Borrower Agreement (Terms & Conditions)

Borrower Agreement - IndiaMoneyMart 

 

BY CONTINUING TO ACCESS AND USE THIS PLATFORM, YOU ARE AGREEING TO ALL OF THE TERMS OF USE SET OUT IN THIS AGREEMENT (“AGREEMENT”). IF YOU DO NOT ACCEPT ANY TERMS OF THIS AGREEMENT, PLEASE DO NOT USE OR VIEW THIS PLATFORM FURTHER.THESE TERMS OF USE MAY BE UPDATED OR CHANGED FROM TIME TO TIME AND PLEASE ENSURE THAT YOU READ THE APPLICABLE TERMS OF USE ON EACH OCCASION IN ADVANCE OF ACCESSING ANY INFORMATION FROM OR OTHERWISE USING THIS PLATFORM. 

  1. Terms of Use 

www.IndiaMoneyMart.com ("IndiaMoneyMart” or "Platform" or "we" or "our") is an online marketplace owned and managed by Fair Vinimay Services Pvt Ltd. that brings together people who are willing to borrow and people who are willing to lend, subject to and in accordance with applicable laws, including but not limited to  Master Directions - Non-Banking Financial Company – Peer to Peer Lending Platform (Reserve Bank) Directions, 2017, dated October 04, 2017 issued by the RBI. It is hereby clarified that the term “Platform” shall include this website as well as the application developed by IndiaMoneyMart for the purpose of facilitation of P2P lending. 

As an online marketplace, IndiaMoneyMart merely provides a platform for facilitation of transactions of borrowing and lending between two such parties. IndiaMoneyMart neither lends nor borrows through its Platform, and is not a lending institution.. 

As a User ("User", "You" or "Your") of this Platform, it is implied that you have read, understood and agree to abide by the terms and conditions hereunder. Theis Agreement together with our privacy policy as provided on the Platform ("Privacy Policy"), read with the terms of the tripartite agreement to be executed by you prior to commencement of activities, govern your usage of this Platform. By using this Platform, you confirm that you have read, understood and are agreeing to the terms of this Agreement, regardless of whether you are a registered User of our services or a visitor. If you disagree with any part of these terms and conditions, please do not use our Platform. 

IndiaMoneyMart has the right to change the terms and conditions hereunder from time to time without any prior notice. The changes will be effective immediately from the date and time of posting of such changes. By continuing to use the website post any such changes, you accept the terms and conditions hereunder as modified. IndiaMoneyMart recommends its Users to visit the site from time to time to keep updated about any such changes. 

  1. Purpose 

Fair Vinimay Services Pvt. Ltd. owns and operates the Platform https://www.indiamoneymart.com a digital platform that connects lenders and borrowers to facilitate the transactions between them. The purpose of the Platformis to facilitate connection between lenders and worthy borrowers and provide seamless lending/borrowing experience to the Users. Terms and Conditions set forth herein is to make the Users aware about services provided by IndiaMoneyMart through the digital platform. 

  1. Services 

i.  IndiaMoneyMart is merely a digital platform to facilitate transaction between borrowers & lenders and other ancillary services (collectively known as “Services”). 

ii.  It should expressly be understood that IndiaMoneyMart does not undertake any lending or borrowing activity on its own accord and is regulated by the Reserve Bank of India or             any other regulatory authority to act as a lender. 

  iii.    IndiaMoneyMart or this Platform does not make any representation or warranty that a loan requirement will be made live and/or will be fulfilled on this Platform. It does not give               any assurance to the Users with respect to approval and disbursement of a loan or recovery thereof. Availability of liquidity is not guaranteed, and repayment of all loans                       disbursed shall strictly be subject to the terms and conditions set out hereunder.

iv.   All Services provided hereunder by IndiaMoneyMart to Users shall be via the Company, and IndiaMoneyMart shall not independently facilitate or effectuate any lending or borrowing as envisaged hereunder with any User other than on this Platform.

  1. Acceptance of Terms and Conditions  

Access and use of our Platform and/or our services shall be deemed to be an express and unconditional acceptance by User to this Agreement, the loan agreement as well as the Privacy Policy on this Platform. Efforts have been made to ensure, that the information contained on the Platform is correct, however IndiaMoneyMart makes no warranty as to the accuracy, comprehensiveness, performance, timelines or correctness of any Service(s) or a Product(s) on the Platform, and provides all Service(s) and Product(s) on an "as is" basis. IndiaMoneyMart collects key information and data as required to the best of its knowledge under applicable law from all Users.  All the Users of this Platform are required to be registered to use this Platform services. By registering, uploading information, checking acceptance boxes and/or simply using this Platform, the User accepts these terms of use and agrees to be bound by the terms and Conditions set out herein, and further represents and warrants to IndiaMoneyMart that: 

i.   User is eligible to enter into a legal contract under Indian Contract Act, 1872 and is at least 18 years of age. 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 Platform.

ii.  User has the authority to enter into a contract and agree to the Terms & Conditions of this site on behalf of the entity represented by the User.

iii. User has read and understood Privacy Policy of IndiaMoneyMart on our Platform and agree to abide by all the terms and conditions along with Privacy Policy.

iv.  These Terms and Conditions read with Privacy Policy and the loan agreement are binding and enforceable against the User.

