General Terms & Conditions
Terms of Use
1.1 Thank you for visiting www.paisaontime.comby accessing or using the website
www.paisaontime.comwhether automated or otherwise, you, a registered or guest user
in terms of the eligibility criteria set out herein (“User“), agree to be bound
by these Terms and Conditions ("Terms of Use") and any additional terms and conditions
that are referenced below or otherwise may apply to specific areas of the website,
from time to time. We encourage our Users to read these Terms of Use carefully while
using the website.
1.2 The Website is owned and operated by Artaras Technologies Pvt Ltd, a leading
fintech company offering a robust platform for short-term personal loans. We provide
the short term personal loan with our lending partner with Salora Capital Limited,
an RBI-licensed NBFC, to provide timely financial solutions.). All references to
the Website in these Terms of Use shall deem to refer to the aforesaid entity in
the inclusion of the online portal.
1.3 The contents set out herein form an electronic record in terms of the Information
Technology Act, 2000 and rules there under as applicable and as amended from time
to time. As such, this document does not require any physical or digital signatures
and forms a valid and binding agreement between the website and the User. Further,
please be advised that these Terms of Use are made available to the User pursuant
to and in accordance with the provisions of Rule 3 (1) of the Information Technology
(Intermediaries Guidelines) Rules, 2011 that require publishing the rules, regulations,
privacy policy and terms of use for access or usage of the website.
1.4 We reserve the right to change these Terms of Use at any time. The changes will
be effective from the date and time of the posting of such changes. By continuing
to use the website after we post any such changes, you accept the Terms of Use as
modified.
2. Customer Eligibility
2.1 Use of the Website is available only to such persons who can legally contract
under the Indian Contract Act, 1872. Persons who are “incompetent to contract” within
the meaning of the Indian Contract Act, 1872, including minors, un-discharged insolvents,
etc., shall not be eligible to use the website. If the person accessing the website
is a minor i.e., under the age of 18 years, such person shall not register as a
User of the Website and shall not transact on or use the website.
2.2 The Website reserves the right to terminate any membership and/or refuse to
provide access to the website if it is brought to the website’s notice or if it
is discovered that the person accessing/using the website is under the age of 18
years.
2.3 By accepting the Terms of Use, the User irrevocably declares and undertakes
that he/she is of legal age i.e., 18 years or older, and capable of entering a binding
contract and that such acceptance shall be deemed to form a contract between the
website and such User to the extent permissible under applicable laws.
2.4 The User must have a rupee-denominated savings/current account with a bank in
India.
2.5 User must have PAN (Permanent Account Number), allotted by the Income Tax Department
of India.
2.6 By accepting the Terms of Use, you acknowledge that you have also read and understood
the risks involved in lending and/or borrowing through the website.
2.7 To be eligible as a Borrower, User must be: 2.7.1 User must be a salaried individual.
2.7.2 If the User is a salaried individual, then the User:(a) must be based in India;(b)
should not be unemployed at any point of time during the last 6 months;(c) should
not have any kind of civil or criminal litigation instituted against him/her;(d)
must be receiving his/her monthly salary in the bank account; and (e) must only
be seeking a loan amount in between Rs. 25,000, and Rs. 5,00,000 with a loan term
of not more than 24 months.
3. Sign up and Registration
3.1 As indicated, any person may access the website either by registering on the
website or using the website as a guest. However, a guest user may not have access
to all sections of the website, which shall be reserved only for the purpose of
registered Users, and which may change from time to time at the sole discretion
of the website.
3.2 All eligible Users who wish/have to register themselves with the website shall
be required to create an account by filling in the details prescribed in the website.
3.2. All the eligible users who wish/have already registered themselves with the
website would be required to have an account created on our website by filling up
all the necessary details. 3.3 By applying for registration, the User agrees and
authorizes us to carry out such checks and verification. As part of the registration
process:
3.3.1, we shall run identity, KYC, fraud checks.
3.3.2 obtain a credit rating for Users from the Credit Information Bureau.
3.2. All the eligible users who wish/have already registered themselves with the
website would be required to have an account created on our website by filling up
all the necessary details.
3.3.3 carry out residence and/or work verification at your employment location.
3.4 If any User provides any information that is untrue, false, not updated, and
incomplete or the website has reasonable grounds to believe that such information
is untrue, false, not updated, incomplete, the website shall have the right to suspend
or terminate the relevant User account and refuse all current or future use of the
website (or any portion thereof).
