Terms Of Service
In terms of Information Technology statutes, this document is an electronic record. Being generated by a computer system it does not require any physical or digital signatures.
(a) The website www.loanmeet.com, (hereinafter referred to as "Website" ), owned by Sarjug Software Private Limited, a private limited company incorporated under the provisions of the Companies Act, 2013, and having its registered office at
Prestige Blue Chip, No. 9 Hosur Road
Bangalore, Karnataka, India 560029, represented by its members, where such expression shall, unless repugnant to the context thereof, be deemed to include its respective legal heirs, representatives, administrators, permitted successors and assigns;
If you do not agree with any of these terms, please discontinue using the Website.
(d) We hold the sole right to modify the Terms of Service without prior permission from You or providing notice to You. The relationship creates on You a duty to periodically check the Terms of Service and stay updated on its requirements. If You continue to use the Website or avail any of its services without registration following such change, this is deemed as consent by You to the so amended policies. Your continued use of the Website is conditioned upon your compliance with the Terms of Service, including but not limited to compliance with the Terms of Service even after alterations, if any.
2. ONLINE/ MOBILE WEBSITE PLATFORM
Loanmeet is a online website which provides an excellent platform to raise money for your personal and business needs, and it provides excellent returns and rewards to its Lenders. Loanmeet provides Users with access to lenders, borrowers, service providers to borrowers, partners who facilitate lending and credit reports for lenders and borrowers. It is a peer-to-peer lending platform that enables borrowers to raise money from multiple lenders, and helps lenders earn good returns on their investment. LoanMeet does not charge an upfront fee for your loan listing, and the loan application process is done online. The loan approval rate is much faster than your typical bank. By using LoanMeet, a lender would get to know a borrower, and help him realize his dreams, such as a new home, or a small business. LoanMeet no manner collects deposits from the lenders or person who would like to earn interest on their money by lending.
To fully avail the services of the Website and use it, registration is required. In order to use the services of this Website, You are required to register Yourself by providing the following information which inter alia includes Name, User Name, Password, Email ID, Mobile Number, permanent account number(PAN), Bank Account Details, Etc., There are separate registrations for borrowers and lenders which shall come into force by a Borrowers Registraion Agreement and a Lender’s Registration Agreement. Borrowers who register with LoanMeet can avail the loans from eligible Listed Investors and Lenders. Those Borrowers whose online registration is completed should submit the documents sought for verification LoanMeet personnel to the borrower. Those who have registered with LoanMeet as Investors and Lenders will be able to provide loans to eligible Listed Borrowers.
Registration for this website is available only to those above the age of 21 years. barring those “Incompetent to Contract” which inter alia include insolvents. If You are a minor and wish to use the Website, You may do so through Your legal guardian and Sarjug Software Private Limited. reserves the right to terminate Your account on knowledge of You being a minor and having registered on the Website or availing any of its services. Further, at any time during Your use of this Website, including but not limited to the time of registration, You are solely responsible for protecting the confidentiality of Your username and password, and any activity under the account shall be deemed to have been done by You. In the case that You provide Us with false and/or inaccurate details or We have reason to believe You have done so, We hold the right to permanently suspend Your account.
The User represents and warrants that he/she is competent and eligible to enter into legally binding agreements and that he/she has the requisite authority to bind himself/herself to these Terms, as determined solely by the provisions of the Indian Contract Act, 1872. The User may not use this Website if he/she is not competent to contract under the Indian Contract Act, 1872, or is disqualified from doing so by any other applicable law, rule or regulation currently in force.
If the User is a Borrower then to avail a personal loan:
· He must be a Salaried Employee with stable Income.
· He must have at least six months of Employment .
- He must have the Ability to pay the EMI with his salary.
If the User is a Borrower then to avail a Business Loan :
· The Business must be in least three years of operation.
· The Business must have Steady Cash flow .
· The Company/ Business shall have no court cases or defaults
These Terms shall continue to form a valid and binding contract between the Parties, and shall continue to be in full force and effect until:
a) The User continues to access and use the Website.
b) The Transaction between the Parties, if any, concludes to the satisfaction of both Parties;
Whichever is longer. The Parties agree that certain portions of these Terms (“Sections”), such as Sections 12, 14, & 18, shall continue to remain in full force and effect indefinitely
The Company reserves the right, in its sole discretion, to unilaterally terminate the User’s access to the services offered on the Website, or any portion thereof, at any time, without notice or cause. The User shall continue to be bound by these Terms, and it is expressly agreed to by the Parties that the User shall not have the right to terminate these Terms till the expiry of the same, as described in Clause 5 hereinabove.
