(Version 1.0)
Introduction
These Supplementary Terms govern the lending services facilitated through the Platform (“Lending Terms”), including but not limited to personal loans, vehicle loans, and business loans. These Lending Terms are in addition to and shall be read in conjunction with the General Terms and Privacy Policy of the Platform. In case of any conflict between these Lending Terms and the General Terms, these Lending Terms shall prevail to the extent of such conflict in relation to Lending Services.
1.1. ROLE OF THE PLATFORM
The Platform serves as a digital application that connects you with various financial institutions including MFL and other Lenders who offer different types of credit products such as personal loans, vehicle loans, business loans, loan against property, credit cards and other lending facilities (collectively referred to as “Loan Products”). These Loan Products may be offered by a single Lender or through collaborative arrangements between multiple Lenders under co-lending structures. These Loan Products may constitute the following:
(a) Loan Products offered by MFL
MFL may directly provide loans to eligible Users through the Platform, which may include Vyapar Mitra Business Loans, gold loans and such other loans as may be offered by MFL from time to time through the Platform. Such loans shall be governed by separate loan agreements executed between MFL and the Borrower.
(b) Loan Marketplace
The Platform facilitates a loan marketplace where Users can apply for loans from various Lending Partners. In relation to loans offered by the third-party Partners (Lenders other than MFL), the Platform operates solely as an intermediary and digital facilitator to enable access to Loan Products provided by our Lending Partners. MFL functions as a referral partner or service provider to these Lending Partners and does not itself offer the Loan Products to you in such loans offered by the Partners.
The KFS and Loan Agreement shall be presented by MFL in case the Loan Products are offered by MFL.
1.2. INFORMATION COLLECTION AND LOAN MATCHING
As part of our loan facilitation services, we gather comprehensive information from you as required by the Lender(s), with all data collection practices outlined in our Privacy Policy. Using the information provided by Users, the Platform displays available Loan Products for which you meet preliminary eligibility criteria, along with details of the relevant Lenders offering such Loan Products. The Platform may enable you to filter and sort the Loan Products based on your preferences using consistent and objective filtering and sorting parameters.
The Platform, through respective Partner Modules, facilitates completion of the loan application forms, collection of KYC documents and acceptance of the loan agreement provided by the Lender(s) for availing the Loan Product(s).
Definitions
Capitalised terms not defined in the contents of the Terms shall mean as follows:
(a) “Borrower” refers to any individual or entity that avails of a loan from MFL or any Partner Lender through the Platform.
(b) “Lender” refers to any financial institution offering loans on the Platform, including MFL and any bank or non-banking financial company (NBFC) that is acting as a Partner and offering loans on the Platform.
(c) “KFS” means the Key Fact Statement detailing a summary of key terms of the loan sought to be availed by the User.
(d) “Loan Agreement” refers to agreement entered into between the Borrower and the Lender detailing the terms of the loan.
(e) “Loan Amount” means the principal amount of the loan sanctioned to the Borrower.
(f) “Interest Rate” means the rate at which interest is charged on the Loan Amount by the Lender.
(g) “Repayment Schedule” means the timeline and terms under which the Borrower is required to repay the Loan Amount along with interest as per the Loan Agreement.
Terms not defined herein but defined under the General Terms and Conditions shall have the meaning assigned to them under the General Terms and Conditions.
Loan Application and Approval
Borrowers must submit accurate and complete information when applying for a loan through the Platform. The Lender reserves the right to approve or reject any loan application at its sole discretion. Loan approval is subject to the Borrower meeting the eligibility criteria set by the respective Lender, including but not limited to creditworthiness, KYC, income verification, and other due diligence checks.
Loan Agreement
Upon approval of a loan application by the concerned Lender, the Borrower will be required to enter into a Loan Agreement with such Lender. The Loan Agreement will detail the Loan Amount, Interest Rate, Repayment Schedule, and other relevant terms and conditions of the Loan. The Borrower must thoroughly read and understand the Loan Agreement before accepting the same. This Agreement (including the Terms and Privacy Policy of the Platform) shall be deemed to have been accepted upon execution of the Loan Agreement by you, and shall apply along with the Loan Agreement to the extent applicable.