3.5 Users of the Website may be required to provide certain personal information
and expressly permit the website for accessing and/or collecting and retaining such
personal information of the Users. Such provision and/or collection, storage, retention,
use, and disclosure of the -Personal Information of the Users shall be subject to
the website’s privacy policy available at https://www.Paisaontime.com/privacy-policy.php
3.6 Registration Fee to register as a Borrower: There is no fee charged for registration.
Use of Website
4.1 To borrow through the website, you must log on to www.paisaontime.com
4.2 All registered Users of the Website shall be solely responsible for activities
relating to the account, and the website or the entity operating the same shall
not in any manner be held responsible and/or liable for any illegal acts including
but not limited to misuse, unauthorized access, hacking of the website or refusal
to access the website due to such reason.
4.3 All Website Users hereby confirm and acknowledge that they have been provided
with a copy of the loan agreement (“Loan Agreement”) to be entered between the Borrower
and the Lender. All Users further confirm that they have read and understood all
the terms and conditions of the Loan Agreement and, upon execution, do hereby covenant
and undertake to unconditionally abide by the same, without raising any defense
of whatsoever nature in respect thereof.
4.4 If any User learns or is made or becomes aware of any instance of hacking or
misuse of its Paisaontime Account, it shall without delay notify the website of
the same.
4.5 We can refuse to act on any instruction received from User that we believe:
(a) was unclear; (b) was not given by the user; (c) might cause us to breach a legal
or other duty, or (d) suggests that the website is being used for any illegal purpose.
4.6 The Website disclaims, and the User waives off, any and all claims/liabilities
arising out of any unlawful usage of the website, the Personal Information of the
User, inaccessibility of the website for any reason whatsoever, which are caused
owing to cause beyond the control of the website. While the website employs the
best efforts to ensure the aforesaid, it cannot guarantee the same. No User shall
trade or sell such User accounts in any manner whatsoever.
4.7 Not withstanding anything contained herein, the website may be inaccessible
for such purposes as it may, at its sole discretion deem necessary, including but
not limited to regular maintenance. The website may intimate the Users from time
to time regarding such inaccessibility. However, under no circumstances will the
website be held liable for any losses or claims arising out of such inaccessibility
to the Users, and the User expressly waives off all claims/liabilities arising to
this end.
4.8 The Website grants every User a limited, non-exclusive, and revocable license
to access the website and only to the extent such use does not violate these Terms
of Use, including, without limitation, the prohibitions listed in clause 6.1 of
the Terms of Use.
4.9 The User shall solely be responsible for obtaining access to the website, and
that access may involve third-party fees (such as internet service provider fees
or airtime charges). In addition, the User must provide and shall be responsible
for all equipment necessary to access the website. The User may not bypass any measures
that have been implemented to prevent or restrict access to this website.
4.10 Any unauthorized use and/or access of/to the website by a User (including any
access through the registered account of that User or any device that the User may
use to access the website) shall terminate the permission or license granted to
the User by the website.
4.11 Under no circumstance shall any User save copies, download, and print or otherwise
store any content of the website for any commercial purposes. Accessing, downloading,
storing, or otherwise using the content of the website for any commercial purpose
will constitute a material breach of these terms & conditions.
4.12 The Website strictly prohibits any use of the content available through the
website, including but not limited to: (i) any downloading, copying or other use
of the content or the website for purposes competitive to the website or for the
benefit of any third party; (ii) any caching, unauthorized linking to the website
or the framing of any content available on the website; (iii) any modification,
distribution, transmission, performance, broadcast, publication, uploading, licensing,
reverse engineering, transfer or sale of, or the creation of derivative works from,
any content, products or Services obtained from the website that the User does not
have a right to make available (such as the intellectual property of another party);
(iv) any uploading, posting or transmitting of any material that contains software
viruses or any other computer code, files or programs designed to interrupt, destroy
or limit the functionality of any computer; (v) using any hardware or software intended
to surreptitiously intercept or otherwise obtain any information (such as system
data or personal information) from the website (including, but not limited to the
use of any “scraping” or other data mining techniques, robots or similar data gathering
and extraction tools); or (vi) any action that imposes or may impose (in the website’s
sole discretion) an unreasonable or disproportionately large load on the website’s
infrastructure, or damage or interfere with the proper working of the website’s
infrastructure.
