Lenditt Innovations & Technologies Pvt. Ltd have developed a mobile application called Lenditt (hereafter referred as “Mobile App/Website”) through which you may apply for a short term loan (Loan) to be granted by various non-banking financial company OR Banks (Lender), based on the loan agreement executed between you and LENDER. LENDER has appointed and authorized us to collect, store, authenticate, verify and distribute the Personal Information (defined below) as may be required by LENDER to sanction the Loan. The Personal Information shall be collected through the mobile application form (Mobile Application Form) available on the Application.
Interest rate Min 36.5% to 62.98% per annum based on the product availed
Tenure 3 months to 6 months
Processing fee starts at just ₹ 325
No membership or upfront fees
Representative cost of a loan:
Daily interest rates range from 0.10% to 0.172%, determined by the risk profile.
Processing fees of 6.5%.
Documentation charges of 1%.
₹200 for online convenience fees.
₹200 as a risk assessment fees.
Please note that GST charges will be added to the process fees, document charges, online convenience and risk assessment fees.
Illustrative Calculation: -
Loan amount: ₹30,000 with a 36% annual interest rate.
Per day interest rate is 0.1%
Loan Duration: 64 Days
Total interest on the personal loan: ₹1,441
Processing fees (6.5% of the loan amount) + Documentation charges (1% of the loan amount) + Online convenience + Risk assessment = ₹2,650
Total Deductions (Processing fees + Documentation charges + Online convenience + Risk assessment + GST): ₹2,650
Net Disbursed Amount: Loan Amount - Total Deductions = ₹27,350
Total Repayable Amount (Loan Amount + Interest): ₹31,441
“LENDER” shall mean non-banking financial company or Banks with whom the Company has tied up for loan sanction, which would sanction, process, and grant the Loan to the Customer(s), through the Platform.
“Company” or “we” shall mean Lenditt Innovations & Technologies Private Limited , a company incorporated under the Companies Act, 2013 having its registered office at Sur No.239/1/2, FP.11 TP 37, Thaltej, Ghatlodiya Ahmedabad Ahmedabad GJ 380058 IN
“Customer(s)” or “you” or “End-Users” shall mean any person who accesses, downloads, uses, views the Platform and the Services.
“Loan” shall mean the loan that you may apply for through the Platform and which is sanctioned and granted by LENDER, subject to the applicable terms and conditions of the Loan Agreement.
“Loan Agreement” shall mean the loan agreement to be executed between LENDER and the Customer(s) for granting the Loan whether in physical or electronic form as may be applicable from time to time.
“Online Stores” shall mean Windows Store, Android Google Play, iOS App store, or any other online store or portal where the App will be made available by the Company to the End-Users, from time to time.
“Outstanding Amount(s)” shall mean the Loan, interests, and charges due and payable by you to LENDER, on the respective due date(s).
“Platform” shall mean the App and the Website collectively.
“Services” shall mean the services of granting, sanctioning, lending of short term loans, through the Platform by LENDER.
“Third Party Platforms” shall mean social networking platforms, such as Facebook, LinkedIn and other similar platforms.
“User Data” shall mean any data, information, documents or materials submitted with the Company prior to or during the use of the Services.
“Website” shall mean www.lenditt.com, managed, and operated by the Company for the provision of Services.
COLLECTION OF USER PERSONAL INFORMATION
When you use our Platform, we collect and store your information which is provided by you from time to time by explicitly seeking permissions from YOU to get the required information. Our primary goal in doing so is to provide you a safe, efficient, smooth and customized experience and Services. This allows us to provide services and features that meets your needs, and to customize our Platform to make your experience safer and easier and to improve the Services provided by us. More importantly, we collect personal information from you that we consider necessary for achieving the aforementioned purpose.
In general, you can browse the Website or App without telling us who you are or revealing any information about yourself. However, to create an account on the Platform, you must provide us with certain basic information required to provide customized services. The information we collect from you, interalia, includes:
your full name;
linked prepaid wallet details;
Permanent Account Number (PAN);
Information from credit bureaus and customer service providers;
Wherever possible, we indicate the mandatory and the optional fields. You always have the option to not provide any information by choosing not to use a particular service or feature on the Platform. We also collect user account data which includes email address and user public profile information like name, photo, ASID depending on the platform used by You to log-into the App. This information is required as a part of registration process to access our Service and it is also used to auto-populate relevant fields in the course of the interface of the App. We further collect other identifiable information such as your transactions history on the Platform when you set up a free account with us as further detailed below. While you can browse some sections of our Platform without being a registered member as mentioned above, certain activities (such as availing of loans from the third party lenders on the Platform) require registration and for you to provide the above details. The Platform will clearly display the personal information it is collecting from you, and you have the option to not provide such personal information. However, this will limit the services provided to you on the Platform.
