General Terms and Conditions

Terms of use

• Thank you for visiting www.cashper.com by accessing or using the website www. cashper.com whether automated or otherwise, you, a registered or guest user in terms of the eligibility criteria set out herein (“User“), agree to be bound by these Terms and Conditions (“Terms of Use“) and any additional terms and conditions that are referenced below or otherwise may apply to specific areas of the website, from time to time. We encourage our Users to read these Terms of Use carefully while using the website.
• The Website is promoted and operated by XXXXXXXXXXXXXXXXXXXXXXXXXXXX LTD, a company incorporated under the provisions of the Companies Act, 2013 bearing corporate identity number (CIN) XXXXXXXXXXXXXXXXXXXXXXXXXX All references to the Website in these Terms of Use shall deem to refer to the aforesaid entity in the inclusion of the online portal.
• The contents set out herein form an electronic record in terms of the Information Technology Act, 2000 and rules there under as applicable and as amended from time to time. As such, this document does not require any physical or digital signatures and forms a valid and binding agreement between the website and the User. Further, please be advised that these Terms of Use are made available to the User pursuant to and in accordance with the provisions of Rule 3 (1) of the Information Technology (Intermediaries Guidelines) Rules, 2011 that require publishing the rules, regulations, privacy policy and terms of use for access or usage of the website.
• We reserve the right to change these Terms of Use at any time. The changes will be effective from the date and time of the posting of such changes. By continuing to use the website after we post any such changes, you accept the Terms of Use as modified.

Customer Eligibility

• Use of the Website is available only to such persons who can legally contract under the Indian Contract Act, 1872. Persons who are “incompetent to contract” within the meaning of the Indian Contract Act, 1872, including minors, un-discharged insolvents, etc., shall not be eligible to use the website. If the person accessing the website is a minor i.e., under the age of 18 years, such person shall not register as a User of the Website and shall not transact on or use the website.
• The Website reserves the right to terminate any membership and/or refuse to provide access to the website if it is brought to the website’s notice or if it is discovered that the person accessing/using the website is under the age of 18 years.
• By accepting the Terms of Use, the User irrevocably declares and undertakes that he/she is of legal age i.e., 18 years or older, and capable of entering a binding contract and that such acceptance shall be deemed to form a contract between the website and such User to the extent permissible under applicable laws.
• The User must have a rupee-denominated savings/current account with a bank in India.
• Users must have a PAN (Permanent Account Number), allotted by the Income Tax Department of India.
• By accepting the Terms of Use, you acknowledge that you have also read and understood the risks involved in lending and/or borrowing through the website.
• To be eligible as a Borrower, User must be:
  • User must be a salaried individual.
  • If the User is a salaried individual, then the User:
    • must be based in India;
    • should not be unemployed at any point of time during the last 6 months;
    • should not have any kind of civil or criminal litigation instituted against him/her;
    • must be receiving his/her monthly salary in the bank account; and
    • must only be seeking a loan amount in between Rs. 25,000, and Rs. 5,00,000 with a loan term of not more than 24 months.

Sign up and Registration

• As indicated, any person may access the website either by registering on the website or using the website as a guest. However, a guest user may not have access to all sections of the website, which shall be reserved only for the purpose of registered Users, and which may change from time to time at the sole discretion of the website.
• All eligible Users who wish/have to register themselves with the website shall be required to create an account by filling in the details prescribed in the website.
• By applying for registration, the User agrees and authorises us to carry out such checks and verification. As part of the registration process:
  • We shall run identity, KYC, fraud checks.
  • Obtain a credit rating for Users from the Credit Information Bureau.
  • Carry out residence and/or work verification at your employment location.
• If any User provides any information that is untrue, false, not updated, and incomplete or the website has reasonable grounds to believe that such information is untrue, false, not updated, incomplete, the website shall have the right to suspend or terminate the relevant User account and refuse all current or future use of the website (or any portion thereof).
• Users of the Website may be required to provide certain personal information and expressly permit the website for accessing and/or collecting and retaining such personal information of the Users. Such provision and/or collection, storage, retention, use, and disclosure of the Personal Information of the Users shall be subject to the website’s privacy policy available at https://www.cashper.com/privacy-policy/
• Registration Fee to register as a Borrower: There is no fee charged for registration.

