SAMPLE LENDER REGISTRATION AGREEMENT
THIS LENDER REGISTRATION AGREEMENT (hereinafter referred to as this “Agreement” and includes any exhibits attached hereto, which may be amended, supplemented or otherwise modified from time to time) is made at the place and on the date as mentioned in Schedule 1, BY and BETWEEN
The Person(s), as described in Schedule 1 (hereinafter referred to as the “Lender” / “you” which expression shall be deemed to mean and include his / her / their respective heirs, administrators, executors, legal representatives of the First Part; AND NDX P2P Private Limited, a company incorporated under the provisions of the Companies Act, 2013, having corporate identity number U67200MH2018PTC306270 and its registered office at 102, Lachiram Plaza, C Wing, GAKV Marg, Goregaon East, Mumbai – 400 063 (hereinafter referred to as the ‘LiquiLoans’ / “we”, which expression shall, unless it be repugnant to the subject or context thereof, shall mean and include its successors, transferees and assigns), of the Second Part. Each is hereinafter referred to individually as ‘Party’ or collectively as ‘Parties’.
NOW THEREFORE, IN CONSIDERATION OF THE, COVENANTS AND CONDITIONS HEREINAFTER SET FORTH, THE RECEIPT AND SUFFICIENCY OF WHICH IS HEREBY ACKNOWLEDGED, THE PARTIES HERETO AGREE AS FOLLOWS:
(a) A company / partnership firm / LLP / HUF if:
(b) An individual if:
2. Registration and Authorization by the Lender:
(a) The Lender is clearly aware that a Lender will have to register, by himself / herself / itself or through its authorised representative, with LiquiLoans and create its registration / lender account prior to availing any of the products and/or services offered by LiquiLoans. The Lender confirms that all the information related to registration entered on the Website will be correct, complete and it shall promptly update the information in the event of any change whatsoever. The Lender further confirms that it is aware that this Agreement contains the terms upon which the Lender will participate through the LiquiLoans’ platform, in the event the Lender is accepted by LiquiLoans as a lender.
(b) The Lender confirms that: (i) they will not click on the "check box" and on the "Submit / Agree" button; or (ii) physically sign this Agreement and will not seek to obtain access to or otherwise use the Website in the event, it does not agree or is not willing to be bound by this Agreement.
(c) By either clicking a button or checking a box indicating acceptance or by registering on the platform or by executing any document that references this Agreement or by accessing or using the Website, or by accessing any of the products and services offered by LiquiLoans (whether in part or full), the Lender agrees to be bound by the policies and guidelines incorporated by reference in this Agreement and any future amendments and additions hereto as published from time to time by LiquiLoans on its Website or through other various means and modes.
(e) In addition to the registration on the Website, the Lender shall submit all the documents sought by LiquiLoans, or any entity authorised by Liquiloans, for verification or otherwise, within the timelines specified by LiquiLoans. The Lender hereby agrees and confirms that the information and documents provided by it to LiquiLoans from time to time shall become part of the records of LiquiLoans and LiquiLoans will not be obligated/liable to return the same, either in part or full.
(f) The Lender agrees and confirms that LiquiLoans may undertake anti money laundering checks and/or any other check in respect of its application and may require relevant information and documents from the Lender as it deems fit, including a declaration in relation to compliance with FATCA, which the Lender agrees and confirms to provide promptly and correctly and shall provide full support and co-operation in undertaking such diligences by LiquiLoans or any other person on its behalf.
(g) The Lender hereby agrees to receive transaction alerts via Short Message Service (“SMS”), email or any other mode intimated to the Lender (“Messaging Service”) by LiquiLoans on any new registrations, loan closures, repayments, offers on loans, requests from borrowers, etc. The Lender confirms that it is availing this service on its own will and there will be no obligation/liability on LiquiLoans in case of any type of dispute.
(h) The Lender hereby permits LiquiLoans to access, collect and display any of his publicly available information. The Lender hereby authorises LiquiLoans to obtain, from time to time, his credit information from credit information providers.
(i) The Lender confirms and acknowledges that LiquiLoans has the right to reject any application for registration or terminate the registration of the Lender, at its sole and absolute discretion, without assigning any reason whatsoever and without incurring any liability whatsoever.
(j) Any information and / or instruction received by LiquiLoans from the Lender, or instructed / initiated / requested through the Lender’s authorized representatives, and/or from any advisor / intermediary of the Lender (Broker/s, Individual Financial Advisor/s, Wealth Advisor/s, Mutual Fund Advisor/s, Wealth Management Firm/s, Agent/s, Financial Planner/s, Registered Investment Advisor/s, Investment / Advisory Platform/s (Offline / Online), Financial Product Advisor/s, Chartered Accountant/s and any/all of their employees etc.) including from the account of the Lender on the Website or via advisor / intermediary’s platform provided by LiquiLoans, shall be deemed to emanate from the Lender, and shall be fully binding on the Lender.
This Agreement shall come into effect from the date of the acceptance / signatures hereof and shall remain in full force and affect unless terminated otherwise.
4. Processes of various services of LiquiLoans:
(b) Matching of Borrower, Commitments, Listing and Loan Funding:
(c) Delayed Funding: Without incurring any liability on any account, whatsoever, LiquiLoans may delay funding of a particular loan (I) if it foresees any discrepancy in the accuracy of the information provided by the borrowers or lenders; or (II) to identify the new lenders, in case of non-commitment of the chosen lenders for the proposed listing; or (III) In case of delay in deposits by the committed lenders.
