The Terms and Conditions, for the Opening and Use of a Loan Account with Branch International, as laid down herein below (“Terms and Conditions”) constitutes a legally binding financial facility agreement (“Agreement”) between Branch International Financial Services Private Limited (“Branch/Lender”) and you, i.e., the visitor (“Visitor/Borrower”) for using Branch’s financial facility (“Services”) and sharing certain data through a mobile application software (“App”).
1. ACCEPTANCE OF TERMS AND MODIFICATION THEREOF
1.1 If the Visitor does not agree with any Terms and Conditions, the Visitor must not access the App. If the Visitor accesses the App, these Terms and Conditions shall be a legally binding agreement between the Visitor and Branch. The Visitor has borrowed and Branch has lent to the Visitor, the Facility on the terms and subject to the conditions of this Terms of Use and Loan Agreement including duly accepted Sanction Letter and KFS.
1.2 Any changes to these Terms and Conditions will only be effective when posted through the App/email/SMS by Branch, and the Visitor agrees to such changes in the Terms and Conditions.
1.3 The Visitor’s use of certain features, functionality or programs (including contests, sweepstakes, promotions, wireless marketing opportunities, RSS feeds, etc.) offered on or through the App may be subject to additional terms and conditions, which would be deemed to be accepted by the Visitor.
1.4 The Visitor expressly agrees that the Visitor will be deemed to have consented to the disclosure to, and use by, third parties or agents appointed by Branch (a hyperlink containing the list of such third parties, the type of data that shall be shared and the rationale for sharing the data to be provided), in terms of the Privacy Policy, or a subsequent owner or operator of the App, of any information about the Visitor contained in the applicable Branch database, and, to the extent required by the third party(ies) to perform its/their functions or to the extent Branch assigns its rights and obligations pursuant to a merger, acquisition, or sale of all or substantially all of Branch’s assets including any part or all of the App, a subsequent owner or operator, in compliance with applicable laws.
1.5 Branch reserves the right, in its sole discretion, to terminate the access to the App or any portion thereof at any time, after providing a prior notice.
1.6 The headings and subheadings herein are used for convenience only and are not intended to describe, interpret, define or limit the scope, extent or intent of these Terms and Conditions.
1.7 The Terms and Conditions herein shall apply equally to both the singular and plural form of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine and feminine. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. Unless the context otherwise requires, the terms “herein”, “hereof”, “hereto”, “hereunder” and words of similar import refer to these Terms and Conditions as a whole.
2. LIMITED VISITOR
2.1 By using the App and/or submitting the Visitor’s information including any personal information on the App, the Visitor expressly consents to the transfer of such data to Branch, and to the processing of such data on the server of Branch, where the Visitor’s data will be governed by laws of India (“Applicable Laws”).
2.2 The Visitor agrees not to use the App or its Services for any illegal purposes, or re-sell, or trade any Services for any commercial purposes other than personal use and lawful business use.
2.3 The Visitor agrees not to copy, distribute, transmit, display, perform, reproduce, publish, license, reverse engineer, create derivative works from, transfer, or sell any information, software, products, Services or intellectual property obtained from the App in any manner whatsoever.
3. DISCLAIMER OF WARRANTIES
3.1 Branch does not provide any representations and warranties (whether implied or expressed) for the quality, accuracy or completeness of any data or information on the App and disclaims all warranties of fitness for a particular purpose and merchantability including any liability, responsibility or any other claim, whatsoever, in respect of any loss, whether direct or consequential, to any Visitor or any other person, arising out of or from the use of any such information on the App.
3.2 Branch does not endorse any advertiser on its App in any manner, and the Visitors are requested to verify any accuracy of any information of any third party on their own before relying on any such information.
3.3 Branch shall not be liable for any direct, indirect, punitive, incidental, special, consequential damages or any other damages resulting from: (a) the use or the inability to use the Services; (b) the cost of procurement of Services; (c) unauthorized access to or alteration of the Visitor’s transmissions or data; or (d) any other matter relating to the Services including damages for loss of use, data or profits, arising out of or in any way connected with availing of the Services through the App.
3.4 Branch shall not be liable for any delay in using the Services on the App, the provision of or failure to provide the Services, or for any information, software, products, Services and related graphics obtained from Branch through the App, whether based on contract, tort, negligence, strict liability or otherwise. Further, Branch shall not be held responsible for non-availability of the App during periodic maintenance operations or any unplanned suspension of access to the App that may occur due to technical reasons or for any other reason whatsoever. The Visitor agrees that any data downloaded or otherwise obtained from Branch through the App is done entirely at the Visitor’s risk and the Visitor will be solely responsible for any damage to his equipment including a phone, internet access, etc., or any other loss that results from such data.
