This document sets out the terms and conditions applicable to the Loan and/or Credit Line (defined below) provided by TapStart Capital Private Limited, a non-banking finance company registered with the Reserve Bank of India, and having its registered office at Unit No. G-408, 4th Floor, Gamma Block, Varthur Hobli, Sigma Soft Tech Park, No. 7, Whitefield Road, Bangalore - 560066 (“TapStart” or ”Lender”).
TapStart enables eligible persons (“you” or “Borrower”) who are approved and authenticated based on TapStart’s applicable prevailing internal policies and processes (collectively, “Policies”) to avail of a loan or credit line (collectively “Credit Line”/“Loan”) through MoneyTap’s online platform (“Platform”). The Lender reserves its right to refuse or reject any Application Form (defined below), notwithstanding the Applicant (defined below) satisfying the eligibility criteria, if any, set by the Lender for the sanction of the Loan or Credit Line. All customers using the Platform and availing the Loan (including Credit Line) are subject to terms and conditions set out herein below (collectively, “Terms and Conditions” or “T&Cs”).
You confirm that you have carefully read and fully understood all the terms and conditions that are listed herein and that following provisions shall be applicable to you in the capacity of a borrower.
You confirm that you have carefully read and fully understood all the terms and conditions that are listed herein and that following provisions shall be applicable to you in the capacity of a borrower.
1. DEFINITIONS AND REFERENCE TERMS
1.1. “Application Form” means the application form as prescribed by the Lender from time to time and filled in by the Borrower/s to avail the Loan.
1.2. “Applicant/s” or “Borrower/s" or "Co-Borrower/s" means any Person, whose Application Form either as Borrower or Co-Borrower, has been processed according to the prescribed Eligibility Criteria and to whom the Loan has been sanctioned and/or disbursed by the Lender. The expressions namely "Applicant/s" or "Borrower/s" or "Co-Borrower/s", shall include his/her/their heirs, executors, administrators and legal representatives respectively.
1.3. “Approved Bank" means a designated bank approved by the Lender for the purposes related to the Loan.
1.4. “Annual Percentage Rate (APR)” means the effective annualised rate charged to the Borrower. APR shall be based on an all-inclusive cost and margin including cost of funds, credit cost and operating cost, processing fee, verification charges, maintenance charges, etc., and exclude contingent charges like penal charges, late payment charges, etc.
1.5. “Co-Borrower/s” means any Person named and described as Co-Borrower in the Application Form and shall include his/her/their heirs, executors, administrators and legal representatives respectively.
1.6. “Cooling off/look-up period” means the time window as determined by the Board of the Lender which shall be given to borrowers for exiting digital loans, in case a borrower decides not to continue with the loan.
1.7. “Delayed Payment Charges” shall mean the additional amount payable by the Borrower/s to the Lender on account of any delay in payment of any Instalment and intimated to the Borrower/s.
1.8. “Designated Bank Account” means the bank account of Borrower/s identified and designated as such by Borrower to Lender.
1.9. “Eligibility Criteria” means the minimum eligibility criteria set forth by the Lender to judge the credit worthiness of an Applicant/s, which is subject to change from time to time, at the sole and absolute discretion of the Lender.
1.10. “Fee” means the aggregate amount payable by the Borrower/s to the Lender, as per the details provided in the Application Form, towards the line set up fee, servicing fee, loan processing fee, the registration fee and such other details provided in the Application Form.
1.11. “Guarantor/s” means any Person named and described as a guarantor in the Application Form.
1.12. “Instalments” means the principal, Fee and interest therein payable at specific intervals, as per terms of the Loan Documents (defined below) / repayment schedule during the tenor of the Loan, towards repayment of the Outstanding Balance.
1.13. “KYC” means the Know Your Customer Policy adopted by the Company (as may be amended from time to time by the Reserve Bank of India).
1.14. “Key Fact Statement” or “KFS” means a document in the prescribed format, which comprises of information such as, including without limitation, APR, the recovery mechanism, and details of designated grievance redressal officer.
1.15. “Lender” means TapStart Capital Private Limited.
1.16. “Loan Documents” means these Terms and Conditions, any and all Application Form, Key Fact Statement and all other documents, instruments, certificates, guarantees and agreements executed and/or delivered by the Borrower/s, Guarantor/s or any third party in connection with Loan in favour of the Lender as per terms of the Sanction Letter.
1.17. “Outstanding Balance” means the balance of the Loan outstanding along with all amounts payable by the Borrower/s to the Lender including principal amount, interest, costs, Fee, charges, expenses, etc.
1.18. “Payment” means the payment towards instalments or charges, i.e., principal, interest, Fee, default interest or charges (applicable as per terms of the Loan Documents) in respect of the Loan through any mode as approved by the Lender.
1.19. “Person" shall mean any individual, corporation, partnership, (including, without limitation, association), company under the purview of Companies Act, 2013, trust, unincorporated organization, Hindu undivided family or any Governmental Authority or political subdivision thereof. The expression shall, unless repugnant to the context or meaning thereof, be deemed to mean and include (i) in case of a company, its successors and permitted assigns; (ii) in case of a partnership firm, the partners for the time being and from time to time of the partnership firm, their survivor or survivors of them, their respective heirs, administrators, executors, legal representatives and successors of the partner(s); (iii) in case of a trust, the trustee or trustees of the trust for the time being and from time to time; (iv) in case of a Hindu undivided family, the Karta and the members for the time being and from time to time of the said Hindu undivided family and their respective heirs, executors, administrators and assigns; (v) in case of an individual proprietor, the proprietor's heirs, administrators, executors and legal representatives; (vi) in case of an individual, the individual's heirs, administrators, executors and legal representatives.