(d) Cancel Funding / Disbursal: LiquiLoans reserves the right to verify the accuracy of all information provided to LiquiLoans by eligible listed borrowers and eligible listed lenders, in connection with listings and loans, through any of the available modes including by making a tele-call before, during or after the posting of a listing, or before or after the funding/ disbursal of a loan. In case of any suspected fraud or inaccuracies in the information provided to it, LiquiLoans reserves the right to cancel the funding at any point of time before disbursal.
(e) Transaction Commission:
(a) The repayment date for the particular transaction will be due on the settlement date as mentioned in the loan agreement. In case of a holiday, EMI will be collected on the next working day. LiquiLoans collects post-dated cheques and NACH forms from the borrower for the EMI amount from the borrowers for the total repayment amount at the time of loan disbursement. Lender’s share of the amount (calculated on pro rata basis) is then transferred to their account.
(b) The borrower is charged a late fee of and penal charges per annum calculated on the overdue EMI, as mentioned in its loan agreement, for every day of continuing default if the EMI payment is not received on the date mentioned in the particular agreement.
(c) This late fee shall be payable from the date of the default or delay till such date as the EMI along with applicable Interest is repaid by the borrower to the Investor(s). This shall be without prejudice to the Investors’ other rights available as per the Loan Agreement and/or under law. Provided that the obligation to pay additional interest shall not entitle the borrower to set up a defence that no event of default has occurred.
(d) The borrower shall be liable to pay penal charges if any levied by the Bank on account of cheque bouncing, cheque swapping or on return of any cheque issued by the borrower.
(e) In the event that the borrower is in arrears of any payment, LiquiLoans is immediately irrevocably authorised by the Lender to refer the matter to a collection agency / law firm / Arbitrator of LiquiLoans’ choice and, in so acting, LiquiLoans will be the agent for the Lender.
(f) In case a borrower misses an instalment, LiquiLoans will contact the borrower over phone and follow-up on the repayment. In case, the borrower is not reachable over phone, he/she is contacted through e-mail & letter.
(g) In consideration of undertaking the process and endeavouring to recover the defaulted amounts and to meet the cost of collection and other expenses, the Lenders agree that LiquiLoans shall have the right to appropriate the late payment fee and the penal charges that may be paid by the borrower.
(h) In the event that the collection agency referred above is unable to recover any of the claimed sums from the borrower within Ninety(90) days of their appointed date or in case of default of the borrower exceeds half of the offered funds, whichever is later, the lender shall have a right to elect, by intimation in writing to LiquiLoans, that LiquiLoans deliver to the Lender details of the identity and contact details of the relevant borrower and such further or other information collected with regard to the concerned borrower’s association with LiquiLoans, along-with the relevant loan documentation and other additional information which are known to LiquiLoans. In such circumstances, LiquiLoans shall have no further responsibility in respect of the matter in so far as it relates to the Lender's participation in the concerned transaction and the Administrator shall be instructed to remove the concerned transaction from its records in so far as it relates to the Lender, in each case without further claim by the Lender against LiquiLoans or the Administrator.
(i) LiquiLoans does not guarantee full or partial collection of money from the borrowers. In case, LiquiLoans is able to collect some amount of money, the collection charges for the same are deducted before depositing the money into the lenders account. The collection charges are paid to the collection agencies.
6. Prepayment of Loan: The borrowers may, at any time during the tenure of their loan, prepay the Loan, subject to the conditions mentioned in their respective loan agreement. However, this condition is subject to change, at the sole discretion of LiquiLoans, and can be seen on the Website. These changes may be effective for ongoing Loans as well as new Loans.
7. Auto Invest: The Lender shall be able to utilise the autoinvest feature of the Dashboard / Website / as defined in the agreement in the following manner:
(a) Lenders can choose the LiquiLoans autoinvest feature, which allows Lender to select & execute their lending criteria automatically; which is by giving a mandate to LiquiLoans via the Website / Dashboard / as a duly signed document, without any manual intervention.
(b) Once the autoinvest feature is accepted in writing / turned ON by the Lender, their offered funds available in Designated Deposit Account are queued up for lending to various transactions in the marketplace of the Website.
(c) The autoinvest engine runs daily at a prescheduled frequency and funds loans per autoinvest lending criteria defined by the Lender.
(d) The completed transactions shall be regulated by the provisions of this Agreement.
(e) Lender is required to accept the autoinvest terms and conditions and input their lending criteria to use the autoinvest feature.
8. Re-Lending: The Lender shall be able to utilise the re-lending feature of the Dashboard / Website / as defined in the agreement in the following manner:
i. Lenders can choose the LiquiLoans’ re-lending feature, which allows the Lender to select & execute their re-lending automatically i.e. utilize the funds from the repayments made by the borrowers, including principal and interest, if any, for further lending on the Website, without any manual intervention.
ii. Once the re-lending feature is turned ON / accepted in writing by the Lender; their funds available is queued up for lending to various transactions in the marketplace of the Website.
iii. The re-lending engine runs at a prescheduled frequency and makes disbursements to various new / existing loans
iv. The completed transactions shall be regulated by the provisions of this Agreement.
v. Once the re-lending feature is turned on / accepted in writing by the Lender or its authorised representatives; it would be deemed that the Lender has accepted the terms and conditions as may be applicable to said re-lending on the Website.
9. Transfer of rights by Lender
(a) The Lender ("Transferring Lender") may transfer in whole or in part its rights, title and interest in any transaction ("Transferred Transaction") to any other lender ("New Lender") on the Website.
(b) The transfer of the transaction will become effective post the consent of both transferring lender and the new lender.
(c) Upon transferring a Transaction or part thereof pursuant to this clause, the Transferring Lender transfers to the New Lender all of its rights and obligations under the Transferred Transaction.