3.5 These limitations, disclaimer of warranties and exclusions apply without regard to whether the damages arise from: (a) breach of contract, (b) breach of warranty, (c) negligence, or (d) any other cause of action.
4. LINKS TO OTHER SITES
4.1 The App may contain links to other websites or may contain features of any nature of other websites on the App (“Allied Sites”). The Allied Sites are not under the control of Branch, and Branch is not responsible for any Allied Site, including any content, link or advertisement on the Allied Site, or any changes or updates to the Allied Site.
4.2 Branch is not responsible for any errors, inclusions, omissions or representations on any Allied Site, or on any link contained in the Allied Site. Branch does not endorse any advertiser on any Allied Site or on any link contained in the Allied Site, in any manner. The Visitor is requested to verify the accuracy of any information on his own before relying on such information.
5. VISITOR’S OBLIGATIONS
5.1. The Visitor undertakes that the Visitor shall not:
5.1.1. create, publish or submit anything that is unlawful, pornographic, defamatory, libellous, obscene, threatening, harassing, discriminatory, bullying, vulgar, indecent, profane, hateful, racially, culturally or ethnically offensive or that encourages criminal conduct, or that gives rise, or potentially gives rise, to civil or criminal liability, or that violates any Applicable Laws, rules, regulations or Government of India's guidelines, or that infringes or violates other parties' intellectual property rights or links to infringing or unauthorized content;
5.1.4 provide false information about him or anyone else (including if and when the Visitor is being asked on the App to provide accurate information about the Visitor's age), and the Visitor will not impersonate or appear to impersonate anyone else or otherwise misrepresent the Visitor's affiliation with any person or entity;
5.1.5 use any one or more of the Licenses(defined below) (and any associated functionality) to collect, obtain, compile, gather, transmit, reproduce, delete, revise, view, display, forward, any material or information, whether personally identifiable or not, posted by or concerning any other user of the App, unless the Visitor would have obtained prior permission from such user to do so;
5.1.6 interfere with or disrupt, or attempt to interfere with or disrupt, the operation of the App (or any parts thereof);
5.1.7 violate any copyright notices, information, restrictions contained in or associated with any of the App content;
5.1.8 remove, alter, interfere with or circumvent any copyright, trademark, watermark, or other proprietary notices marked/displayed on the App;
5.1.9 remove, alter, interfere with or circumvent any digital rights management mechanism, device or other content protection or access control measure (including geo-filtering and/or encryption) associated with the App content;
5.1.10 use any of the rights granted to him or any of the App content in a manner that suggests an association with any of Branch's products, Services or brands, unless otherwise specifically permitted by Branch;
5.1.11 do anything on the App that would prevent other users’ access to or use of the App or any part thereof; and
5.1.12 decline, upon a request from Branch, any relevant document, as proof of residency in India.
5.2 The Visitor represents and warrants to Branch that the Visitor:
5.2.1 is a person resident in India as defined under the Foreign Exchange Management Act, 1999, as amended and is over 18 years of age;
5.2.2 has the power and authority to execute, deliver and perform the Visitor’s obligations under these Terms and Conditions, and the execution, delivery and performance of the Visitor’s obligations under these Terms and Conditions do not contravene any Applicable Law or any of its obligations (contractual or otherwise); and
5.2.3 is not a wilful defaulter or barred from accessing or availing the Services under Applicable Law.
5.2.4 has an annual household income of more than INR 3 lacs, and therefore, the borrowing from Branch does not qualify to be treated as a microfinance loan under the Reserve Bank of India (Regulatory Framework for Microfinance Loans) Directions, 2022.
5.3 The Visitor agrees that:
5.3.1 Branch reserves the right to decline the Visitor’s application for a loan or to revoke the same at any stage at Branch’s sole discretion without assigning any reason or giving any notice thereto;
5.3.2 Branch reserves the right (in its sole discretion) to grant a loan to any Visitor and vary the terms of any loan based on its assessment of the credit history, past defaults (if any), credit score, or any other relevant information ("Credit Profile") of each individual borrower/Visitor.
5.3.3 For the purpose of assessment of the Credit Profile, Branch may seek details from or otherwise rely on the following data/information of the individual borrower / Visitor: (a) financial credit history of the individual borrower/Visitor available with any agency set-up, established, authorised by the Reserve Bank of India or any government or regulatory authority, (b) bank statements, (c) any financial or other information obtained from authorized agencies, third party service providers or any other permitted sources (including as specified under Branch’s Privacy Policy), as may be required by Branch for the purpose of such assessment.
5.3.4 Branch owns all right, title and interest in the Services and the App; and
5.3.5 Nothing in these Terms and Conditions shall confer on the Visitor any right of ownership in Branch’s intellectual property rights and/or the App or its contents.