Use of Website

• To borrow through the website, you must log on to the cashper Account.
• All registered Users of the Website shall be solely responsible for activities relating to the account, and the website or the entity operating the same shall not in any manner be held responsible and/or liable for any illegal acts including but not limited to misuse, unauthorized access, hacking of the website or refusal to access the website due to such reason.
• All Website Users hereby confirm and acknowledge that they have been provided with a copy of the loan agreement (“Loan Agreement”) to be entered between the Borrower and the Lender. All Users further confirm that they have read and understood all the terms and conditions of the Loan Agreement and, upon execution, do hereby covenant and undertake to unconditionally abide by the same, without raising any defence of whatsoever nature in respect thereof.
• If any User learns or is made or becomes aware of any instance of hacking or misuse of its cashper Account, it shall without delay notify the website of the same.
• We can refuse to act on any instruction received from User that we believe:
  • was unclear;
  • was not given by the user;
  • might cause us to breach a legal or other duty, or
  • suggests that the website is being used for any illegal purpose.
• The Website strictly prohibits any use of the content available through the website, including but not limited to:
  • any downloading, copying or other use of the content or the website for purposes competitive to the website or for the benefit of any third party;
  • any caching, unauthorized linking to the website or the framing of any content;
  • any modification, distribution, transmission, performance, broadcast, publication, uploading, licensing, reverse engineering, transfer or sale of, or the creation of derivative works from, any content, products or Services obtained from the website that the User does not have a right to make available;
  • any uploading, posting or transmitting of 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;
  • using any hardware or software intended to surreptitiously intercept or otherwise obtain any information (such as system data or personal information) from the website;
  • any action that imposes or may impose (in the website’s sole discretion) an unreasonable or disproportionately large load on the website’s infrastructure, or damage or interfere with the proper working of the website’s infrastructure.
• The Website reserves the right to refuse or cancel any registration of its Users, remove any person from the website and prohibit any person from using the website for any reason whatsoever, and from limiting or terminating such access to or use of the website at any time without notice.

Terms, Conditions, and Process for Lending

• In case the Lender wishes to lend, the lender will have an option to select one or multiple Borrower’s Profile to whom the Registered Lender wishes to lend from various Borrower’s profiles sourced from the website.
• The Lender agrees to offer the first loan within 30 (Thirty) days from the date of registration through the website.
• Upon selecting the Borrower, the Registered Lender will transfer an amount equivalent to the amount that lender wishes to lend (“Lending Amount”) in the Escrow Account through its bank account using RTGS/NEFT.
• Upon successful transfer of the Lending Amount to the Escrow Account, and once cashper sights the funds in the Escrow Account, the Lending Amount will be reflected in the User’s cashper Account. This could take up to 4-6 hours. If the Lender transfers funds using RTGS/NEFT after the cut-off time or on holiday, it will reflect in his cashper Account on the next working day.
• Upon selecting and confirming the Borrower’s profile (“Selected Borrowers”), an amount equivalent to the amount which the Registered Lender wishes to lend to the Selected Borrowers will be credited to User’s cashper Account.
• The Lender and Borrower will sign the Loan Agreement.
• Charges and Fees: The website shall be entitled to charge the fees and charges:
  • The facilitation fee will only be charged if lenders receive EMIs.
  • Cashper may revise the rate of such charges from time to time. Any such changes will be updated to the lender via email and/or SMS and/or push notification.