(d) The New Lender agrees to be bound by the terms of the Transferred Transaction as if it were the original lender to the Transferred Transaction in place of the Transferring Lender.
(e) Transferring Lender agrees to release and discharge the borrower from future obligations and liabilities towards itself under the Transferred Transactions, on the basis that the New Lender assumes the future rights and obligations of the Transferring Lender under the Transferred Transaction. Upon such transfer, the borrower of the Transferred Transactions becomes liable to the New Lender.
(f) Transfer Fees: At the time of transfer of the Transaction, the Transferring Lender shall pay a transfer fees to LiquiLoans as prescribed by it from time to time.
(g) The Borrower's rights and obligations under a Transferred Transaction shall not be adversely affected in any way by such transfer.
(h) A Lender may also transfer a Transaction to any third party outside the LiquiLoans platform upon obtaining a prior written consent of LiquiLoans.
a) LiquiLoans hereby grants you a non-transferable, non-exclusive, revocable, limited license to access and use LiquiLoans' Website during the term of this Agreement solely for the purposes herein. LiquiLoans may, from time to time, update or modify the Website, release new versions of the Website, which may, at LiquiLoans’ discretion, be included within the license described above. You shall not be permitted to sublicense or transfer any of your rights and/or obligations hereunder including, without limitation, access to the Website. Subject to this Agreement, LiquiLoans may offer to provide the services, solely for your own use, and not for the use or benefit of any third party. Services shall include, but not be limited to, any services LiquiLoans performs for you, any applications or widgets offered by LiquiLoans that you download from the Website or from third party application stores authorized by LiquiLoans, as well as the offering of any materials displayed or performed on or through the Services.
(b) You shall not directly or indirectly copy or reproduce all or any part of the Website, whether electronically, mechanically or otherwise, in any form including, but not limited to, the copying of presentation, style or organization, uploading, posting, or transmitting any content which constitutes the intellectual property of another party, for which you do not have a right to make available; uploading, posting, or transmitting any material that contains software viruses or any other computer code, files or programs designed to interrupt, destroy or limit the functionality of any computer software or hardware or telecommunications equipment; any action that imposes or may impose (in LiquiLoans’ sole discretion) an unreasonable or disproportionately large load on LiquiLoans’ infrastructure; or any use of data mining, robots, or similar data gathering and extraction tools. LiquiLoans reserves its right to prevent or restrict access to the Website. Any unauthorized use by you shall terminate the permission or license granted to you by LiquiLoans. Using this Website and by accepting this Agreement you also agree that you shall not hack or hire some third party to hack the Website or even use any other unauthorized means to access any third-party information without written consent of LiquiLoans. You shall in such an event be liable of a criminal offence and LiquiLoans shall institute appropriate legal proceedings to claim damages. In case any misuse of the Website is carried out by a person or entity based out of India, LiquiLoans reserves the right to institute proceedings in accordance with the laws relating to Intellectual Property Rights. You shall use the Website solely for its intended purposes and shall not use the Website for the benefit of any third party except as specifically contemplated under this User Agreement.
All content, whether publicly posted or privately transmitted, is the sole responsibility of the person who originated such content. LiquiLoans cannot guarantee the authenticity of any content or data which users may provide about themselves. You acknowledge that all content accessed by you using the Website is at your own risk and you will be solely responsible and liable for any damage or loss to you or any other party resulting therefrom. For purposes of this Agreement, the term "content" includes, without limitation, any location information, recommendations, reviews, videos, audio clips, comments, information, data, text, photographs, software, scripts, graphics, and interactive features generated, provided, or otherwise made accessible by LiquiLoans on or through the Website. Content added, created, uploaded, submitted, distributed, posted or otherwise obtained through the Website by users, is collectively referred to as, "user submissions". All contents present on the Website are the exclusive property of LiquiLoans. The software, text, images, graphics, video and audio used on the Website belong to LiquiLoans. No material from the Website may be copied, modified, reproduced, republished, uploaded, transmitted, posted or distributed in any form without prior written permission from LiquiLoans, except that LiquiLoans grants you non-exclusive, non-transferable, limited permission to access and display the web pages within the Website, solely on your computer and for your personal, non-commercial use of the Website. This permission is conditioned on (i) you not modifying the content displayed on the Website, (ii) you keeping intact all copyright, trademark and other proprietary notices, (iii) your acceptance of any terms, conditions and notices accompanying the content or otherwise set forth in the Website, (iv) you agreeing to acknowledge of LiquiLoans as the source, citing the uniform resource locator ("URL") of the page from which the information has been taken.
(a) It is a condition of being a participant that you agree (i) to be responsible for all of LiquiLoans’ costs and disbursements in relation to any Transaction in which you participate to the extent of your participation and (ii) in respect of such Transaction, that any such fees due to LiquiLoans may be deducted from your funds;
(b) Details of LiquiLoans’ costs shall be communicated appropriately to you from time to time and shall be subject to revision by LiquiLoans in its absolute discretion and from time to time. In the event that such revisions are made, LiquiLoans will post a notice of revised costs on its Website / your dashboard prior to such revisions taking effect.
13. Obligations by respective parties:
(a) LiquiLoans obligations: After closing a loan transaction, LiquiLoans agrees to liaison between the lenders and borrowers to execute the required legal documents which will bind both the parties till the clearance of all the payments. LiquiLoans agrees to engage the services of a collection agency on behalf of the lender in collecting timely payments from the borrower. LiquiLoans assumes no advisory or fiduciary responsibility with respect to lender in connection with the lending.