5.4 To avail any Service through the App, the Visitor has and must continue to maintain at the Visitor’s sole cost:
5.4.1 all the necessary equipment including a phone, internet access, etc. to access the App and/or avail the Services; and
5.4.2 access to the App, which may involve third party fees including, airtime charges or internet service provider's charges which are to be exclusively borne by the Visitor.
5.5 The Visitor also agrees that the Services may include certain communications from Branch as service announcements and administrative messages. The Visitor agrees that the Services are provided on an “as-is-where-is” basis and that Branch does not assume any responsibility for deletions, mis-delivery or failure to store any Visitor communications or personalised settings.
6. LICENSE AND PROPRIETARY RIGHTS
6.1 Subject to the Terms and Conditions, Branch hereby grants to the Visitor, if and only to the extent the necessary functionality is provided to the Visitor on or through the App, the following, limited, revocable, non-exclusive, non-transferable, non-assignable, worldwide, royalty-free rights and license (each a “License”) to:
6.1.1 access, view and otherwise use the App (including, without limitation any information or Services provided on or through the App) for your personal, lawful use only, as intended through the normal functionality of the App; and
6.1.2 use any other functionality expressly provided by Branch on or through the App for use by Visitors, subject to these Terms and Conditions.
6.2 The content of the App and all copyrights, patents, trademarks, service marks, trade names and all other intellectual property rights therein are owned by Branch and/or its licensors and are protected by applicable Indian and international copyright and other intellectual property law. The Visitor agrees that the Visitor shall not have, nor be entitled to claim, any rights in and to the content of the App and/or any portion thereof.
6.3 Branch may provide the Visitor with content including information, sound, photographs, graphics, video or other material through the App. This material may be protected by copyrights, trademarks or other intellectual property rights and laws. The Visitor may use this material only as expressly authorized by Branch and shall not copy, transmit or create derivative works of such material without express authorization from Branch.
6.4 The Visitor agrees that the Visitor shall not upload, post, reproduce or distribute any content on or through the App that is protected by copyright or other proprietary right of a third party, without obtaining the permission of the owner of such right. Any copyrighted or other proprietary content distributed on or through the App with the consent of the owner must contain the appropriate copyright or other proprietary rights notice. The unauthorized submission or distribution of copyrighted or other proprietary content is illegal and could subject the Visitor to liability under Applicable Laws.
7. REGISTRATION PROCESS FOR VISITOR
7.1 If the Visitor chooses to use the Services of the App, registration of the Visitor on the App is compulsory. The Visitor agrees and undertakes at all times to be responsible for maintaining the confidentiality of the Account, and shall be fully responsible for all activities that occur by use of such Account. Further, the Visitor agrees not to use any other party’s Account for any purpose whatsoever without proper authorization from such party. The Visitor is responsible for the security of all transactions undertaken on the Visitor’s Account. Branch will not be responsible for any financial loss, inconvenience or mental agony resulting from misuse of the Visitor’s Account.
7.2 The Visitor also agrees and undertakes to immediately notify Branch of any unauthorized use of the Visitor's password, user ID or PIN, as the case may be. Branch shall not be responsible for any, direct or indirect, loss or damage arising out of the Visitor’s failure to comply with this requirement.
7.3 The Visitor also agrees to:
7.3.1 provide true, accurate and complete information about himself and his beneficiaries as prompted by the loan application form (“Registered Data”) on the App;
7.3.2 maintain and promptly update the Registered Data to keep it true, accurate, current and complete. If the Visitor provides any information that is untrue, inaccurate, not current or incomplete or Branch has reasonable grounds to suspect that the Registered Data or any part thereof is untrue, inaccurate, not current or incomplete, Branch has the right to suspend or terminate the Visitor's registration and refuse any and all current or future use of the App and/or any of the Services of Branch; and
7.3.3 usage by Branch of the Registered Data, in respect of other Services provided by Branch through the App.
8. ACCOUNT
Subject to Clause 5.3, acceptance of the Visitor’s application for an Account will be displayed on the App, and the terms of the loan and the interest rate payable in relation to each loan application will be displayed on the App. Notwithstanding anything to the contrary, in addition to the terms set out in the Agreement, the loan amount, processing fees and other terms and conditions as displayed on the App and duly agreed between Branch and the Visitor, shall govern the loan.
9. INTEREST AND FEES
9.1 The interest payable by the Visitor to Branch in relation to any loan shall be displayed by Branch on the App and it shall be compounded at such frequency as may be decided by Branch. Branch shall be entitled to set and charge a transaction fee, in connection with the Visitor’s use of the Services and from time to time amend or vary its transaction fee for the Services. If Branch decides to charge any transaction fee or where already applicable, vary or amend its transaction fees, the transaction fees payable on any new application for the Services will be displayed on the App. Branch will use reasonable endeavours to try and notify the Visitor of any changes in relation to the transaction fee within a reasonable period before such changes are implemented including displaying notices of the changes on the App.
