FAQ

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What exactly is 7Prosper?

7Prosper is your Personal Financial Adviser. We tell you exactly where to invest, how much to invest and when to invest to achieve your financial goals. We also advise on your insurance and loan requirements. The financial advisory service is driven by our intelligent algorithms - the Robo Adviser, which is not only affordable, but incomparable to to any human adviser. 7Prosper is registered with SEBI as Investment Adviser.

Is 7Prosper registered with any regulatory body?

Yes, 7Prosper is registered with Securities and Exchange Board of India as an ‘Investment Adviser’ firm as 'Seven Prosper Financial Planners' with registration number as INA000005622. 7Prosper acts in best interest of the clients recommending what is best for them as per their goals and risk taking capacity. We don't push products which makes us commissions as we don't make any commissions :) We charge you upfront fees for our services and help you save on huge amount of hidden commisions you end up paying for the so called 'free' services.

Is 7Prosper a stock broker?

No, 7Prosper is not a stock broker or a stock sub broker.

Is 7Prosper a mutual fund distributor?

No, 7Prosper is not a Mutual Fund Distributor with AMFI. 7Prosper only recommends and transacts only in direct plans of mutual funds thereby saving our clients distributor commisions which they incur on regular plans of mutual funds.

Is 7Prosper an insurance agent?

No. 7Prosper is a SEBI Registered Investment Adviser. We do not make any money on recommending you insurance schemes. Therefore, the insurance recommendations are truly unbiased and are in your best interest.

How is 7Prosper different from other online personal finance companies?

7Prosper is doctor for your financial health, while most of the other companies are chemist shops selling your different financial products. Legally, unlike most of the companies, SevenProsper is not a mutual fund distributor, neither a stock broker nor an insurance agent. Interest of all these types of companies lies in selling you the schemes which earns them more commission. SevenProsper is a registered Investment Adviser, where its our duty to act in your best interest and give you the right advice. We do not sell any products, hence there is no conflict of interest.

How can we contact you?

Please write to us at hello@sevenprosper.com or call us at +91-6361890620. Our team would be glad to assist you.

How do you make money?

We charge you yearly subscription fees for our financial planning services provided. We also help you in transacting in direct mutual fund plans through our platform powered by BSE Star MF at no additional cost.

Are there any hidden charges?

No. Absolutely no other charges. We earn only what we get directly from you. 7Propser doesn't get any commisions from Mutual Fund houses or Insurance companies. Neither we sell your sensitive data to make money. Your data is truly secured with us.

How is your Robo Advisor different from other Robo Advisors?

Our Robo Advisor is a financial planner in its truest form, which is designed to follow the five crucial steps of personal financial planning as described here. Most of the platforms which claim to be a ‘Robo Adviser’ are fundamentally a broker, distributor or agent providing basic recommendations on product they sell.

How is your Robo Advisor better than a human advisor?

Being a software driven adviser, our algorithm is capable of analyzing tens of thousands of schemes available in the market and prepare a personalized portfolio for you. Analyzing these many schemes is beyond human capabilities. Further, process of financial planning process is a very tedious process which involves significant efforts from a human due to which human advisers are bound to charge a very high amount for their services. Since there is no human intervention in our Robo Adviser, we are able to offer services better than a human financial planner at much cheaper cost.

Is the advice given by your Robo Adviser guaranteed to perform as expected?

Just like any other thing in life, nothing in certain in financial markets too. We apply the best possible techniques to recommend you a portfolio so that you achieve your financial goals. But, markets might change drastically over the years and your investments might not perform as expected initially. We minimize that risk by regularly rebalancing your portfolio.

Why do you charge money for advisory when most of the other companies advise for free?

As they say, "there is no free lunch". No service is truly free. Most companies out there are Mutual Fund Distributors registered with AMFI. These companies sell you regular plans of mutual funds which earns them distributor commission. The commission to them is paid by the mutual fund company from the investments you make with the company. These commisions can be as high as 2.5% of your investments per year. To avoid distributor's commission, you must invest through direct plans of mutual funds. Naturally, distribution companies are more inclined towards selling the schemes which makes them more commissions. 7Prosper is not a Mutual Fund Distributor. We are SEBI Registered Investment Advisers. We only recommend direct plans of Mutual Funds thereby saving you the hefty commissions you end up paying through regular plans. Hence, to act in your best interest we charge you an upfront fees which keeps our engine running to help you with your personal financial matters.

What are the different plans available?

Please refer to pricing section for different subscription plans available: https://www.7prosper.com/#pricing.

What is the recommended plan?

We recommend you to subscribe for our 3 year plan as yearly rebalancing is an integral part of financial planning.

What is the difference between Lump sum purchase and SIP?

Lump sum investments are one time investments where you invest as and when you want like fixed deposits. SIPs or Systematic Investment Plan is like recurring deposits wherein you invest a fixed amount every month in a Mutual Fund scheme.

How do I complete my KYC?