Our App also collects mobile number for verification to check the active SIM status on the device, uniquely identify you and prevent frauds and UN-authorised access.
As part of the Services, you authorize us to import your details and Personal Information dispersed over Third Party Platforms. Third Party Platforms are social networking platforms, such as Facebook, LinkedIn and other similar platforms which will be used based on our proprietary AI algorithm.
All transactions undertaken on your behalf by the Company will be on the basis of your express instructions/consent and will be strictly on a non-discretionary basis. Once you verify and upload the User Data and/or other documents and details in the Mobile Application Form, the Company shall process the same. Upon the completion of the document verification by the Company, the Loan may be sanctioned by LENDER to you, subject to fitting eligibility criteria and other conditions set forth by LENDER for sanctioning the Loan. Thereafter, you are required to fill and upload the ECS/NACH mandate form/Cheque or any other document as may be required by LENDER. LENDER shall disburse the Loan subject to the terms and conditions of the Loan Agreement.
The sanctioned Loan shall be disbursed as per the mode provided in the Mobile Application Form. You are required to repay the Outstanding Amount(s) to LENDER, on the respective due date(s) mentioned in the Mobile Application Form.
You understand and acknowledge that the Company reserves the right to track your location (Track) during the provision of the Services, and also in the event that you stop, cease, discontinue to use or avail the Services, through the deletion or uninstallation of the Mobile App or otherwise, till the event that your obligations to pay the Outstanding Amount(s) to LENDER, exist. Deletion, uninstallation, and/or discontinuation of our Services, shall not release you from the responsibility, obligation and liability to repay the Outstanding Amount(s).
You understand and acknowledge that you shall be solely responsible for all the activities that occur under your User Account while availing the Services. You undertake that the Company shall not be responsible and liable for any claims, damages, disputes arising out of use or misuse of the Services. By usage of the Services, you shall be solely responsible for maintaining the confidentiality of the User Account and for all other related activities under your User Account. The Company reserves the right to accept or reject your registration for the Services without obligation of explanation.
COLLECTION OF DEVICE LOCATION AND DEVICE INFORMATION
We collect & store location information from your device to reduce the risk associated with your account based on your area, city & state. Based on your location, App evaluates serviceability criteria and also determines your income requirements to get your loan application processed. App can also use your location via background services to understand your location stability matrix.
We collect information about your device to provide automatic updates and additional security so that your account is not used in other people’s devices. In addition, the information provides us valuable feedback on your identity as a device holder as well as your device behavior, thereby allowing us to improve our products interaction, quality of services and provide an enhanced customized user experience to you.
PHONE CONTACTS – COLLECTIONS & USAGE
We gather & store your contact information from your device with your permission, this process helps to pre-populate the required information for ease of use during the loan application process. This information is also used to evaluate the risk profiling of the applicant. Better references will increase the chances of getting good offers and faster turn-around time.
We also ask for alternate contact information from your phone book. This information is used in an event if you are not reachable for an extended period of time when your loan is past due. Your contact information will never be used for any sort of marketing.
COLLECTION OF INSTALLED APPLICATIONS
We collect and transmit a list of the installed applications’ metadata information which includes the application name, package name, installed time, updated time, version name and version code of each installed application on your device to assess your credit worthiness and enrich your profile with pre-approved customized loan offers. This data may be collected even when the app is closed or not in use.
We require camera access to scan and capture the required KYC documents thereby allowing us to auto-fill relevant fields.
As a part of facilitation of the KYC journey, we require access to your camera to enable you to initiate your KYC process. This permission allows us or our authorized agents to perform your KYC while also taking screenshots of your original Officially Verified Documents that you present during your KYC journey. KYC enables you to complete your KYC digitally, smoothly and efficiently. Your KYC information shall be recorded and retained for regulatory purpose along with the screenshots of original Official Verified Documents.
We require storage permission so that your KYC and other relevant documents can be securely downloaded and saved on your phone. You can then easily upload the correct KYC related documents for faster loan application details filling and disbursal process. This ensures that you are provided with a seamless experience while using the application.
COLLECTION OF OTHER NON-PERSONAL INFORMATION
We automatically track certain information about you based upon your behavior on our Platform. We use this information to do internal research on our users’ demographics, interests, and behavior to better understand, protect and serve our users and improve our services. This information is compiled and analyzed on an aggregated basis. We also collect your Internet Protocol (IP) address and the URL used by you to connect your computer to the internet, etc. This information may include the URL that you just came from (whether this URL is on our Website or not), which URL you next go to (whether this URL is on our Website or not), your computer browser information, and your IP address.
If you choose to make a purchase through the Platform, we collect information about your buying behavior.
