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LENDING/BORROWING POLICY
The websites, www.fincsquare.com and/or www.Peerlend.in (the “Websites”) and mobile app, ‘PeerlendMobileApp’ (“App”, collectively “Peerlend”) and any related services through PeerLend (“Services”) are owned, handled and operated by FincSquare fintech Private Limited (“Company”). The Services enable a registered user of Peerlend to offer credit or lend money (“Lender”) to other registered users who seek to avail the credit offers (“Borrower(s)”, collectively “User(s)”/ “You”/ “Your”) in compliance with this Lending/ Borrowing Policy (the “Policy”). User may be a Lender or a Borrower, depending on his/her activity on Peerlend. User will be required to register on the Website or App, as the case may be, for using the Services either as a Lender or a Borrower. Upon such registration, an “Account” shall be created for each such User. In case the same User seeks to provide and avail credit facilities both as a Lender and a Borrower, then such User must create two separate Accounts – a Lender Account and a Borrower Account.
Access and use of the Services is subject to User’s acceptance and compliance with this Policy of PeerLend. The Company reserves the right to suspend User’s account and/or to moderate any content posted by them that does not respect this Lending/ Borrowing Policy and/or any and all of the Company’s Legal Policies. The Company may, in its sole discretion and at any time update, change, suspend, make improvements to or discontinue any aspect of the Service, temporarily or permanently.
The Company provides an online platform to connect Lenders and Borrowers. Any User who wants to use the services of PeerLend needs to be eligible and legally competent to enter into a binding agreement with the Company and between themselves. The Company will not be a party in any of the transactions between the Lender and Borrower. Users herein acknowledge that Peerlend merely serves as an intermediary platform that connects both Lender and Borrower. Users fully understand the role of the Company and in furtherance of the same hereby agree to comply with the terms and provisions of this Policy, as may be amended from time to time.
Registered Account
Users can register either as Borrowers or Lenders with the payment of a relevant one-time registration fee (“Registration Fee”). Registration is a multi-step process wherein initially the User is required to disclose basic information like their name, address, contact details etc. (“Preliminary Information”) and also upload a recent passport size photograph. Once the Preliminary Information has been provided, an initial verification is conducted by sending an SMS to the contact mobile number disclosed (“Registered Mobile Number”). The SMS contains a code that must be entered to complete the first step of the registration. On completion of this first step, the User account becomes active allowing Users to log into the system. However the User’s access to the services is limited and he shall not be able to access the Listed Content (defined and explained below).
Unlimited access to avail the Services on offer will only be granted when the second registration step is completed, which will require the User to; (a) disclose further information like bank account details; (b) scan and upload KYC documents and (c) submit to Contact Point Verification (“CPV”).
CPV is carried out at the work or home address of the User, in case of Borrower and is carried out by an employer of the Company. Once the official has verified the documents of the Borrower and completed the entire CPV process, he will collect the Registration Fee in cash and will provide the User with a receipt for the same. In case of Lender, the Registration Fee is collected in cash or online transfer and provides the receipt for the same.. On completion of this final step, the registration will be complete and the User will be granted complete access to the Services offered, either as a Borrower or a Lender, within 1 days of receipt of payment. Notwithstanding the aforementioned, Company reserves the right to decide if a particular User can have both Lender and Borrower Accounts at the same time. This decision of the Company is based on the CPV conducted by its officials.
It must be clarified herein that Users shall represent themselves and not any third party. Users are not authorized or permitted to use PeerLend to make offers for someone other than themselves. All the transactions carried will be solely by the Users from bank accounts held in their own name.
Users hereby agree to receive SMS or email alert posted by the Company on any new registrations, loan closures, repayments, offers on loans, request from borrowers etc. The Users are obliged to notify FincSquare of any change on his/her contact numbers.