9.2 All payments to be made by the Visitor shall be made in full without any set off or counterclaim, and save in so far as required by the law to the contrary, free and clear of and without any deduction or withholding whatsoever. If the Visitor is at any time required to make any deduction or withhold from any payment to Branch, the Visitor shall immediately pay to Branch such additional amounts as will result in Branch receiving the full amount it would have received had no such deduction or withholding been required.
9.3 If the Visitor fails to make any payments on the due date to Branch, Branch may charge the Visitor a late fee (as notified from time to time) and/or interest rate on such outstanding amount.
10. DEFAULT ON LOAN
10.1 An event of default occurs when the Visitor fails to pay any outstanding sum payable for a loan granted under these Terms and Conditions for even a single day after it is due unless failure to pay is caused solely by an administrative error or a technical problem.
10.2 At any time after an event of default has occurred which is continuing, Branch may, without prejudice to any other right or remedy granted to it under any law:
11. STATEMENTS
An activity report of all Visitor’s transactions in respect of your Account will be available on the App and will be notified by way of push notification, email, or SMS.
12. TAXES
All payments to be made by the Visitor, in connection with the Services, includes all applicable taxes. Branch may withhold applicable taxes in the Visitor’s Account under any Applicable Law.
13. CONFIDENTIALITY
Branch and the Visitor hereby agree to keep any data (“Confidential Information”) confidential and shall not disclose such data without the consent of the other party except pursuant to an order of any court or government authority, in performance of this contract by Branch, or when the parties independently obtain such data from a third party. The Visitor expressly consents to the disclosure of the Confidential Information by Branch to third parties, for such lawful purpose as deemed necessary by Branch.
14. BREACH
14.1 Without prejudice to the other remedies available to Branch under these Terms and Conditions or under Applicable Law, Branch may limit the Visitor’s activity, warn other Visitors of the Visitor’s actions, immediately temporarily / indefinitely suspend or terminate the Visitor's registration, and/or refuse to provide the Visitor with access to the App if:
14.1.1 the Visitor is in breach of these Terms and Conditions and/or the documents it incorporates by reference; or
14.1.2 The Visitor discloses any Confidential Information without obtaining the consent of Branch.
14.2 If Branch finds that any Visitor’s actions may infringe on any third party rights or breach any applicable law or otherwise result in any liability for such Visitor or other Visitors of the App, Branch may at any time in its sole discretion suspend such Visitor. Once the Visitor has been indefinitely suspended the Visitor may not register or attempt to register with Branch or use the App in any manner whatsoever until such time that the Visitor is reinstated by Branch. Notwithstanding the foregoing, if the Visitor breaches these Terms and Conditions or the documents it incorporates by reference, Branch reserves the right to recover any amounts due and owed by the Visitor to Branch and to take strict legal action as Branch deems necessary.
15. TENURE AND TERMINATION
15.1 The tenure of the loan shall be as agreed at the time of each loan application and displayed on the App and in the KFS
15.2 In case an event of default occurs, Branch has the right to terminate this Agreement, without any prior notice and liability to pay any kind of damages.
15.3 The Visitor agrees that in case the Visitor intends to terminate this Agreement before expiry of the agreed tenure, by way of pre-payment or foreclosure of the loan, the Visitor “shall be liable to pay the pre-payment or foreclosure charges as mentioned in the KFS in addition to the principal amount outstanding and the accrued interest till the date of such premature termination”.
15.4 Upon termination of these Terms and Conditions, the Visitor’s right to use the App and Services and software shall immediately cease. The Visitor shall have no right and Branch shall have no obligation thereafter to execute any of the Visitor’s uncompleted tasks or forward any unread or unsent messages to the Visitor or any third party. Once the Visitor’s registration or the Services are terminated, cancelled or suspended, any data that the Visitor has stored on the App may not be retrieved later.
15.5 The Visitor agrees that in case the Visitor intends to pre-pay part of the loan, the Visitor shall “be liable to pay the pre-payment charges as mentioned in the KFS”.
15.6 Notwithstanding any clause in this agreement, Branch shall always have the right to charge interest on the outstanding amount till the actual repayment of the loan alongwith charges in full by the Visitor, irrespective of the tenure and expiry of this loan / agreement.
16. REFUND AND CANCELLATION POLICY
Any overpayment made by you shall be refunded back within 30 days pursuant to the reconciliation of the accounts by the company. There will be no cancellation of the service (except in case of payment during the look up period) once you have received the loan amount in your bank account.