1.20. “Pre-Payment" means the payment of the entire Loan including the Rate of Interest, Fee, and other charges, according to the procedure prescribed in Para 7 of these T&C, through any mode as approved by the Lender.
1.21. “Rate of Interest” or “Interest” means the rate at which interest on the Loan is payable by the Borrower/s and/or the Guarantor to the Lender and mentioned in the Application Form/ Sanction Letter, as amended from time to time with prior intimation to the Borrower/s.
1.22. “Recall” means at any time during the currency of the Loan/Credit Line, TapStart shall have the sole and exclusive right to cancel the Loan/Credit Line, with or without reasons, and declare all obligations of Borrower immediately due and payable and/or stop advancing money or extending credit for the Borrower’s benefit under this Sanction Letter/Loan Documents or any other agreement between the Borrower and TapStart, and terminate the right of the Borrower to avail of or make disbursements from the Loan/Credit Line by giving a written intimation to the Borrower and any such cancellation shall not discharge an obligation accrued on the Borrower.
1.23. “Receipt” means the receipt issued by the Borrower in favour of the Lender in the form prescribed by the Lender for acknowledgment of disbursal of the Loan or a part thereof.
1.24. “Repayment Instruments” means Post Dated Cheques (PDC), Electronic Clearance Service (ECS) and/or National Automated Clearing House Mandate (NACH) or Standing Instructions (SI) or any other means for the debit clearing service as notified by the Reserve Bank of India or National Payment Corporation from time to time and for which the Borrower/s has/have agreed (in writing) to participate in for facilitating payment of Instalments or Interest.
1.25. “Sanction Letter” means the letter issued by the Lender sanctioning the Loan along with the relevant particulars, terms & conditions mentioned in the same.
1.26. “Scheduled Due Date" means each of the dates on which the Instalments together with any other costs, charges, Fee, and expenses if any, are due and payable by the Borrower to the Lender.
1.27. “Standing Instructions” and/or “SI” means the written instructions issued by the Borrower/s to the Bank where the Borrower/s maintain/s an account, an amount equal to the Instalments, in favour of the Lender for repayment of the Loan.
2. GENERAL TERMS OF USE – LOAN/CREDIT LINE
2.1. Privacy Policy: You agree and acknowledge that the availing of the Credit Line is contingent on your acceptance and continuous adherence with the T&Cs and other relevant documentation that are published on the Platform and/or otherwise made available to you, including TapStart’s privacy policy (“Privacy Policy”) which may be updated from time to time, including on account of change in extant laws.
2.2. Eligibility: You represent and warrant that you are competent and eligible to enter into a legally binding agreement and be bound by these T&Cs. You shall not access and use the Platform if you are not competent to contract under the applicable laws, rules and regulations. You represent and warrant that all the particulars, information and details given/ filled in by You in the application form provided by Lender, and further information provided by you to Lender, if any, are true, correct and accurate and you have not withheld/ suppressed any material and relevant information from Lender. By accepting these T&Cs and availing the Credit Line, you understand that your successors, heirs and assigns will also be bound by the Terms and Conditions. Further, you shall have no objections in receiving communications with respect to the Credit Line in English language.
2.3. Credit Limit: You understand and agree that: (a) the limits applicable to the Loan or Credit Line are subject to TapStart’s sole discretion and internal criteria; (b) TapStart may at its sole discretion reduce or Recall the Loan/Credit Line at any time, with prior intimation and without assigning any reason therefor. In such event, you hereby agree and confirm that you shall be bound by such reduction or Recall in the Loan/Credit Line and TapStart shall not be liable to you or any third person in any manner whatsoever.
2.4. Loan or Credit Line: (a) Your application for the Loan or Credit Line shall be processed as per the Policies. Upon a valid disbursement request made by you through the Platform (each, a “Disbursement Request”), the loan amount (or a portion thereof) shall be disbursed to your Designated Bank Account. The payment of outstanding amounts, interest charges, processing fee and any such charges on such disbursal of loan will be as set out in the Loan Documents entered into between TapStart and you. You agree and acknowledge that upon availing disbursement of the loan amount using Credit Line, every instance of Disbursement Request shall be treated as a separate loan identification number issued on the respective date of actual disbursement. It is hereby clarified that the provisions of the Loan Application Form and Sanction Letter will prevail in case of any conflict between the terms thereof and those set out in the other Loan Documents, including these Terms & Conditions. The Loan Amount and terms sanctioned by TapStart besides all other terms and conditions, against applied amount and tenure is final and binding on the Borrower; (b) The Loan may be disbursed by the Lender in one lump sum or such instalments as may be decided by the Lender; and (c) The Lender may require the Borrower(s) to acknowledge the Receipt of Loan in such form satisfactory to the Lender in respect of each amount so disbursed.
2.5. Terms of Disbursement and Draw-downs: (a) Subject to the terms and conditions set forth herein and in the other Loan Documents, the Lender may extend the Loan to the Borrower up to an aggregate of the principal amount as specified in the Loan Sanction Letter; and (b) The Borrower shall utilize the Loan only for the specific purpose as stated in the Loan Documents, and for no other reason or purpose whatsoever.