Listing Content
As a Lender, You can, subject to the payment terms, post your credit offer including without limitation, the amount you intend to lend (“Loan Amount”), interest rate, date of availability, repayment terms etc. on PeerLend (“Listing”). In no event shall the Lender modify the interest rate in the Listing once a borrower has accepted a Lender’s offer. You represent that the money you are lending is from your solely own bank account in India. As a Borrower, you can, subject to the payment terms, post your request or the credit offers which you are looking for, including without limitation, Loan Amount intend to borrow, interest rate you are looking for, date of requirement, purpose of loan, repayment terms etc. It is agreed and acknowledged that before the confirmation of the Transaction (defined below), the Lender or Borrower will not share their identities and any personally identifiable information and sensitive information, including without limitation, your phone number, contact address, email address, any financial information such as credit card number, bank account etc. (“Personal Information”) on Peerlend. The Company reserves the right to remove such publicly posted Personal Information of any User immediately upon initial moderation, in order to comply with the Privacy Laws and other applicable 1aws.
Further, it is agreed that the Users are solely responsible for any content posted by them on PeerLend. All the Listing shall be posted in the appropriate category and under applicable cities as needed. Placement of the Listing by any Lender can in no instance be interpreted as a guarantee on the Company’s part regarding the origin and authenticity of the Lender or his credit offer. All information posted in the Listing is given “as is” and the Company shall not be responsible, subject to the verification of the Listing as provided herein, for any inaccurate information provided by the User nor for any misrepresentation made by the User.
Any Listing will be active till the time (a) the credit offer listed has been availed of or accepted by a Borrower; (b) the request made by the Borrower has been met with; or (c) the Listing has been withdrawn by Lender or Borrower.
The User hereby grants to the Company, a perpetual, royalty-free, sub-licensable rights and license to use, host and broadcast the content of the Listing on PeerLend and/or the Company’s affiliate websites. The Company has the right to moderate, edit or alter the content of the Listing, at its own discretion, to make the Listing compliant with this Lending Policy. Excepting the foregoing rights, the Company has no legal obligations with regard to the content of such Listing. The Renter accepts that Peerlend may use the published content for its business purposes and may exchange such information, subject to the Privacy Policy, with third parties.
The User shall read, agree and comply with the Lending Policy of PeerLend and not offer any credits those are in contravention with such policy or the applicable laws. Any Listing in breach of the Lending Policy will entail penal and/or civil liabilities on the User apart from the Company banning such User from continuing to carry on any activity on Peerlend.
Transaction
Lender agrees that the Loan Amount shall not be less than INR Five Thousand (Rs.5,000/-) in respect of any Transaction. Upon such reservation, an automated email shall be generated in respect of such Listing (“Reservation Letter”) from the Borrower’s account. Upon acceptance of such Reservation Letter by the Lender, an automated email shall be generated intimating such acceptance (“Acceptance”). The Acceptance shall be binding on the Lender and the Borrower confirming the loan transaction (“Transaction”). The Transaction shall be recorded under the agreement agreed and accepted by the Lender and Borrower setting in details the terms of the loan (“Loan Agreement”). Subsequently, the Borrower may choose any of the following options for delivery of the Loan Amount: (i) issuance of cheque by the Lender in favour of Borrower (“Lender Cheque”), to the Company which in turn will deposit the Lender Cheque in the designated bank account of the Borrower as given by him; or (ii) disbursement of the Loan Amount by the Lender directly to the Borrower’s designated bank account, in any mode of transfer possible, within a stipulated time. The Borrower undertakes to pay interest and additional interest payable on the Loan Amount as mutually agreed by the Lender and Borrower. The Borrower shall repay the Loan Amount along with the interest by way of paying the calculated Equated Monthly Installment (“EMI”) monthly as calculated and agreed for such months, either through wire transfer to the Lender’s designated bank account, or by providing a cheque, in favour of the Lender (“Borrower Cheque”), to the Company which will in turn deposit it at the Lender’s designated bank account. In case of any delay in payment of the EMI anytime, either by wire transfer or by Borrower Cheque, a late payment fee of Rs. 500/- is charged for that particular month(s) for which the EMI has/ have been delayed. Therefore for each month in which a delay has occurred, a sum of Rs. 500/- will be charged to the Borrower by the Company.
Notwithstanding anything to the contrary, the Borrower shall handover a duly signed post- dated cheque (“PDC”) of a nationally recognized bank for an amount equal to the Loan Amount and interest, to the Company simultaneous with the Company delivering the Lender Cheque to the Borrower or on the day of Lender disbursing the Loan Amount to the Borrower’s account. The Borrower shall not close his/her designated bank account without prior intimation to Lender and in case such an account is closed, the Borrower shall all substitute all PDCs with fresh PDCs.