We retain this information as necessary to resolve disputes, provide customer support and troubleshoot problems as permitted by law.
If you send us personal correspondence, such as emails or letters, or if other users or third parties send us correspondence about your activities or postings on the Website, we collect such information into a file specific to you.
PURPOSE OF COLLECTING INFORMATION
The intended purpose of collecting information provided by you is to:
Establish identity and verify the same;
To facilitate your KYC;
Monitor, improve and administer our Platform;
Provide our service i.e. perform credit profiling for the purpose of facilitating loans to You.
Design and offer customized products and services offered by our third party financial partners;
Analyze how the Platform is used, diagnose service or technical problems and maintain security;
Send communications notifications, information regarding the products or services requested by You or process queries and applications that You have made on the Platform;
Manage Our relationship with You and inform You about other products or services We think You might find of some use;
Conduct data analysis in order to improve the Services / Products provided to the User;
Use the User information in order to comply with country laws and regulations;
Conduct KYC for our third party lending partners based on the information shared by the User;
Use the User information in other ways permitted by law to enable You to take financial services from our lending partners.
We will use and retain the information for such periods as necessary to provide You the Services on the Platform, to comply with our legal obligations, to resolve disputes, and enforce our agreements.
DEVICE INFORMATION – COLLECTIONS & USAGE
We use the information provided by You in the following ways:
Monitor, improve and administer our Mobile application experience;
Provide our service i.e. perform credit profiling for the purpose of facilitating loans to You.
Send communications notifications, information regarding the products or services requested by You
Perform data analysis in order to improve the Services / Products provided to the User;
Conduct KYC for our third party lending partners based on the information shared by the User;
Use the information in other ways permitted by law to enable You to take financial services from our lending partners.
We will use and retain Your information for such periods as necessary to provide you the Services on our Applications, to comply with our legal obligations, to resolve disputes, and enforce our agreements.
You have choices regarding the information we collect and how it is used:
Device-level settings: Your device may have controls that determine what information we collect. For example, you can modify permissions on your Android device for access to Camera or Audio permissions.
Delete your entire App account.
You can also request to remove content from our servers based on applicable law or by writing to our Grievance team.
You also have control of turning off the location & contact permissions based on your preference.
DISCLOSURES TO INTERNAL AND/OR THIRD PARTIES
We do not sell, rent, lease your Personal Information to anybody and will never do so. Keeping this in mind, we may disclose your Personal Information in the following cases:
Administrators : We shall provide access to your Personal information to our authorized administrative(s) for internal business purposes, who shall be under confidentiality obligations towards the same.
Affiliates: We may provide Personal Information we collect to our affiliates. For example, we may disclose Personal Information to our affiliates in order to respond to your requests for information or the Services, or to help limit your receipt of marketing materials you have requested not to receive.
Joint Marketing Measures: Where permitted by law, we may share your Personal Information with joint marketers with whom we have a marketing arrangement, we would require all such joint marketers to have written contracts with us that specify the appropriate use of your Personal Information, require them to safeguard your Personal Information, and prohibit them from making unauthorized or unlawful use of your Personal Information
Persons Who Acquire Our Assets or Business: If we sell or transfer any of our business or assets, certain Personal Information may be a part of that sale or transfer. In the event of such a sale or transfer, we will notify you.
Notwithstanding anything mentioned hereinabove, the Company shall not be responsible for the actions or omissions of the service providers or parties with whom the Personal Information is shared, nor shall the Company be responsible and/or liable for any additional information you may choose to provide directly to any service provider or any third party.
We will retain your Personal Information for as long as your registration with us is valid and the Outstanding Amount(s) is due and payable to LENDER. We may also retain and use your Personal Information as necessary to comply with our legal obligations, resolve disputes, and enforce our agreements. Subject to this section, we will try to delete your Personal Information upon reasonable written request for the same. Please note, however, that there might be delay’s in deleting Personal Information from our servers and backed-up versions might exist even after deletion.
We value your Personal Information, and protect it on the Platform against loss, misuse or alteration by taking extensive security measures. In order to protect your Personal Information, we have implemented adequate technology and will update these measures as new technology becomes available, as appropriate. All Personal Information is securely stored on a secure cloud setup and all communication happens via bank-grade secure SSL communication channels. The Personal Information is stored on Cloud platforms and they may change based on our business requirements. Although we provide appropriate firewalls and protections, we cannot warrant the security of any Personal Information transmitted as our systems are not hack proof. Data filching due to unauthorized hacking, virus attacks, technical issues is possible and we take no liabilities or responsibilities for it.
You are responsible for all actions that take place under your User Account. If you choose to share your User Account details and password or any Personal Information with third parties, you are solely responsible for the same. If you lose control of your User Account, you may lose substantial control over your Personal Information and may be subject to legally binding actions.