The Platform is freely accessible to all the Users however; the User will have to register with IndiaMoneyMart and create individual registration accounts prior to any use of Service(s). All information related to registration and processing thereafter must be correct, complete and promptly updated by the User each time the changes are made. 

In the event of any ambiguity between the terms of use and the loan agreement to which the borrower becomes a party, the terms of such loan agreement (which may be amended from time to time) read with any specific communications shared by IndiaMoneyMart shall prevail. All terms of the loan as set out in the loan agreement shall be binding upon the borrower, which shall include but not be limited to, payment terms, procedures, and provisions in respect of default or breach. IMM will inform the borrower of any changes made in terms of such loan agreement.

In respect of any information or data shared by any User, IndiaMoneyMart does make any statements as to the accuracy, veracity, or completeness of such information or data. 

  • User privacy is of utmost importance to us and will be protected. We will not share information with anyone other than those listed in our Privacy Policy. Sensitive personal data, if any collected, shall be handled in accordance with applicable law. 

  • As a condition of our Service, IndiaMoneyMart requires Users consent to send administrative and promotional emails / SMS/ Phone Calls. We will send information related to User account as well as updates about our Services and Products and promotional offers. User may opt-out of our promotional emails anytime by clicking the unsubscribe link at the bottom of any of our email correspondences. Please see our Privacy Policy for details. 

  • Users are required to create an account to avail our Services from this Platform. This is required to provide the Users with easy access to their account details, activity, updates and modify their preferences, if any, from time to time. 

  • By registering and creating an account, Users agree to use the services offered by IndiaMoneyMart based on the Terms and Conditions stated below. 

  • If you have any questions about these Terms and Conditions, please contact IndiaMoneyMart on [email protected] 

  1. Registration and Eligibility 

A User is required to register at the Platform to avail of the services by creating an account though one may be able to view/ browse certain contents of the Platform without registration. As a User one would be required to provide accurate, complete and actual information at the time of registration and update the same in case of any change in the information submitted to IndiaMoneyMart. Any failure on the part of User to submit or update would tantamount to breach of terms and conditions. 

Any User shall NOT create more than one Account with this Platform and/or sell/transfer the rights to access/use the Account to any third party. IndiaMoneyMart reserves the right to suspend/delete any Account, and take any action, legal or otherwise, without any notice or explanation, specially if any Data/information provided by User is inaccurate, false, misleading or incomplete or it appears to have been transferred or compromised, etc. 

You may register under any of the following categories at IndiaMoneyMart 

i.    As an Individual

ii.   As Hindu Undivided Family (HUF) acting through Karta

iii.  As a Registered Entity (through an authorized signatory) as: (a) a corporate; (b) a sole proprietorship concern; (c) a Partnership Firm; (d) a Limited Liability Partnership Firm (LLP)

An Individual/ HUF represented by its Karta will be an eligible borrower, if such individual/ HUF meets the following criteria: 

i.  is an Indian Resident, having: (a) a valid Identity proof; (b) a valid PAN Card/ Aadhar Card; (c) a valid bank account 

ii.  is above 21 years of age. 

A Registered Entity will be an eligible borrower, if it meets the following criteria: 

i.    Is a registered legal entity incorporated/ set-up/ registered in India; 

ii.    Has valid incorporation/ registration documents; 

iii.    Has a valid PAN Number; 

iv.    Has a valid Bank Account; 

 v.     Age of authorized signatory is above 18 years 

By registering on the Platform, the borrower warrants and represents that it is an eligible borrower and meets the criteria for registration. The borrower further represents and warrants the following to IndiaMoneyMart that: 

i.   they are not a person of unsound mind. 

ii.   they have not been declared insolvent. 

iii.   they are not/ have not been involved or connected with any kind of unlawful activities. 

iv.   they are not convicted of any offence under the Indian Laws. 

The eligibility criteria and requirements of a Borrower may be modified by IndiaMoneyMart at its sole discretion at any time to include or restrict the classes of existing Users without intimating the registered User. IndiaMoneyMart reserves the right to limit the amount of loan that may be approved and/or suspension of account activity and/or using other controls without any intimation to ensure that these criteria are always maintained. 

As a registered Borrower, the Borrower completely understands and authorizes IndiaMoneyMart to 

i.   access his credit score and credit Report either directly and/or through any credit information companies (CICs) 

ii.  access other credit information, undertake his credit assessment and risk profiling and disclose the same to any Lender on our platform; and 

iii.  submit data related to his credit including delays, defaults, if any to CICs 

iv.  For utilizing the services of IndiaMoneyMart, the Borrowers will be verified and will be required to provide documents and information. 