2.6. Rate of Interest: The rate of interest will depend on the risk gradation of the customer.
(a) The Lender shall be entitled to revise the Rate of Interest at any time and from time to time as per its policy and/or applicable laws and regulations, if any, during the tenor of the Loan at its discretion. The Lender shall inform the Borrower/s about the variation in the Rate of Interest, if any, in due course. Upon revision of the Rate of Interest, either the amount due from the Borrower/s to the Lender under unpaid Instalments may be re-computed or the number of Instalments may be increased or decreased, as the case may be, in such a manner that the amount of Loan and interest thereon outstanding on the date of revision of the Rate of Interest is equally distributed through each of the unpaid Instalments; (b) The Lender reserves the right to increase the Rate of Interest, suitably and prospectively, in line with an increase in the Lender’s borrowing rate. The Lender shall have the right to re-compute instalments if the interest rate is varied; (c) The Borrower/s shall pay a non-refundable processing fee and/or service charge and/or commission, as specified in the Sanction Letter; and (d) The Terms and Conditions entered into between the Lender and the Borrower/s is purely a financial arrangement, and the Lender shall not be liable to the Borrower/s for any liability, claim, loss or expense of any kind caused directly or indirectly to the Borrower/s.
2.7. Direct and Indirect Taxes and Duties: The Borrower shall pay to the Lender any and all taxes, duties or cesses including but not limited to service tax, stamp duty, VAT, duties, and/or all other levies and imposts, by whatever name called, payable in relation to the Loan provided by the Lender and/or the services provided pursuant hereto and/or any or all the Loan Documents. The Borrower/s shall reimburse to the Lender any such amount which may become payable or has been paid by the Lender, as and when called upon to do so by the Lender and if the Borrower/s fails to pay/reimburse the same, such amounts paid by the Lender shall form part of the principal amount of the Loan disbursed.
3. PAYMENTS
3.1. Repayment of a loan amount will be through instalments/EMIs comprising of principal and/or interest, on a monthly basis on the Scheduled Due Date, from the first due date to the last due date as mentioned in the Application Form/Sanction Letter/ Loan Documents /agreements (as may be required by the Lender to its satisfaction), time being the essence of the contract, by issuing Repayment Instrument to the Lender. The Borrower/s shall honour all payments without fail on the first presentation/Scheduled Due Dates, and Borrower/s shall not instruct
3.2. The Borrower/s shall also not instruct the Lender to withhold depositing the Repayment Instrument. Any non-presentation/delayed presentation of the Repayment Instrument, due to any reason, will not affect the liability of the Borrower/s to pay the Instalments on time. The Borrower/s shall replace the Repayment Instrument if so required by the Lender. The Lender shall be entitled to re-compute the Instalments if there is an increase in the Rate of Interest.
3.3. The Lender shall be authorized/allowed to present the appropriate Repayment Instrument in respect of the Instalments at any time on or after the due date of such instalments. In the event the Lender does not for any reason deposit the Repayment Instrument before the expiry of the validity of the Repayment Instrument the Borrower/s shall deliver to the Lender, within 7 (seven) days of a request by the Lender in this regard, a new Repayment Instrument of a like amount.
3.4. If the Borrower/s wish to swap/interchange the Repayment Instrument issued by him/her/it, the Borrower/s may do so on paying the Lender swap charges stipulated in the Sanction Letter and/or Loan Documents to the satisfaction of the Lender. Any costs, including applicable taxes, incurred in this regard shall be borne by the Borrower/s.
3.5. The Borrower/s shall not dispute the Lender’s method of calculating Instalments.
3.6. The Borrower/s shall be liable to pay dishonour/bounce charges for each Repayment Instrument bounce. In addition to replacing the bounced Repayment Instrument by a demand draft or paying cash in lieu of the bounced Repayment Instrument, the Borrower/s shall also be liable for Delayed Payment Charges on the outstanding amount from the due dates of the Instalments till the date of receipt and/or realization of payment and shall also be liable to reimburse the Lender’s costs and expenses, including legal fees, and other collection expenses as per actuals. Nothing contained in this clause shall prejudice the other rights of the Lender in law or otherwise.
3.7. If any of the Repayment Instrument issued by the Borrower/s bounces and the Borrower/s issue/s another Repayment Instrument in lieu of the bounced Repayment Instrument or deposits the amount in cash in respect of such bounce, the Lender shall have the right to retain the bounced Repayment Instrument in its record and/or destroy the same as the Lender may deem fit and proper. The Borrower/s shall not insist and/or demand the return of the said bounced Repayment Instrument under any circumstances.
3.8. In the event of foreclosure or closure of the Loan, the Lender shall return the Repayment Instrument, if any, lying with the Lender to the Borrower/s within 30 days’ time to be calculated from the date when the Lender receives the request from the Borrower/s. If the Borrower/s does/do not collect the unutilized Repayment Instrument from the Lender within the said period, the Lender shall have the right to destroy the same, as it may deem fit and proper. The Borrower/s shall not have any right to demand the return of the said Repayment Instrument after the expiry of the said period. The Borrower/s may issue stop payment instructions for all the unutilized Repayment Instrument, post payment of all loan obligations the Lender.
3.9. The Loan shall be repayable by the Borrower/s on demand by the Lender. Notwithstanding specifying / providing a repayment schedule, the Lender shall have the right to be paid on demand the entire Loan along with other dues under the Terms and Conditions specified herein.