Terms and Conditions for Borrowing

• A Borrower can borrow from the website by posting a loan requirement through the website and completing the application process.
• During the registration process, you must also enter the details of your bank account for the purposes of repayments due to the Lender.
• By posting Loan Request, you agree:
  • To provide us with certain additional information which we will ask you for, and that if we discover that this additional Information and/or the Information you gave us during the application process was inaccurate or deficient in any respect, then the Loan Request will be void and we have the right to take appropriate actions against the Users.
  • To authorise us to check your credit rating from any of the Credit Information Bureau in India, which are required by us to assess the credibility of the repayments.
  • User acknowledges that Credit Information Bureau links together the records of the User and anyone that the User has advised as a financial associate (e.g., someone with whom you have a joint credit account), including previous and subsequent names of parties to the account. While assessing the credibility of your repayments, we may consider information about your financial associates in your credit reference.
  • “I hereby give my free consent and authorise XXXXXXXXXXXXXXXXXX and its service provider by providing my personal information to obtain my Credit Information Report and Credit Score from CIBIL OR Equifax Credit Information Services Pvt. Ltd. for the purpose of risk assessment and credit underwriting and not for any other purposes”. This must be confirmed by the borrower before submitting the application for the loan.
  • Any loan amount offered by any Lenders will be acceptable to the Borrower.
• If so required by cashper after considering the profile of the borrower, cashper may request the borrower to arrange for a co-signer as a condition for disbursement of the loan. In case the Borrower fails to arrange for a co-signer, cashper shall have the right to reject the loan request.
• Formation of Loan Agreements
  • The Borrower agrees to accept each of the loan offers that meets your borrowing criteria.
  • The Borrower agrees to sign and execute the loan agreements electronically or physically. In the case of multiple loan agreements, the website will provide you with a summary of the loan availed in the cashper Account.
• Disbursement of Loan Proceeds: Upon execution of all the required documents and fulfilment of all conditions for disbursements, to the sole satisfaction of the Company, the borrowed amount will be credited to the account of the Borrower. The platform follows a rounding down approach during loan disbursement to the borrower for simplicity purposes. For example, if the disbursement amount after deduction of all charges and fees amounts to Rs. 9411.18, the disbursement amount will be Rs. 9,411, and Rs. 0.18 will be transferred to the platform as the adjustment amount.
• Charges and Fees: The website shall be entitled to charge the following fees and charges:
  • Loan processing charge for every loan availed by the borrower
  • GAP Interest charges if eligible
  • Tracing charges – Rs. 300
  • No-Response fee – Rs. 300
  • Recollection Fee – Rs. 300
  • Change of Repayment Date – Rs. 300
  • Change of Nominated Account – Rs. 300
  • Litigation costs and expenses, including legal fees and expenses, to cover litigation recover outstanding arrears
  • Late Payment Fee: For delays based on loan amount ranges, with penalties for overdue payments.
  • All costs in relation to stamp duty and other related costs for preparation of the documents
  • Loan Cancellation charges to the borrower when cancelled by him/her – Rs. 1,000
  • Loan Cancellation charges to the lender when cancelled by him/her – Rs. 1,000

Settlement of Payment

• Any monies received from the Borrower, including delay charges or late fees or penal charges or any other applicable charges, shall be kept in the Escrow Accounts.
• These will be recorded as a credit to the Lender’s cashper Account, which you can see by logging on to the cashper Account.
• All the collected repayments will be transferred to Lender’s cashper account within 3 days of the receipt of the EMI from the borrower:
  • Lender will be notified when his cashper account balance reflects received EMIs.
  • The Lender can choose to withdraw funds from his cashper account to his registered bank account by giving an instruction to cashper. The Lender will not earn any interest on the funds lying in his cashper account.
  • For instance, if a borrower is paying EMI on the 2nd of the month, the amount will be transferred to Lender’s cashper account by the 5th of the month, and Lender will not get any interest on such amount lying in his/her cashper account.
• As a Borrower, you make your repayments due under loan agreements by direct debit to your bank account, which results in an initial credit and debit to your Loan Account on cashper, and then credit in each relevant Lender’s lending account. The repayment amount shall be rounded up to the nearest whole number, and the same shall be payable by the borrower. For example, if the repayment amount comes to Rs. 3633.4, the borrower will be required to pay Rs. 3634.
• While crediting the Lenders’ account with EMI or applicable delay penal charges, the amount will be rounded off to two decimal places. For example, if EMI results in Rs. 180.1442, the lenders’ account will be credited Rs. 180.14.
• Once the loan EMI and applicable delay penal charges are distributed to lenders of that respective loans, the residual amount (if any), resulted due to rounding down of amounts to two decimal places, will be transferred to the platform as an adjustment amount.
  • For example, if EMI results in Rs. 180.1442, the lenders’ account will be credited Rs. 180.14, and Rs. 0.0042 will be transferred to the platform as the adjustment amount.

