Wallet type
The Loan4Bank Wallet is a Semi-closed Prepaid Payment Instrument (PPI-SC) issued under the RBI Master Direction on PPIs, 2021 in partnership with a licensed PPI issuer. It can be used within the Loan4Bank platform for BBPS payments, DMT transfers, cashback settlements and loan repayments.
KYC tiers & limits
- Small PPI (Mobile-OTP KYC): balance ≤ ₹10,000, monthly load ≤ ₹10,000, cannot be used for cash-out
- Small PPI (Full KYC on OTP + PAN): balance ≤ ₹50,000, monthly load ≤ ₹50,000
- Full KYC PPI (Aadhaar + PAN + Video-KYC): balance ≤ ₹2,00,000, monthly load ≤ ₹2,00,000, cash-out to bank permitted
Loading the wallet
You can load your wallet via UPI, net banking, debit card, or bank transfer. Loads via credit card are not permitted (per RBI PPI Master Direction).
Interest
The wallet does NOT bear any interest. Under RBI norms, PPI balances are not deposits and cannot earn interest.
Cash-out
Full-KYC wallet holders can transfer wallet balance to any linked bank account via IMPS/NEFT free of charge. Small-KYC wallets cannot cash-out.
Refunds & disputes
Refunds from a merchant are credited back to the wallet within T+3 working days. Disputes can be raised via the app or by writing to grievance@loan4bank.com. Follow the escalation matrix in our Grievance Redressal Mechanism.
Closure & dormant wallets
Wallets inactive for 12 consecutive months are marked dormant. To reactivate, complete a fresh KYC. To close, log in → Wallet → Close wallet; balances are refunded to your linked bank account within T+5 working days.