4.13 The Website reserves the right to refuse or cancel any registration of its
Users, remove any person from the website and prohibit any person from using the
website for any reason whatsoever, and from limiting or terminate such access to
or use of the website at any time without notice.
5. Terms , Conditions, and Process for Lending
5.1 In case the Lender wishes to lend, the lender will have an option to select
one or multiple Borrower’s Profile to whom the Registered Lender wishes to lend
from various Borrower’s profile sourced from the website.
5.2 The Lender agrees to offer the first loan within 30 (Thirty) days from the date
of registration through the website.
5.3 Upon selecting the Borrower, the Registered Lender will transfer an amount equivalent
to the amount that lender wishes to lend (“Lending Amount”) in the Escrow Account
through its bank account using RTGS/NEFT.
5.4 Upon successful transfer of the Lending Amount to the Escrow Account, and once
paisaontime sights the funds in the Escrow Account, the Lending Amount will be reflected
in the User’s paisaontime Account. This could take up to 4- 6 hours. If the Lender
transfers funds using RTGS/NEFT after the cut-off time or on holiday, it will reflect
in his paisaontime Account on the next working day.
5.5 Upon selecting and confirming the Borrower’s profile (“Selected Borrowers”),
an amount equivalent to the amount which the Registered Lender wishes to lend to
the Selected Borrowers will be credited to User’s paisaontime Account.
5.6 The Lender and Borrower will sign the Loan Agreement. 5.7 The amount will be
transferred to the Selected Borrower from the Escrow Account.
5.8 Charges and Fees: The website shall be entitled to charge the fees and charges:
The facilitation fee will only be charged if lenders receive EMIs. paisaontime may
revise the rate of such charges from time to time. Any such changes will be updated
to the lender via email and/or, SMS and/or push notification.
6. Terms and Conditions for Borrowing
6.1 A Borrower can borrow from the website by posting a loan requirement through
the website and completing the application process.
6.2 During the registration process, you must also enter the details of your bank
account for the purposes of repayments due to the Lender.
6.3 By posting Loan Request, you agree: a) To provide us with certain additional
information which we will ask you for, and that if we discover that this additional
Information and/or the Information you gave us during the application process was
inaccurate or deficient in any respect, then the Loan Request will be void and we
have the right to take appropriate actions against the Users. b) To authorize us
to check your credit rating from any of the Credit Information Bureau in India,
which are required by us to assess the credibility of the repayments. c) User acknowledges
that Credit Information Bureau links together the records of the User and anyone
that the User has advised as a financial associate (e.g., someone with whom you
have a joint credit account), including previous and subsequent names of parties
to the account. While assessing the credibility of your repayments, we may consider
information about your financial associates in your credit reference. d) “I hereby
give my free consent and authorize ----------------------------------------------
and its service provider by providing my personal information to obtain my Credit
Information Report and Credit Score from CIBIL OR Equifax Credit Information Services
Pvt. Ltd. for the purpose of risk assessment and credit underwriting and not for
any other purposes”. This must be confirmed by borrower before submitting the application
for the loan. e) Any loan amount offered by any Lenders will be acceptable to the
Borrower
6.4 If so required by paisaontime after considering the profile of the borrower,
paisaontime may request the borrower to arrange for a co-signor as a condition for
disbursement of the loan. In case the Borrower fails to arrange for a co-signor,
paisaontime shall have the right to reject the loan request.
6.5 Formation of Loan Agreements a) The Borrower agrees to accept each of the loan
offers that meets your borrowing criteria. b) The Borrower agrees to sign and execute
the loan agreements electronically or physically. In the case of multiple loan agreements,
the website will provide you with a summary of the loan availed in the Paisaontime
Account.
6.6 Disbursement of Loan Proceeds upon execution of all the required documents and
fulfilment of all conditions for disbursements, to the sole satisfaction of the
Company, the borrowed amount will be credited to the account of the Borrower. The
platform follows a rounding down approach during loan disbursement to the borrower
for simplicity purposes. For e.g., if the disbursement amount after deduction of
all charges and fees amounts to Rs. 9411.18, the disbursement amount will be Rs.
9,411, and Rs. 0.18 will be transferred to the platform as the adjustment amount.