17. RELATIONSHIP
17.1 None of the provisions of these Terms and Conditions or any other section or pages of the App and/or the Allied Sites, shall be deemed to constitute a partnership between the Visitor and Branch and no party shall have any authority to bind or shall be deemed to be the agent of the other in any way; provided, however, that if by using the App, the Visitor authorizes Branch and its agents to access third party sites designated by them or on their behalf for retrieving requested information, the Visitor shall be deemed to have appointed Branch and its agents as his agent for this purpose.
17.2 The provisions of these Terms and Conditions shall be deemed to constitute a lender and a borrower relationship between Branch and the Visitor. The Terms and Conditions of this Agreement will govern the contractual arrangement between Branch and the Visitor for each loan facility obtained by the Visitor from Branch.
18. INDEMNIFICATION
18.1 The Visitor agrees to indemnify, defend and hold harmless Branch, its affiliates, group companies and their directors, officers, employees, agents, third party service providers, and any other third party providing any service to Branch in relation to the Services whether directly or indirectly, from and against any and all losses, liabilities, claims, damages, costs and expenses (including legal fees and disbursements in connection therewith and interest chargeable thereon) asserted against or incurred by Branch that arise out of, result from, or may be payable by virtue of, any breach or non-performance of any terms of these Terms and Conditions including any representation, warranty, covenant or agreement made or obligation to be performed by the Visitor pursuant to these Terms and Conditions.
19. LIMITATION OF LIABILITY AND INJUNCTIVE RELIEF
19.1 The Visitor agrees that in no event will Branch or any of its affiliates or group companies or any of their respective officers, employees, directors, shareholders, agents, or licensors be liable to the Visitor or anyone else under any theory of liability (whether in contract, tort, statutory, or otherwise) for any direct, indirect, incidental, special, consequential or exemplary damages, including damages for loss of revenues, profits, goodwill, use, data or other intangible losses (even if such parties were advised of, knew of or should have known of the possibility of such damages), resulting from the Visitor’s use (or the use of anyone using an account registered to the Visitor) of the App or any parts thereof.
19.2 Notwithstanding anything to the contrary herein, the Visitor hereby irrevocably waives any right or remedy to seek and/or obtain injunctive or other equitable relief or any order with respect to, and/or to enjoin or restrain or otherwise impair in any manner, the production, distribution, exhibition or other exploitation of any Branch or any of its affiliate or group company related project, or the use, publication or dissemination of any advertising in connection with such project.
20. FORCE MAJEURE
Branch shall not be liable if the performance of any of its obligations under the Terms and Conditions is prevented, hindered or delayed by a Force Majeure Event (defined below), and, in such case, Branch’s obligations shall be suspended until the Force Majeure Event ends.
For this purpose, “Force Majeure Event” means any event due to any cause beyond the reasonable control of any party, including unavailability of any communication system, breach or virus in the systems, fire, flood, explosion, acts of God, civil commotion, riots, insurrection, war, acts of government.
21. SEVERABILITY
If any provision of these Terms and Conditions is determined to be invalid or unenforceable in whole or in part, such invalidity or unenforceability shall attach only to such provision or part of such provision and the remaining part of such provision and all other provisions of these Terms and Conditions shall continue to be in full force and effect.
22. NOTICES
22.1 All notices and communications from the Visitor to Branch in relation to the App and/or any of the Services (including the termination of any of the Services etc.) shall be in writing. The Visitor shall be deemed to have been given a notice if sent by an email, SMS or posted within the App.
22.2 Notice shall be deemed to have been served 48 hours after it has been sent, dispatched, displayed, as the case may be, unless, where notice has been sent by email, it comes to the knowledge of the sending party, that the email address is invalid.
23. ENTIRE AGREEMENT
These Terms and Conditions constitute the entire agreement between Branch and the Visitor and supersedes and extinguishes all previous agreements, promises, assurances, representations, warranties and undertakings, whether written or oral.
24. COMMUNICATION BETWEEN US
24.1 If the Visitor wishes to contact us in writing, or if any condition in these Terms and Conditions requires the Visitor to give us notice, the Visitor can send this to us by e-mail at [email protected] or to such e-mail address that may be communicated to the Visitor from time to time. We will confirm receipt of this by contacting the Visitor in writing by e-mail.
24.2 If Branch has to contact the Visitor or give him notice in writing, Branch will do so by in-App chat, e-mail, or SMS to the mobile phone number or email address the Visitor provides to Branch through the App.
25. GOVERNING LAW AND DISPUTE RESOLUTION
These Terms and Conditions shall be governed in accordance with the laws of India and any disputes arising out of or in connection with these Terms and Conditions shall be subject to exclusive jurisdiction of the courts in Mumbai.
26. VERNACULAR DECLARATION
The Visitor hereby confirms and records that the contents of these Terms and Conditions have been read out and explained to the satisfaction of the Visitor. The Visitor agrees to abide by the same at all times.
