EMI only when a brand or merchant discount fully covers the interest, so the total you repay equals the product price (plus any disclosed GST on fees). We never hide interest inside a processing fee.
Can I cancel after the loan is approved?
Yes. During the cooling-off (look-up) period stated in your Key Fact Statement you can exit the loan by repaying the principal and the proportionate APR, with no penalty.
What if I return the product?
A product return is handled by the merchant under its return policy. If a return is accepted, the merchant refunds the lender and your loan is closed or adjusted accordingly. Please do not stop EMIs on your own; contact us first.
What happens if I miss an EMI?
Missing an EMI attracts the penal charges listed in your Key Fact Statement and is reported to credit bureaus by the lender, which can affect your credit score. If you expect difficulty, contact us before the due date.
Do refurbished phones come with a warranty?
Yes. Every refurbished phone financed through Lite Finserv is graded, quality-checked, IMEI-verified and comes with a written seller warranty of at least 6 months, stated on the invoice.
Which documents do I need?
Usually just your PAN, Aadhaar (for OTP-based e-KYC), a bank account for the repayment mandate, and your mobile number. The lender may ask for more as per its KYC policy.
Does checking eligibility affect my credit score?
A credit bureau check is made by the lender only with your explicit consent. We do not claim that a check has "no impact"; the lender will tell you which type of check it performs.
Still have a question?
Our support team is happy to help.