6.6 Charges and Fees: The website shall be entitled to charge the following fees
and charges. a) Loan processing charge for every loan availed by the borrower b)
GAP Interest charges if eligible c) Tracing charges (finding you if we are unable
to find you at the resident address provided by you or the work location provided
by you at the time of Loan Request, and we have to trace your new address) – Rs.
300; d) No-Response fee (if you fall into arrears and we cannot contact you for
15 consecutive days) – Rs. 300; e) Recollection Fee (If our recovery person visits
your office or residence to collect your EMI payment or visits your office or residence
premises as you are not paying your EMI on time) – Rs. 300 f) Change of Repayment
Date (If you want to change EMI repayment date) – Rs. 300 g) Change of Nominated
Account (If you want to change the Nominated Account from which your EMIs are being
repaid) – Rs. 300 h) Litigation costs and expenses, including legal fees and expenses,
to cover litigation recover outstanding arrears, in which case the Borrower will
be advised of such costs and expenses if such action proves necessary. i) Late Payment
Fee: If a Borrower has delayed a repayment, Paisaontime reserves the right to charge
you an administration fee for the work it does in attempting to collect your Repayments
(“Late Payment Fee”). In case the Loan amount is less than or equal to Rs. 100,000
If the Borrower has delayed his repayment by a week (7 days from EMI date), he will
be charged Rs. 750 If the Borrower has delayed his repayment by 2 weeks (14 days
from EMI date), he will be charged Rs. 1,500 If the Borrower has delayed his repayment
by 3 weeks (21 days from EMI date), he will be charged Rs. 2,250 If the Borrower
has delayed his repayment by 4 weeks, he will be charged Rs. 3,000 For delays of
an EMI beyond a month, the Borrower will be charged an additional 2% penal interest
rate; on the overdue amount. In case the Loan amount is more than Rs. 1,00,000 but
less than or equal to Rs. 3,00,000 If the Borrower has delayed his repayment by
a week (7 days from EMI date), he will be charged Rs. 1,000 If the Borrower has
delayed his repayment by 2 weeks (14 days from EMI date), he will be charged Rs.
2,000 If the Borrower has delayed his repayment by 3 weeks (21 days from EMI date),
he will be charged Rs. 3,000 If the Borrower has delayed his repayment by 4 weeks,
he will be charged Rs. 4,000 For delays of an EMI beyond a month, the Borrower will
be charged an additional 2% penal interest rate; on the overdue amount. In case
the Loan amount is more than Rs. 3,00,000 If the Borrower has delayed his repayment
by a week (7 days from EMI date), he will be charged Rs. 1,500 If the Borrower has
delayed his repayment by 2 weeks (14 days from EMI date), he will be charged Rs.
3,000 If the Borrower has delayed his repayment by 3 weeks (21 days from EMI date),
he will be charged Rs. 4,500 If the Borrower has delayed his repayment by 4 weeks,
he will be charged Rs. 6,000 For delays of an EMI beyond a month, the Borrower will
be charged an additional 2% penal interest rate; on the overdue amount The above
charges will be divided among lenders and Paisaontime. The ratio of the split of
charges is updated in Lender FAQ. These charges will be applicable on all the loans
currently running on the platform. Paisaontime may revise the ratio of the split
from time to time. Any such changes will be updated to the lender via email and/or
SMS and/or push notifications. j) All cost in relation to stamp duty and other related
costs for preparation of the documents k) Loan Cancellation charges to the borrower
when cancelled by him/her – Rs. 1,000 l) Loan Cancellation charges to the lender
when cancelled by him/her – Rs. 1,000
7. Settlement of Payment
7.1 Any monies received from the Borrower, including delay charges or late fees
or penal charges or any other applicable charges, shall be kept in the Escrow Accounts.
7.2 These will be recorded as a credit to the Lender’s Paisaontime Account, which
you can see by logging on to Paisaontime Account.
7.3 All the collected repayments will be transferred to Lender’s Paisaontime account
within 3 days of the receipt of the EMI from the borrower
(a) Lender will be notified when his Paisaontime account balance reflects received
EMIs
(b) The Lender can choose to withdraw funds from his Paisaontime account to his
registered bank account by giving an instruction to Paisaontime. The Lender will
not earn any interest on the funds lying in his Paisaontime account.
