Terms and Conditions - Daga Mercantiles & Finance Pvt Ltd

Important Notice: Please Read Carefully Before Proceeding

These Terms and Conditions (hereinafter referred to as "Terms") constitute a legal agreement between you (hereinafter referred to as "User" or "You") and Daga Mercantiles & Finance Private Limited Limited (a Non-Banking Financial Company registered with and regulated by the Reserve Bank of India, hereinafter referred to as "we", "our", or "Daga Mercantiles & Finance Private Limited") concerning your use of our personal loan application "ReliLoan" (hereinafter referred to as the "App") and related financial services (hereinafter referred to as the "Services").

YOU MUST CAREFULLY READ, UNDERSTAND, AND AGREE TO BE BOUND BY ALL OF THESE TERMS BEFORE USING THE APP OR SUBMITTING A LOAN APPLICATION. IF YOU DO NOT AGREE TO ANY PART OF THESE TERMS, YOU MUST IMMEDIATELY CEASE USING OUR APP AND SERVICES. ANY USE OF THE APP, REGISTRATION OF AN ACCOUNT, OR SUBMISSION OF A LOAN APPLICATION WILL BE DEEMED AS YOUR UNCONDITIONAL ACCEPTANCE OF AND AGREEMENT TO BE BOUND BY THESE TERMS.

1. Eligibility Criteria

You represent and warrant that at the time of applying for and using our Services, you meet all the following conditions:

You are a citizen of India and are between the ages of 18 and 58 years at the time of application.

You have a stable source of income and possess full legal capacity to contract.

All information provided by you, including personal, employment, and financial details, is true, accurate, complete, and up-to-date.

You have not been declared insolvent by any court in India.

Your use of the Services is for a lawful purpose and does not violate any applicable laws.

2. Service Description

a. Product Information:

Through this App, we offer personal loan products. The specific terms include, but are not limited to:

Loan Amount Range: ₹2,000 to ₹1,20,000.

Loan Tenure: 4 to 12 months (91 to 360 days).

Annual Percentage Rate (APR): 16% to 32%. Your specific interest rate will be determined based on a personalized assessment of your credit profile, income level, and other risk factors by our system and will be clearly disclosed to you at the time of the loan application within the App.

Late Payment Fees: If you fail to make a repayment by the due date, a late payment fee of 1% per day on the outstanding principal amount will be levied. This will significantly increase your total repayment amount.

b. Service Process:

You agree that all loan applications are subject to our credit assessment and approval process. We reserve the right, based on our risk policies, to approve or reject any loan application at our sole discretion without providing any reason.

3. User Obligations and Representations

a. Information Accuracy:

You guarantee that all information provided to us is true, accurate, and complete. You acknowledge and agree that providing false or misleading information will result in the immediate rejection of your application or the immediate recall of any loan disbursed, and may lead to legal liability.

b. Authorization for Credit Checks:

You hereby expressly authorize us and our affiliates to obtain your credit report, credit score, and other relevant information from any credit information company (such as CIBIL, Experian, Equifax, or CRIF High Mark) to assess your creditworthiness, verify your information, and for risk management purposes.

c. Obligation to Update Information:

You are obliged to promptly update your information in the App if any changes occur (e.g., contact details, employment status, income).

d. Account Security:

You are responsible for maintaining the confidentiality of your account login credentials, passwords, and any received verification codes. You will be solely responsible for all activities and transactions that occur under your account.

4. Fees and Repayment

a. Fee Transparency:

All applicable fees, including the interest rate, processing fee (if any), and GST, will be clearly listed within the App before you accept the loan offer.

b. Repayment Responsibility:

You agree to repay the loan on time and in full, according to the repayment schedule (including principal, interest, and all other charges) specified in the loan agreement.

c. Repayment Method:

All loans offered through this App adopt a lump-sum repayment at maturity method. The borrower shall repay the entire loan principal and corresponding interest in a single payment on the agreed loan maturity date.

d. Consequences of Late Payment:

You acknowledge that late payments will not only incur high late fees but may also severely negatively impact your credit score, thereby affecting your ability to obtain credit from us and other financial institutions in the future.

5. Data Privacy and Consent

You agree that our Privacy Policy forms an integral part of these Terms. You hereby consent to our collection, use, storage, and processing of your personal data (including sensitive personal information) in accordance with the Privacy Policy, including for purposes such as credit assessment, fraud prevention, KYC compliance, and service improvement.

6. Intellectual Property

The ReliLoan and all its content, including but not limited to text, graphics, logos, images, and software, are the property of Daga Mercantiles & Finance Private Limited or its licensors and are protected by Indian and international intellectual property laws. You are granted a limited, non-exclusive, non-transferable, revocable license to use the App for personal and non-commercial purposes.

7. Limitation of Liability

To the fullest extent permitted by law, we shall not be liable for any indirect, incidental, special, consequential, or punitive damages, including but not limited to loss of profits, data loss, or damage to goodwill, regardless of the cause. Our total aggregate liability to you shall not exceed the total fees paid by you to us in connection with the transaction giving rise to the claim.

8. Termination

We reserve the right to suspend or terminate your access to the App and Services at any time, for any reason, including but not limited to our reasonable belief that you have violated these Terms, without any liability. Upon termination, your rights under these Terms will cease immediately, but provisions that by their nature should survive (such as limitations of liability, intellectual property, and dispute resolution) shall continue in effect.

9. Governing Law and Dispute Resolution

a. Governing Law:

The interpretation, jurisdiction, and enforcement of these Terms shall be governed by the laws of India, without regard to its conflict of law principles.

b. Dispute Resolution:

Any dispute, controversy, or claim arising out of or relating to these Terms shall first be attempted to be resolved through amicable negotiations between the parties. If the dispute cannot be settled amicably, it shall be submitted to the exclusive jurisdiction of the competent courts located at our Registered Office Address.

10. Grievance Redressal

If you have any complaints, concerns, or grievances regarding our Services, please contact our Grievance Officer at:

E-mail: venkatesh@dagafin.com

We are committed to investigating and addressing your grievance promptly.

11. General Terms

We reserve the right to amend these Terms at any time. Any amendments will become effective upon posting the updated version on the App. Your continued use of the Services constitutes acceptance of the revised Terms. If any provision of these Terms is found to be invalid or unenforceable, the remaining provisions shall remain in full force and effect.