Loan Administration

• EMI: EMIs will start as per the date of the disbursement of the loan. The Lender will start earning interest after 5 days of his investment in the loan or from the day of disbursement of the loan, whichever is earlier.
• Prepayment Terms: Any Borrower who wishes to prepay the loan can pre-pay the loan without any prepayment charges. For prepayment, please email us at info@cashper.com. In cases where at the time of prepayment, the Borrower has already paid 3 (three) or more than 3 (three) EMIs, the Borrower, in addition to the outstanding principal amount, shall be liable to pay the outstanding interest up to the date of prepayment. However, in cases where the number of repaid EMI as on the date of prepayment is less than 3 (Three), the Borrower, along with the principal amount, needs to pay the interest amount of the first 3 EMIs.
• Missed Repayments: In case a Borrower misses a repayment or anticipates that for any reason whatsoever, the Borrower will not be able to repay as per the repayment schedule under the Loan Agreement, the Borrower should promptly contact the Company by sending an email to info@skyrisefinance.com. Upon receipt of the email, we shall undertake the following actions:
  • Explain the delay charges and options available with you.
  • Inform the relevant Lender regarding the same.
  • Inform if your account is being passed on to the internal recovery team for further legal recovery as your loan has been classified under the Default category.
  • Inform the Credit Information Bureau about the Borrower’s default in repayment. As a word of caution, we would like to inform you that this reporting may have serious consequences on your ability to avail of any credit in the future.
• Default Category: A Borrower shall be considered under the “default” category if any of the below events has occurred:
  • If the Borrower fails to pay the EMI for three consecutive months.
  • If we receive confirmation that the Borrower has died.
  • If the Borrower has entered a terminal arrangement affecting the Borrower’s Loan Agreements.
  • Other specific situations, which may arise at any point in time, the website will have the right to decide whether to classify any Loan Agreement under “Default” or not.
• Repayment Date Changes: In case a Borrower wishes to change the repayment date, the Borrower may:
  • You may ask cashper to change the Repayment Date by notifying cashper that you wish to do so and specifying the new date within the month upon which you wish your repayment. Any request for change of Repayment Date may be made by signing in to cashper Account and following the instructions there, or by email at info@cashper.com.
  • You can change your Repayment Date only once in 6 months.
  • Depending on whether the Repayment Date is before or after the original Repayment Date, the amount payable on the Repayment Date will be adjusted to take account of the number of days between the Repayment Date and the original repayment date. The remaining Repayments will revert to the usual Repayment amount thereafter.
  • cashper will then acknowledge and confirm the new Repayment Date and any change to the amount of your next Repayment as a result, before effecting any change.
  • cashper may request justification for the change to the repayment date and reserves the right not to complete the request if, in its sole and absolute discretion, it determines that the change is not due to an appropriate change in circumstances.
  • You will have to pay applicable charges on the same.

Closing Your cashper Account

• 9.1 Account Termination: Once all your Loan Agreements are repaid, you may terminate your cashper registration by sending us an email to info@cashper.com, and you will no longer be able to access the Lending Platform. However, we will continue to maintain records to the extent that we are required by law.
• 9.2 User Registration Termination: We may terminate the registration of the User if the User has provided false information, has breached the Terms of Use, has died, become bankrupt, failed to pay the loan, or it is categorised in the Default category on the website, makes a voluntary arrangement with anyone the User owes money, or the User establishes contact with anyone who owes money to the User without knowledge of the website.
• 9.3 Suspension or Termination: We may either terminate or suspend your registration immediately and without notice, if we reasonably suspect that you are engaged in, or may be the victim of, fraudulent activity or find that you are spoiling the reputation of the website, or using the platform for any commercial purpose.
• 9.4 Impact of Termination: When we terminate your registration, you will not have access to your cashper Account. However, this will not affect your obligation to repay the amount you have borrowed under a Loan Agreement or receive EMI Amount you have lent under a Loan Agreement.