We aim to protect from unauthorized access, alteration, disclosure or destruction of information we hold, including:
We use encryption to keep your data private while in transit;
We offer security feature like an OTP verification to help you protect your account;
We review our information collection, storage, and processing practices, including physical security measures, to prevent unauthorized access to our systems;
We restrict access to personal information to our employees, contractors, and agents who need that information in order to process it. Anyone with this access is subject to strict contractual confidentiality obligations and may be disciplined or terminated if they fail to meet these obligations;
Compliance & Cooperation with Regulations and applicable laws;
We ensure that Aadhaar number is not disclosed in any manner.
We or our affiliates maintain your information on servers located in India. Data protection laws vary among countries, with some providing more protection than others. We also comply with certain legal frameworks relating to the transfer of data as mentioned and required under the Information Technology Act, 2000 and rules made thereunder.
When we receive formal written complaints, we respond by contacting the person who made the complaint. We work with the appropriate regulatory authorities, including local data protection authorities, to resolve any complaints regarding the transfer of your data that we cannot resolve with you directly.
ACCESSING AND MODIFYING PERSONAL INFORMATION
In case you need to access, review, and/or make changes to the Personal Information, you shall have to login to your User Account and change the requisite details. You shall keep your Personal Information updated to help us better serve you.
We may provide you with certain ancillary services such as chat rooms, blogs and reviews for the Services. Subject to any applicable laws, any communication shared by you via the Platform or through the blogs, reviews or otherwise to us (including without limitation contents, images, audio, financial information, feedback etc. collectively Feedback) is on a non-confidential basis, and we are under no obligation to refrain from reproducing, publishing or otherwise using it in any way or for any purpose. You shall be responsible for the content and information contained in any Feedback shared by you through the Platform or otherwise to us, including without limitation for its truthfulness and accuracy. Sharing your Feedback with us, constitutes an assignment to us of all worldwide rights, titles and interests in all copyrights and other intellectual property rights in the Feedback and you authorize us to use the Feedback for any purpose, which we may deem fit.
COMMUNICATIONS FROM THE PLATFORM
Special Offers and Updates: We may send you information on products, services, special deals, and a newsletter of the Company. Out of respect for your privacy, we present you with the option of not receiving these types of communications. You may unsubscribe via the unsubscribe mechanism provided in each such communication or by emailing us at email@example.com
Service Announcements: On certain occasions or under law, we are required to send out Service or Platform related announcements. We respect your privacy, however you may not opt-out of these communications. These communications would not be promotional in nature.
Customer Service: We communicate with Customer(s) on a regular basis to provide requested services and in regards to issues relating to their User Account, we reply via email or phone, based on Customer(s) requirements and convenience
LIMITATIONS OF LIABILITY
You expressly understand and agree that the Company shall not be liable for any direct, indirect, incidental, special, consequential or exemplary damages, including but not limited to, damages for loss of profits, goodwill, use, data, information, details or other intangible losses (even if the Company has been advised of the possibility of such damages), resulting from: (i) the use or the inability to use the Services; (ii) unauthorized access to or alteration of your Personal Information.
The Company reserves its rights to terminate these Terms in the event:
you breach any provision of these Terms;
the Company is required to do so under law; or
the Company chooses to discontinue the Services being offered or discontinue to operate the Platform;
the license granted to use the App expires;
of non-payment of Outstanding Amount(s).
The Company reserves its right to Track you, even when you have uninstalled the App or even after termination of these Terms, until all your obligations, including but not limited to payment of the Outstanding Amount(s) is in subsistence.
Upon termination of these Terms, the rights and licenses granted to you under these Terms shall cease to exist, and you must forthwith stop using the Platform and the Services and repay the Outstanding Amount(s). Notwithstanding anything contained in these Terms or otherwise, the termination of these Terms for any reason whatsoever, shall not affect your obligations, including but not limited to repayment of the Outstanding Amount(s).
GOVERNING LAWS AND DUTIES
You expressly understand and agree that the Company, including its directors, officers, employees, representatives or the service provider, shall not be liable 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 (even if the Company has been advised of the possibility of such damages), resulting from; (a) use or the inability to avail the Services (b) inability to use the Platform (c) failure or delay in providing the Services or access to the Platform (d) any performance or non-performance by the Company (e) any damages to or viruses that may infect your electronic devices or other property as the result of your access to the Platform or your downloading of any content from the Platform and (f) server failure or otherwise or in any way relating to the Services.
This Agreement shall be construed and governed by the laws of India and courts of law at Ahmedabad, Gujarat, India and this shall have exclusive jurisdiction over such disputes without regard to principles of conflict of laws.
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