On delivery of Lender Cheque, Borrower’s PDC and subject to the payment of Service Fee to the Company under these terms and the Loan Agreement, the Transaction will commence and be in force until the expiry or earlier termination of the Loan Agreement in accordance with the terms of this Policy or the Loan Agreement. Any dispute relating to the loan taken or given under the Loan Agreement, including the interest and default in payment thereof, shall be restricted to the Lender and the Borrower and governed by the terms of the Loan Agreement. The Company shall not be a party to any such dispute nor shall be liable to either party in respect of any such dispute.
Interest rate offered
The interest rates for any loan offered are set by the respective Lender and Borrower. However, PeerLend offers an interest rate range between 14% and 36% (“Interest Rate Range”), within which Lenders and Borrowers can negotiate, as advisable under the applicable laws.
The reservation of a credit offer by the Borrower and its Acceptance depends on the payment of the Service Fee and acceptance of the Loan Agreement.. The Service Fee will be charged from the User and Borrower account only upon receipt of ‘Acceptance’ from the Lender.
Notwithstanding the above, the Borrower acknowledges and agrees that the PDC provided by the Borrower shall be refunded to him upon the expiry of the Transaction. In case of any default by the Borrower regarding the loan repayment, the Company shall proceed to deduct such amounts as appropriate from the PDC to make good the loss to the Lender and pay the balance amount, if any, to the Borrower.
Third Party Verification
Users hereby agree to authorize the Company to obtain a credit report from any consumer credit reporting agency, including but not limited to Credit Information Bureau (India) Limited (CIBIL) or such other organization. The Company shall use the credit report (a) for authentication purposes, to verify User’s identity, (b) to a credit score and (c) to identify or determine certain financial information about other Users.
Company’s Disclaimer
The Company exercises no control over the quality, safety or legality of credit offers, or over the truthfulness or accuracy of the Listing or the contents thereof, or over the ability of Lender to lend the Loan Amount or over the ability of the Borrower to repay the Loan Amount with applicable interest. The Company is not responsible for any disputes that may arise between the Lender and the Borrower in relation to the Transaction. Lender and Borrower agree that the Company through PeerLend is only an intermediary providing services to facilitate the loan offerings and is in no way responsible or liable for any acts/omissions of the Lender and the Borrower on or through Peerlend. Except in case of receipt of the Lender Cheque and Borrower’s PDC, the Company is not responsible for the collection, retention, or refunding of any amount, for the control of the exact identity of the Borrower and the Lender, or for collecting money owed by the Lender to the Borrower or by the Borrower to the Lender.
Pricing Policy
Registration Fee by the Users: The User will be assigned two separate accounts if he wishes to avail Services both as a Borrower and as a Lender. The Fees charged for registration of a Lender Account is Rs.1,500/- (INR Fifteen Hundred Only) and the Fees charges for registration of a Borrower Account is Rs.600/- (INR Six Hundred Only).
Payments by Lender: On Acceptance and mutual consent to the Loan Agreement, the Lender shall pay a fee to the Company equivalent to 2% of the Loan Amount (“Service Fee”). Unless and until the Service Fee is paid by the Lender, the Acceptance shall not be forwarded to the Borrower and the Transaction will not commence. The Service Fee is exclusive of taxes. Lender will be responsible to pay any taxes on such fees. Over and above this, 4% of each EMI (till loan closure) is collected as installment and EMI processing.
Payments by Borrower: On reserving a credit offer, the Borrower will be required to pay a fee to the Company (“Retainer Fee”). Once the Retainer Fee is paid to the Company, the Reservation Letter shall be generated. The Retainer Fee shall be 3.5% of the Loan Amount. The Retainer Fee is charged from the Borrower’s account only if the Lender intimates the Acceptance. In case the Lender does not intimate Acceptance, the Retainer Fee will be refunded by the Company to the Borrower, subject to the refund policy.
Payment Terms
All payments by Lender and Borrower to the Company as above shall be paid to the account of the Company as may be specified by the Company in any of the following modes:
The Company shall not be liable in any respect whatsoever, for any loss or damage arising directly or indirectly from decline of any online transaction. In case of payment transactions by credit card/debit card, the Company shall not be liable for any failed transactions on account of the cardholder having exceeded the preset limit.