Privacy and Data Protection

• 10.1 Service Communications: We understand your concerns about not sending unnecessary calls, emails, or SMS to you. There are some messages (“Service Messages”) that we will need to send you. These may include notifications at various stages of your loan or investment via email, post, call, or text message.
• 10.2 Occasional Updates: When you register on cashper, you are offered the option to receive occasional updates. These messages notify you about new features added on the Lending Platform, ask your opinion regarding various situations, and tell you about services you might not be using yet. You can change your contact preferences or email your preference to info@cashper.com if you no longer wish to receive them.

Use of Content

• The User undertakes not to host, display, upload, modify, publish, transmit, update, or share any information or content that:
• Belongs to another person and to which the User does not have any right to.
• Is grossly harmful, harassing, defamatory, obscene, pornographic, libellous, invasive of another’s privacy, hateful, or unlawful in any manner.
• Harms minors in any way.
• Impersonates any person or entity, or falsely states or otherwise misrepresents the User’s affiliation with any entity.
• Threatens the unity, integrity, security, or sovereignty of India or is insulting to any other nation.
• Infringes any patent, trademark, copyright, or other IPR.
• Contains viruses or any other computer code designed to interrupt, destroy, or limit the functionality of any system.
• Engages in activities that disrupt access to the Website or attempt to gain unauthorized access to the website or systems.
• Falsifies or deletes any attribution, legal notices, or labels of the origin or source of software.
• Violates applicable laws or regulations within or outside India.

Intellectual Property Rights

• 12.1 Definition of Intellectual Property Rights (IPR): Intellectual Property Rights (“IPR”) shall include copyrights, patents, trademarks, trade names, and various other rights such as reproduction, performance, adaptation, distribution, and more, in relation to the website.
• 12.2 Ownership of IPR: All IPR on the Website exclusively belongs to either the website or third-party sellers and suppliers. Users are prohibited from infringing on such IPR during their use of the website.
• 12.3 Domain Name IPR: All IPR arising from domain names, internet, or any other rights available under applicable law shall belong to www.lendenclub.com as the owner of such domain name.
• 12.4 Transfer of IPR: No part of the IPR mentioned herein is transferred to the User. Any IPR arising from these Terms will remain the property of the website or its owners.
• 12.5 Infringement of IPR: Users shall not copy, republish, transmit, reproduce, or otherwise infringe any IPR without obtaining necessary authorization from the website or third-party IPR owners.

Indemnity

• 13.1 Indemnity Obligations: The User indemnifies, defends, and holds harmless the website and its affiliates from any losses, claims, suits, or damages arising from the User's breach of these Terms, use of the website, or violation of third-party IPR.
• 13.2 Indemnity Event Notification: In the event of an Indemnity Event, the website will notify the User of any claims for which the User is liable. The User must consult with the website on the course of action.
• 13.3 No Settlement without Consent: The User shall not settle any claim or admit liability without the website's express written consent.
• 13.4 Limitation of Liability: In no event shall the website or its affiliates be liable for special, incidental, or consequential damages, including loss of data or profits, arising from the User's use of the Website or related services.

Report Abuse and Take Down Policy

• 14.1 Objectionable Content: If the website or any User becomes aware of objectionable content, including violations of privacy, misuse of personal information, or IPR violations, the website may take down such content without prior notice, either by itself or upon receiving communication from any User.
• 14.2 Reporting Objectionable Content: Users should contact the website at info@cashper.com to report any objectionable content.
• 14.3 Profanity and Disciplinary Action: If any communication between Users or between a User and the Website contains profanity, Users can submit a request for action or removal. Disciplinary actions may include indefinite suspension, temporary suspension, or a formal warning.
• 14.4 Consideration for Policy Violations: The Website will consider the circumstances of a policy violation and the User’s history before taking action. Consequences may include limitations on account privileges, loss of special status, or account suspension.