3.10. The Lender shall have the first lien on the Borrower/s emoluments and terminal dues from the employer/s and in case the Borrower/s defaults on the Loan, the Lender shall have the first right to collect the entire termination value of the Loan, including principal outstanding, Instalment’s overdue, Repayment Instrument bounce charges, Delayed Payment Charges and all other expenses incurred by it in the process of recovery, from the amount due to the Borrower/s by the employer/s. the Lender shall, at its discretion, be entitled to call upon the Borrower/s’ employers to directly remit the amount of Instalments to the Lender. The Borrower/s, if an employee of any entity, shall intimate the employer/s of the Borrower/s’ of the Borrower/s’ obligations under these Terms and Conditions herein and arrange for such terms to be given effect to by the employer/s.
3.11. The Lender would at its discretion be free to Recall the entire Loan, if any information supplied by the Borrower/s regarding income, employment, personal details, or any other information are found to be incorrect or false for any reason whatsoever or if the Borrower/s commits any act/event of default under these Terms and Conditions.
3.12. The Borrower/s and/or the Guarantors shall be jointly and severally liable to the Lender for repayment of the Loan including the Rate of Interest, any other costs, charges, Fee, and expenses.
4. OTHER CONDITIONS
4.1. The Borrower shall comply with the following requirements: (a) Intimate the Lender immediately of any change in the residential / office address, as well as any change in the bank account through which the Borrower/s has/have issued the Repayment Instrument and related instructions; (b) Continue to allow salary and / or business proceeds to be deposited in the Designated Bank Account from which Repayment Instrument have been issued to the Lender and/or standing instructions have been issued to the Lender for debit from the Borrower/s’ account for repayment of Loan and the Borrower/s shall not change the salary account and/or the business and/or profession without the prior written permission of the Lender; (c) The Borrower/s shall forthwith intimate any change of employment or status of employment and/or business or profession pursuant to which the Lender shall have the discretion to terminate these Terms and Conditions if it deems fit. Upon change of employment, business and / or profession the Borrower/s shall intimate to the Lender the name and address of the new employer, business and/or profession and also forthwith make arrangement for his/her salary from such new employer and/or proceeds from business or profession to be deposited in the Borrower/s’ Designated Bank Account; (d) The Borrower/s hereby authorizes the Lender to take possession and to sell any products purchased from the Loan proceeds to recover the Outstanding Balance including any interest, charges, etc.
5. PERMITTED USES OF THE CREDIT LINE
5.1. The loan amount duly disbursed to you shall be used for the purposes stated in the Loan Documents and in accordance with applicable law. To this end, you expressly agree and acknowledge that the Loan or Credit Line shall not be used for: (a) speculative and/or capital market use; (b) business end-use purpose; (c) prohibited/anti-social purposes; (d) gambling, lottery, races and activities speculative in nature and/or such other activities of similar nature and/or (e) purchase of gold/gold bullions/gold coins/gold jewellery/gold exchange traded funds/gold mutual funds.
6. DELAY IN REPAYMENT
6.1. If you fail to pay any amount payable by you to TapStart under a Loan Agreement, you will be liable for payment of default interest (on the gross defaulted amounts in case of payment defaults and/or on the outstanding loan amount in case of other defaults/Event of Default, as defined below) (“Default Interest”) at a default interest rate mentioned in the Loan Agreement (“Default Interest Rate”) or at such other rate as may be specified in the Terms and Conditions from time to time and such Default Interest shall be payable for the period of default. Unless otherwise specified by TapStart from time to time: (a) interest shall accrue from the date of disbursement of the loan amount (or part thereof); (b) interest shall be computed on the basis of a year of 365 (three hundred sixty five) days and the actual number of days elapsed; (c) interest shall be computed on monthly intervals or on such periodic intervals as may be determined by TapStart from time to time; and (d) in case of any payment default, interest shall be compounded every month on the overdue amount.
7. PRE-PAYMENT
7.1. The prepayment of the loan shall be made and accepted as per Policies and rules of TapStart and in accordance with statutory guidelines, issued from time to time and as applicable at the time of prepayment. Where there is no Policy, rules and guideline then the prepayment fees and charges shall be applicable as per the terms of Loan Agreement and the mutually agreed prepayment charges, more particularly mentioned in the schedule of the Loan Agreement. You also agree and understand that the foreclosure charges applicable on the loan availed by you will be as per TapStart’s prescribed rates as specified in the Sanction Letter and/or other documents by giving to the Lender not less than 15 (fifteen) days prior notice in writing of the Borrower/s’ intention to exercise such option to terminate the Loan.
7.2. The Borrower shall pay the Lender the stipulated Instalments and other sums due up to the date of such prepayment and the principal outstanding calculated on a reducing balance basis at the Rate of Interest which is specified in the Sanction Letter and Loan Documents.
7.3. The Lender shall charge pre-payment charges (as notified to the Borrower/s at the time of availing Loan) and as amended from time to time on the principal outstanding.
7.4. The Lender would be at liberty to appropriate the amount so prepaid towards prepayment of charges, interest, additional interest, delayed payment charges, all other charges and fees payable under these Terms and Conditions and then towards the principal amount or in any other manner that the Lender may deem fit and proper in its sole and absolute discretion and on such settlement, the Lender shall return the Repayment Instrument to the Borrower/s in the manner provided in Para 3.8.
8. COOLING OFF/LOOK-UP PERIOD
8.1. Borrower shall be given an explicit option to exit digital loan by paying the principal and the proportionate APR without any penalty during this period. The cooling off period shall be determined by the Board of TapStart. The period so determined shall be specified in the Loan Documents. For Borrowers continuing with the loan even after look-up period, pre-payment shall continue to be allowed as per Para 7 hereinabove.