If your KYC is not complete, we will help you in completing your KYC in 48 hours after you provide your PAN details in your 7Prosper account. If you still have not been contacted so far, please feel free to reach out to us on +91-6361890620 or support@7prosper.com.

I placed an investment order but the payment failed. Can I pay for it now?

We suggest you to place a fresh order and make the payment through the new payment link that you get after placing the order.

I am running low on fund this month. Can I skip a SIP installment?

Unfortunately, you can not skip a SIP installment. If you are running low on funds for SIP, contact us at +91-6361890620 and we can figure out a way to fulfill the upcoming installment. Please note that your installment won’t go through if you don’t keep sufficient funds in your bank account. Mutual Funds do not levy any penalty for skipping an installment but your bank might levy a penalty. If you skip 3 consecutive installments, your SIP will get cancelled automatically. However, you can restart a new SIP anytime you want.

What exactly is STP - Systematic Transfer Plan?

Systematic transfer plan (STP) is taking out money from one scheme and investing in another scheme of the same asset management company on a regular basis. STP involves redemption from one scheme so taxes are applicable.

What exactly is SWP - Systematic Withdrawal Plan?

Systematic withdrawal plan is taking out money from a scheme that you invested in on a regular basis. SWP is useful when you want a certain amount on a monthly basis.

Can I invest if I don’t have net banking enabled?

You can invest using offline NEFT or RTGS if your net banking is not enabled. After placing the order, go to your bank and transfer the money in account as informed to you. Note down the UTR number given by the bank and submit it back at the payment link for your order.

Can I invest in Mutual Funds in cash?

At 7Prosper, we don’t support any cash investments in Mutual Funds.

How can I change my bank account registered with 7Prosper?

Log in to your 7Prosper account -> Go to Profile -> Bank Accounts. Add a new bank account or update an existing account to behave a default bank account. You can also remove a bank account if you no longer operate an account. Please note that it can take a few days for you bank account to get updated with all the mutual fund houses. We recommend that you do not redeem money immediately after changing bank account details. For any support, please reach out to us on +91-6361890620.

Is my money safe by investing through 7Prosper?

Your money is absolutely safe. The money you invest doesn’t even hit 7Prosper’s bank accounts. It direct goes to BSE’s account and from it gets transferred to the mutual fund house where you want to invest. In case of failure of orders, your money is promptly refunded automatically.

Does 7Prosper offer guarantee on returns?

Can I change the date for my SIP installment?

You will have to stop the existing SIP and start a new SIP. You can not change the date in an existing SIP. Please note that you should cancel the SIPs at least 15-20 days before your next installment is due.

When will my SIP installment get deducted from my account?

The SIP amount gets deducted on the SIP day or on a previous working day if your SIP day is a holiday. For ex. If your SIP day is the 5th of every month, the amount will get deducted on the 5th of the month if 5th is a working day. In case of 5th being a Sunday in some months, the money will get deducted on Friday, 3rd day of the month.

I skipped a SIP installment due to insufficient balance in my account. Will there be any penalties? How can I pay for the missed installment now?

The mutual funds do not levy any penalties for missing an installment. However, your bank might levy a penalty for dishonoring the mandate. If you skip 3 consecutive instalments, your SIP will get cancelled automatically. If you are running low on funds for SIP, contact us at +91-6361890620 and we can figure out a way to fulfil the upcoming installment.

My SIP installment didn’t get deducted on the due date. Why did it happen?

It can happen due to insufficient balance in your bank account or SIP having expired. If you had sufficient balance in your account and SIP was also active, and still the amount didn’t get deducted, please reach out to us asap on +91-6361890620 or support@7prosper.com.

My SIP installment got deducted from the account before the due date. How could that happen?

The SIP amount gets deducted on the SIP day or on a previous working day before if your SIP day is a holiday. For ex. If your SIP day is the 5th of every month, the amount will get deducted on the 5th of the month if 5th is a working day. In case of 5th being a Sunday in some months, the money will get deducted on Friday, 3rd day of the month.

Which all banks do you support for SIP?

As of now, we support following banks for paperless SIP: IndusInd Bank ,Axis Bank ,Bank of Baroda ,Bank of Maharashtra ,Central Bank of India ,Canara Bank ,Corporation Bank ,COSMOS Bank ,Catholic Syrian Bank ,City Union Bank ,Development Bank of Singapore ,The Dhanalakshmi Bank ,Federal Bank ,FIRSTRAND BANK ,IDFC Bank ,Indian bank ,INDIAN OVERSEAS BANK ,Karnataka Bank ,Lakshmi Vilas Bank ,NKGSB bank ,Punjab National Bank ,Ratnakar Bank ,South Indian bank ,Saraswat Bank ,Union Bank of India ,UCO Bank ,United Bank of India ,Yes Bank ,YES CORPORATE BANK Ltd ,HDFC Bank ,Kotak Mahindra Bank ,Shamrao Vithal Co-operative Bank ,Tamil Nadu State Apex Co-operative bank ,Andhra Bank ,IDBI Bank ,ICICI Bank ,State Bank of India

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