The transaction between the Lender and Borrower including the disbursement of the Loan Amount by the Lender and subsequent repayment shall be done as mentioned in the ‘Transaction’ heading of this Policy.
The Company may proceed with deactivation of Services to the defaulting User and will be reactivated only upon payment of all outstanding amounts. The Company may at its discretion cancel the account of the defaulter without any further notice, without prejudice to its other remedies available under law. Notwithstanding cancellation of an account, the liability of the defaulter remains until the amounts are recovered.
Lender and Borrower agree that they are solely liable for all taxes and other charges payable for use of Services through PeerLend.
Proof of Transactions
The computerized records kept within the Company’s electronic data system, and maintained using reasonable security measures, will be considered as the sole proof of communications, commencement and expiry of a Transaction, amounts owed, and payments made between the Company and the Lender/ Borrower or between the Lender and the Borrower.
Cancellation / Refund
PeerLend strongly recommends that all their Lenders and Borrowers – read, understand and familiarize themselves with our business model and cancellation & refund policy prior to using any services of PeerLend. No overseas payment can be made through wire transfer or any other means to our bank account.
In the event of cancellation of services due to any avoidable/unavoidable reasons we must be notified of the same in writing at info@peerlend.in. Cancellation request should be placed within 24 hours of agreement.
Any refunds, if applicable within the purview of our refund policy, will be processed over a period of 2-4 weeks due to Indian banking procedures. The refund policy is subject to change by PeerLend. The changes will apply after due legal diligence. Suitable announcements will be made on the website and legally-compliant notice period will be given before any changes come into force. If lenders or borrowers do not accept the revised policy, they should not continue to use the services and inform us about the same on info@peerlend.in. If lenders or borrowers continue to use the services after the date on which the change comes into effect, their use of the services indicates the agreement to be bound by the new refund policy.
Please note that there may be certain instruction to remit payments or seek rendition of services that PeerLend is unable to accept shall be cancel. We reserve the right, at our sole discretion, to refuse or cancel any order for any reason. We may also require additional verifications or information before accepting any instruction or registering you on are portal as a lender or a borrower. The loan processing may get rejected at any stage due to lack of information or verifiable information.
LENDING/BORROWING POLICY
The websites, www.fincsquare.com and/or www.Peerlend.in (the “Websites”) and mobile app, ‘PeerlendMobileApp’ (“App”, collectively “Peerlend”) and any related services through PeerLend (“Services”) are owned, handled and operated by FincSquare fintech Private Limited (“Company”). The Services enable a registered user of Peerlend to offer credit or lend money (“Lender”) to other registered users who seek to avail the credit offers (“Borrower(s)”, collectively “User(s)”/ “You”/ “Your”) in compliance with this Lending/ Borrowing Policy (the “Policy”). User may be a Lender or a Borrower, depending on his/her activity on Peerlend. User will be required to register on the Website or App, as the case may be, for using the Services either as a Lender or a Borrower. Upon such registration, an “Account” shall be created for each such User. In case the same User seeks to provide and avail credit facilities both as a Lender and a Borrower, then such User must create two separate Accounts – a Lender Account and a Borrower Account.
Access and use of the Services is subject to User’s acceptance and compliance with this Policy of PeerLend. The Company reserves the right to suspend User’s account and/or to moderate any content posted by them that does not respect this Lending/ Borrowing Policy and/or any and all of the Company’s Legal Policies. The Company may, in its sole discretion and at any time update, change, suspend, make improvements to or discontinue any aspect of the Service, temporarily or permanently.
The Company provides an online platform to connect Lenders and Borrowers. Any User who wants to use the services of PeerLend needs to be eligible and legally competent to enter into a binding agreement with the Company and between themselves. The Company will not be a party in any of the transactions between the Lender and Borrower. Users herein acknowledge that Peerlend merely serves as an intermediary platform that connects both Lender and Borrower. Users fully understand the role of the Company and in furtherance of the same hereby agree to comply with the terms and provisions of this Policy, as may be amended from time to time.