9. EVENT OF DEFAULT
9.1. On and at any time after the occurrence of an Event of Default, TapStart may, with or without any notice to you and with or without the intervention of a court, cancel/recall the Loan or Credit Line. In such event, your entire dues towards TapStart pursuant to the provision of the Loan or Credit Line shall become immediately repayable/payable.
9.2. For the purposes hereof, an “Event of Default” shall mean any or all of the following:
9.2.1. Non-payment of principal or interest by the relevant due date;
9.2.2. Borrower’s usage of the Loan or Credit Line in contravention with the terms hereof;
9.2.3. Any breach of the terms hereof or misrepresentation made by the Borrower in the loan application, KYC verification or any other document under or in connection with availing of the Credit Line;
9.2.4. If the repayment of any loan amount (or portion thereof) is refused due to any reason whatsoever or if the Borrower withdraws or revokes the payment mandate.
9.2.5. Any material information supplied by the Borrower/s in the Application Form or any other Loan Document is found to be untrue, false or incorrect;
9.2.6. The Borrower/s has/have admitted to any person in writing that the Borrower/s is/are unable to pay the debts and that the Borrower/s is/are willing to be adjudged bankrupt;
9.2.7. If the Borrower/s commit/s any act of bankruptcy or makes assignment for the benefit of creditors or consents to the appointment of a trustee or receiver or insolvency proceedings, whether voluntary or otherwise, are instituted against the Borrower/s;
9.2.8. Business operations of the Borrower/s is/are suspended and such suspension continues for more than three months;
9.2.9. Carrying on of the Borrower’s business becomes illegal or contrary to any Law, Rules & Regulations notified or enforced by any competent authority;
9.2.10. The Borrower/s, being an individual, has an insolvency notice is served on him or is declared insane or is convicted of any offence;
9.2.11. Any of the Repayment Instrument delivered or to be delivered by the Borrower/s to the Lender in accordance hereof, are not encashed / acted upon or dishonoured for any reason whatsoever, on presentation being made;
9.2.12. Any instruction is given by the Borrower/s to stop payment on any of the Repayment Instrument;
9.2.13. If the Borrower/s commit/s a default under any other agreement executed with the Lender or any of its affiliates or group companies;
9.2.14. If any other event has occurred which in the opinion of the Lender jeopardizes its interest or would make it difficult for the Lender to recover the Loan, if timely action is not taken.
9.3. You understand that in the event of any fraudulent or suspicious transactions under the Loan or Credit Line, TapStart reserves the right to suspend/cancel the Loan or Credit Limit offered and take such actions as it deems fit under law.
9.4. Upon occurrence of any of the Events of Default and at any time thereafter, the Lender shall have the right, but not the obligation to declare all sums outstanding under the Loan, whether due or not, immediately repayable and upon the Borrower failing to make the said payments within 7 (seven) days thereof, the Lender may at its sole discretion (a) Require the Borrower/s to pay liquidated damages equal to all unpaid instalments which in the absence of a default would have been payable by the Borrower/s for the full term hereof together with interest stipulated in the Sanction Letter from the date of such declaration till the date of payment and/or realization; and (b) Exercise any other right or remedy which may be available to the Lender under any applicable law.
9.5. The Borrower/s shall also be liable for payment of all legal and other costs and expenses resulting from the defaults or the exercise of the Lender’s remedies.
10. CONSENT
10.1. Upon providing your consent, which will be obtained during the registration/application process, you understand that TapStart shall have the right to collect the credit rating information from any third party partners of TapStart in order to determine your eligibility and enhance your Loan or Credit Limit, if applicable.
10.2. TapStart may also take a one-time access can for camera, microphone, location or any other facility necessary for the purpose of on-boarding/ KYC requirements, with the explicit consent of the Borrowers.
10.3. If you provide this consent, you accept that such information will be accessed by TapStart for checking your eligibility for the Loan or Credit Line or for enhancing your credit limit under the Credit Line. In the event that you do not provide TapStart with such consent to access such information, TapStart will not be able to access this information and therefore will not be able to check your eligibility and consequently, may not be able to grant/enhance your credit limit. Your information may also be shared with third party agencies, who shall be responsible for the collection of dues payable by you under the Credit Line. In the event that you withdraw your consent to the use of this information in the future, TapStart will stop collection of such data but may continue to store the data and use it for internal purposes to further improve its Credit Lines/services.
10.4. You hereby give your explicit consent to TapStart to search and download your records/documents/information available, if any, on Central KYC Registry (CKYCR). You agree that Lender may avail services from any third party to conduct Aadhaar based KYC authentication, i.e. authentication services provided by UIDAI, where your personal identity information/ data that is obtained from you is matched with the personal identity information/data that is stored in the UIDAI’s central identity data repository in order to provide Aadhaar enabled services to you. You further agree that Lender, for the purpose of conducting KYC, may use other acceptable mode as allowed under the extant regulation Master Direction on Know your Customer, 2016 as issued by the RBI and amended from time to time. Lender shall ensure that any collection of Borrower/s’ data by third-party/ies is need-based and with prior and explicit consent of the borrower and having audit trail.
11. LINKS TO OTHER WEBSITES
11.1. The Platform may contain links to third party websites or portals that are not owned or controlled by TapStart or its affiliates (each, a “Third Party Website”). You expressly agree and acknowledge that TapStart does not have any control over, and assumes no responsibility for, the content, privacy policies, or practices of any such Third Party Websites. By using the Platform, you expressly relieve TapStart from any and all liability arising from your use of any Third Party Websites and TapStart shall not be responsible or liable to anyone for such Third Party Websites, or any content, loans or credit lines or other services made available on such Third Party Website.
