Credit Terms & Conditions

Applicant Declaration (forming part of the Facility Application Form)

[I/We], (“the Applicant(s)”), hereby unconditionally and irrevocably declare and confirm that:

  • This application for a credit facility (“Facility”) is made to a lender, or any person(s) who provides a facility pursuant to this declaration (“Lender”, which expression, wherever the context requires shall mean more than 1 (One) Lender) with the assistance of IIFL Open Fintech Pvt. Ltd., which is engaged in designing, developing, hosting, and providing its digital platform that, inter-alia, assists merchants and businesses to leverage technology to manage their payments and collections, banking, accounting and business finances under a unified dashboard (hereinafter referred to as “MyMoney”). When the Facility is requested for by a platform user, MyMoney collects information, data and documents relating to such user based on consent and analyses, processes, and disseminates such information, data, analysis and/or documents to Lenders to enable such other Lenders to provide various financial and other services.
  • By making this application for the Facility using MyMoney platform, [I/We] unconditionally agree to the terms of use hosted by MyMoney on the following weblink:
  • [I/we], hereby voluntary give my/our consent to the Lender, IIFL Open Fintech Pvt. Ltd. and Karza Technologies Private Limited (“Karza”), (collectively, “Authorized Parties”) to obtain and use my/our Aadhaar number /Name and details to use Aadhar Offline e-KYC authenticate me/us with Unique Identification Authority of India (“UIDAI”) in accordance with applicable laws. Accordingly, I/we (the Aadhaar holder), hereby irrevocably: a. place a request to the Authorized Parties to access my/our Aadhaar Information (defined below) from UIDAI to fetch and verify information regarding Aadhaar Number, Aadhaar XML, Virtual ID, e-Aadhaar, Masked Aadhaar, Aadhaar details, demographic information, identity information, Aadhaar registered mobile number, face authentication details and/or biometric information (collectively referred to as “Aadhaar Information”). b. explicitly authorize the Authorized Parties to fetch my/our Aadhaar Information from UIDAI to make it available to MyMoney and/or any third party, as may be required for completing KYC verification for availing the Facility. c. agree to take all the necessary actions required for the purpose of authenticating and verifying my/our Aadhaar Information. d. give a valid, binding, irrevocable and explicit authorization and consent as may be required under applicable laws, rules, regulations and guidelines for availing the Aadhaar API services of Karza including, but not limited to the transmission and storage of my/our Aadhaar Information by the Authorized Parties. e. understand and agree that the Consent has been submitted by me/us is voluntarily provided and without any coercion from any party whatsoever. f. fully understand and accept sole and complete responsibility for any issues, legal suits, damages, losses, penalties, fines or liabilities (“Losses”) arising out of sharing of my/our Aadhaar Information and authorizing the Authorized Parties for fetching my/our Aadhar Information and that I/we will fully hold harmless the Authorized Parties, its representatives, employees and directors for any Losses arising out of such request and actions. g. understand and agree that the Authorized Parties will store or retain any Aadhaar Information including the Aadhaar number belonging to me/us in a non- personally identifiable manner and such information will masked/encrypted in accordance with applicable laws.
  • Pursuant to availing the Facility from the Lender, [I/We] are submitting certain personal, demographic, family related, business, credit and financial information/ data about [me/us] including but not limited to the Aadhar Information (hereinafter “Customer Data”). [I/We] hereby understand that such Customer Data may be shared with (i) group companies of Lender, (ii) direct sale associates of the Lender, (iii) verification agencies and (iv) other service providers/ vendors engaged by the Lender and [I/We] hereby provide the Lender consent to share the Customer Data to the above-mentioned entities.
  • [I/We] hereby authorize the Lender and any service provider(s) appointed by the Lender to use/ share the Customer Data for following purposes: (1) Collection, processing, storage, preservation, analysis, publishing and dissemination, at any time, of all the Customer Data, as the case may be; (2) Verification or authentication of Customer Data, making related enquiries on the basis of the Customer Data for the purpose of assessing eligibility for the Facility and/or value added services opted/ availed by [me/us] from/ through the Lender; and (3) for complying with applicable laws, as amended from time to time.