(c) For instance, if a borrower is paying EMI on the 2nd of the month, the amount
will be transferred to Lender’s Paisaontime account by the 5th of the month, and
Lender will not get any interest on such amount lying in his/her Paisaontime account
(d) As a Borrower, you make your repayments due under loan agreements by direct
debit to your bank account, which results in an initial credit and debit to your
Loan Account on Paisaontime, and then credit in each relevant Lender’s lending account.
The repayment amount shall be rounded up to the nearest whole number, and the same
shall be payable by the borrower. For e.g., if the repayment amount comes to Rs.
3633.4, the borrower will be required to pay Rs. 3634.
(e) While crediting the Lenders’ account with EMI or applicable delay penal charges
amount will be rounded off to two decimal places. For e.g., if EMI results in Rs.
180.1442, the lenders’ account will be credited Rs. 180.14.
(f) Once the loan EMI and applicable delay penal charges are distributed to lenders
of that respective loans, the residual amount (if any), resulted due to rounding
down of amounts to two decimals places, will be transferred to the platform as an
adjustment amount.
For e.g., if EMI results in Rs. 180.1442, the lenders’ account will be credited
Rs. 180.14 & Rs. 0.0042 will be transferred to the platform as the adjustment amount.
8. Loan Administration
8.1 EMI: EMIs will start as per the date of the disbursement of the loan. The Lender
will start earning interest after 5 days of his investment in the loan or from the
day of disbursement of the loan, whichever is earlier.
8.2 Prepayment Terms : Any Borrower who wishes to prepay the loan can pre-pay the
loan without any prepayment charges. For prepayment, please email us at info@Paisaontime.com.
In cases where at the time prepayment, the Borrower has already paid 3 (three) or
more than 3 (three) EMIs, the Borrower, in addition to the outstanding principal
amount, shall be liable to pay the outstanding interest up to the date of prepayment.
However, in cases where the number of repaid EMI as on the date of prepayment is
less than 3 (Three), the Borrower, along with the principal amount, needs to pay
the interest amount of the first 3 EMIs.
8.3. Missed repayments In case a Borrower misses a repayment or anticipates that
for any reason whatsoever, the Borrower will not be able to repay as per the repayment
schedule under the Loan Agreement, then the Borrower should promptly contact the
Company by sending an email to info@Paisaontime.com. Upon receipt of the email,
we shall undertake the following actions:
a) explain the delay charges and options available with you
b) inform the relevant Lender regarding the same
c) inform if your account is being passed on to the internal recovery team for further
legal recovery as your loan has been classified under the Default category.
d) Inform the Credit Information Bureau about the Borrower’s default in repayment.
As a word of caution, we would like to inform you that this reporting may have serious
consequences on your ability to avail of any credit in the future.
8.4 Default Category A Borrower shall be considered under the “default” category
if either of the below events has occurred:
a) if he fails to pay the EMI for three consecutive months;
b) we receive confirmation that the Borrower has died;
c) the Borrower has entered into a terminal arrangement affecting the Borrower’s
Loan Agreements
d) Other specific situations, which may arise at any point in time, the website
will have a right to decide whether to classify any Loan Agreement under “Default”
or not.
8.5 Repayment Date Changes In case a Borrower wishes to change the repayment date
(“Repayment Date”) other than in case of an inability to make a payment at all),
the Borrower may:
9. Closing your loan account
9.1. Once you have repaid your loan amount completely, you may choose to close your
loan account with us by writing us an email.
9.2. We hold the right of terminating the registration of your loan account if you
have provided some false information or have breached the terms of usage. Also,
we terminate a loan account with us if we receive a confirmation that the borrower
has died.
9.3. We also hold the right to terminate your loan account if we suspect or receive
a confirmation that you are engaged in fraudulent activity and somehow spoiling
the website’s reputation or engaged in some activities that are against the interest
of our website.
10. Data protection and privacy
10.1. Service communications would be sent by us to your registered mobile number
and email ID from time to time. These notifications can’t be stopped if you are
a registered user on our website.
10.2. Occasional updates When you have registered on Paisaontime.com, you would
have the option of either receiving or not receiving the occasional updates by the
company. This would be as per your consent.