27. Assignments and Securitization of Rights by Branch:
Branch may, at any time, assign all or any of its rights and benefits under the Loan Agreement / TOU without requiring the prior consent of the Visitor. The Visitor and Branch acknowledge that Branch may transfer, assign, part with any or all of its rights or obligations under the Facility Documents to any third party, in any manner whatsoever. The Visitor irrevocably and unconditionally confirms that it shall continue to be bound by the terms of the Facility Documents notwithstanding such transfer or assignment by Branch and that the transferee shall acquire an interest in the Facility Documents upon the transfer taking effect.
Further, the Visitor expressly recognizes and accepts that Branch shall, without prejudice to its rights to perform such activities either itself or through its officers, be absolutely entitled and have full power and authority to appoint one or more third parties of Branch's choice and to transfer or delegate to such third parties, the right and authority to collect on behalf of Branch, all unpaid amounts under the Loan Agreement and under any other agreement entered or to be entered into by Branch in relation to the Facility and to perform and execute all acts, deeds, matters and things connected therewith or incidental thereto including attending the office or residence of the Visitors, receiving the amounts due and generally performing all lawful acts as the third party may consider appropriate for such purposes.
27.1 The Visitor agrees and confirms the following:
The Visitor shall not in any manner be entitled to assign his/her/its rights and obligations under the Facility Documents
Notwithstanding anything to the contrary contained in the Facility Documents, Branch shall have the right to (in full or in part and at the cost of the Visitor) assign and / or transfer and / or novate and/or securitize the loan or any part thereof with or without Security, if any, and/ or its rights or obligations under the Facility Documents and / or the Outstanding and/or enter into indemnity or other arrangements for risk sharing, whether with or without recourse to Branch, to one or more banks or any other entity, trust, any association, without any reference or notice to the Visitor.
The Visitor shall not, however, claim any privity of contract with any such entity to whom the Outstanding and/or the rights or obligations under the Facility Documents have been assigned/transferred/securitized or with whom Branch has entered into indemnity or arrangements for risk sharing.
Branch (or any nominee of Branch) may retain the Security Interest (if any) created pursuant hereto (or any part thereof) in trust and for the benefit of such assignee (and upon part assignment of the loan, in trust and for the benefit of both Branch and such assignee on a pari passu basis), without requiring any consent of or notice or making any reference to the Visitor.
Upon any such transfer or assignment as contemplated herein, such assignee/transferee/novatee and Branch, as the case may be, will be entitled to take any action, including recovery and enforcement of Branch’s rights hereunder, in its own name without making Branch or the assignee, as the case may be, a party thereto. It is hereby clarified that the Guarantor, if any, shall not stand discharged of its obligations as a surety or guarantor as a result of such sale, assignment, or transfer.
The Visitor shall continue to be bound by the terms of the Loan Documents notwithstanding such transfer or assignment or novation or securitization by Branch. The Visitor shall be bound to accept any such securitization and any such sale, assignment, or transfer and the Visitor shall accept such other party(ies) as creditors exclusively or as a joint creditor with Branch or as a creditor exclusively with the right of Branch to continue to exercise all powers hereunder on behalf of any such other party.
If the transfer, assignment, novation or securitization is done by Branch to a bank or a financial institution or an asset reconstruction company under the SARFAESI Act and all the guidelines of RBI issued from time to time shall be applicable to the Loan Documents.
In the event of demand made by any banks or financial institution(s) from whom Branch has obtained financial assistance, the right to recover the Outstanding may be assigned/transferred to such banks or financial institution(s) and the Visitor shall pay installment directly to such banks / financial institutions.
The Visitor undertakes that he/she/it shall not do or cause to be done anything which will impede the rights of such banks/ financial institutions in their recovery of any dues, including the rights over the product, if any.
Branch shall have the right to create a charge over the property in favour of any bank, institution or body by way of security for any refinance facility or any loan availed of by Branch from such bank, institution or body.
27.2 Disclosure of Information
Branch may disclose to any actual or potential assignee or to any person who may otherwise enter into contractual relations with Branch in relation to the Loan Agreement, such information about the Visitor as Branch shall consider appropriate, provided that Branch obtains a confidentiality undertaking from such assignee or other person.
28. CLASSIFICATION OF ACCOUNTS AS SPECIAL MENTION ACCOUNT (SMA) AND NON-PERFORMING ASSETS (NPA)
The Lender, Branch (as applicable) shall in terms of relevant RBI circular may report credit information, including classification of account as SMA to relevant credit information companies/credit repositories or such other Government Authority.
28.1 It is clarified that only upon making payment of all overdue amounts including Interest and Principal, the classification of loan account of the Visitor may be upgraded to standard as per the extant RBI Guidelines.
