Terms & Conditions
of Loan Facility

“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.

“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.

“Approved Bank” means a designated bank approved by the Lender for the purposes related to the Loan.

“Annual Percentage Rate (APR)” means the annual cost of credit to the borrower which includes interest rate and all other charges associated with the credit facility.

“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.

“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.

“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.

“Designated Bank Account” means the bank account of Borrower/s identified and designated as such by Borrower to Lender.

“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.

“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.

“Guarantor/s” means any Person named and described as a guarantor in the Application Form.

“Instalments” means the principal, Fee and interest therein payable at specific intervals, as per terms of the Loan Documents / repayment schedule during the tenor of the Loan, towards repayment of the Outstanding Balance.

“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).

“Key Fact Statement” or “KFS” means a statement of key facts of a loan agreement, in simple and easier to understand language, provided to the borrower in a standardised format.

“Lender” means TapStart Capital Private Limited.

“Loan Documents” means these Terms and Conditions, any and all Application Form, Sanction Letter, account statements, Key Fact Statement including APR 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.

“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.

“Payment” means the payment towards instalments or charges, i.e., principal, interest, Fee, default interest or charges in respect of the Loan through any mode as approved by the Lender.

“Person” shall mean any individual, corporation, partnership, company under the purview of Companies Act, 2013, trust, unincorporated organization, Hindu undivided family or any Governmental Authority or political subdivision thereof.

“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&Cs, through any mode as approved by the Lender.

“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.

“Recall” means at any time during the currency of the Loan, TapStart shall have the sole and exclusive right to cancel the Loan, with or without reasons, and declare all obligations of Borrower immediately due and payable.

“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.

“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.

“Sanction Letter” means the letter issued by the Lender sanctioning the Loan along with the relevant particulars, terms & conditions mentioned in the same.

“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.

“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.

Privacy Policy: You agree and acknowledge that the availing of the Loan facility is contingent on your acceptance and continuous adherence with the T&Cs and other relevant documentation 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.

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 represent and warrant that all particulars, information and details given in the application form are true, correct and accurate and you have not withheld/suppressed any material and relevant information from Lender.

Credit Limit: You understand and agree that: (a) the limits applicable to the Loan facility are subject to TapStart’s sole discretion and internal criteria; (b) TapStart may at its sole discretion reduce or Recall the Loan facility at any time, with prior intimation and without assigning any reason therefor.

Loan Facility: Your application for the Loan facility shall be processed as per the Policies. Upon a valid disbursement request made by you through the Platform, the loan amount shall be disbursed to your Designated Bank Account. Every instance of Disbursement Request shall be treated as a separate loan identification number issued on the respective date of actual disbursement.

Terms of Disbursement and Draw-downs: Subject to the terms and conditions set forth herein, the Lender may extend the Loan to the Borrower up to an aggregate of the principal amount as specified in the Loan Sanction Letter. The Borrower shall utilize the Loan only for the specific purpose as stated in the Loan Documents.

Rate of Interest: The rate of interest will depend on the risk gradation of the customer. The Lender shall be entitled to revise the Rate of Interest at any time as per its policy and/or applicable laws and regulations during the tenor of the Loan at its discretion. The Lender shall inform the Borrower/s about the variation in the Rate of Interest in due course.

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 payable in relation to the Loan provided by the Lender.

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, time being the essence of the contract, by issuing Repayment Instrument to the Lender.

The Borrower/s shall 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 Lender shall be authorized to present the appropriate Repayment Instrument in respect of the Instalments at any time on or after the due date. In the event the Lender does not deposit the Repayment Instrument before the expiry of its validity, the Borrower/s shall deliver a new Repayment Instrument of a like amount within 7 (seven) days of a request by the Lender.

If the Borrower/s wish to swap the Repayment Instrument issued, the Borrower/s may do so on paying swap charges stipulated in the Sanction Letter and/or Loan Documents. Any costs, including applicable taxes, incurred in this regard shall be borne by the Borrower/s.

The Borrower/s shall not dispute the Lender’s method of calculating Instalments.

The Borrower/s shall be liable to pay dishonour/bounce charges for each Repayment Instrument bounce. In addition, the Borrower/s shall 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.

If any Repayment Instrument bounces and the Borrower/s issue/s another in lieu, 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.

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 from the date when the Lender receives the request from the Borrower/s.

The Loan shall be repayable by the Borrower/s on demand by the Lender. Notwithstanding specifying a repayment schedule, the Lender shall have the right to be paid on demand the entire Loan along with other dues.