  • [I/We], the Applicant further authorize MyMoney, its affiliates and service providers to use and share with the Lender, its affiliates and service providers, any Content generated by [me/us] on MyMoney Platform for the purpose of enrichment of the Facility. For the purpose of these terms, the term “Content” means and includes information, data, text, photographs, videos, audio clips or usage patterns provided or generated by the Applicant on or through the use of MyMoney platform.
  • [I/We] hereby provide consent to the MyMoney and/or Lender for keying in personal information (“PI”) (including but not limited to date of birth, PAN card, registered mobile number and one time password), as may be necessary to obtain the Applicant’s credit score from the Credit Information Bureau (India) Limited (“CIBIL”) and/ or any other agency authorized in this behalf by the Reserve Bank of India (“RBI”), and process this application. PI keyed in shall be required for enabling hassle free, faster and paperless (to the extent possible) processing of applications for the Facility. MyMoney shall adhere to best industry practices including information security, data protection and privacy law while processing this application. However, MyMoney shall not be liable to the Applicant for any liability or claims which may arise out of such transactions.
  • Pursuant to [my/our] application for the Facility, [I/we] make this declaration for the benefit and reliance of the Lender and MyMoney.
  • [I/We] shall submit, sign and execute all such facility agreements and other documents as may be prescribed and/or required by the Lender, in its discretion, in relation to availing such a Facility at any point of time and the applicable stamp duty in this regard shall be payable by [me/us].
  • [I/We] fully acknowledge that the grant of the Facility is at the sole discretion of Lender and is subject to [my/our] execution of documents deemed necessary by the Lender and [my/our] fulfilment of other closing formalities as required by, and to the satisfaction of, the Lender in this regard. We also acknowledge that the Lender reserves the right to reject [my/our] application for such a Facility without assigning any reasons whatsoever, and that [I/we] reserve no right to appeal against such a decision of the Lender. [I/We] further acknowledge that the processing fee given by [me/us] in relation to the application for such a Facility is non-refundable and in case of the rejection of [my/our] application, [I/we] shall not seek a refund of the same.
  • [I/We] declare that [I am/we are] [citizen(s) of/resident(s) in] India and [I/we] declare, warrant and represent that all the particulars and information and details provided in the application form to avail the Facility and documents given by [me/us] to the Lender and/or MyMoney in connection therewith, are true, correct, accurate and up-to-date in all respects and that [I/we] have not withheld or suppressed any material information from the Lender or MyMoney in this regard. [I/ We] further acknowledge that all the information given by [me/us] in the application for a Facility upon the Lender’s request, shall form the basis of any loan or facility that the Lender may decide to grant to [me/us]. We understand and acknowledge that the Lender and/or MyMoney reserve the right to retain all applicable information, photographs and other documents submitted by [me/us] (forming part of such application and this declaration) and may not return the same to [me/us].
  • [I/We] confirm that there are no insolvency proceedings against [me/us] nor have [I/we] ever been adjudicated insolvent by any judicial or other authority under applicable law. [I/We] also undertake to inform the Lender of changes in [my/our] occupation or employment and to provide any further information that the Lender may in its discretion require. [I/We] shall further inform the Lender on the change in [my/our] resident status, control, capital structure, constitution and management (wherever applicable).
  • [I/We] hereby agree and give [my/our] consent for the disclosure by the Lender, waiving specifically [my/our] right of notice, privacy, privity, defamation for such disclosure by the Lender, of all or any of the following: (a) information and data relating to [me/us] as well our directors and group companies (as applicable) or obligations to be assumed by [me/us], our directors and/or our group companies (as applicable) in connection with the Facility to be availed by [me/us] as well as any other information required to provided pursuant to such a Facility and as required by the Lender; and (b) Any default committed by [me/us] and/or non- performance of our obligations prescribed in any facility document or other agreement executed pursuant to the Lender’s instruction (as determined by the Lender in its sole discretion) in relation to the Facility that will be granted to [me/us] upon the successful processing of [my/our] application by the Lender, and as the Lender may deem appropriate and necessary to disclose and furnish to RBI or CIBIL and/ or any other agency authorized in this behalf by RBI or any regulatory, supervisory or other authority, court of law, tribunal or person, in India or any other jurisdiction, where such disclosure is required by law, regulation, judgment or order of court or order of any tribunal; any actual or potential assignee(s) or novatee(s) or transferee(s) of any rights and obligations of the Lender or other participants in any of its rights and/or obligations under or relating to the Facility for any purposes connected with the proposed assignment or transfer; or MyMoney.