28.2 The visitor confirms having understood the following concepts and illustrative examples related to Due Dates, classification of my Loan Account as Special Mention Account (SMA) / Non-Performing Asset (NPA) in accordance with the RBI Circular – RBI/2021-2022/125 – DOR.STR.REC.68/21.04.048/2021-22 dated November 12, 2021 on ‘Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances – Clarifications’ read along with RBI ‘Master Circular – Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances’ dated October 1, 2021 and amendments or further clarifications thereto.
28.3 The Visitor’s loan account shall be classified as Special Mention Account (SMA) and Non-Performing Asset (NPA) as per below concepts / clarifications / illustrative examples on Due Dates and SMA Specification / NPA Classification Dates:
As per the RBI circular on default by customer, the Company is required to immediately classify them as special mention account (SMA), the basis of classification of SMA categories are as given below:
| Loans other than revolving facilities | Loans in the nature of revolving facilities | ||
|---|---|---|---|
| SMA Sub-categories | Basis for classification – Principal or interest payment or any other amount wholly or partly overdue | SMA Sub-categories | Basis for classification – Outstanding balance remains continuously in excess of the sanctioned limit or drawing power, whichever is lower, for a period of: |
| SMA-0 | Upto 30 days | ||
| SMA-1 | More than 30 days and upto 60 days | SMA-1 | More than 30 days and upto 60 days |
| SMA-2 | More than 60 days and upto 90 days | SMA-2 | More than 60 days and upto 90 days |
It is clarified that the Visitors account shall be flagged as overdue by the lending institutions as part of their day-end processes for the due date, irrespective of the time of running such processes. Similarly, classification of borrower accounts as SMA as well as NPA shall be done as part of day-end process for the relevant date and the SMA or NPA classification date shall be the calendar date for which the day end process is run. In other words, the date of SMA/NPA shall reflect the asset classification status of an account at the day- end of that calendar date.
Example:
If due date of a loan account is October 31, 2021, and full dues are not received before the lending institution runs the day-end process for this date, the date of overdue shall be October 31, 2021. If it continues to remain overdue, then this account shall get tagged as SMA-1 upon running day-end process on November 30, 2021 i.e. upon completion of 30 days of being continuously overdue. Accordingly, the date of SMA-1 classification for that account shall be November 30, 2021.
Similarly, if the account continues to remain overdue, it shall get tagged as SMA-2 upon running day- end process on December 30, 2021 and if continues to remain overdue further, it shall get classified as NPA upon running day-end process on January 29, 2022 (or such date as per the Lender’s Policy).
For interest payments on term loans an account will be classified as NPA, if the interest applied at specified rests remains overdue for more than 90 days.
Further, it is clarified that loan accounts classified as NPAs may be upgraded as ‘standard’ asset only if entire arrears of interest and principal are paid by the Visitor.
29. PROCESSING OF PERSONAL DATA
29.1 The Visitor understands and is cognizant that Branch will limit the collection and use of Visitor’s information only for lawful purposes for which consent has been taken by Branch from the Visitor (as required under Applicable Laws) to deliver better service to the Visitor. The Visitor is also aware that Branch may also use and share the information provided by the Visitor with its affiliates and third parties for providing services and any service-related activities such as collecting subscription fees, notifying, or contacting Visitor regarding any problem with, or the expiration of any services etc., after obtaining consent from the Visitor as required under Applicable Laws. In this regard, it may be necessary to disclose Visitor’s information to one or more agents and contractors of Branch and their sub-contractors, but such agents, contractors, lenders and such recipients will be required to agree to use the information obtained from Branch in accordance with Applicable Laws and the Visitor hereby expressly agrees and consents to the same.
29.2 The Visitor expressly agrees and consents to Branch to disclose Visitors’ personal and financial information to the statutory authorities in connection with any legal process that may be initiated by such authorities in accordance with Applicable Laws.
28.3 The Visitor expressly agrees and consents to Branch to retrieve his/her personal information and/or financial information for the purpose of Loan as may be permissible under applicable law including authentication/verification of documents or details submitted for KYC purpose, accessing and procuring data from databases maintained by statutory authorities.
30. MISCELLANEOUS
30.1 Branch shall always have the right to change / modify the sequence of appropriation without any prior notice to the Visitor. Further the appropriation sequence / principle can be specifically modified by Branch at the time of settlement of the loan or foreclosure by settlement and/or otherwise and/or restructure of the loan or on event of default or any other arrangement that Branch may decide.
30.2 The Borrowers hereby expressly gives its consents to the Lender, to receive information from the Lender, its affiliates, or any other service provider regarding dues, marketing schemes, various financial, value added and insurance products, etc. in any one or more of the following methods: [A] Telephone even if Borrower’s name appears in Do Not Call Register.; [B] E-mail [C] SMS; [D] WhatsApp; [E] other communication channels under Applicable laws.