Registered Account
Users can register either as Borrowers or Lenders with the payment of a relevant one-time registration fee (“Registration Fee”). Registration is a multi-step process wherein initially the User is required to disclose basic information like their name, address, contact details etc. (“Preliminary Information”) and also upload a recent passport size photograph. Once the Preliminary Information has been provided, an initial verification is conducted by sending an SMS to the contact mobile number disclosed (“Registered Mobile Number”). The SMS contains a code that must be entered to complete the first step of the registration. On completion of this first step, the User account becomes active allowing Users to log into the system. However the User’s access to the services is limited and he shall not be able to access the Listed Content (defined and explained below).
Unlimited access to avail the Services on offer will only be granted when the second registration step is completed, which will require the User to; (a) disclose further information like bank account details; (b) scan and upload KYC documents and (c) submit to Contact Point Verification (“CPV”).
CPV is carried out at the work or home address of the User, in case of Borrower and is carried out by an employer of the Company. Once the official has verified the documents of the Borrower and completed the entire CPV process, he will collect the Registration Fee in cash and will provide the User with a receipt for the same. In case of Lender, the Registration Fee is collected in cash or online transfer and provides the receipt for the same.. On completion of this final step, the registration will be complete and the User will be granted complete access to the Services offered, either as a Borrower or a Lender, within 1 days of receipt of payment. Notwithstanding the aforementioned, Company reserves the right to decide if a particular User can have both Lender and Borrower Accounts at the same time. This decision of the Company is based on the CPV conducted by its officials.
It must be clarified herein that Users shall represent themselves and not any third party. Users are not authorized or permitted to use PeerLend to make offers for someone other than themselves. All the transactions carried will be solely by the Users from bank accounts held in their own name.
Users hereby agree to receive SMS or email alert posted by the Company on any new registrations, loan closures, repayments, offers on loans, request from borrowers etc. The Users are obliged to notify FincSquare of any change on his/her contact numbers.
Listing Content
As a Lender, You can, subject to the payment terms, post your credit offer including without limitation, the amount you intend to lend (“Loan Amount”), interest rate, date of availability, repayment terms etc. on PeerLend (“Listing”). In no event shall the Lender modify the interest rate in the Listing once a borrower has accepted a Lender’s offer. You represent that the money you are lending is from your solely own bank account in India. As a Borrower, you can, subject to the payment terms, post your request or the credit offers which you are looking for, including without limitation, Loan Amount intend to borrow, interest rate you are looking for, date of requirement, purpose of loan, repayment terms etc. It is agreed and acknowledged that before the confirmation of the Transaction (defined below), the Lender or Borrower will not share their identities and any personally identifiable information and sensitive information, including without limitation, your phone number, contact address, email address, any financial information such as credit card number, bank account etc. (“Personal Information”) on Peerlend. The Company reserves the right to remove such publicly posted Personal Information of any User immediately upon initial moderation, in order to comply with the Privacy Laws and other applicable 1aws.
Further, it is agreed that the Users are solely responsible for any content posted by them on PeerLend. All the Listing shall be posted in the appropriate category and under applicable cities as needed. Placement of the Listing by any Lender can in no instance be interpreted as a guarantee on the Company’s part regarding the origin and authenticity of the Lender or his credit offer. All information posted in the Listing is given “as is” and the Company shall not be responsible, subject to the verification of the Listing as provided herein, for any inaccurate information provided by the User nor for any misrepresentation made by the User.
Any Listing will be active till the time (a) the credit offer listed has been availed of or accepted by a Borrower; (b) the request made by the Borrower has been met with; or (c) the Listing has been withdrawn by Lender or Borrower.
The User hereby grants to the Company, a perpetual, royalty-free, sub-licensable rights and license to use, host and broadcast the content of the Listing on PeerLend and/or the Company’s affiliate websites. The Company has the right to moderate, edit or alter the content of the Listing, at its own discretion, to make the Listing compliant with this Lending Policy. Excepting the foregoing rights, the Company has no legal obligations with regard to the content of such Listing. The Renter accepts that Peerlend may use the published content for its business purposes and may exchange such information, subject to the Privacy Policy, with third parties.
The User shall read, agree and comply with the Lending Policy of PeerLend and not offer any credits those are in contravention with such policy or the applicable laws. Any Listing in breach of the Lending Policy will entail penal and/or civil liabilities on the User apart from the Company banning such User from continuing to carry on any activity on Peerlend.