The content, accuracy, opinions expressed and other links provided on Third Party Websites are not verified, monitored or endorsed by TapStart in any manner whatsoever. In addition to the foregoing, TapStart does not make any warranties, and expressly disclaims all warranties express or implied, including without limitation, those of merchantability and fitness for a particular purpose, title or non-infringement with respect to any information or services or credit lines that are available or advertised or sold through Third Party Websites.
12. INTELLECTUAL PROPERTY
12.1. The wordmarks, logos and service marks (collectively, “Marks”) displayed on the Platform are the properties of TapStart. You are prohibited from using any Marks for any purpose without the express prior written permission of TapStart. All information and content including any software programs available on or through this Platform (collectively, “Contents”) are protected by copyright. You are prohibited from modifying, copying, distributing, transmitting, displaying, publishing, selling, licensing, creating derivative works or using any Content available on or through this Platform for any purpose whatsoever.
13. ASSIGNMENT
13.1. The Borrower/s shall not be entitled to transfer or assign the Loan. The Borrower/s expressly recognize/s and accept/s that the Lender shall be absolutely entitled and shall have full power and authority in respect of the Loan to sell, assign or transfer in any manner, in whole or in part, and in such manner and on such terms as the Lender may decide, including reserving a right to the Lender to retain its power hereunder to proceed against the Borrower/s jointly or severally with such purchaser, assignee or transferee, any or all Outstanding Balance of the Borrower/s to any third party of the Lender’s choice without reference to or without written intimation to the Borrower/s. In such event, the Borrower/s and/or Co-Borrower and/or Guarantor/s shall substitute the remaining Repayment Instrument s in favour of the transferee/assignee if called upon to do so by the Lender. Any such action and any such sale, assignment or transfer shall bind the Borrower/s to accept such third party as creditor exclusively or as a joint creditor with the Lender, or as creditor exclusively with the right to the Lender to continue to exercise all powers hereunder on behalf of such third party and pay over such Outstanding Balance to such third party and/or to the Lender as the Lender may direct.
13.2. The Borrower/s shall pay to the third party the difference between the amount of the Loan outstanding and the amount received by the Lender in the event of a transfer of the portfolio to a third party. The third party shall have the authority of the Borrower/s to collect the due amount. The Borrower/s expressly recognize/s and accept/s that the Lender shall, without prejudice to its right to perform such activities itself or through its officers or servants, be absolutely entitled and have full powers and authority to appoint one or more third parties of the Lender’s choice and to transfer and delegate to such third parties the right and authority to collect on behalf of the Lender all unpaid Instalments and to perform and execute all acts, deeds, matter and things connected therewith or incidental thereto including sending notices of demand, attending the residence or office of the Borrower/s or otherwise contacting the Borrower/s for receiving the Instalments (whether in the name of the Lender or in its own name) from the Borrower/s, entering into a compromise with the Borrower/s, giving a valid receipt and granting effectual discharge to the Borrower/s and generally performing all lawful acts as the third parties may consider appropriate for the purpose.
14. COMPLIANCE WITH THE REGULATIONS
14.1. The Borrower/s and the Lender agree to comply jointly and severally with all applicable laws and regulations from time to time in force including any amendments, modification or change thereof which may be attracted and the Borrower/s shall indemnify the Lender in respect of any loss, claim or expense to the Lender as a result of non-compliance with any such laws and regulations.
14.2. The amount of Instalments shall be increased by incremental taxes, whether sales, excise, security tax or interest’s tax and other related taxes now levied on this transaction or hereafter to be levied.
15. FURTHER ASSURANCES
15.1. The Borrower/s shall pay all costs and other expenses incurred by the Lender for enforcing the Terms and Conditions and/or for recovery of the Loan and all amount(s) payable to the Lender.
15.2. The Borrower/s and Guarantor/s undertake/s to indemnify and keep the Lender indemnified in respect of all statements, representations, warranties and undertaking made by the Borrower’s in the Application form, these Terms and Conditions and any other documents submitted by him/her.
15.3. In addition to the obligations and documents which the Lender expressly require the Borrower/s /Guarantor/s to execute, deliver and perform, the Borrower/s / Guarantor/s shall execute, deliver and perform, such further acts or documents which the Lender may reasonably require to effectuate the purposes of these Terms and Conditions or any of the other Loan Documents.
16. NOTICE
16.1. Any notice / letter / other communication sent by the Lender to the Borrower and/or the Guarantor/s shall be sent at the latest address of the Borrower/s and/or the Guarantor/s available in the records of the Lender and the same shall be deemed to have been delivered on expiry of 48 hours after it has been sent by registered post / courier / other modes of delivery. Any notice to be sent to the Lender by Borrower/s and/or the Guarantor/s shall be sent by pre-paid Registered A.D. at its branch/office or at such other address as may be intimated by the Lender to the Borrower/s and/or the Guarantor/s. The Borrower/s shall immediately intimate the Lender of any change in the office / residential address. Any notice to the Borrower/s shall be deemed to be notice to the Guarantors also.
17. CO-BORROWER
17.1. The Co-Borrower shall be jointly and severally liable for the Borrower/s liability/obligation/responsibility under the Loan and the Co-Borrower's obligations in relation to the Loan shall be concurrent with that of the Borrower/s in all respects as if the Co-Borrower's was/were the Borrower/s and shall guarantee to the Lender regular and punctual payment of all instalments as well as pay the instalments and other dues in the event of default of the Borrower/s.