  1. Verification 

At the time of registration, the Borrower will be required to upload scanned copies of various KYC documents as part of verification process. The KYC documents required for verification for different classes of Borrowers are as under 

Individual 

i.   PAN Card 

ii.   Aadhar Card 

iii.   Proof of address – Passport, Voter id, Driving License, Gas Bill, Electricity bill, MTNL/ BSNL bill (any of the above) 

iv.   Last 6 months Bank statements 

v.   Salary slips for last 3 months (salaried person) and Form 16 

vi.   Income Tax Returns for last 2 years 

HUF 

i.   PAN Card of the HUF 

ii.   Aadhar Card of Karta 

iii.   Proof of address for Karta – Passport, Voter id, Driving License, Gas Bill, Electricity bill, MTNL/ BSNL bill (any of the above). 

iv.   Members of HUF 

v.   Bank Account details of HUF 

vi.   Last 6 months Bank statements 

vii.  Income Tax Returns for last 2 years 

Entity (Company/ Sole Proprietorship/ Partnership Firm/ LLP) 

i.   PAN Card of the registered entity 

ii.   PAN card of the authorized signatory 

iii.   Aadhar Card of authorized signatory 

iv.   Proof of address for authorized signatory– Passport, Voter id, Driving License, Gas Bill, Electricity bill, MTNL/ BSNL bill (any of the above) 

v.    Company Identification Number 

vi.   Certificate of incorporation/ Registration certificate 

vii.   Memorandum and Articles of Association 

viii.   Proof of address for the entity 

ix.   Last 6 months Bank statements 

x.   Income Tax Returns for last 2 years 

After completing the verification process, IndiaMoneyMart will undertake the credit assessment of the Borrower and assign risk profile,” IndiaMoneyMart score” to the borrower while making the Borrower live on the platform. IndiaMoneyMart reserves the right to reject a borrower’s application:  

i.   If the borrower has not submitted the required information related to KYC and other financial data; 

ii.   If the borrower has provided incorrect information; 

iii.   If the physical verification report has been found to be negative; 

iv.   If the borrower is not found credit worthy based on the credit assessment 

  1. User Fees 

There is no fee or charge for browsing the Platform. IndiaMoneyMart may at its sole discretion introduce new services and modify some or all of the existing Services offered. IndiaMoneyMart, in such an event, reserves the right to introduce fees for the new Services offered or revise/introduce fees for existing Services, as the case may be. Any revision in the fee structure shall be posted on the Platform and such changes shall be effective immediately after they are posted on the Platform. Unless otherwise stated, all fees shall be quoted in Indian Rupees and be payable to IndiaMoneyMart within such time as specified in the invoice. Any fees charged shall be exclusive oa all taxes and other amounts required to be levied under any applicable laws. 

You can make payment by using payments services deployed by IndiaMoneyMart from time to time. IndiaMoneyMart has also deployed a system of electronic payment of fees, the details of which are available at the Platform. 

  1. License and Site Access 

IndiaMoneyMart grants every User a limited, non-exclusive and revocable license to access and make personal use of the Site and only to the extent that such User does not violate the Terms and Conditions as listed in this document. A User shall not be permitted to sublicense or transfer any of their rights and/or obligations hereunder including, without limitation, access to the Platform. Subject to these Terms of Use, IndiaMoneyMart may offer to provide the Services, solely for the use of registered Users, and not for the use or benefit of any third party. IndiaMoneyMart may, from time to time, update or modify its Platform, release new versions of this Platform, which may, at its discretion, be included within the license described above. This license does not include any downloading or copying of account information for the benefit of anyone other than your use; or any resale or commercial use of this Platform or its contents; or any use of data mining, robots, or similar data collection and extraction tools. This Platform or any portion of this Platform may not be reproduced, copied, duplicated, sold, distributed, resold or otherwise exploited for any commercial purpose without express written consent of IndiaMoneyMart and / or its affiliates, as may be applicable. 

Services shall include, but not limited to, any services IndiaMoneyMart performs for you, any applications or widgets offered by IndiaMoneyMart that you download from the Platform or from third party application stores authorized by IndiaMoneyMart. IndiaMoneyMart reserves the right to prevent or restrict your access to this Platform and any unauthorized use and/or access of/to this Platform by you and/or any contravention of the provisions of these Terms and Conditions by you shall terminate the permission or the license granted to you by this Platform. By using this Site and by accepting to agree to these terms and conditions you also agree that you shall not hack or otherwise hire some third party to hack the site or use any other unauthorized means without a written consent of IndiaMoneyMart and access any third party information. You shall be liable of a criminal offence in such an event and IndiaMoneyMart shall institute appropriate legal proceedings to claim damages. IndiaMoneyMart reserve rights to institute proceedings in accordance with the law relating to intellectual property rights violation or infringement available to it in case there is misuse of this Platform by a person or an entity that belongs to outside India. In any event, the jurisdiction to institute any protective proceedings shall vest with IndiaMoneyMart within the jurisdiction of Mumbai. 

In spite of our efforts to keep the Site running 24x7, our Platform Users may experience difficulty in accessing Platform when Platform is being updated and/or it is under maintenance. Additionally, we make all necessary efforts to make sure all the calculations and reports are correct, still there may be errors due to oversite, we request Users to bring such errors/omissions to our attention. We do apologize, in advance, for the inconvenience, if any, caused to our Users due to errors or when the site is down. 

  1. Content 

The term "Content" for the purpose of these Terms of Use includes, without limitation, any information, data, text, photographs, location information, recommendations, reviews, videos, audio clips, comments, software, scripts, graphics, and interactive features generated, provided, or otherwise made accessible by IndiaMoneyMart on or through this Platform. All Content, whether publicly posted or privately transmitted, is the sole responsibility of the person who originated such Content. 

