TAPSTART CAPITAL PVT LTD TERMS & CONDITIONS OF LOAN

Terms and conditions of loans 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 G408, 4th Floor, Gamma Block, Varthur Hobli, Sigma Soft Tech Park, No. 7, Whitefield Road, Bangalore - 560066 (“TapStart”).

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”) through MoneyTap’s online platform (“Platform”). All customers using the Platform and availing the loan (including Credit Line) are subject to terms and conditions set out herein below (collectively, “T&Cs”).

  1. You agree and acknowledge that the availing of the loan or 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”). Your continued use of the Platform consequent to any modifications to the T&Cs will be deemed your acceptance of those changes.
  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.
  3. CREDIT LIMIT. You understand and agree that: (a) the limits applicable to the Loan or Credit Line (“Credit Limit”)are subject to TapStart’s sole discretion and internal criteria; (b) TapStart may at its sole discretion reduce or cancel the Loan or Credit Limit 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 cancellation in the Credit Limit and TapStart shall not be liable to you or any third person in any manner whatsoever.
  4. LOAN or CREDIT LINE. 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 agreement entered into between TapStart and you (“Loan Agreement”). 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 Agreement will prevail in case of any conflict between the terms hereof and those set out in the Loan Agreement. 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.
  5. PERMITTED USES OF THE CREDIT LINE. The loan amount duly disbursed to you shall be used for the purposes stated in the Loan Agreement 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; and/or (d) purchase of gold/gold bullions/gold coins/gold jewellery/gold exchange traded funds/gold mutual funds.
  6. Repayment of a loan amount will be through instalments/EMIs comprising of principal and/or interest. You understand, acknowledge and provide your unequivocal consent to TapStart that in the event of failure to pay the outstanding amount by the relevant due date, TapStart shall have the right to debit your designated bank account registered with them through Electronic National Automated Clearing House or any other repayment option provided on the Platform. Any delay in payment may lead to cancellation/suspension of any further order(s) or activity or purchases or returns on the Platform, till such time that the outstanding amount is cleared by you.
  7. DELAY IN REPAYMENT. If you fail to pay any amount payable by it 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 Policy 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.
  8. PREPAYMENT . The prepayment of the loan shall be made and accepted as per policy 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 TapStart’s prescribed rates.
  9. EVENT OF DEFAULT. 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.

    For the purposes hereof, an “Event of Default” shall mean any or all of the following:

    1. Non-payment of principal or interest by the relevant due date;
    2. Borrower’s usage of the Loan or Credit Line in contravention with the terms hereof;
    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; and/or
    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.
  10. 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 all actions it deems fit under law
  11. Upon providing your consent which will be obtained during the registration/application process, you understand that TapStart shall have the right to access and store the following: (i) credit rating information from any third party partners of TapStart; (ii) your SMS; (ii) contact list in your directory; (iii) call history; (iv) location; and (v) device information to determine your eligibility and enhance your Loan or Credit Limit, if applicable. 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 contact 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 continue to store the data and use it for internal purposes to further improve its Credit Lines/services.
  12. LINKS TO OTHER WEBSITES. 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.
  13. TapStart employs appropriate technical and organizational security measures at all times to protect the information it collects from you. The Platform use 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.
  14. INTELLECTUAL PROPERTY. 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.
  15. DISCLAIMERS.
    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.
    2. TapStart makes no warranty that: (i) the Platform will meet your requirements; (ii) the service rendered will be uninterrupted, timely, secure, or error-free; (iii) the results that may be obtained from the use of the service will be accurate or reliable; (iv) 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 (v) any errors in the technology will be corrected.
  16. INDEMNITY & LIMITATION OF LIABILITY.
    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 your breach of the T&Cs and/or applicable law or the rights of a third party, or your use of the Platform.
    2. IN NO EVENT SHALL TAPSTART OR 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.
  17. TapStart retains the right to, at its sole discretion, deny access to anyone to the Platform and the services offered, at any time and for any reason, including, but not limited to, for violation of the T&Cs and/or applicable law.
  18. 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, interalia, if there is any material change in the purpose(s) of loan facility, if any information and/or statement given by Borrower is found incorrect, incomplete or misleading, if there is breach of the terms and conditions of the facility, if any report/document is not found satisfactory, if the Borrower does not submit duly accepted copy of this sanction letter to TapStart within stipulated period, etc. TapStart’s decision in respect of material changes shall be final and binding on the Borrower.
  19. You hereby give your explicit consent to TAPSTART to search and download your records/documents/information available, if any, on Central KYC Registry (CKYCR)
  20. 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.