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FAQ
How much credit will I be able to access?
A: Your credit limit is linked to your monthly earnings, which can be checked in the KarmaLife app
How can I check my transactions done in the past?
A: From your KarmaLife app dashboard, tap on history at which is the central button at the bottom. This will have all your past transactions.
When will I receive my amount?
A: Transaction time is shown in the KarmaLife app when you initiate a transaction. It can take anywhere from 4 hours to 48 hours on working days
What if I pay directly & it gets deducted from my payout too and I end up paying twice?
A: This is a rare occurrence. However, in this rare case, report the issue to us and we will refund the amount.
How can I change the language in my app?
A: You can access language settings from the ‘More’ section at the bottom of the app screen. After you tap on ‘More’, tap on ‘Languages’ to change to the preferred language.
How secure is the information provided by me?
A: Any information provided to us is safe and secure. We also do not share your information with any third party. Please refer to our Terms of Use and Privacy Policy in the app for details.
Can someone use my KYC?
A: You need to provide your KYC as part of the KarmaLife app setup to create a credit-line account. Once it is set up, no one has access to user KYC details, and no one else can use the user’s KYC.
Where can I find my Bureau/CIBIL report?
A: We recommend you to download your Bureau reports from the official website of CIBIL, Equifax, Experian or CRIF. Please don’t use 3rd party apps, they might have older data, which might not be accurate.
How much time does any change take to reflect in the Bureau?
A: After Karmalife reports to the Bureau, it can take up to 45 days to reflect in the Bureau report.
Can money be transferred to someone else's account?
A: You have to set up the bank account as part of the KarmaLife application for registration, and bank account details should match with KYC details. Once the bank account is validated, then transfer will happen only to that bank account. It is not possible to transfer the amount to some other bank account.
How do I repay the credit/advance I use?
A: Used credit/advance will be auto deducted from your payout/earning. You can also repay directly from the KarmaLife app itself using any UPI app.
How do I know if I am eligible?
A: You will be notified from your employer and KarmaLife.
Can I trust the KarmaLife app? Where do I get credit from?
A: Yes, KarmaLife is fully compliant with RBI guidelines. We have tied up with your employer to provide you with credit. Your credit is provided by RBI registered NBFCs. Details of the NBFCs are shown when you are initiating the transaction. The name of the NBFC is also shown in the KarmaLife app at all times. You can also find names of all NBFCs KarmaLife has partnered with here. Your credit reports will reflect the name of one of these NBFCs as the credit provider.
What do the terms 'Sanctioned Amount' and 'Outstanding Amount' mean in a credit report?
A: The Sanctioned Amount refers to the entire credit line amount or loan amount that has been approved by the NBFC, while the Outstanding Amount represents the actual credit used and the amount that needs to be paid back by the borrower. Both of these terms are included in a credit report.
Is all fund usage reported by the NBFC to credit bureaus like CIBIL, Equifax, Experian, CRIF High Mark in a credit report?
A: Yes, all fund usage is reported by the NBFC to credit bureaus like CIBIL, Equifax, Experian, and CRIF High Mark in a credit report.
What does the Opening date/Disbursed date indicate in a credit report?
A: The Opening date/Disbursed date in a credit report indicates the date when the borrower completed their KYC and the NBFC approved their credit application.
How safe is the KarmaLife app?
A: The KarmaLife app is CERT-In, VAPT, and ISO 27001:2022 certified, making it a very safe app to use.
My question is not here, is there a helpline that I can reach out to?
A: We will be happy to assist you. Please reach out to us through the app (‘More’ section) or email us directly at support@karmalife.ai. Please expect a call back from our support team within 2 hours.