11. Use of Content
11. While using the website, the User specifically undertakes not to host, display,
upload, modify, publish, transmit, update, or share any information or content that:
(i) belongs to another person and to which the User does not have any right to;
(ii) is grossly harmful, harassing, blasphemous, defamatory, obscene, pornographic,
paedophilic, libellous, invasive of another’s privacy, hateful, or racially, ethnically
objectionable, disparaging, relating or encouraging money laundering or gambling,
or otherwise unlawful in any manner whatsoever;
(iii) harms minors in any way; (iv) impersonate any person or entity, or falsely
state or otherwise misrepresent the User’s affiliation with a person or entity;
(v) threatens the unity, integrity, defence, security or sovereignty of India, friendly
relations with foreign states or public order or causes incitement to the commission
of any cognizable offence or prevents investigation of any offence or is insulting
of any other nation;
(vi) infringes any patent, trademark, copyright, or other IPR (defined below);
(vii) contain software viruses or any other computer code, files or programs designed
to interrupt, destroy or limit the functionality of any computer resource;
(viii) deceives or misleads the addressee about the origin of such messages or communicates
any information which is grossly offensive or menacing in nature;
(ix) engage in any activity that interferes with or disrupts access to the Website
or the Products (or the servers and networks which are connected to the website);
(x) attempt to gain unauthorized access to any portion or feature of the website,
any other systems or networks connected to the website, to any Website server, or
to any of the Products offered on or through the website, by hacking, password mining,
or any other illegitimate means;
(xi) probe, scan or test the vulnerability of the website or any network connected
to the website, nor breach the security or authentication measures on the website
or any network connected to the website;
(xii) disrupt or interfere with the security of, or otherwise cause harm to, the
website, systems resources, accounts, passwords, servers or networks connected to
or accessible through the Websites or any affiliated or linked sites;
(xiii) use the website or content therein for any purpose that is unlawful or prohibited
by the Terms of Use, or to solicit the performance of any illegal activity or other
activity which infringes the rights of the website or other third parties;
(xiv) falsify or delete any author attributions, legal or other proper notices or
proprietary designations or labels of the origin or source of software or other
material contained in a file that is uploaded;
(xv) violate any code of conduct or other guidelines, which may be applicable for
or to any particular service;
(xvi) violate any applicable laws or regulations for the time being in force within
or outside India;
12. Intellectual Property Rights
12.1 Intellectual Property Rights (“IPR“) for the purpose of these Terms of Use
shall always mean and include copyrights, whether registered or not, patents including
rights of filing patents, trademarks, trade names, trade dresses, house marks, collective
marks, associate marks and the right to register them, designs both industrial and
layout, geographical indicators, moral rights, broadcasting rights, displaying rights,
distribution rights, selling rights, abridged rights, translating rights, reproducing
rights, performing rights, communicating rights, adapting rights, circulating rights,
protected rights, joint rights, reciprocating rights, infringement rights and further
shall also include but not be limited to all text, graphics, user interfaces, visual
interfaces, sounds and music (if any), artwork and computer code in relation to
the website.
12.2 All IPR on the Website exclusively belongs to either the website or the third-party
sellers and suppliers, as the case may be. Under no circumstance shall any User
infringe in any way such IPR of the Website, a third-party supplier, or seller during
or pursuant to its use of the website for any purposes whatsoever.
12.3 All those IPR arising as a result of domain names, internet, or any other right
available under applicable law shall vest in the domain of www.lendenclub.com as
the owner of such domain name.
12.4 The Parties hereto agree and confirm that no part of any IPR mentioned hereinabove
is transferred in the name of User and any IPR arising as a result of these presents
shall also be in the absolute ownership, possession and our control or control of
its owners/permitted assigns, as the case may be.
12.5 Except as expressly provided herein, the User acknowledges and agrees that
it shall not copy, republish, post, display, translate, transmit, reproduce or distribute
or in any other way infringe any IPR through any medium without obtaining the necessary
authorization from the website or the thirty party owner of such IPR.