  • I acknowledge and agree that MyMoney is duly authorized to take all actions necessary to collect and recover any amounts due under the facility and if there is any default committed by [me/us] or non-performance of [my/our] obligations prescribed under any facility document or other agreement executed with the Lender.
  • [I/We] also acknowledge that the Lender and/or MyMoney shall have the right to seek information pertaining to [me/us] from regulatory authorities and other third parties including, inter-alia, the RBI, the CIBIL, etc. in accordance with applicable law.
  • [I/We] have no objection to furnish documents deemed necessary by the Lender as per ‘Know Your Customer’ (“KYC”) guidelines issued by RBI from time to time and [I/We] hereby represent that such KYC documents are authentic and valid. [I/We] also consent and authorize MyMoney, its subsidiaries, affiliates and/or partners to use such KYC documents for the purposes of authentication, enrichment of the Facility and for any other products or services offered MyMoney, its subsidiaries, affiliates and/or partners, whether such products or services are in connection with the Facility or otherwise.
  • [I/We] further acknowledge and appreciate that this declaration along with the application for a Facility can be routed to multiple Lenders at the discretion of MyMoney.
  • [I/We] acknowledge and appreciate that the Lender and MyMoney will have right to seek information related to the business transactions from [my/our] business partners for the purpose of the sanction of Facility and ongoing monitoring in relation thereto.
  • [I/We] further acknowledge and declare that the funds availed by [me/us] pursuant to the Facility shall be used for the purpose for which such a Facility has been granted and will not be used for any speculative, prohibited, forbidden, illegal, unlawful or anti-social purposes whatsoever.
  • By signing/ accepting this Application Declaration, [I/We] [am/are] deemed to have accepted, read, understood and agreed to be bound by the terms (including amendments thereof) governing the Facility as determined by the Lender in its sole discretion.
  • Further, [I/we] have no objection to the Lender and/or MyMoney from sending [me/us] promotional offers of their products or services (including those of the subsidiaries, affiliates or associate companies of the Lender and/or MyMoney). [I/We] further acknowledge that the use of the above information shall not amount to violation of any of [my/our] rights or privileges pertaining to privacy or confidentiality. [I/We] further confirm that the privacy rights available to us under, inter-alia, the Telecom Regulatory Authority of India Act, 1997 and the Telecom Commercial Communication Customer Preference Regulations, 2010, and any statutory amendments thereto, will not be exercised by [me/us] in relation to any promotional offers or information received from the Lender and/or MyMoney and their subsidiaries, affiliates or associate companies. [I/We] accord the above consent, notwithstanding the grant of Facility, its rejection by the Lender, or the maturity of such Facilities and authorize Lender and/or MyMoney to use the said information.
  • [I/we] shall not hold MyMoney/Lender [or any of its group/ related entities/ or its their agents/ representatives/ service provider] liable for the use/ sharing of the information and details for any purpose mentioned herein in accordance with applicable laws.
  • By signing/ accepting this Application Declaration, [I/We] [am/are] deemed to have accepted, read, understood and agreed to be bound by the terms (including amendments thereof) governing the Facility as determined by the Lender in its sole discretion.
  • In this regard, [I/we] represent and warrant that the declarations made above by [me/us] have been made in [my/our] true and lawful capacity and further recognize that the Lender and/or MyMoney will rely on the correctness and accuracy of the declarations made by [me/us] in this declaration. [I/We] acknowledge that any inaccuracies or falsehoods in the declarations made by [me/us] and/or information provided by [me/us] shall give an unconditional right to the Lender, at any point in time, to cancel the Facility and exercise all rights available to such Lender against [me/us] under applicable law.
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