(b) Lender obligations:
14. Representations, Warranties and Covenants of the Lender: You represent and warrant that you have all rights to grant such license to us without infringement or violation of any third party rights, including without limitation, any privacy rights, publicity rights, copyrights, contract rights, or any other intellectual property or proprietary rights. You understand that all information publicly posted or privately transmitted through the Website is the sole responsibility of the person from which such content originated; that LiquiLoans will not be liable for any errors or omissions in any content; and that LiquiLoans cannot guarantee the identity of any other users with whom you may interact in the course of using the Website. The Lender hereby represents, warrants and covenants as follows:
(a) You have read this Agreement and the applicable terms and conditions, and have fully and completely understood the same.
(b) You acknowledge that the LiquiLoans is not engaged in either grant of loan or borrowing any money from any persons in relation to the services.
(c) You acknowledge that all loans available on the platform shall first be made available to lenders who have defined their criteria for auto-invest and balance loans which are not subscribed by any lender shall be made available in the market place for other lenders.
(d) You acknowledge that neither LiquiLoans nor any of its subsidiary or affiliate has any interest in either grant of loan or in borrowing money from a person through the P2P platform.
(e) You will honour your commitments and not renege on your loan offers after listing it with us.
(f) You acknowledge that LiquiLoans reserves the right to book their Loan Servicing fee monthly, calculated on accrual basis (if any).
(g) You will not pester borrowers during the course of or after the completion of the deal. This would include not communicating directly for loan recovery, not pestering about additional details in attempt to personally verify borrower’s credentials etc
(h) In case of default in repayment of loan by any Borrower(s), you will deal with recoveries through approved legal advisors. LiquiLoans has a fair mechanism adhering to legal procedures as per the law of the land. However, LiquiLoans is just the facilitator and not an intermediary or holder of the funds, and hence is not responsible for the amounts transacted in the course of a deal.
(i) You are responsible for all and any decision that you have taken to lend through LiquiLoans and LiquiLoans does not take any responsibility for that.
(j) You acknowledge that the LiquiLoans in no manner warrants or guarantees the performance of a service provider that is providing services with respect to the services being offered by LiquiLoans.
(k) You acknowledge that LiquiLoans in no manner warrants and guarantees that the borrower of loan has provided all the required information which is true and correct including its address, phone numbers etc. You acknowledge that it is your responsibility to verify the information about the borrower and LiquiLoans is in no manner liable if the information provided by the borrower is untrue or incorrect.
(l) You will adhere to all laws relating to income tax and pay its taxes on income so generated
(m) You acknowledge that LiquiLoans is not at all responsible for any claim or damage in case either the person who has agreed to take loan has not taken loan or the person who has agreed to repay the loan do not repay the loan or misrepresents about its financial status or commits a fraud or a cheating or any other such illegal act.
(n) You acknowledge that you have taken expert advice from a legal consultant or any other expert so required about your status to lend using the services provided by LiquiLoans.
(o) LiquiLoans holds the sole and absolute right to de-activate the Lender on its own accord if the Lender is suspected or found to be from competition engaging or trying to engage in any malicious activity or even without any reason.
(p) The LiquiLoans services are not available to persons under the age of 18 or of unsound mind or who are declared insolvent or to any persons suspended or removed from the system by LiquiLoans for any reason. The Lender represents that it is of legal age to form a binding contract and is not a person barred from receiving services or goods under the laws as applicable in India. Further, it is more than 18 years of age.
(q) The Lender is prohibited from selling, trading, or otherwise transferring their LiquiLoans account to another party, without the express written consent of LiquiLoans. If you do not qualify, you may not use the services provided by LiquiLoans.
(r) You agree to provide true, accurate, current and complete information about itself as required to be submitted from time to time. If you provide any information that is untrue, inaccurate, not current or incomplete (or becomes untrue, inaccurate, not current or incomplete), or LiquiLoans has reasonable grounds to suspect that such information is untrue, inaccurate, not current or incomplete, LiquiLoans has the right to suspend or terminate your account and refuse any and all current or future use of the services (or any portion thereof). As LiquiLoans enables borrowers to find lenders and lenders to find borrowers, it considers provision of wrong information willingly an act that would constitute misrepresentation, fraud and cheating. LiquiLoans reserves the right to refuse services, terminate accounts, or remove or edit content in its sole discretion. In the event, LiquiLoans finds that the information shared by you is incorrect or that you are in breach of terms or conditions of the Website or you are in default of the your agreements with LiquiLoans, then LiquiLoans may add your name and details in the list of persons who are blacklisted from lending through LiquiLoans.
(s) By providing information or undertaking communications through LiquiLoans, you shall be deemed to have granted to LiquiLoans a royalty-free, perpetual, irrevocable, non-exclusive license to use, reproduce, modify, publish, edit, translate, distribute, perform, and display the communication alone or as part of other works in any form, media, or technology whether now known or hereafter developed, and to sublicense such rights through multiple tiers of sub-licensees.
(t) You acknowledge that you are aware of all your rights, duties and applicability of various laws including not limited to Money Lending Act, Income Tax Act, or any other statute, or law, which may govern the lending and borrowing of monies within your State of residence or from where you ordinarily conduct your business.
(v) Every effort has been made to ensure, that the information contained on the Website is correct. However, LiquiLoans makes no warranty as the accuracy, comprehensiveness, or correctness of any of the Service(s) on the Website, and provides all Service(s) on an "as is" basis.
(w) If you are registered as a lender under any money lenders regulation, you shall disclose the same to LiquiLoans, and provide relevant details as and when required by LiquiLoans. If you fail to disclose the details of your registration or fail to furnish any details, LiquiLoans will have the right to immediately suspend or terminate your membership with it.