Transaction
Lender agrees that the Loan Amount shall not be less than INR Five Thousand (Rs.5,000/-) in respect of any Transaction. Upon such reservation, an automated email shall be generated in respect of such Listing (“Reservation Letter”) from the Borrower’s account. Upon acceptance of such Reservation Letter by the Lender, an automated email shall be generated intimating such acceptance (“Acceptance”). The Acceptance shall be binding on the Lender and the Borrower confirming the loan transaction (“Transaction”). The Transaction shall be recorded under the agreement agreed and accepted by the Lender and Borrower setting in details the terms of the loan (“Loan Agreement”). Subsequently, the Borrower may choose any of the following options for delivery of the Loan Amount: (i) issuance of cheque by the Lender in favour of Borrower (“Lender Cheque”), to the Company which in turn will deposit the Lender Cheque in the designated bank account of the Borrower as given by him; or (ii) disbursement of the Loan Amount by the Lender directly to the Borrower’s designated bank account, in any mode of transfer possible, within a stipulated time. The Borrower undertakes to pay interest and additional interest payable on the Loan Amount as mutually agreed by the Lender and Borrower. The Borrower shall repay the Loan Amount along with the interest by way of paying the calculated Equated Monthly Installment (“EMI”) monthly as calculated and agreed for such months, either through wire transfer to the Lender’s designated bank account, or by providing a cheque, in favour of the Lender (“Borrower Cheque”), to the Company which will in turn deposit it at the Lender’s designated bank account. In case of any delay in payment of the EMI anytime, either by wire transfer or by Borrower Cheque, a late payment fee of Rs. 500/- is charged for that particular month(s) for which the EMI has/ have been delayed. Therefore for each month in which a delay has occurred, a sum of Rs. 500/- will be charged to the Borrower by the Company.
Notwithstanding anything to the contrary, the Borrower shall handover a duly signed post- dated cheque (“PDC”) of a nationally recognized bank for an amount equal to the Loan Amount and interest, to the Company simultaneous with the Company delivering the Lender Cheque to the Borrower or on the day of Lender disbursing the Loan Amount to the Borrower’s account. The Borrower shall not close his/her designated bank account without prior intimation to Lender and in case such an account is closed, the Borrower shall all substitute all PDCs with fresh PDCs.
On delivery of Lender Cheque, Borrower’s PDC and subject to the payment of Service Fee to the Company under these terms and the Loan Agreement, the Transaction will commence and be in force until the expiry or earlier termination of the Loan Agreement in accordance with the terms of this Policy or the Loan Agreement. Any dispute relating to the loan taken or given under the Loan Agreement, including the interest and default in payment thereof, shall be restricted to the Lender and the Borrower and governed by the terms of the Loan Agreement. The Company shall not be a party to any such dispute nor shall be liable to either party in respect of any such dispute.
Interest rate offered
The interest rates for any loan offered are set by the respective Lender and Borrower. However, PeerLend offers an interest rate range between 14% and 36% (“Interest Rate Range”), within which Lenders and Borrowers can negotiate, as advisable under the applicable laws.
The reservation of a credit offer by the Borrower and its Acceptance depends on the payment of the Service Fee and acceptance of the Loan Agreement.. The Service Fee will be charged from the User and Borrower account only upon receipt of ‘Acceptance’ from the Lender.
Notwithstanding the above, the Borrower acknowledges and agrees that the PDC provided by the Borrower shall be refunded to him upon the expiry of the Transaction. In case of any default by the Borrower regarding the loan repayment, the Company shall proceed to deduct such amounts as appropriate from the PDC to make good the loss to the Lender and pay the balance amount, if any, to the Borrower.
Third Party Verification
Users hereby agree to authorize the Company to obtain a credit report from any consumer credit reporting agency, including but not limited to Credit Information Bureau (India) Limited (CIBIL) or such other organization. The Company shall use the credit report (a) for authentication purposes, to verify User’s identity, (b) to a credit score and (c) to identify or determine certain financial information about other Users.
Company’s Disclaimer
The Company exercises no control over the quality, safety or legality of credit offers, or over the truthfulness or accuracy of the Listing or the contents thereof, or over the ability of Lender to lend the Loan Amount or over the ability of the Borrower to repay the Loan Amount with applicable interest. The Company is not responsible for any disputes that may arise between the Lender and the Borrower in relation to the Transaction. Lender and Borrower agree that the Company through PeerLend is only an intermediary providing services to facilitate the loan offerings and is in no way responsible or liable for any acts/omissions of the Lender and the Borrower on or through Peerlend. Except in case of receipt of the Lender Cheque and Borrower’s PDC, the Company is not responsible for the collection, retention, or refunding of any amount, for the control of the exact identity of the Borrower and the Lender, or for collecting money owed by the Lender to the Borrower or by the Borrower to the Lender.