You may also be contacted by Service Providers with whom We have entered into a contract in furtherance of our rights, duties and obligations under this document and other policies followed by Us and with whom you have become friends with from the website. Such contact shall be made only in pursuance of such objectives, and no other calls shall be made.
In addition, You may also be contacted by Third Parties who may have access to the information disclosed by You or to whom We may have disclosed Your information for purposes such as, but not limited to, statistical compilations.
We reserve the right to amend the fee policy and charge for all the services which the website and mobile Website offers. In the event of such change in policy, Users shall be intimated of the same via email/telephone and such change shall be effective as soon as Users have been intimated. Subsequent to such change, it is the choice of the User whether or not to continue with the services offered by Us.
LoanMeet will carry out the following services:
- Verification of the investor and borrower
· Collecting duly signed agreements from the investor(s) and the borrower(s)
· Collect the post-dated cheques from the borrower(s) in the name of investor(s) and ensure that the same are delivered to the investor(s) or help the borrower(s) in getting the ECS facility with their bank.
· If the post-dated cheques are dishonored / no credit through ECS is given by the Bank, then LoanMeet on behalf of investor will take such necessary steps as permitted by law against the borrower to realize the amounts due along with the interest at the decided rate and other fees as agreed in this Agreement including appointment of collection agents, if required.
Transactions on the Website are secure and protected. Any information entered by the User when transacting on the Website is encrypted to protect the User against unintentional disclosure to third parties. The User’s credit and debit card information is not received, stored by or retained by the Company / Website in any manner. This information is supplied by the User directly to the relevant payment gateway which is authorized to handle the information provided, and is compliant with the regulations and requirements of various banks and institutions and payment franchisees that it is associated with.
The User takes full responsibility for payment of all taxes and fees that are levied or arise in the course of use of the Website, including but not limited to downloading and installation of the Website by the User.
The User undertakes to fulfil the following obligations. Failure to satisfy any of these obligations gives Us the right to permanently suspend Your account and/or claim damages for any losses that accrue to Us or additional costs that may be imposed on us.
6.1 You hereby certify that you are at least 21 years of age.
6.2 You hereby agree to provide genuine credentials during the process of registration for the Website. You shall not use a fictitious indentity to register.
6.3 You agree to ensure the email address provided in your account registration is valid at all times and shall keep your contact information accurate and up-to-date.
6.4 You agree to comply with all local laws and regulations governing the downloading, installation and/or use of the Website, including, without limitation to, any usage rules set forth in this Agreement.
6.5 You undertake not to:
(a) Cut, copy, distribute, modify, recreate, reverse engineer, distribute, disseminate, post, publish or create derivative works from, transfer, or sell any information or software obtained from the Website. For the removal of doubt, it is clarified that unlimited or wholesale reproduction, copying of the content for commercial or non-commercial purposes and unwarranted modification of data and information within the content of the Website is not permitted. Should You want to engage in one or more such actions, prior permission from Us must be obtained;
(b) access (or attempt to access) the Website and/or the materials or Services by any means other than through the interface that is provided by the Website. The use of deep-link, robot, spider or other automatic device, program, algorithm or methodology, or any similar or equivalent manual process, to access, acquire, copy or monitor any portion of the Website or Content, or in any way reproduce or circumvent the navigational structure or presentation of the Website, materials or any Content, to obtain or attempt to obtain any materials, documents or information through any means not specifically made available through the Website is prohibited. You acknowledge and agree that by accessing or using the Website or Services, You may be exposed to content from other Users or Third Parties that You may consider offensive, indecent or otherwise objectionable. We disclaim all liabilities arising in relation to such offensive content on the Website. Further, You may report such offensive content;
(c) use the Website in any manner that may impair, overburden, damage, disable or otherwise compromise (i) Company’s services; (ii) any other party's use and enjoyment of company’s services; or (iii) the services and products of any Third Party (including, without limitation to, the Authorized Device);
(d) use the Services or Materials for any unlawful purposes or to conduct any unlawful activity, including, but not limited to, fraud, embezzlement, money laundering or identity theft;
(e) abuse, harass, threaten, defame, disillusion, erode, abrogate, demean or otherwise violate the legal rights of others;
(f) engage in any activity that interferes with or disrupts access to the Website or the Services (or the servers and networks which are connected to the Website);
(g) upload or distribute files that contain viruses, corrupted files, or any other similar software or programs that may damage the operation of the Website or another's mobile phone, systems, devises and software solutions that are extentions of the Website;
(h) download any file posted in the Website that you know, or reasonably should know, cannot be legally distributed in such manner;
(i) probe, scan or test the vulnerability of the Website or any network, devises and software solutions to the Website, nor breach the security or authentication measures on the Website or any network, devises and software solutions connected to the Website. You may not reverse look-up, trace or seek to trace any information on any other user, of or visitor to, the Website, or exploit the Website or Service or information made available or offered by or through the Website, in any way whether or not the purpose is to reveal any information, including but not limited to personal identification information, other than Your own information, as provided for by the Website;
(j) disrupt or interfere with the security of, or otherwise cause harm to, the Website, systems resources, servers, software solutions or networks connected to or accessible through the Website or any affiliated or linked Websites;
(l) violate any applicable laws or regulations for the time being in force within or outside your home country;
(m) violate any code of conduct or other guidelines, which may be applicable for or to any particular Service;
(n) threaten the unity, integrity, defence, security or sovereignty of your home country, friendly relations with foreign states, or public order or causes incitement to the commission of any cognizable offence or prevents investigation of any offence or is insulting any other nation;
(o) disseminate information through the Website that is false, inaccurate or misleading,or violate any applicable laws or regulations for the time being in force in or outside your home country.