(x) By accepting these Terms as a prospective Lender, you warrant that you are an "Approved Person", namely, that you are:
15. Representation And Warranties of both the Parties: Each of the Parties hereby represent and warrant the following to the other Party (a) it has all the requisite legal power and authority to execute and deliver this Agreement and perform its obligations hereunder; (b) it shall from time to time, use all commercially reasonable efforts to obtain consent(s), approval(s), order(s) or authorization(s) of, and/or registration(s), licenses, declaration(s) or filing(s) with, any court(s), administrative agency(ies) or commission(s) or other governmental authority(ies) or instrumentality(ies), which are required in connection with the execution, delivery or performance of this Agreement and carrying out of their business, other than those which have already been obtained; (c) The contents of this Agreement are in compliance with all applicable statutes, rules, regulations or guidelines laid down by the relevant authorities; (d) Nothing contained in this Agreement is inconsistent with any other policies, obligations, contracts, agreements or instruments that have been executed by either Party internally, or with third-parties; (e) The Parties agree to abide by all laws in performing their obligations and giving effect to the terms of this Agreement; and (f) The authorised representatives of the Parties signing this Agreement are fully authorised in this regard as per prevailing procedures, and the Parties have completed all required corporate actions necessary to execute this Agreement.By participating in the program or otherwise using this Website, you hereby acknowledge and agree that LiquiLoans makes no representation, warranty, covenant or guarantee that any funds you lend to a borrower via the Website will be repaid in whole or in part and (b) loans made via the Website are unsecured and you are solely responsible for making any decisions regarding investments without any influence from LiquiLoans.
16. Use of the Website:
(a) LiquiLoans neither originates nor initiates the transmission nor selects the sender and receiver of the transmission nor selects nor modifies the information contained in the transmission. LiquiLoans has no control over the third-party user generated content.
(b) You agree, undertake and confirm that your use of the Website shall be strictly governed by the following binding principles:
(c) You shall not host, display, upload, modify, publish, transmit, update or share any information or item that:
(e) As a condition of use, you promise not to use the Service for any purpose that is prohibited by this Agreement. You are responsible for all of your activity in connection with the Service.
(f) LiquiLoans has no obligation to monitor the Website, content, or user submissions. However, LiquiLoans reserves the right to: (i) remove, suspend, edit or modify any content in its sole discretion, including without limitation any user submissions at any time, without notice to you and for any reason (including, but not limited to, upon receipt of claims or allegations from third parties or authorities relating to such content or if LiquiLoans is concerned that you may have violated this Agreement), or for no reason at all; and (ii) to remove, suspend or block any user submissions from the Website. LiquiLoans also reserves the right to access, read, preserve, and disclose any information as LiquiLoans reasonably believes is necessary to: (i) satisfy any applicable law, regulation, legal process or governmental request; (ii) enforce this Agreement, including investigation of potential violations hereof; (iii) detect, prevent, or otherwise address fraud, security or technical issues; (iv) respond to user support requests; or (v) protect the rights, property or safety of LiquiLoans, its users and the public.
(g) The user shall NOT use this Website or any of the microsites to advertise or perform any commercial, religious, political or non-commercial solicitation, including, but not limited to, the solicitation of users of this Website and/or the microsites to become users of other on or offline services directly or indirectly competitive or potentially competitive with LiquiLoans.
(h) Without prejudice to the generality of the aforesaid:
17 Restriction on Use: Lender represents himself and no third party. Lender is not authorised or permitted to use LiquiLoans to make offers for someone other than himself. All the transactions carried will be solely by lender from his account. A registered lender may also register & participate as borrower on LiquiLoans portal. However, there will be separate accounts for borrower and lender role. If lender participates on the platform as a borrower, any amount in your funding account are subject to set-off against any delinquent amounts owing on any loans obtained by him as a borrower. However, LiquiLoans reserves the right to decide if a particular lender or borrower can have both accounts at the same time.
(a) Any personal information collected by LiquiLoans shall not be disclosed to any third party unrelated to the LiquiLoans business unless such a disclosure is authorized or required by law, or you have expressly consented to such a disclosure. However, by executing this Agreement and accepting the terms and conditions as notified from time to time, you grant LiquiLoans an unconditional right to share all or any of your information with LiquiLoans’ partners, affiliates, employees and agents for the purposes of this Agreement.
20. Cancellation by LiquiLoans: Please note that there may be certain instructions to remit payments or seek rendition of services that LiquiLoans may be unable to accept and will therefore be cancelled. LiquiLoans reserves the right, at its sole discretion, to refuse or cancel any order for any reason. LiquiLoans may also require additional verifications or information before accepting any instruction or registering you as a lender. You may note that negative third-party verification report(s) are crucial factors considered during the funding process. The funding may get rejected at any stage due to lack of information or verifiable information.
21. Fraudulent Transactions: In case of fraudulent use of the services of LiquiLoans by you, then LiquiLoans reserves the right to recover the cost of service(s), collection charges and lawyer fees for using the services fraudulently. Further, LiquiLoans reserves the right to initiate legal proceedings against you for fraudulent use of the services and any other unlawful acts or omissions in breach of this Agreement and the terms and conditions.