We are the exclusive owners of this Platform and the Content along with the copyrights, trademarks, service marks, logos, trade names, trade address and other intellectual and proprietary rights (“Intellectual Property Rights”) associated with the Platform and/or the Content and/or the Services, which may be protected by copyright, patent, trademark and other applicable intellectual property and proprietary rights and laws. No material from this Site may be copied, modified, reproduced, republished, uploaded, transmitted, posted or distributed in any form without prior written permission from IndiaMoneyMart, except that IndiaMoneyMart grants you non-exclusive, non-transferable, limited permission to access and display the web pages within this Site, solely for your personal and non-commercial use. 

This permission is conditioned on: 

  • your not modifying the content displayed on the Site, 
  • you keeping intact all copyright, trademark and other proprietary notices, 
  • your acceptance of any terms, conditions and notices accompanying the content or otherwise set forth in this Site, 
  • your agreeing to acknowledge of IndiaMoneyMart as the source, citing the uniform resource locator ("URL") of the page from which the information has been taken. 

IndiaMoneyMart cannot guarantee the authenticity of any Content or data which Users may provide about them. You acknowledge that all Content accessed by you using the Platform is at your own risk and you will be solely responsible and liable for any damage or loss to you or any other party resulting therefrom. 

  1. Lender Selection

    IndiaMoneyMart shall match a borrower to a lender, and prior to disbursement of any amount by the lender, IndiaMoneyMart, the lender (along with other lenders who have matched with such borrower) and the borrower shall enter into a tripartite loan agreement, which shall govern the terms of the loan disbursed by each lender, including the repayment schedule, compliance requirements and all other terms and conditions in respect to the same. It is clarified that the terms of the tripartite agreement shall be binding on all parties, and shall prevail over any terms, conditions or statements under these terms of use or on anywhere else on this Platform.

  2. Use of Platform: 
    i.  IndiaMoneyMart is committed to provide a safe enhanced User experience and while using any functionality provided by the Platform, the User specifically undertakes not to host, display, upload, modify, publish, transmit, update or share any information or content that: 

                 a.  belongs to another person to which the User does not have any right to; 
                        b) is grossly harmful, defamatory, obscene, pornographic, pedophilic, invasive of another's privacy, hateful, or racially, ethnically objectionable, disparaging, or otherwise unlawful in                              any manner whatsoever; 

                 b.  is harmful to minors in any way; 

                 c.  impersonate any person or entity, or falsely state or otherwise misrepresent the User’s affiliation with a person or entity; 

                 d.  deceives or misleads with respect to the origin of such messages which is grossly offensive or menacing in nature 

          ii.  The User further undertakes not to post or share any information or data that 

                  a.  infringes any patent, trademark, copyright related to this Platform or any other third party; 

                  b.  contain software virus or any computer code, file or program designed to affect, destroy or limit the performance or functioning of this Platform or its network, servers or any resource connected to this Platform; 

                  c.  attempts to gain unauthorized access to any portion or feature of the Platform, any other systems, networks or servers connected to the Platform, by hacking, password mining or any other illegitimate means; or interfere with the security of, or otherwise cause harm to, the Platform, systems resources, accounts, passwords, servers or networks connected to or accessible through the Platforms or any affiliated or linked sites 

                 d.  use the Platform 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 Platform or other third parties; 

                 e.  probe, scan or test the vulnerability of the Platform or any network connected to the Platform, nor breach the security or authentication measures on the Platform or any network connected to the Platform; 

                 f.  violate any code of conduct or other guidelines, applicable laws or regulations for the time being in force within or outside India. 

           iii.   The User expressly undertakes not to access or use this Platform for any money laundering activities and/or gambling and/or impersonating other person in any manner that violates any law for the time being in force. 

           iv.   No User shall in any way exploit this Platform to: 

a. threaten the unity, integrity, defense, security or sovereignty of India; 

b. obstruct friendly relations with or insult any foreign states; 

c. disrupt public order in any way; 

d. abet or encourage the commission of any cognizable offence, or; 

e. prevent the investigation of any offence. 

  1. User Warranties and Restrictions 

A Borrower represents and warrants IndiaMoneyMart that: 

a.  The funds would not be utilized for any unlawful purposes. 

b.  The total exposure of a borrower across P2P platforms shall be within the limits prescribed by Non-Banking Financial Company – Peer to Peer Lending Platform (Reserve Bank) Directions, 2017 and amendments made, if any. 

  1.  No Guarantee to any User 

IndiaMoneyMart does not provide any guarantee, assurance or credit protection with respect to funds invested or returns on any transaction consummated on its platform to any person, either directly or indirectly. IndiaMoneyMart does not provide any Guarantee with respect to the following: 

a.  That a Borrower loan requirement will be fulfilled; or 

b.  That a Borrower’s Loan requirement will be matched to a lender’s commitment. 

  1. Equipment 

The User shall be responsible for obtaining and maintaining all telephone, computer hardware, mobile and other equipment needed for access to and use of this Site and all charges related thereto. IndiaMoneyMart shall not be liable for any damages to the End User's equipment resulting from the use of this Site. 