13. ACTIONS UNDERTAKEN BY THE WEBSITE ON YOUR DEVICE
Upon download and installation of the Website, You grant the following permissions to Sarjug Software Private Limited to perform the following actions on the device You have accessed the Website in.
(a) To read from, write on, modify and delete data pertaining to the Website on the device’s hard disk and/or external storage;
(b) To access information about networks, access networks including wi-fi networks, receive and send data through the network;
(c) To determine Your approximate location from sources like, but not limited to mobile towers and connected Wi-Fi networks;
(d) To determine Your exact location from sources such as, but not limited to GPS;
(e) To access the model number, IMEI number and details about the operating system of the device the Website has been installed on, as well as the phone number of the device;
14. INTELLECTUAL PROPERTY RIGHTS
(a) All information, content, services and software displayed on, transmitted through, or used in connection with the Website, including for example news articles, reviews, directories, guides, text, photographs, images, illustrations, audio clips, video, html, source and object code, trademarks, logos, and the like (collectively and hereinafter referred to as the "Content"), as well as its selection and arrangement, is owned by Us. You may use the Content only through the Website, and solely for your personal, non-commercial use.
(b) You may not, republish any portion of the Content on any Internet, Intranet or extranet site or incorporate the Content in any database, compilation, archive or cache. You may not distribute any Content to others, whether or not for payment or other consideration, and you may not modify, copy, frame, cache, reproduce, sell, publish, transmit, display or otherwise use any portion of the Content. You may not scrape or otherwise copy our Content without permission. You agree not to decompile, reverse engineer or disassemble any software or other products or processes accessible through the Website, not to insert any code or product or manipulate the content of the Website in any way that affects the user's experience, and not to use any data mining, data gathering or extraction method.
15. INTELLECTUAL PROPERTY COMPLAINTS
(a) We respect the intellectual property of others. If You believe Your work has been copied in a way that constitutes infringement or are aware of any infringing material on the Website, please contact Us at [email protected].
(b) By providing information to, communicating with, and/or placing material on, the Website, including for example but not limited to, communication during any registration and communication on the bulletin board, message or chat area, You represent and warrant:
(1) You own or otherwise have all necessary rights to the content you provide and the rights to use it as provided in this Terms of Service;
(2) all information You provide is true, accurate, current and complete, and does not violate these Terms of Service; and,
(3) the information and Content shall not cause injury to any person or entity. Using a name other than your own legal name is prohibited (except in those specific areas of the Website that specifically ask for unique, fictitious names such as, inter alia certain message boards and chat rooms).
For all such information and material, you grant us, a royalty-free, perpetual, irrevocable, non-exclusive right and license to use, copy, modify, display, archive, store, distribute, reproduce and create derivative works from such information, in any form, media, software or technology of any kind now existing or developed in the future. Without limiting the generality of the previous sentence, you authorize us to share the information across all our affiliated Websites, to include the information in a searchable format accessible by users of the Website and other affiliated Websites, and to use your name and any other information in connection with its use of the material you provide. You also grant the right to use any material, information, ideas, concepts, know-how or techniques contained in any communication you send to us for any purpose whatsoever, including but not limited to developing, manufacturing and marketing products using such information. All rights in this paragraph are granted without the need for additional compensation of any sort to you.
16. GEOGRAPHICAL EXTENT
(a) The Website can be used in all countries worldwide. The borrower must be from India, as we may plan to visit the borrower or may ask the borrower to come to our office.
(b) We make no representation that materials or Content available through our Website is appropriate or available for use outside any of these countries.
(c) If You access or use the Website from a location apart from that specified above, You are solely responsible for compliance with necessary laws and regulations for use of the Website.