Pricing Policy
Registration Fee by the Users: The User will be assigned two separate accounts if he wishes to avail Services both as a Borrower and as a Lender. The Fees charged for registration of a Lender Account is Rs.1,500/- (INR Fifteen Hundred Only) and the Fees charges for registration of a Borrower Account is Rs.600/- (INR Six Hundred Only).
Payments by Lender: On Acceptance and mutual consent to the Loan Agreement, the Lender shall pay a fee to the Company equivalent to 2% of the Loan Amount (“Service Fee”). Unless and until the Service Fee is paid by the Lender, the Acceptance shall not be forwarded to the Borrower and the Transaction will not commence. The Service Fee is exclusive of taxes. Lender will be responsible to pay any taxes on such fees.
Payments by Borrower: On reserving a credit offer, the Borrower will be required to pay a fee to the Company (“Retainer Fee”). Once the Retainer Fee is paid to the Company, the Reservation Letter shall be generated. The Retainer Fee shall be 3% of the Loan Amount. The Retainer Fee is charged from the Borrower’s account only if the Lender intimates the Acceptance. In case the Lender does not intimate Acceptance, the Retainer Fee will be refunded by the Company to the Borrower, subject to the refund policy.
Payment Terms
All payments by Lender and Borrower to the Company as above shall be paid to the account of the Company as may be specified by the Company in any of the following modes:
The Company shall not be liable in any respect whatsoever, for any loss or damage arising directly or indirectly from decline of any online transaction. In case of payment transactions by credit card/debit card, the Company shall not be liable for any failed transactions on account of the cardholder having exceeded the preset limit.
The transaction between the Lender and Borrower including the disbursement of the Loan Amount by the Lender and subsequent repayment shall be done as mentioned in the ‘Transaction’ heading of this Policy.
The Company may proceed with deactivation of Services to the defaulting User and will be reactivated only upon payment of all outstanding amounts. The Company may at its discretion cancel the account of the defaulter without any further notice, without prejudice to its other remedies available under law. Notwithstanding cancellation of an account, the liability of the defaulter remains until the amounts are recovered.
Lender and Borrower agree that they are solely liable for all taxes and other charges payable for use of Services through PeerLend.
Proof of Transactions
The computerized records kept within the Company’s electronic data system, and maintained using reasonable security measures, will be considered as the sole proof of communications, commencement and expiry of a Transaction, amounts owed, and payments made between the Company and the Lender/ Borrower or between the Lender and the Borrower.
Cancellation / Refund
PeerLend strongly recommends that all their Lenders and Borrowers – read, understand and familiarize themselves with our business model and cancellation & refund policy prior to using any services of PeerLend. No overseas payment can be made through wire transfer or any other means to our bank account.
In the event of cancellation of services due to any avoidable/unavoidable reasons we must be notified of the same in writing at info@peerlend.in. Cancellation request should be placed within 24 hours of agreement.
Any refunds, if applicable within the purview of our refund policy, will be processed over a period of 2-4 weeks due to Indian banking procedures. The refund policy is subject to change by PeerLend. The changes will apply after due legal diligence. Suitable announcements will be made on the website and legally-compliant notice period will be given before any changes come into force. If lenders or borrowers do not accept the revised policy, they should not continue to use the services and inform us about the same on info@peerlend.in. If lenders or borrowers continue to use the services after the date on which the change comes into effect, their use of the services indicates the agreement to be bound by the new refund policy.
Please note that there may be certain instruction to remit payments or seek rendition of services that PeerLend is unable to accept shall be cancel. We reserve the right, at our sole discretion, to refuse or cancel any order for any reason. We may also require additional verifications or information before accepting any instruction or registering you on are portal as a lender or a borrower. The loan processing may get rejected at any stage due to lack of information or verifiable information.
Listing Status Member Status Present Address Office Address
Listing Status Member Status Present Address Office Address