  1.  Monitoring 

IndiaMoneyMart shall have the right, but not the obligation, to monitor the content of the Site at all times, including any chat rooms and forums that may hereinafter be included as part of the Site, to determine compliance with this Agreement and any operating rules established by IndiaMoneyMart, as well as to satisfy any applicable law, regulation or authorized government request. Without limiting the foregoing, IndiaMoneyMart shall have the right to remove any material that IndiaMoneyMart, in its sole discretion, finds to be in violation of the provisions hereof or otherwise objectionable. 

  1.  Privacy 

IndiaMoneyMart is committed to protect the Data of its Users and keep it confidential. We understand clearly that you and your Personal Information is one of our most important assets and we make reasonable efforts to protect your data from unauthorized access or disclosure. We do not sell or rent your personal information to third parties for their marketing purposes without your explicit consent and we only use your information as described in the Privacy Policy. Your Information stored and processed by us, is protected by physical as well as reasonable technological security measures and procedures. We advise you to read the Privacy Policy carefully to understand our practices. If you object to the Privacy Policy in any way please do not use the Platform. By accepting the Privacy Policy you hereby grant explicit consent to your information being shared with third parties for the purpose of rendering our services in line with the Privacy Policy. 

  1.  Modification of Terms of Use, Changes in Platform & Content 

IndiaMoneyMart reserves the right, at its sole discretion, to modify or replace any of these Terms of Use, or change, suspend, or discontinue the Service without any prior notice. Such changes may include, among other things, the adding of certain fees or charges. We suggest you to read this important notice containing our Terms of Use and Privacy Policy from time to time to stay informed as to any such changes. Any such changes shall be effective immediately unless specified otherwise. If we make changes to our Terms of Use and Privacy Policy and you continue to use our Platform, you are implicitly agreeing to the amended Terms of Use and Privacy Policy. These Terms of Use were most recently updated on 17th of May 2018. 

  1. Platform unavailability and Payment Gateway services 

To facilitate transactions between Users and the Platform, IndiaMoneyMart has entered into arrangements with third party service providers for payment services through net banking, credit card payments and/or other direct payments. These third party service providers have agreed to make all reasonable efforts to provide uninterrupted service of the payment gateway to facilitate the transactions, subject to down time and regular maintenance. By accepting these terms and conditions, User acknowledges that the payment gateway may not be uninterrupted or error free or free from any virus or other malicious, destructive or corrupting code, program or macro and IndiaMoneyMart disclaims all warranties, express or implied, written or oral, including but not limited to warranties of merchantability and fitness of the payment services. 

Although IndiaMoneyMart adopts appropriate security measures for the Services offered and the payment gateway mechanism, it does not assure that no person will overcome or subvert the security measures and gain unauthorized access to the same or your data. The User agrees that IndiaMoneyMart shall not be liable in case any unauthorized person hacks into or gains access to the payment gateway service and for any loss or damage whatsoever or howsoever caused or arising, directly or indirectly, including without limitation, because of loss of data; interruption or stoppage to your access to and/or use of the payment gateway services. IndiaMoneyMart shall not be responsible for deficiency of such third party service providers. 

IndiaMoneyMart shall not be made a party to or be termed as a co-accused in any proceedings against any third party service providers mentioned above, and shall not be liable to indemnify or in any manner hold harmless any User in respect of the same 

  1.  Cancellation 

IndiaMoneyMart reserves the right, at its sole discretion, to refuse or cancel any order or instructions for any reason. We may also require additional verifications or information before accepting any instruction or registering you on our portal as a borrower. The funding may get rejected and/or cancelled at any stage due to lack of information or verifiable information or false information. Negative third party verification report(s) and submission of false data or misleading information are crucial factors for cancellation of any order or request for the services. 

Cancellation of Borrowers Funding request: 

IndiaMoneyMart may reject funding request from Borrower under the following circumstances: 

a.  Borrower fails to provide the desired documents required for KYC verification; and/or 

b.  The information provided by the Borrower is found to be incorrect or cannot be verified; and/or 

c.  at any stage of the Loan transaction, IndiaMoneyMart believes that the Data provided by the Borrower is incorrect, false or misleading; and/or 

d.  Physical verification of the borrower is not successful; and/or 

e.  Borrower fails to pay Registration fees. 

Cancellation of Lender Funding proposal 

IndiaMoneyMart may decline funding of Loan proposal from Lender under the following circumstances: 

a.  If incomplete or incorrect information is submitted during the registration; 

b.  In case of delay in funding by the committed Lender(s); 

c.  Any other reason that IndiaMoneyMart may deem fit. 

  1. Fraudulent/ Declined Transactions 

IndiaMoneyMart reserves the right to recover the cost of Service(s), collection charges and lawyers’ fees and expenses from persons using the Platform fraudulently. IndiaMoneyMart reserves the right to initiate legal proceedings against such persons for fraudulent use of the Site and any other unlawful acts or omissions in breach of these terms and conditions. 

  1. User Communication 

IndiaMoneyMart will communicate with you through any of the mode using email, SMS and telephone or all of them or any other mode. Users must provide a valid email address and mobile number/ other contact number to IndiaMoneyMart for this purpose. IndiaMoneyMart will not be able to contact the customer in case customer’s number is part of DNC (Do Not Call) list as generated by TRAI (Telecom Regulatory Authority of India). In this case we request customers to call us on our customer care number. 