Disbursement of Loan Amount
The Loan Amount will be disbursed to the Borrower’s designated bank account or as otherwise agreed upon in the Loan Agreement. The disbursement of the Loan Amount is subject to the Borrower fulfilling all pre-disbursement conditions (if any) as may be specified by the Lender.
Repayment
The Borrower agrees to repay the Loan Amount along with interest as per the Repayment Schedule specified in the Loan Agreement. The Borrower may be required to set up an auto-debit facility or provide post-dated cheques to facilitate timely repayment, as may be specified by the concerned Lender. Late payments may attract additional charges and penalties (including penal charges associated with the Loan) as specified in the Loan Agreement.
interest and Other Charges
The Interest Rate applicable to the loan will be clearly mentioned in the Loan Agreement and will be displayed in the KFS by the concerned Lender. In addition to interest, the Borrower may be liable to pay processing fees, administrative charges, and any other applicable fees as specified in the Loan Agreement and the KFS.
Default
In the event of default in repayment, the Lender reserves the right to initiate legal proceedings to recover the outstanding amount. The Borrower may also be reported to credit information companies by the respective Lender, which could affect their credit score and future borrowing capacity.
Collection and Recovery
Upon occurrence of a default in repayment, the Lender has the right to take steps for collection and recovery either by itself or through third parties engaged / appointed by the Lender for the purpose. Your personal data may be shared with such third-party recovery and collection agencies, who may contact you or persons associated with you (either by phone or in person) for the purpose of loan recovery.
Prepayment
Any acceptance of prepayment of loan amount shall depend solely on the Lender, and the terms and conditions specified in the Loan Agreement. Prepayment charges, if any, will be as specified in the Loan Agreement.
Confidentiality and Data Privacy
We may seek certain basic personal details for initiation of the loan application on the Platform. Such details may include your Personal Data such as your name, email ID, address (present and permanent), annual / monthly income, PAN number, credit information fetched from authorised credit information companies, and details of your business. Your explicit consent shall be sought for collection of such Personal Data, and processing of such information shall be subject to our Privacy Policy.
We may share certain information about you to the Lenders upon your request for a loan on the Platform, subject to our Privacy Policy. Your personal and financial information will be handled in accordance with the Privacy Policy of the Platform, relevant privacy policies of the concerned Lender and applicable data protection laws.
Lending Disclaimer
YOU HEREBY EXPLICITLY ACKNOWLEDGE THAT THE PLATFORM, TO THE EXTENT OF THE SECTIONS OF THE PLATFORM OFFERING LOANS, FUNCTIONS EXCLUSIVELY AS DIGITAL APPLICATION FACILITATING LENDING. WE ARE NOT A LENDER (EXCEPT IN RELATION TO THE LOANS ARE OFFERED BY MFL). WE HAVE CONTRACTUAL RELATIONSHIPS WITH THIRD-PARTY LENDERS PURSUANT TO WHICH SUCH THIRD-PARTY LENDERS OFFER LOAN FACILITIES TO THE USERS OF THE PLATFORM. MFL PROVIDES NO ASSURANCE, GUARANTEE, OR COMMITMENT REGARDING THE APPROVAL OF ANY LOAN PRODUCT APPLICATION SUBMITTED BY A USER.
UPON SUBMISSION OF LOAN APPLICATIONS THROUGH THE PLATFORM, THE FINAL DECISION-MAKING AUTHORITY FOR APPROVING OR DECLINING ANY LOAN PRODUCT RESTS ENTIRELY WITH THE RESPECTIVE LENDER(S). THE LENDERS MAINTAIN COMPLETE DISCRETION TO APPROVE OR REJECT LOAN APPLICATIONS BASED ON THEIR INTERNAL POLICIES AND ASSESSMENT CRITERIA, WITHOUT ANY OBLIGATION TO PROVIDE EXPLANATIONS FOR THEIR LENDING DECISIONS. ANY LOAN FACILITY MADE AVAILABLE TO YOU BY ANY LENDER SHALL BE GOVERNED BY TERMS AND CONDITIONS AGREED BETWEEN YOU AND THE LENDER AND WE SHALL NOT BE A PARTY TO THE SAME. LOAN SHALL BE AT THE SOLE DISCRETION OF THE LENDER.