(a) We may modify, replace, refuse access to, suspend or discontinue the Services, partially or entirely, or add, change and modify prices for all or part of the Services for You or for all Users at any time and in Our sole discretion. These changes shall become effective upon providing a notice of the same to You via email/ the home screen of the Website. We further reserve the right to withhold, remove and or discard any content available as part of Your account, with or without notice, if deemed by Us to be contrary to this Agreement.
(b) LoanMeet has no obligation to provide You with a copy of the information You or any other User provides on the Website or that the Website has accessed.
(c) Further, We reserve the right, in Our sole discretion, to modify or replace any part of this Agreement at any time, effective upon the date of giving Users notice of the same. Notice shall be provided of such change via email to the Users and/ or by posting a notice on the home screen of the Website.
You and We both understand that there may be instances of difficulty in accessing or receiving email communication. We are not responsible if any email notice gets caught by Your SPAM folder, or if You do not see the email, or if You have given us an incorrect email id or if for any other reason You do not receive the email notice. Therefore, we encourage you to frequently open the Website to monitor any changes. Your continued use of or access to the Services following the posting of any changes to this Agreement constitutes acceptance of those changes. We may also, in the future, offer new services and/ or features through the Website. Such new features and/ or services shall be subject to the terms and conditions of this Agreement.
You agree to indemnify, hold harmless, and defend Us from and against any and all liability, loss, claim, damages, expense, or costs (including but not limited to attorneys' fees), incurred by or made Us in connection with any claim arising from or related to:
(a) Your use or any Third Party’s use via Your account of the Service provided by the Website and its Content;
(c) Any breach or violation of this Agreement, including any amendment, or of any statute or regulation by You, or any Third Party through Your account.
You agree to fully cooperate in indemnifying Us at Your expense. You also agree not to reach a settlement with any party without Our consent.
19. DISPUTES ARISING OUT OF THIS AGREEMENT
All disputes involving but not limited to rights conferred, compensation, refunds, and other claims will be resolved through a two-step Alternate Dispute Resolution mechanism.
14.1 Stage 1: Mediation. In case of a dispute, the matter will first be attempted to be resolved by a sole mediator who is a neutral third party and will be selected at the mutual acceptance of a proposed mediator by both parties. Both parties may raise a name for the sole mediator and in the case both parties accept the proposed name, the said person shall be appointed as sole mediator. In case the parties are not able to reach a consensus within two proposed mediators, the sole proprietorship reserves the right to decide who the final mediator is. The decision of the mediator is not binding on both parties.
14.2 Stage 2: Arbitration. If the dispute is not settled by mediation, it shall be referred to and finally resolved by arbitration, which shall be governed by the law, rules and regulations of Bangalore, India. The Arbitral award is binding on both parties. The Arbitration Board shall comprise three members – one appointed by each party and the third member to be nominated by the two appointed members by mutual consent. Arbitration shall be held at Bangalore. The proceedings of arbitration shall be in the English language. The arbitrator’s award shall be final and binding on the Parties.The exclusive jurisdiction and venue for actions and disputes mentioned above shall be the courts located in Bangalore, State of Karnataka, India and You hereby submit to the personal jurisdiction of such courts.
Any and all communication relating to any dispute or grievance experienced by the User may be communicated to the Company by the User reducing the same to writing, and sending the same to the registered office of the Company by Registered Post.
22. MISCELLANEOUS PROVISIONS:
(a) Entire Agreement: This Agreement is the complete and exclusive statement of the agreements between You and Us with respect to the subject matter hereof and supersedes all other communications or representations or agreements (whether oral, written or otherwise) relating thereto.
(b) Waiver: The failure of either party at any time to require performance of any provision of this Agreement in no manner shall affect such party's right at a later time to enforce the same. No waiver by either party of any breach of this Agreement, whether by conduct or otherwise, in any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any other such breach, or a waiver of any other breach of this Agreement.
(c) Liability: There can be remote instances of compromise if there is a failure due to unforeseen reasons and in such and instance the User is aware that We are not liable. The Website and the Company accepts no liability for any errors or omissions, whether on behalf of itself or third parties, or for any damage caused to the User, the User’s belongings, or any third party, resulting from the use or misuse of any product purchased or service availed of by the User from the Website.
(d) Severability: If any provision of this Agreement shall to any extent be held invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions of this Agreement shall in no way be affected or impaired thereby and each such provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. In such a case, this Agreement shall be reformed to the minimum extent necessary to correct any invalidity, illegality or unenforceability, while preserving to the maximum extent the rights and commercial expectations of the parties hereto, as expressed herein.
LoanMeet is not a lender. LoanMeet neither lends nor borrows through this website. Loanmeet is neither a financial institution, nor runs a collective investment scheme or a chit fund or any other such financial scheme. LoanMeet shall merely facilitate a transaction of borrowing and lending between two such persons.