13. Indemnity
13.1 The User hereby indemnifies, defends, and holds harmless the entity owning
and operating the website, its subsidiaries, affiliates, vendors, agents, and their
respective directors, officers, employees, contractors, and agents (hereinafter
individually and collectively referred to as “indemnified parties“) from and against
any and all losses, liabilities, claims, suits, proceedings, penalties, interests,
damages, demands, costs and expenses (including legal and other statutory fees and
disbursements in connection therewith and interest chargeable thereon) asserted
against or incurred by the indemnified parties that arise out of, result from, or
in connection with:
(i) The User’s breach of these Terms of Use; or
(ii) Any claims made by any third party due to, or arising out of, or in connection
with, the User’s use of the website; or
(iii) Any claim that any third party IPR, proprietary information, content, or materials
provided by the User causes any damage to a third party; or
(iv) Violation of any rights of any third party by the User, including any IPR;
each an “Indemnity Event. “
13.2 Upon the occurrence of an Indemnity Event, the website may notify the User
of any claims which the User shall be liable to indemnify the website against. The
User shall then be obligated to consult with the website regarding the course of
action to be undertaken in defending such a claim. 13.3 The User shall not compromise
or settle any claim or admit any liability or wrongdoing on the part of the website
without the express prior written consent of the website, which can be withheld
or denied or conditioned by the website in its sole discretion.
13.4 Notwithstanding anything to the contrary, in no event shall the website, its
subsidiaries or affiliates and their respective officers, directors, employees,
partners or suppliers be liable to the User for any special, incidental, indirect,
consequential, exemplary, or punitive damages whatsoever, including those resulting
from loss of use, data or profits, whether or not foreseeable or whether or not
the website has been advised of the possibility of such damages, or based on any
theory of liability, including breach of contract or warranty, negligence or other
tortious action, or any other claim arising out of or in connection with the User’s
use of or access to the Website or the Product.
14. Report Abuse and Take Down Policy
14.1 In the event the website or any User becomes aware of any objectionable content
on the website, including but not limited to violation of privacy, misuse of personal
information, or violation of any IPR, in violation of these Terms of Use then, the
website, by itself or upon receipt of a communication from any of its Users, without
any prior notice take down such objectionable content from the website.
14.2 For any reporting in respect of the aforesaid, the User should contact the
website at info@paisaontime.com
14.3 If a feedback comment or any communication made between Users and the Website
or email communication between Users in relation to transactions conducted on the
website contain profanity, please submit a request for action/removal. Disciplinary
action may result in the indefinite suspension of a User’s account, temporary suspension,
or a formal warning.
14.4 The Website shall consider the circumstances of an alleged policy violation
and the User’s trading records before taking action violations of this policy may
result in a range of actions, including: (a) limits placed on account privileges;
(b) loss of special status; (c) account suspension.
15. Feedback and Information
15.1 The Website reserves the right, at its sole discretion, to use such information
for upgrading/enhancing the website, and such use shall be entirely unrestricted.
15.2 The Website may, at its discretion, also make any modifications or changes
to the website and its content on the basis of such feedback or information.
15.3 In the event that the website makes any changes or modifications to the website
on the basis of any such feedback, the User shall not have any rights or title (including
any IPR) in such changes or modifications to the Website or Products listed therein.
15.4 By submitting any feedback or any information, the User hereby warrants that
(i) the feedback does not contain confidential or proprietary information belonging
to the User or any other person; and (ii) shall not be entitled to any compensation
or reimbursement of any kind from the website for the feedback under any circumstances.
16. Applicable Law
These Terms of Use shall be governed by and interpreted and construed in accordance
with the laws of India. The courts in Mumbai shall have exclusive jurisdiction in
respect of any matters arising here.
17. Dispute Resolution
17.1 In the event any dispute arises out of or in connection with the Terms of Use
herein, including the validity hereof, the parties hereto shall endeavour to settle
such dispute amicably in the first instance. The attempt to bring about an amicable
settlement shall be treated as having failed as soon as one of the parties hereto,
after reasonable attempts, which shall continue for not less than 15 (Fifteen) calendar
days, gives a notice to this effect, to the other party in writing.
17.2 In case of such failure, the dispute shall be referred to a sole arbitrator,
who shall be appointed by the website. The arbitration proceedings shall be governed
by the Indian Arbitration and Conciliation Act, 1996, and shall be held in Mumbai.
The language of the arbitration shall be English.
18. Jurisdictional Issues
Unless otherwise specified, the products/items listed on the website are solely
for the purpose of delivery in India. The website shall under no circumstance be
held liable for use or availability of Products for use in locations/countries other
than India.
19. Buyer Protection Program
19.1 If you want to make a complaint about the Loan Agreement or Paisaontime, you
can email info@Paisaontime.com with brief details of your complaint and your account
reference. Paisaontime will acknowledge your complaint within one working day. Paisaontime
will then investigate and send you an initial response within five working days.