Feedback and Information

• 15.1 Use of Feedback: The Website reserves the right to use feedback and information for upgrading or enhancing the website, without restrictions.
• 15.2 Modifications Based on Feedback: The Website may modify or change the website and its content based on feedback or information received.
• 15.3 No Rights to Modifications: Users have no rights or title, including IPR, in any changes made to the website or products based on their feedback.
• 15.4 User’s Warranty on Feedback: By submitting feedback or information, the User warrants that the feedback does not contain confidential or proprietary information and that they are not entitled to any compensation from the Website for the feedback.

Applicable Law

These Terms of Use shall be governed by and interpreted in accordance with the laws of India. The courts in Mumbai shall have exclusive jurisdiction over any matters arising here.

Dispute Resolution

• 17.1 Amicable Settlement: In the event of any dispute arising out of or in connection with these Terms of Use, the parties shall first attempt to settle the dispute amicably. If unsuccessful after reasonable attempts for at least 15 calendar days, a notice will be sent to the other party.
• 17.2 Arbitration: If the dispute remains unresolved, it shall be referred to a sole arbitrator appointed by the website. The arbitration will be governed by the Indian Arbitration and Conciliation Act, 1996, held in Mumbai, and conducted in English.

Jurisdictional Issues

• Unless specified otherwise, the products listed on the website are intended for delivery within India. The website is not liable for the availability or use of products outside India.
• 19.1 Complaints: If you have a complaint about the Loan Agreement or cashper, you may email info@cashper.com with brief details and your account reference. Cashper will acknowledge your complaint within one working day and provide a response within five working days.
• 19.2 Escalation: If unsatisfied with the response, you can email the Customer Services Manager at info@cashper.com, and your email will be referred to the Chief Operating Officer for resolution within five working days.

General Provisions

• 20.1 Notice: Notices will be served to the User via email or general notification on the website. Notices to the website can be sent to info@cashper.com.
• 20.2 Assignment: The User may not assign or transfer these Terms of Use. The website may freely assign its obligations to third parties without User consent.
• 20.3 Severability: If any provision is found void, it will be severed, and the remaining Terms of Use will stay in effect.
• 20.4 Waiver: Failure to enforce any provision does not waive the right to enforce it later. Waivers must be in writing and signed by an authorized officer.
• 20.5 Relationship: These Terms of Use do not create a partnership or joint venture and do not authorize either party to bind the other.
• 20.6 Force Majeure: If performance is delayed or prevented due to events beyond the website's control (e.g., strikes, acts of God, hacking), the website is excused from its obligations during such events.

Insurance for Loan or Borrower

• 21.1 Availability: This feature is currently not available. However, the Lender and Borrower authorize the website to collaborate with any insurance company registered with IRDA, which is willing to provide beneficiary products. If such a facility becomes available in the future, the website does not require prior consent from the User.
• 21.2 Premium Payment: For any insurance product, the Borrower or Lender (or both) may choose to pay the premium to cashper, who will then transfer the payment to the insurance company on their behalf.
• 21.3 Nominee and Claim Settlement: Cashper will be the nominee for this insurance policy and is authorized to manage the claim settlement process on your behalf. Once the claim is settled, cashper will distribute the settlement amount to the Lender(s) and transfer the remaining amount to the Borrower's bank account if applicable.
• 21.4 Irregular Repayments: If your repayments are consistently delayed or irregular, cashper reserves the right to cancel the insurance policy. The insurance policy will be co-terminus with the loan tenure.
• 21.5 Incident and Claim Notification: In case of an incident (permanent disability/accidental death of the Borrower), the beneficiary/nominee must notify cashper, who will then initiate the claims process on their behalf.

Defined Terms