This policy explains how cancellations, refunds, charge reversals, and payout clawbacks are handled on the Stepway Online platform.
1. Overview
Stepway Online is primarily a facilitation and distribution platform. Refunds or cancellations may be governed either by us or by the underlying bank, NBFC, insurer, or service partner depending on the product involved. Where a partner institution controls the refund decision, we assist with coordination but do not override the partner's policy.
2. Platform Fees
Stepway Online does not currently charge any platform fee for standard registration and basic application submission unless specifically disclosed during the transaction flow.
- If a platform fee is introduced for a specific service, the applicable refund terms will be displayed at the point of payment.
- Fees already consumed toward processing, verification, or third-party service execution may be non-refundable unless otherwise stated.
- Duplicate charges verified by our team will be refunded to the original payment source.
3. Insurance Cancellations & Premium Refunds
Insurance cancellation and refund requests are governed by the respective insurer's policy terms and applicable IRDAI guidelines.
- Policies cancelled during the applicable free-look period may be eligible for refund subject to deduction of proportionate risk premium, stamp duty, medical costs, or other insurer-approved charges.
- Cancellations requested after the free-look period are subject to the insurer's short-rate cancellation table or surrender terms.
- The final refund amount and approval timeline are determined by the insurer.
- Stepway Online can assist in forwarding the request and supporting documentation, but the refund is issued by the insurer or its authorized payment channel.
4. Loan Processing Fees & Similar Charges
Loan processing fees or convenience charges collected by lenders are generally non-refundable once the application has been processed.
- If a lender rejects an application after pre-collecting a fee, refund treatment depends on that lender's policy.
- If a payment is captured in error or duplicated, we will coordinate with the relevant partner for reversal where applicable.
- Documentation fees, bureau charges, verification costs, or similar third-party charges may remain non-refundable once consumed.
5. Agent Commission Reversals & Cancellation Events
Partner commissions may be reversed, withheld, or clawed back in situations where the underlying transaction does not remain valid.
- Loan is foreclosed, written off, or reversed within the lock-in period defined by the partner institution.
- Credit card is cancelled within the institution's clawback period.
- Insurance policy lapses, is cancelled early, or is voided due to inaccurate information.
- Application is found to contain fraudulent, misleading, or unverifiable data.
- Partner institution later marks the case as invalid, duplicate, or ineligible for payout.
In such cases, the adjustment may be netted from future partner payouts where permitted by program rules.
6. Refund Timelines
Where Stepway Online is directly responsible for processing an approved refund, the amount is typically initiated within 7 to 10 business days to the original payment source, subject to payment gateway and banking timelines.
- Partner-controlled refunds may take longer based on the partner institution's internal process.
- Incomplete documents, beneficiary mismatches, or account verification issues may delay settlement.
- Once initiated, final credit timing depends on the customer's bank or card network.
7. How to Raise a Refund or Cancellation Request
To raise a request, email [email protected] and include the following:
- Registered mobile number and full name.
- Transaction, application, or policy reference number.
- Product type and reason for cancellation or refund request.
- Relevant screenshots, receipts, or payment confirmation if available.
Our support team will acknowledge the request and guide you on the next steps. Response timelines may vary depending on whether the case is handled by us or by a partner institution.
8. Contact Us
For refund, cancellation, or reversal related assistance, please contact:
Stepway Online Fintech India Private Limited
Email: [email protected]