19.2 If you are not satisfied with the response from the Customer Services Manager,
you can email info@Paisaontime.com, enclosing responses already given to you. Your
email will then be referred to the Chief Operating Officer, who will respond within
five working days.
20. General Provisions
20.1 Notice: All notices to be issued pursuant to these Terms of Use shall be served
to the User by email or by general notification on the website. Any notice to be
sent to the website pursuant to these Terms of Use shall be sent to the website’s
grievance officer by email at info@Paisaontime.com
20.2 Assignment: This Terms of Use shall not be assigned or otherwise transferred
by the User. However, the website’s obligations under these Terms of Use are freely
assignable or otherwise transferable by the website to any third parties without
the requirement of seeking the User’s prior consent.
20.3 Severability: If any provision of these Terms of Use is void, or is so declared,
such provision shall be severed. The Terms of Use shall otherwise remain in full
force and effect.
20.4 Waiver: Any failure or delay by a party to enforce or exercise any provision
of these Terms of Use, or any related right, shall not constitute a waiver by such
party of that provision or right. The exercise of one or more of a party’s rights
hereunder shall not be a waiver of or preclude the exercise of, any rights or remedies
available to such party under these Terms of Use or in law or at equity. Any waiver
by a party shall only be made in writing and executed by a duly authorized officer
of such party.
20.5 Relationship and Exclusivity. Nothing in these Terms of Use shall constitute
or be deemed to constitute a partnership, joint venture, agency, or the like between
the parties hereto or confer on any party any authority to bind the other party
or to contract in the name of the other party or to incur any liability or obligation
on behalf of the other party.
20.6 Force Majeure: If performance of any service under these Terms of Use by the
website is prevented, restricted, delayed or interfered with by reason of labor
disputes, strikes, acts of God, floods, lightning, severe weather, shortages of
materials, rationing, inducement of any virus, Trojan or other disruptive mechanisms,
any event of hacking or illegal usage of the website, utility or communication failures,
earthquakes, war, revolution, acts of terrorism, civil commotion, acts of public
enemies, blockade, embargo or any law, order, proclamation, regulation, ordinance,
demand or requirement having legal effect of any government or any judicial authority
or representative of any such government, or any other act whatsoever, whether similar
or dissimilar to those referred to in this clause, which are beyond the reasonable
control of the website and could not have been prevented by reasonable precautions
then the website shall in toto be excused and discharged from such performance to
the extent of and during the period of such force majeure event, and such non-performance
shall, in no manner whosoever, amount to a breach by the website of its obligations
herein.
21. Insurance for Loan or Borrower
Insurance for Loan or Borrower
21.1 This feature is currently not available. However, Lender and Borrower authorize
the website to work with any insurance company registered with IRDA and ready to
provide the beneficiary products. If such a facility comes into existence on the
website in the future, the website needs not take any permission from the user.
21.2 For any such product, Borrower or Lender or Both choses to pay the premium
amount to Paisaontime and then Paisaontime will pay the same to the insurance company
on your behalf.
21.3 Paisaontime will be the nominee for this insurance policy and is authorized
to manage the claim settlement process on your behalf. Once the claim settlement
is done, Paisaontime will distribute the settlement amount to Lender(s) and then
transfer available amount to borrower’s bank account if there is any.
21.4 In case your repayments are irregular or delayed on a consistent basis, Paisaontime
reserves the right to cancel the insurance policy. The insurance policy will be
co-terminus with your loan tenure.
21.5 In case of any incident (permanent disability/accidental death of the Borrower),
the beneficiary/nominee will need to intimate Paisaontime, who will then initiate
the claims on the beneficiary/nominee’s behalf.
22. Insurance for Loan or Borrower
22.1 In these T&C the following words have the following meanings:
Borrower
eve
Means the person who is registered as a borrower on the website/App Credit Bureau
Information Means CIBIL, Experian, Equifax and Crif Highmark Escrow Account Bank:
NBFC’s Account Details
Lender
Salora Capital Limited / (CIN) U72900MH1999PLC122849 / GSTIN : 06AAACJ6968P1ZT
Paisaontime Account
means the account maintained by the User on the website/App
Prohibited Sectors
means any business area which is prohibited by the Government of India.
RBI
means the Reserve Bank of India
Insurance Company
Means any company which is registered with IRDA and having valid license to do insurance
business in India