22. Limitation of Liability:
(a) In addition to the other limitations in this Agreement, the Lender specifically confirms that:
(b) LiquiLoans its employees, associates and technology partners, etc make no representations or warranties about the accuracy, reliability, completeness and/or timeliness of any services, portfolio data, monthly factsheets, lender / borrower related data, income tax / legal / compliance related advise, content, information, software, text, graphics, links or communications provided on or through the use of the services or that the provision of the services will be error free and/or uninterrupted. Consequently, LiquiLoans assumes no liability whatsoever for any monetary or other damage suffered by you on account of the delay, failure or interruption of any services, data or other information in connection with the services; and/or any interruption or errors in the provision / operation of the services. You expressly understand and agree that LiquiLoans and its subsidiaries, affiliates, officers, employees, agents,partners and licensors shall not be liable to you for any direct, indirect, incidental, special, consequential or exemplary damages, including, but not limited to, damages for loss of profits, goodwill, use, data or other intangible losses (even if LiquiLoans has been advised of the possibility of such damages), resulting from the services or any related goods and services. The Lender further, with immediate effect, waives any right which had accrued to him from using the services to initiate any legal action against LiquiLoans. The Lender also acknowledge and understands that the credibility of a lender or a borrower as communicated from time to time is based on the information that is provided to LiquiLoans. In case there is a non-disclosure of information to LiquiLoans of the information, and the judgment of LiquiLoans is impaired and the ratings / analysis / underwriting or credibility of a lender or a borrower is not found to be correct, LiquiLoans shall not be responsible for any claims or liabilities. LiquiLoans in any event is not responsible for any default in return of money that is borrowed from the Lender and the Lender shall have exclusive right to initiate proceedings against the defaulter borrower. LiquiLoans is not obliged to provide any information and support to the Lender. However, the Lender shall not make any claim against LiquiLoans and shall conduct an independent due diligence of the borrower before lending to him. This limitation of liability section shall prevail over any conflicting or inconsistent provision contained in any of the documents comprising this Agreement and the terms and conditions updated from time to time.
(c) UNDER NO CIRCUMSTANCES SHALL LIQUILOANS, ITS SUBSIDIARIES, EMPLOYEES, OFFICERS, AFFILIATES, DIRECTORS, AGENTS, SUPPLIERS, SHAREHOLDERS, NON EXECUTIVE DIRECTORS OR ITS LICENSORS INVOLVED IN CREATING, PRODUCING, TRANSMITTING OR DISTRIBUTING THE SERVICES, GRANTING OR RECEIVING LOAN FROM A PERSON ASSOCIATED WITH THE LIQUILOANS BE LIABLE FOR ANY DIRECT, INDIRECT, PUNITIVE, INCIDENTAL, SPECIAL, OR CONSEQUENTIAL DAMAGES THAT RESULT FROM EITHER MISREPRESENTATION, FRAUD, COERCION, BREACH OF TRUST, MISAPPROPRIATION, CHEATING OR FOR ANY OTHER SUCH REASON OF ITS END USERS OR OF THIRD PARTIES INCLUDING BUT NOT LIMITED TO LOSS OF PROFITS AND LOSS OF GOODWILL OR LOSS OF INTEREST.
24. Communication: LiquiLoans is authorised & will communicate with you through any mode using email, SMS, Whatsapp, via the website and telephone or all of them or any other mode. The Lender must mandatorily provide a valid email address and contact telephone and/ or mobile number to LiquiLoans for this purpose. Please note LiquiLoans will not be able to contact the Lender in case your number is part of DNC (Do Not Call) list as generated by TRAI (Telecom Regulatory Authority of India). In this case Liquiloans requests the Lender to reach out on the defined customer care / investor operations email / mobile no mentioned on the website. When he Lender uses the services or send emails to LiquiLoans, you are communicating with LiquiLoans electronically. You consent to receive communications from LiquiLoans electronically. From time to time, LiquiLoans will also send you marketing material. We use third-party service providers to serve ads on our behalf across the internet. They may collect anonymous information about your interaction with our services. They may also use information about your interactions to target advertisements for goods and services. This anonymous information may be collected through the use of a pixel tag or any other mode, which is / may be industry standard technology used by most major websites. The Lender agree that all agreements, notices, disclosures and other communications that we provide to you electronically satisfy any/ all legal requirements that such communications be in writing.
25. DISCLAIMER OF WARRANTIES: ALL DETAILS OF THE PARTICIPANTS AND THEIR FINANCIAL STATUS, INCLUDED IN OR AVAILABLE THROUGH THE SERVICES ARE PROVIDED FOR USE WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED. LIQUILOANS, ITS SHAREHOLDERS, ITS HOLDING COMPANY, ITS SUBSIDIARIES, AND ITS LICENSORS DO NOT WARRANT THAT THE INFORMATION OR OTHER MATERIAL BY ANY PERSON IS CORRECT INCLUDING HIS FINANCIAL STATUS OR CAPABILITY OR HAS NOT APPROACHED THE OTHER USER OF THE SERVICES WITH A CRIMINAL INTENT TO EITHER CHEAT OR MISAPPROPRIATE OR DENY ANY OTHER USER OF ITS LEGITIMATE CLAIMS. BY PROVIDING ANY CONTENT, REPRESENTATION OR STATEMENT OF YOUR FINANCIAL STATUS OR YOUR PROOF OF RESIDENCE, YOU REPRESENT AND WARRANT THAT YOU HAVE THE LAWFUL RIGHT TO REPRODUCE AND DISTRIBUTE SUCH CONTENT AND THAT THE CONTENT COMPLIES WITH ALL LAWS AND IS TRUE AND AUTHENTIC AND IS NOT IN ANY EVENT PROVIDED TO DEFRAUD OTHER USERS OR CREATE A FALSE IMPRESSION IN THEIR MINDS THAT YOU HAVE A SOUND FINANCIAL STATUS OR ARE REASONABLY COMMITTED TO DELIVER THE COMMITMENTS ON TIME. YOU ALSO REPRESENT THAT YOU HAVE NOT EVER BEEN ACCUSED TO ANY FRAUD, MISREPRESENTATION OR DEFAULT IN YOUR COMMITMENTS, CLAIMS OR MONIES TO ANY THIRD PARTY WHETHER A FINANCIAL INSTITUTION OR NOT. YOU ALSO REPRESENT THAT THERE ARE NO OUTSTANDING DISPUTES IN CONNECTION WITH YOUR MORAL TURPITUDE OR FINANCIAL STATUS. YOU HEREBY REPRESENT AND WARRANT THAT YOU ARE LEGALLY COMPETENT TO EXECUTE, BE BOUND BY AND ADHERE TO TERMS AND CONDITIONS OF THIS AGREEMENT AND THE TERMS AND CONDITIONS NOTIFIED BY LIQUILOANS. YOUR USE OF THE SERVICES IS SOLELY AT YOUR RISK. YOU AGREE THAT LIQUILOANS SHALL HAVE NO RESPONSIBILITY FOR ANY DAMAGES SUFFERED BY YOU IN CONNECTION WITH THE SERVICES OR ANY CONTENT CONTAINED THEREIN OR ANY DAMAGE SUFFERED IN THE EVENT OF DEFAULT OR MISREPRESENTATION BY ANY OTHER USER OF THE SERVICES.
