What is the difference between ‘Weekend Loan’ and ‘Avail a Loan’?

The ‘Weekend loan’ allows you to avail a loan on Fridays, only to be repaid back by Sunday end of day. It provides you with benefits such as quick loan processing over weekends, easy & automatic repayment and direct credit as eValue on Eko platform.

The ‘Avail a loan’ option allows you to take a loan for a larger period.

What are the criteria to avail a loan?

The transaction history of the merchants as well as CIBIL score are verified before processing a loan.

I am a new merchant - Will I get a loan?

For a new merchant, loan policy is not available as there is a minimum transaction criteria to be fulfilled to avail a loan. You need to be doing business with Eko for atleast 3 months.

How much transaction do I need to do to avail a loan?

There is no fixed value as such but the loan amount depends on how much business you have done.

What will happen if I default?

In case of default, Eko reserves the right to deduct the amount from your eValue before which a prior notification will be sent to you.

Any limit to how much loan I can avail?

There is no limit to how much you can request but majorly it depends on the lending provider to accept that request.

Can I repay in instalments?

EMI system is available and you can pay back in instalments. The EMI interest rate is set by the third party and not in the discretion of Eko to decide on it.