When one uses the IndiaMoneyMart Platform or send emails to IndiaMoneyMart, they consent to receive communications from IndiaMoneyMart electronically and that they are communicating with IndiaMoneyMart electronically. From time to time, IndiaMoneyMart will also send its registered Users marketing/promotional material, until of course the User has opted NOT to receive such material. 

By accepting these terms and conditions the User agree that all agreements, notices, disclosures and other communications that we provide the User electronically satisfy any legal requirement that such communications be in writing. 

  1. Site-Provided Email and Postings 

The Site may provide Users with the ability to send email messages to other Users and to post messages on the Platform. IndiaMoneyMart is under no obligation to review any messages, information or content ("Postings") posted on the Site by the Users and assumes no responsibility or liability relating to any such Postings. 

  1. Links 

The Platform or third parties may provide links to other platforms or resources. Because IndiaMoneyMart has no control over such sites and resources, the User acknowledges and agrees that IndiaMoneyMart does not endorse and is not responsible or liable for any content, advertising, products or other materials on or available from such sites or resources. The User further agrees that IndiaMoneyMart shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any such content, goods or services available on or through any such site or resource. 

  1. Opt-out option 

  1. If you are no longer interested in receiving e-mail announcements and other marketing information from us, or you want us to remove any personal information that we have collected about you, you can opt-out anytime by sending an e-mail about your request to [email protected] . 

  1. We use third-party service providers to serve ads on our behalf across the Internet and sometimes on this site. They may collect anonymous information about your visits to our Platform, and your interaction for our products and services. They may also use information about your visits to this and other platforms to target advertisements for goods and services. This anonymous information is collected using a pixel tag, cookies and other method which is industry standard technology used by most major platforms to collect information regarding usage of the Platform by any User. 

  1. Limitation of Liability 

IndiaMoneyMart shall not be responsible for any act or omission which could be attributable to a default of any User (including third party service provider) over which IndiaMoneyMart does not exercise control, including without limitation any error or failure or inability of the network service provider or any failure of any personnel of IndiaMoneyMart. IndiaMoneyMart shall not be liable for any inability to render any of the services by reason of any failure, delay or inability of the Users to agree on terms and conditions for the Loan Agreement. In such case, the User waives any right which had accrued to him from using this Platform to initiate any legal action against IndiaMoneyMart. 

IndiaMoneyMart and the Lender’s and/or the Borrower’s sole remedy and the IndiaMoneyMart’s sole liability to the Lender and/or the Borrower in the platform and for any other claim arising in connection with this defect shall be the correction or repair of such breach or defect or the replacement of the defective or non-conforming portion of the platform. 

The remedies provided in this section shall be the Lender’s and/or the Borrower’s sole and exclusive remedies for any and all claims arising in connection with the terms of use, made or suffered by the User or other party whether under contract or otherwise. 

IndiaMoneyMart, its associates and technology partners make no representations or warranties about the accuracy, reliability, completeness, correctness and/or timeliness of any content, information, software, text, graphics, links or communications provided on or using this Platform or that the operation of the Platform will be error free and/or uninterrupted. Consequently, IndiaMoneyMart assumes no liability whatsoever for any monetary or other damage suffered by you because of the delay, failure, interruption, or corruption of any data or other information transmitted in connection with use of the Platform; and/or any interruption or errors in the operation of the Platform. You expressly understand and agree that IndiaMoneyMart and its subsidiaries, affiliates, officers, employees, agents, partners and licensors shall not be liable to you for any direct, indirect, incidental, special, consequential or exemplary damages, including, but not limited to, damages for loss of profits, goodwill, use, data or other intangible losses resulting from use of this Platform, sale and supply of Products content or any related goods and services. 

The User acknowledges that the credibility of a lender or a borrower as depicted upon the Platform is based on the information that is provided to IndiaMoneyMart. In case there is a non-disclosure of information to IndiaMoneyMart of the information, and the judgment of IndiaMoneyMart is impaired and the ratings or credibility of a lender or a borrower is not found to be correct, IndiaMoneyMart shall not be responsible for any claims or liabilities. IndiaMoneyMart in any event is not responsible for any default in return of money that is borrowed from the lender and the lender shall have exclusive right to initiate proceedings against the defaulter borrower. IndiaMoneyMart does provide the necessary information and support to the lender, however, lender shall not make any claim against IndiaMoneyMart and shall conduct an independent assessment and due diligence of the borrower before lending it to him. 

In no event will IndiaMoneyMart be liable to the User or any third person for any damages, costs, losses or expenses, including any lost capital, lost profits, goodwill or special, incidental, consequential or punitive damages arising from your use of the Platform and/or its services, even if IndiaMoneyMart has been advised of the possibility of such damages, costs, losses or expenses. 

Notwithstanding anything contained in these terms of use, IndiaMoneyMart's aggregate liability, under any circumstances, to the Lender and/or the Borrower for any damages shall not exceed the amount of fees received by IndiaMoneyMart from the respective User. 