18. GUARANTOR/S
18.1. The Guarantor/s shall be jointly and severally liable with the Borrower/s under the Loan and the Guarantor/s obligations in relation to the Loan shall be concurrent with that of the Borrower/s in all respects as if the Guarantor/s was/were the Borrower/s and accordingly, Guarantor/s shall guarantee and regularly and punctually pay to the Lender all Instalments as well as other dues payable under the Loan in the event of default by the Borrower/s.
19. CONSENT TO DISCLOSURE
19.1. The Borrower/s and Guarantor/s understand that as a pre-condition relating to grant of Loan to the Borrower/s / Guarantor/s, the Lender requires the consent of the Borrower/s and Guarantor/s for disclosure by the Lender of information and data relating to Borrower and Guarantors, of the Loan availed/be availed of by Borrower/s, obligations assumed/to be assumed by Borrower/s and/or Guarantor/s in relation thereto and default if any, committed by Borrower/s and/or Guarantor/s, in discharge thereof.
19.2. Accordingly, the Borrower/s and Guarantor/s has/have no objection to the disclosure by the Lender of all or any such, (a) information and data relating to Borrower/s and/or Guarantors; (b) information or data relating to any credit facility availed/to be availed by Borrower/s; (c) information and data relating to obligations assumed by Borrower/s and Guarantor/s in relation to the Loan/credit facility(ies) granted/to be granted the Lender ; and (d) information and data relating to default, if any committed by Borrower/s and/or Guarantor/s in the discharge of such obligation, as the Lender may deem appropriate and necessary to disclose and furnish to any agency as the Lender feels appropriate and proper or as authorized by RBI.
19.3. The Borrower/s and Guarantor/s declare/s that the information and data furnished by them to the Lender is true and correct.
19.4. The Borrower/s and the Guarantor/s undertake/s that, (a) the Credit Information Bureau (India) Limited and any other agency so authorized may use, process the said information and data disclosed by the Lender in the manner as deemed fit by them; and (b) the Credit Information Bureau (India) Limited and any other agency so authorized may furnish for consideration, the processed data or products thereof prepared by them to banks/financial institutions and other credit grantors or registered users, as may be specified by the Reserve Bank in this Behalf; and (c) Notwithstanding anything to the contrary contained herein or any provisions of any of the laws, the Borrower/s and Guarantor/s, as a precondition of the Loan given to the Borrower/s by the Lender, agree/s that, in case, the Borrower/s commit/s default in the repayment of the amount of the Loan and/or interest thereon or any of the agreed Instalments on the Scheduled Due Date/s, the Lender and/or the Reserve Bank of India, shall have an unqualified right to disclose or publish the name of the Borrower as ‘defaulters’ in such manner and through such medium as the Lender or Reserve Bank of India in their absolute discretion may think fit.
20. DISCLAIMERS.
20.1. The Platform and the services rendered by TapStart are provided on an “as is” and “as available” basis. TapStart expressly disclaims all warranties of any kind as to the service and all information, Loans, Credit Lines and other content (including that of third parties) included in or accessible from the service, whether express or implied, including, but not limited to the implied warranties of merchantability, fitness for a particular purpose and non-infringement.
20.2. TapStart makes no warranty that: (a) the Platform will meet your requirements; (b) the service rendered will be uninterrupted, timely, secure, or error-free; (c) the results that may be obtained from the use of the service will be accurate or reliable; (d) the quality of any Loans or Credit Lines, services, information, or other material purchased or obtained by you through the Platform will meet your expectations; and/or (e) any errors in the technology will be corrected.
21. INDEMNITY & LIMITATION OF LIABILITY.
21.1. You agree to indemnify and hold TapStart and its officers, directors, agents, affiliates and personnel harmless from any and against any claims, causes of action, demands, recoveries, losses, damages, fines, penalties or other costs or expenses of any kind or nature (including attorneys’ fees) arising out of or related to: (a) your breach of the undertakings, representations, warranties and covenants made under these Terms and Conditions; and (b) your violation of applicable law or the rights of a third party.
21.2. IN NO EVENT SHALL TAPSTART OR THE ENTITY OWNING OR HOSTING THE PLATFORM BE LIABLE TO YOU FOR ANY INDIRECT, INCIDENTAL, SPECIAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES WHATSOEVER RESULTING FROM ANY (I) ERRORS, MISTAKES, OR INACCURACIES OF CONTENT, (II) PERSONAL INJURY OR PROPERTY DAMAGE, OF ANY NATURE WHATSOEVER, RESULTING FROM YOUR ACCESS TO AND USE OF THE PLATFORM, (III) ANY UNAUTHORIZED ACCESS TO OR USE OF TAPSTART’S SECURE SERVERS AND/OR ANY AND ALL PERSONAL INFORMATION AND/OR FINANCIAL INFORMATION STORED THEREIN, (IV) ANY INTERRUPTION OR CESSATION OF TRANSMISSION TO OR FROM THE PLATFORM, (IV) ANY BUGS, VIRUSES, TROJAN HORSES, OR THE LIKE, WHICH MAY BE TRANSMITTED TO OR THROUGH THE PLATFORM BY ANY THIRD PARTY, (V) ANY ERRORS OR OMISSIONS IN ANY CONTENT, (VI) BORROWER SUBMISSIONS OR THE DEFAMATORY, OFFENSIVE, OR ILLEGAL CONDUCT OF ANY THIRD PARTY, (VII) YOUR USE, OR INABILITY TO USE, ANY PORTION OF THE PLATFORM OR FOR ANY LOSS OR DAMAGE OF ANY KIND INCURRED AS A RESULT OF YOUR USE OF ANY CONTENT POSTED, EMAILED, TRANSMITTED, OR OTHERWISE MADE AVAILABLE VIA THE PLATFORM, WHETHER BASED ON WARRANTY, CONTRACT, TORT, OR ANY OTHER LEGAL THEORY, AND WHETHER OR NOT TAPSTART IS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. THE FOREGOING LIMITATION OF LIABILITY SHALL APPLY TO THE FULLEST EXTENT PERMITTED BY LAW IN THE APPLICABLE JURISDICTION.