YOU ARE FURTHER ADVISED NOT TO GET LURED AND BE WARY OF ANY CALLS, SMS AND EMAILS ASKING FOR DEPOSITING ANY PROCESSING FEES / CHARGES IN RETURN FOR EXPEDITING LOAN APPROVALS.
Grievance Redressal for Loans and Lending Services
Borrowers may reach out to us for any complaints / queries / issues in relation to loans facilitated through our Platform / Partner Module(s) on the below mentioned details:
Name of our Grievance Redressal Officer: Julia Mathews
Designation: Grievance Redressal Officer
E-mail ID: julia.mathews@muthoot.com
We shall endeavour to resolve any such complaints / queries / issues in coordination with the concerned Lenders. We may have to direct the Borrower to the concerned Lender for resolutions of some complaints / queries / issues. Alternatively, the Borrower may reach out to the Lender for any complaints / queries / issues as per details mentioned in the loan documents, or the grievance redressal policy of the relevant Lender(s)/Partner.
Links to grievance redressal process of the Lenders/Partners are as below:
The customer can lodge a complaint related to unauthorized acceptance of deposits / schemes of various kind and fake emails at Reserve Bank of India’s sachet portal at the following link: https://sachet.rbi.org.in/home/index.
Consents and Permissions
In addition to any consent you may give pursuant to the Privacy Policy, you hereby consent to Lenders retrieving your credit score from third-party credit information companies for the purpose of evaluating your eligibility for a Loan Product.
We do not access your mobile phone resources such as file and media, contact list, call logs or other telephony functions in relation to any of the lending services. We may, however, require certain device permissions such as access to camera, microphone, location etc. for the purpose of onboarding you, and undertaking KYC requirements for matching of loans and facilitating the loan applications. We shall seek your explicit consent before accessing such device permissions and you may revoke such permissions from your phone settings after the relevant onboarding / KYC process is completed.
You may also revoke consent for processing of any of your Personal Data by writing to us on the email address provided under section 13 above. However, please note that certain Personal Data may be necessary to be retained by us / third-party Lenders under Applicable Laws, or for the purpose of processing or continued servicing of the Loan Products availed by you, and hence deletion of such data / revocation of consent for processing such data may not be possible.
No Liability
IN NO EVENT SHALL THE COMPANY, ITS OFFICERS, DIRECTORS AND EMPLOYEES, OR ITS CONTRACTORS, AGENTS, LICENSORS, OR SUPPLIERS BE LIABLE TO YOU FOR ANY DIRECT, SPECIAL, INDIRECT, INCIDENTAL, CONSEQUENTIAL, PUNITIVE, RELIANCE, OR EXEMPLARY DAMAGES (INCLUDING WITHOUT LIMITATION LOST BUSINESS OPPORTUNITIES, LOST REVENUES, OR LOSS OF ANTICIPATED PROFITS OR ANY OTHER PECUNIARY OR NON-PECUNIARY LOSS OR DAMAGE OF ANY NATURE WHATSOEVER, INCLUDING BUT NOT LIMITED TO ABUSE OR BREACH OF DATA), EVEN IF THE COMPANY OR AN AUTHORIZED REPRESENTATIVE HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, ARISING OUT OF OR RELATING TO YOUR FAILURE TO AVAIL A PRODUCT OR ARISING FROM LOAN AGREEMENT EXECUTED WITH THE RELEVANT LENDER.
WE DO NOT MAKE ANY REPRESENTATIONS OR WARRANTIES ON BEHALF OF THE THIRD-PARTY LENDERS PARTNERED WITH MFL WITH RESPECT TO THE FINANCIAL PRODUCTS PROVIDED BY SUCH THIRD-PARTY LENDERS. THE COMPANY SHALL BE RESPONSIBLE ONLY TO THE EXTENT OF PROVIDING THE SERVICES OR IN RELATION TO LOAN PRODUCTS OFFERED BY MFL DIRECTLY AND ALL LIABILITIES AND OBLIGATIONS WITH RESPECT TO THE LOAN PRODUCTS PROVIDED BY THIRD-PARTY LENDERS ON / THROUGH THE PLATFORM SHALL BE GOVERNED BY THE SEPARATE LOAN AGREEMENT EXECUTED BETWEEN YOU AND SUCH THIRD-PARTY LENDERS.