  1. Indemnity 

As a User, you agree to indemnify and hold harmless IndiaMoneyMart and its Directors, employees, its associates and their employees, contractors, Third party service providers and representatives from all losses, costs, actions, claims, damages, expenses (including reasonable legal costs) or liabilities, that arise from or relate to the following 

1.  your use or misuse of, or access to, the Platform, Service, Content or otherwise from your User Submissions, 

2.  your violation of these Terms and Conditions and/or your violation of any third party right, including without limitation to any copyright, property, or privacy right; 

3.  any damage caused by your data to any third party; 

4.  your violation of any law or the rights of a third party including but not limited to breach of any warranties, representations or undertakings or in relation to the non-fulfillment of any of your obligations under this Terms of Use 

5.  you further acknowledge and agree that IndiaMoneyMart and/or its employees, Directors, Associates and third party service providers cannot be held liable or responsible in any capacity whatsoever arising out of or related to your breach of this Terms of Use. 

6.  The User acknowledges and agrees that IndiaMoneyMart is only a service provider that facilitates the transaction between Lenders and Borrowers and is not obligated to perform any act otherwise. In case of any loss or damage to IndiaMoneyMart due to their action or inaction, the User shall, jointly and severally, indemnify IndiaMoneyMart. This clause shall survive the expiry or termination of this Terms of Use. 

  1.  Severability 

If any provision of these Terms of Use is found to be invalid, the invalidity of that provision will not affect the validity of the remaining provisions of the Terms of Use, which shall remain in full force and effect. Each provision of these Terms and Conditions shall be separate, independent and severable from any other provision contained herein, except where expressly provided for or indicated by context. 

  1. Breach 

In the event there is any material breach of provisions as set out in these Terms of use, Privacy Policy and/or any other agreement between IndiaMoneyMart and you, IndiaMoneyMart will have the right to limit your activity, remove your Information, warn other Users of your actions, temporarily/indefinitely suspend or terminate or block your account, and/or refuse to provide you with access to the Platform, initiate legal proceedings and recover any amounts due and owed by you such as cost of the Services, legal fees, etc. in the event but not limited to: 

           1.  If you infringe any of the Intellectual Property Rights; 

           2.  If you provide any incorrect, false or misleading Data which IndiaMoneyMart is unable to verify, or which would constitute fraud, misrepresentation or cheating; 

           3.  If you conduct yourself in any inappropriate or unreasonable manner in relation to these Terms and Conditions or any other agreement executed in connection herewith; 

           4. If IndiaMoneyMart has reason to suspect or believe that you are in violation of any other law being in force at the time; 

           5. If you use or access your Account for any restricted purposes and/or in contravention of these Terms and Conditions, without our consent; 

Any User who has been suspended or blocked may not register or attempt to register with IndiaMoneyMart or use the Platform in any manner whatsoever until such time that such User is reinstated by IndiaMoneyMart. Notwithstanding the foregoing, if you breach the User Agreement or any agreement entered for the transaction on our Platform, IndiaMoneyMart reserves the right to recover any amounts due and owed by you to IndiaMoneyMart and to take strict legal action including, but not limited, to a referral to the appropriate police or other authorities for initiating criminal or other proceedings against you. 

Any person who accesses the Account of any other User without the authority to do so, shall be subject to prosecution under the law. However, you shall be held responsible for any activities that may result from any authorized access of your Account. 

The failure of IndiaMoneyMart to act with respect to a breach by you or others does not waive its right to act with respect to subsequent or similar breaches. IndiaMoneyMart does not guarantee it will take action against all breaches of these terms and conditions. 

  1. Acknowledgements 

The User acknowledges and agrees that: 
a.    IndiaMoneyMart is not engaged in the business of granting any loan or borrowing any money from any User of the Platform. 

b.    IndiaMoneyMart is managing this Platform as a Peer to Peer Lending platform and neither IndiaMoneyMart nor any of its subsidiary or affiliate has any interest in either grant of loan or in borrowing money from a User registered on the Platform. 

c.    IndiaMoneyMart is not at all responsible for any claim or damage in case either the person who has agreed to grant loan or the person who has agreed to repay the loan does not fulfill their obligations. 

d.    IndiaMoneyMart in no manner warrants or guarantees the performance of a service provider that is providing services through the Platform of IndiaMoneyMart. 

e.    IndiaMoneyMart in no manner warrants and guarantees about the authenticity or completeness of the data provided by the Users or any third party service provider on its Platform. 

f.    It is User’s responsibility to verify the information about the person on the Platform and IndiaMoneyMart is in no manner liable if the information provided on this Platform is untrue or incorrect. 

g.    IndiaMoneyMart is in not responsible for any claim of money or damages in the event one person fails to either grant a Loan or a person fails to repay the Loan or makes any misrepresentation about his financial status or commits a fraud or an act of cheating or any other illegal act. 

h.    IndiaMoneyMart is not liable to refund any fees paid by the Users with respect to availing the services for non-closure of any transaction. 

i.    The User is aware of all the rights, duties and applicability of various laws including but not limited to Money Lending Act, Income Tax Act, or any other statute, or law, that may govern the business of lending and borrowing monies in the state of residence of the User to conduct business in the ordinary course. 

j.    The User is solely responsible for all the risks associated with using this Platform and/or availing the services or any agreement that is being entered as part of availing the services. 

  1. Termination 

IndiaMoneyMart may terminate access to all or any part of the Service with or without notice at its sole discretion, effective immediately, and/or block your account for any borrowing or lending on its platform as per these terms of use. Any fees paid hereunder are non-refundable. If a User wishes to terminate his/her Account, he/she may do so by following the instructions on the Platform. 

