Late Payment & Default Policy

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Timely payment of all installments is a mandatory obligation under the VIB Flexible Payment Agreement. Failure to make payments by the agreed due dates constitutes a breach of the agreement and may result in financial penalties, suspension of services, recovery proceedings, and other actions permitted under applicable laws and the accepted terms of service.

Customers who intentionally obtain services through false information, identity misrepresentation, forged documents, or with the deliberate intention of avoiding payment will be treated as engaging in fraudulent activity. VIB maintains a zero-tolerance policy toward fraud, scams, identity misuse, and payment evasion.

Where appropriate, VIB reserves the right to:

• Impose late payment penalties.

• Suspend or permanently terminate access to VIB services.

• Cancel future financing or flexible payment eligibility.

• Recover all outstanding dues, penalties, and associated recovery costs.

• Share relevant information with payment partners, recovery agencies, legal representatives, or competent authorities where permitted by law.

• Initiate appropriate civil and/or criminal legal proceedings in cases involving suspected fraud, identity theft, forged documentation, intentional deception, or willful payment evasion.

Any attempt to misuse VIB's Flexible Payment Program through fraudulent means may lead to permanent blacklisting from the platform.

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Late Payment Charges

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Grace Period

A grace period of 1–2 days may be considered only if the customer informs VIB in advance and the request is approved. Approval of a grace period is solely at VIB's discretion.

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Late Payment Penalties​

Customers are responsible for making all installment payments on or before the agreed due date. Failure to pay on time will result in the following late payment charges:

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• Grace Period (1–2 Days)

• A grace period of up to 2 days may be granted only if the customer informs VIB in advance and receives approval.

• Grace periods are provided solely at VIB's discretion and are not guaranteed.

• Up to 7 Days Overdue

• A ₹300 late payment penalty will be applied.

• From Day 8

• An additional ₹300 penalty will be added.

• Total penalty becomes ₹600.

• Every Additional 7-Day Period

An additional ₹300 late payment penalty will continue to be added for every new 7-day overdue cycle until the outstanding amount is cleared.

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• Monthly Default

If the payment remains unpaid for one month, a ₹1,500 Monthly Default Penalty will apply, in addition to any applicable outstanding dues and previous late fees, where permitted under the agreement.

 

Penalty Examples

• Day 1–2: No penalty (only if prior approval for grace period was granted)

• Day 3–7: ₹300 late fee

• Day 8–14: ₹600 total late fees

• Day 15–21: ₹900 total late fees

• Day 22–28: ₹1,200 total late fees

• One Month Default: ₹1,500 monthly default penalty applies.

 

Important Notice

Late payment penalties are separate from your installment amount and must be paid along with any overdue balance. Failure to make timely payments may result in suspension of services, cancellation of future flexible payment eligibility, recovery proceedings, and additional legal action where applicable under the VIB Flexible Payment Agreement and governing laws.

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Anti-Fraud Notice

​VIB's Flexible Payment Program is intended exclusively for genuine customers who intend to fulfill their payment obligations.

 

If you apply for flexible payments using false information, another person's identity, forged documents, or with the intention of receiving services without making the required payments, VIB may pursue all remedies available under law.

Fraudsters, scammers, chargeback abusers, and individuals attempting to evade payment are not welcome on our platform. VIB actively verifies customer information through mandatory KYC and reserves the right to cooperate with law enforcement agencies, financial institutions, payment partners, and legal authorities whenever fraudulent or unlawful activity is reasonably suspected.