26. Intellectual Property Rights: The trademarks, logos and service marks ("Marks") displayed in relation to the product & services are the property of LiquiLoans and other affiliate entities of LiquiLoans. The Lender is prohibited from using any Marks for any purpose without the written permission of LiquiLoans or such third party which may own the Marks. All information and content including any software programs available on or through the product & services ("Content") is protected by copyright. You are prohibited from modifying, copying, distributing, transmitting, displaying, publishing, selling, licensing, creating derivative works or using any content available in respect of the services for commercial or public purposes. Similarly, the LiquiLoans recognises that all the intellectual property associated with the Lender belongs to you, who is the owner of its trademarks, logos and branding and the LiquiLoans acknowledges that the LiquiLoans does not have any right to modify, or claim any right in any of your intellectual properties. The provisions of this clause shall survive indefinitely beyond the term of this Agreement, and subsequent to termination. You hereby grant LiquiLoans a non-exclusive, royalty free, license to use the logos name and kyc data in its advertising, literature and websites in connection with the marketing and sale/resale of product and services and/ or for statutory / regulatory filings.
27. Relationship of Parties: Nothing in this Agreement shall provide the impression that you are an agent or representative of the LiquiLoans, or vice versa. The Parties are independent entities engaging in this Agreement for mutual commercial benefit, and neither Party shall be considered the representative of the other Party, under any circumstances, and neither Party shall be entitled to make any representation, binding or otherwise, or enter into any contract or obligation on behalf of the other Party. Nothing contained herein shall be deemed to create any association, partnership, joint venture or relationship of principal and agent or employer and employee between the Parties. This Agreement is not intended and will not be construed to create any rights in favour of and remedies or liabilities against any third parties.
28. Dispute Resolution, Governing Law and Jurisdiction: The Parties agree to first mediate any disputes or claims between them in good faith and resolve the disputes amicably and share the cost of mediation equally. In the event that mediation fails, any claim arising out of or relating to this Agreement shall be settled by Arbitration in accordance with the Indian Arbitration and Conciliation Act, 1996. All hearings will be held at Mumbai, India and shall be conducted in English. The LiquiLoans shall appoint a sole arbitrator to preside over the Arbitration proceedings. This Agreement shall be governed by and construed in accordance with the laws of India. The adjudication of any dispute will be the exclusive jurisdiction of the courts of Mumbai, India.
29. Term and Termination:
i. This Agreement shall be valid from the Effective Date and shall remain valid unless terminated earlier in accordance with the terms hereof. This Agreement can be terminated by LiquiLoans without cause upon giving a prior written notice of 30 (thirty) days to the other Party. Either Party may terminate this Agreement forthwith in the event of any breach of the provisions of this Agreement by the other Party, or pursuant to any deficiency in the obligations to be fulfilled in terms of this Agreement or any breach of applicable law if after giving notice of such breach or deficiency, the same is not remedied within 45 (Forty-five) working days from the date of receipt of such notice. No compensation or damages shall be payable by either Party in the event of such termination but such termination shall be subject to the rights and obligations already accrued in favour or against the respective Parties. Furthermore, this Agreement can be terminated without any notice period with the mutual consent of the Parties.
ii. Further, LiquiLoans shall have a right to terminate this Agreement or any of its services, including but not limiting to in any of the following circumstances:
iii. Consequences on termination of registration: Upon termination of this Agreement and registration with LiquiLoans, all the subsisting loans originated through LiquiLoans shall still hold good and will be completed through their term.
30. Grievance officer: In the event you wish to make a complaint regarding any violation of the provisions of this Agreement, you may send a written complaint to the Grievance Officer, who shall handle/ dispose the complaint within one (1) month of the receipt of the complaint. The name and contact details of the Grievance Officer are provided on the website.
(1) Name: Shweta Jain
(2) Email Id: firstname.lastname@example.org
31. Customer Support: LiquiLoans shall provide customer support limited to responding to questions/queries regarding the nature of the Services provided for but not limited to payment, refunds, functionality and feedback. If you have any questions regarding the same you can contact us at:email@example.com
(a) You agree and appoint LiquiLoans as the custodian of all the documentation relating to your registration and subsequent loan transactions entered on the Website. LiquiLoans will provide all such documents as necessary upon receiving a written request from you.
(b) Clause headings are inserted for convenience of reference only and shall not be deemed to affect the interpretation or construction of this agreement or of any clause.