22. MISCELLANEOUS
22.1. Disclaimers. TapStart employs appropriate technical and organizational security measures at all times to protect the information it collects from you. The Platform uses multiple electronic, procedural and physical security measures to protect against unauthorized or unlawful use or alteration of information, and against any accidental loss, destruction, or damage to information. However, no method of transmission over the internet, or method of electronic storage is fully secure. Accordingly, TapStart cannot guarantee its absolute security. Further, you are responsible for maintaining the confidentiality and security of your login credentials and password, and you shall not provide the same to any third party.
22.2. Right to deny: TapStart retains the right to, at its sole discretion, deny access to Credit Line, at any time and for any reason, including, but not limited to, for violation of the T&Cs and/or applicable law.
22.3. Interpretation: When a reference is made in these Terms and Conditions to a Para, Section, or Schedule, such reference shall be to a Para, Section or Schedule contained hereunder unless otherwise indicated.
22.4. Effective Date of Terms: These Terms and Conditions shall have become binding on the Borrower and the Lender on and from the date of the sanction/ grant/ disbursal of the Loan. It shall be in force till all the monies due and payable to the Lender under the Loan as well as all other agreement(s), document(s) that may be subsisting / executed between the Borrower/s and the Lender are fully paid to the satisfaction of the Lender.
22.5. Representatives and Assigns: The Borrower, his/her/their heirs, legal representatives, executors, administrators, and successors shall be bound by all the covenants of these Terms and Conditions.
22.6. Non-Waiver: Any omission or delay on the part of the Lender, in exercising any of rights, powers or remedy accruing to the Lender, upon failure by the Borrower in the due and punctual fulfilment of the obligations of the Borrower hereunder, shall not be deemed to constitute a waiver by the Lender of any of its rights to require such due and punctual performance by the Borrower.
22.7. Confidentiality: The Lender shall exercise care while handling any confidential information. However, the Borrower/s acknowledges and accepts that the Lender shall be entitled to disclose information (a) to the Lender’s affiliates; (b) to prospective transferees or purchasers of any interest in the Loan; (c) as required by law or any government order or direction including disclosure as maybe necessary to perform or fulfil any requirement specified by the RBI; and (d) as deemed necessary by the Lender while exercising its remedies under the Loan Documents. The Lender shall also be entitled to disclosure without any notice to the Borrower/s all or any information/documents or the data including but not limited to (a) information and data relating to the Borrower/s; (b) the information or data relating to any credit facility availed of/to be availed by the Borrower/s; and (c) default, if any, committed by the Borrower/s, for protecting its interests to Income Tax authorities, Credit Rating Agencies or any other
22.8. Costs and Expenses: The Borrower/s shall forthwith on demand being made, pay to the Lender, on a full indemnity basis, all costs and expenses (including legal costs) incurred and/or to be incurred by the Lender for the enforcement of these Terms and Conditions and realization/recovery of the amount of the Loan from the Borrower/s and/or Guarantor/s, if any.
22.9. Amendments: These Terms and Conditions may be amended by the Lender at any time. Any such amendment shall take effect only prospectively i.e. upon the amendment of the Terms and Conditions. However, the Lender shall upon such variation or amendment being made, inform the Borrower/s in respect of any variation or amendment in the Terms and Conditions and/or other charges as are applicable to the Loan.
22.10. Revoke the sanction: TapStart shall be entitled to revoke the sanction and to add, to delete or modify all or any of the terms and conditions of the facility, inter alia, if there is any material change in the purpose(s) of the loan facility, if any information and/or statement given by the Borrower is found incorrect, incomplete, or misleading, if there is a breach of the terms and conditions of the facility, if any report/document is not found satisfactory, if the Borrower does not submit a duly accepted copy of this sanction letter to TapStart within the stipulated period, etc. TapStart’s decision in respect of material changes shall be final and binding on the Borrower.
22.11. Governing Law & Jurisdiction: These T&Cs are governed by and shall be construed in accordance with the laws of India. The courts in Bangalore, India shall have exclusive jurisdiction with respect to any dispute that may arise out of or in connection with these T&Cs.
22.12. Refund Policy: If any Borrower makes an additional/extra/excess payment against any loan taken from the Company, he/she can contact us at hello@tapstart.com. The Company shall endeavor to reconcile the said excess payment in the loan account within 30 days of receipt of such extra payment. The excess amount, if any, after reconciliation, shall be refunded back to the source account of the borrower by the company at the earliest or the same may be adjusted against any future repayment obligation of the such borrower. If any dispute still exists, the borrower can reach out to the Grievance Redressal Officer of the Company.
22.13. Grievances: In case of any grievance, you may contact the grievance officer at Email: shaurya@tapstart.in