  1. Warranty Disclaimer 

The User understands that IndiaMoneyMart has no obligations to verify the original documents submitted by a User and have assumed that the same are true, correct and complete in all respects. IndiaMoneyMart makes no warranty that the Platform will meet User’s requirements and the Platform will be available on an uninterrupted, timely, secure, or error-free basis. The Platform further makes no warranties that the results that may be obtained from the use of the Platform or any services offered through the Platform will be accurate or reliable. 

All details of the Users of this Platform and their financial status, included in or available through this Platform are provided for use without warranties of any kind, either express or implied. IndiaMoneyMart, its shareholders, its Directors/ employees, holding company, its subsidiaries, and its licensors do not warrant that the information or other material which is placed on the Platform by any person is correct and complete including his financial status or capability or has not approached the other User of this Platform with a criminal intent to either cheat or misappropriate or deny any other User of its legitimate claims. By uploading any content, representation or statement of financial status or proof of residence the User represents and warrants the lawful right to reproduce and distribute such content and that the content complies with all laws and is true and authentic and is not in any event placed on the Platform to defraud other Users or create a false impression in their minds that the User has a sound financial status or are reasonably committed to deliver the repayments on time. 

You also represent that you have not ever been accused to any fraud, misrepresentation or default in repayment of any money or claim to any third party whether a financial institution or not. You also represent that there are no outstanding disputes in connection with your moral turpitude or financial status. You hereby represent and warrant to IndiaMoneyMart that you are legally competent to execute, be bound by and adhere to terms and conditions of terms and conditions of IndiaMoneyMart. Your use of this site is solely at your risk. You agree that IndiaMoneyMart shall have no responsibility for any damages suffered by you in connection with this site or any content contained therein or any damage suffered in the event of default or misrepresentation by any other User of this Platform. 

It is further clarified that any amounts receivable from any borrower in respect of any lending activity undertaken by you on this platform cannot be used as security collateral for any other borrowing availed from any third party. No third party shall have any recourse or right to claim any amounts or enforce any other claims against IndiaMoneyMart or any other borrower, directly or indirectly 

  1. Governing Laws and Dispute Resolution 

The use of this Platform and any Term and Conditions stated in this policy shall be governed by and constructed in accordance with the laws of India. If any dispute arises between you and IndiaMoneyMart during your use of our Services or thereafter, in connection with the validity, interpretation, implementation or alleged breach of any provision of these terms of use, the dispute shall be referred to a sole arbitrator who shall be an independent and a neutral third party appointed by the parties to the arbitration. The place of arbitration shall be Mumbai. The Arbitration & Conciliation Act, 1996, shall govern the arbitration proceedings. The arbitration proceedings shall be in the English language. 

  1. Jurisdiction 

Subject to Clause 32, the courts of Mumbai will have exclusive jurisdiction of dealing with all disputes arising from use of this Platform. 

  1. Assignability 

The Platform may assign any of its responsibilities/obligations to any other Person without notice to the User, at its sole discretion. However, the User shall not assign, transfer or sub-license any of the rights/ obligations under these Terms and Conditions to any third party, without written consent from IndiaMoneyMart. 

  1. Waiver 

Failure by the Platform to exercise any right or remedy under these Terms of Use does not constitute a waiver of that right or remedy. 

  1. Force Majeure 

The Platform is not liable for failure to perform any of its obligations if such failure is as a result of Acts of God (including fire, flood, earthquake, storm, hurricane, epidemic, pandemic, or other natural disaster), war, invasion, act of foreign enemies, hostilities (regardless of whether war is declared), civil war, rebellion, revolution, insurrection, military or usurped power or confiscation, terrorist activities, any event of hacking or illegal use of this Platform, nationalization, government sanction, blockage, embargo, labor dispute, strike, lockout, robbery, theft of data, change in law or any interruption or any failure of electricity or server, system, computer, internet or telephone service or any other act whatsoever, which are beyond the reasonable control of IndiaMoneyMart and could not have been prevented by reasonable precautions. Non-performance of any of the obligations and/or service by IndiaMoneyMart due to such Force Majeure events will not amount to breach of terms of use. 

  1. Grievance Officer 

In accordance with Information Technology Act 2000 and rules made there under, the name and contact details of the Grievance Officer are as under: 

In the event you wish to make a complaint regarding any violation of the provisions of these Terms of Use, you may send a written complaint to the Grievance Officer, who shall redress the complaint within one month. 

  1. Customer Support 

IndiaMoneyMart provides customer support to its Users by responding/ replying to their queries related to the services provided and/or use of the Platform with respect to the services. For any such query related to the service, one may contact us by sending an e-mail to [email protected] or one may also write to us providing their feedback, ideas and comments on how we can improve the Services and/or the functionality of this Platform. 

Link to Sample Tripartite Agreement

The company is having a valid Certificate of Registration dated 24-Dec-2018 issued by the Reserve Bank of India under Section 45 IA of the Reserve Bank of India Act, 1934.

  • IndiaMoneyMart,

    1014, The Summit Business Bay,

    Andheri East, Mumbai - 400093, India

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