The Lender shall have the first lien on the Borrower/s emoluments and terminal dues from the employer/s. 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 from the amount due to the Borrower/s by the employer/s.

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.

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.

The prepayment of the loan shall be made and accepted as per Policies and rules of TapStart and in accordance with statutory guidelines. Foreclosure charges applicable on the loan availed 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.

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 specified in the Sanction Letter and Loan Documents.

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.

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 in its sole and absolute discretion.

Borrower shall be given an explicit option to exit digital loan by paying the principal and the proportionate APR without any penalty during an initial “cooling off period”. The cooling off period shall be determined by the Board of TapStart and 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 above.

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 facility. In such event, your entire dues towards TapStart shall become immediately repayable/payable.

You understand that in the event of any fraudulent or suspicious transactions under the Loan facility, TapStart reserves the right to suspend/cancel the Loan or Credit Limit offered and take such actions as it deems fit under law.

Upon occurrence of any Event of Default, the Lender shall have the right to declare all sums outstanding 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; and (b) exercise any other right or remedy available under applicable law.

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.

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.

TapStart may also take a one-time access for camera, microphone, location or any other facility necessary for the purpose of on-boarding/KYC requirements, with the explicit consent of the Borrowers.

If you provide this consent, you accept that such information will be accessed by TapStart for checking your eligibility for the Loan facility or for enhancing your credit limit. In the event that you withdraw your consent, TapStart will stop collection of such data but may continue to store the data and use it for internal purposes to further improve its services.

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.

The Platform may contain links to third party websites or portals that are not owned or controlled by TapStart or its affiliates. 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.

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.

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, 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.

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 Borrower/s expressly recognize/s and accept/s that the Lender shall be absolutely entitled and have full powers to appoint one or more third parties and delegate to such third parties the right and authority to collect on behalf of the Lender all unpaid Instalments.

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 as a result of non-compliance.

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.

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.

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.

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.

Any notice/letter/other communication sent by the Lender to the Borrower and/or the Guarantor/s shall be sent at the latest address available in the records of the Lender and 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. The Borrower/s shall immediately intimate the Lender of any change in the office/residential address.

The Co-Borrower shall be jointly and severally liable for the Borrower/s liability/obligation/responsibility under the Loan. 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 was the Borrower 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.

The Guarantor/s shall be jointly and severally liable with the Borrower/s under the Loan. 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 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.

The Borrower/s and Guarantor/s understand that as a pre-condition relating to grant of Loan, 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, obligations assumed and default if any committed.

Accordingly, the Borrower/s and Guarantor/s has/have no objection to the disclosure by the Lender of: (a) information and data relating to Borrower/s and/or Guarantors; (b) information or data relating to any credit facility availed/to be availed; (c) information and data relating to obligations assumed; and (d) information and data relating to default, if any, as the Lender may deem appropriate and necessary to disclose.

The Borrower/s and Guarantor/s declare/s that the information and data furnished by them to the Lender is true and correct.

The Borrower/s and the Guarantor/s undertake/s that 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 may furnish for consideration the processed data to banks/financial institutions and other credit grantors or registered users.

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, and other content included in or accessible from the service, whether express or implied.

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 Loan facility will meet your expectations; and/or (e) any errors in the technology will be corrected.

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 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.

Disclaimers: TapStart employs appropriate technical and organizational security measures at all times to protect the information it collects from you. However, no method of transmission over the internet, or method of electronic storage is fully secure. Accordingly, TapStart cannot guarantee its absolute security.

Right to deny: TapStart retains the right to, at its sole discretion, deny access to Loan facility, at any time and for any reason, including, but not limited to, for violation of the T&Cs and/or applicable law.

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.

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 are fully paid to the satisfaction of the Lender.

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.

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, shall not be deemed to constitute a waiver by the Lender of any of its rights.

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; and (d) as deemed necessary by the Lender while exercising its remedies under the Loan Documents.

Costs and Expenses: The Borrower/s shall forthwith on demand, 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.

Amendments: These Terms and Conditions may be amended by the Lender at any time. Any such amendment shall take effect only prospectively. 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.

Revoke the sanction: TapStart shall be entitled to revoke the sanction and to add, delete or modify all or any of the terms and conditions of the facility 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, or if there is a breach of the terms and conditions of the facility.

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.

Refund Policy: If any Borrower makes an additional/extra/excess payment against any loan, he/she can contact us at hello@tapstart.in. The Company shall endeavor to reconcile the said excess payment in the loan account within 30 days of receipt. The excess amount, if any, after reconciliation, shall be refunded back to the source account of the borrower at the earliest.