I, User, after registering with an internet based platform on www.lendbox.in ("The Website") to find suitable borrower(s), do hereby declare that:
1. That I have read all the material, terms and conditions available at the website of M/s. Transactree Technologies Private Limited ("The Company"), owners and operators of the Website (www.lendbox.in);
2. That I have unconditionally agreed to abide by the terms and conditions, Privacy Policy and other binding material contained on the Website of the Company;
3. That the information and financial details furnished by me on the Website of the Companyare true and correct;
4. That I have on my own wisdom and judgment agreed to lend through the Company and the Company has had no role to play in making me extend any amount as loan to borrower(s) that have or may register on the Website, as I recognise that M/s. Transactree Technologies Private Limited is only a market platform for persons interested in available and granting of loans, to meet independently. The Company does not intervene or in any way get engaged in any loan transaction and I fully recognise that I have to deal directly with the borrower(s) of such transaction;
5. That I have not taken any action from the information available on the Website that has influenced my decision for the loan transaction(s) which I would enter into and I understand that in the event of any dispute with the borrower(s) of such loans, the dispute resolution shall be directly between the borrower(s) and me. The Company or any representative of the Company shall not be impleaded in any manner in a dispute with the borrower(s) as they are not privy to such loan transaction(s);
6. That my registration on the Website for the loan transaction(s) or otherwise, does not make in any manner the Company a party or privy to the loan transaction(s) whether entered into or to be entered into by me. The Company or any of the representatives of M/s. Transactree Technologies Private Limited shall not be held responsible for either repayment of the loan(s) extended by me, or loss of money, failure to recover the money, or breach of any confidential information;
7. That I have undertaken at my own judgment and information assessment to register on the Website and offer the loan(s) and M/s. Transactree Technologies Private Limited shall not responsible for any inaccuracy or any material accessed by me on The Website;
8. That I have a bank account with Investor Bank Name and I shall disburse the loan(s) from this bank account or such other account as may be designated by me and informed in writing to the Company. I undertake that I have not borrowed money from any third party, banks or financial institutions to disburse the loan(s). That the Company has taken an authorisation from the borrower(s) for the NACH mandate and will assist in ensuring that the EMI reach my designated bank account from the designated bank account of the borrower(s) as per the NACH mandate.
9. That I fully understand that I can seek such information and material directly from borrower(s) as needed by me as I can research, verify and arrive at a judgment myself. The Company does not need to perform any such or other obligation for me. In the event of loss or damage to the Company due to any action or inaction related to this loan transaction(s), I shall keep the Company harmless and indemnified against such losses;
10. That I am authorizing the Company on my behalf to retain, the cheques that have been or may be provided as collateral by the borrower(s) and the said cheques shall be presented to me, in my capacity as the Lender in the event the borrower(s) is unable to meet its obligations of repayment of the loan amount(s) as per the repayment schedule agreed between me and such borrower(s) under the loan agreement(s) to be utilized as collateral. I am aware that the Company has no responsibility whatsoever in recovery of the loan(s) extended or to be extended by me to the borrower(s).
11. That the Company may send reminders to the borrower(s) via sms/emails/calls of the monthly due date of each instalment due from the borrower(s) to ensure that the borrower(s) have sufficient funds in their bank accounts to be debited.
12. That the Company may send reminders to the borrower(s) through emails/SMS/calls in the event of a delay for the first 90 days of the delay in paying the loan(s) as per the repayment schedule agreed between the borrower(s) and me.
13. That the Company may send a legal notice to the defaulting borrower(s) after a delay of 90 days by the borrower(s) in repayment of the loan(s) as per the repayment schedule agreed between the borrower(s) and me, and simultaneously hand over the cheques provided as collateral to me.
14. That the Company may after delay of 120 days in repayment of the loan amount(s) as per the repayment schedule agreed between the borrower(s) and me inform the recovery agency as designated by me and the borrower(s) to start collection procedures. The charges for the recovery agency would be incurred by myself and will be based on the loan amount recovered from the borrower(s).
15. I confirm that I do not have over ₹ 50,00,000 invested or lent and outstanding across all P2P Lending platforms at the time of sign up and will not exceed the said limit on Lendbox as well. I will inform the Lendbox team in case the said limit is exceeded.
16. I confirm that I have not invested or lent over ₹ 50,000 to a single borrower across all P2P Lending platforms of sign up and will not exceed the said limit on Lendbox as well. I will inform the Lendbox team in case the said limit is exceeded.
17. That I have given this declaration upon fully reading and understanding material, terms and conditions available at the website of M/s Transactree Technologies Private Limited and at my own volition.