(c) LiquiLoans reserves the right at all times to discontinue or modify any of the terms and conditions of its services including this Agreement, as may be deemed necessary or desirable, without prior consent from you. Such changes may include, among other things, the adding of certain fees or charges. We suggest to you, therefore, that you re-read the notice containing our terms and conditions from time to time in order that you stay informed as to any such changes. If we make changes to our terms and conditions and you continue to use our services, you will be deemed to have impliedly agreed to the updated terms and conditions. Any such deletions or modifications shall be effective immediately upon LiquiLoans' intimation thereof. Any use of LiquiLoans services by the Lender after such notification shall be deemed to constitute acceptance by you of such modifications.
(d) The Agreement cannot be assigned (nor any duties hereunder be delegated) by you without the express written consent of LiquiLoans. Provided that LiquiLoans may assign this Agreement to any parent, subsidiary or affiliated entity, or any entity which acquires all or substantially all of its assets or business and shall provide you with ten (10) days written notice of such assignment. Any purported assignment not permitted hereunder shall be void. Further, LiquiLoans may assign any of its responsibilities/obligations to any other person without any prior notice to the Lender at its sole discretion. However, you shall not assign, sub-license or otherwise transfer any of your rights or obligations under these Terms to any other party, unless a written consent is taken from LiquiLoans.
(e) Notwithstanding the provisions contained herein, no liability shall attach to any Party including third parties, in the event of its failure to observe the terms hereof, if such failure is caused by reasons of, or on account of, or in consequence of any act of God or act of Government, plague, famine, epidemic, fire, storm, floods, war, mutiny, riot, civil commotion, disturbances, power supply disruption, union action, union strikes, extraordinary failure of equipment, port congestion, Government statute or imposition, road blockage accident of vehicle carrying the materials, transporters’ strike or any other cause whatsoever beyond the reasonable control of the concerned Party, which would make performance commercially impracticable, whether or not the contingency is of the same class as those listed above.
(f) No failure or delay by the Parties in exercising any right or remedy provided by Applicable Law under or pursuant to this Agreement shall impair such right or remedy or operate or be construed as a waiver or variation of it or preclude its exercise at any subsequent time and no single or partial exercise of any such right or remedy shall preclude any other or further exercise of it or the exercise of such or any other right or remedy.
(g) If any provision or provisions of this Agreement shall be held unenforceable for any reason, then such provision shall be modified to reflect the parties’ intention. All remaining provisions of this Agreement shall remain in full force and effect for the duration of this Agreement.
(h) This Agreement, read with the terms and conditions, as notified by LiquiLoans from time to time, constitutes the entire agreement between the Parties on the subject matter hereof and supersedes all previous negotiations, commitments, writings and representations, written or oral thereto.
DETAILS OF THE LENDER
|1||Date of Agreement|
|2||Place of Agreement|
|6||Date of Birth|
|8||Alternate Mobile Number|
|12||Nature of activities engaged in|
|13||Particulars for Notice|
|14||Details of the Bank Account||
(a) Account Number:
(b) Account Name:
(c) Bank Name:
(d) Bank Branch:
(e) IFSC code:
Sample Fee Options/Schemes
|Minimum Holding Period (MHP)*||Indicative Net Pre-Tax Yields**|
|NIL||Upto 10.50% XIRR|
|6 Months||Upto 11.50% XIRR|
|12 Months||Upto 12.00% XIRR|
*Minimum period which a lender agrees to hold the loans before listing on the secondary market for sale ** The available fee/scheme options will be visible to lenders on the dashboard. The lender will need to select from the available scheme options on the dashboard while lending on the platform
DETAILS OF CHARGES
|Loan Servicing Fee||
If the lender’s portfolio’s net pre-tax yield is lower or equal to the indicative pre-tax yield (XIRR) scheme selected then LiquiLoans’ fees will be Zero i.e. NIL
If the lender’s portfolio’s net pre-tax yield is above the indicative pre-tax yield (XIRR) scheme selected; then LiquiLoans’ fees will be the difference of Lender’s Actual Portfolio Pre-Tax Yield XIRR Less Indicative Pre-Tax Yield (XIRR) of the Lender
Eg: If the Indicative pre-tax yield is 10.50% XIRR and the Lenders portfolio makes a net pre-tax yield (XIRR) of either lower or equal to Pre-Tax Indicative Net Yield of 10.5% XIRR, then LiquiLoans’ fees will be Zero i.e. NIL
If the Indicative pre-tax yield is 10.50% XIRR and the Lenders portfolio makes a net pre-tax yield (XIRR) of 12.00% XIRR which is higher than the Pre-Tax Indicative Net Yield of 10.50% XIRR, then LiquiLoans’ fees will be 12.00%-10.50% = 1.50%
AUTO INVEST MANDATE AND FEATURES
(In case of Individual) (*)
(In case of Non-Individual) (*)
(Partners in case of Partnership Firm & LLP / Karta in case of HUF / Trustee(s) in case of a Trust / member(s) in case of AOP / director in case of Company) (hereinafter referred to as "the Lender") hereby wish to opt for the Auto-Invest Lending Feature/Mechanism; the Re-lending mechanism basis which the platform auto-invests / re-lend my/our funds as per my/our below defined lending criteria.
Auto-Invest Criteria selected by me/us:
1. Money lent to a single borrower should not exceed INR. 50,000
2. Not more than 50% of total money invested on the platform to be allocated to borrowers who are NTC (New To Credit)
3. Invest in loans which satisfy the other auto-invest criteria as on origination date, if available in the secondary market
4. Invest in diversified set of loans wherein the average credit bureau score of borrowers (Non-NTC) is not below 600 at the time of investment
5. Maximum allocation to a single borrower at the time of investment to not exceed 20% of portfolio value or INR. 1,000, whichever is higher
6. Invest in loans with Max. Tenure of Loans of 36 Months