BORROWER REGISTRATION AGREEMENT
This Borrower Registration Agreement (hereinafter referred to as the “Agreement”) is made and executed at
_______________ on this _____ day of ______________ 20_____.
Fintelligence Data Science Private Limited, a company incorporated under the
provisions of the Companies Act,
2013, having its registered office at D-209 & D-210, 2nd Floor, Eastern Business District, LBS Road,
(W), Mumbai - 400078 (hereinafter referred to as “RupeeCircle” or “Company”), which expression shall, unless
repugnant to the context or meaning thereof, mean and include its promoters, directors, holding company,
subsidiary companies, affiliates, successors and permitted assigns of the One Part;
_________________________, S/o / D/o ______________________, residing at _________________ (hereinafter referred
to as the "Borrower”), which expression shall, unless repugnant to the context or meaning thereof, mean and
include his / her legal representatives, heirs, successors, executors, administrators, nominees and permitted
assignees of the Other Part.
RupeeCircle and the Borrower are hereinafter collectively referred to as the
“Parties” and individually as the “Party”.
- RupeeCircle, a Non-Banking Financial Company - Peer to Peer Lending
Platform (NBFC-P2P), is an online marketplace that connects credit-worthy borrowers seeking transparent,
cost-effective short-term personal loans with investors looking for high returns on their investments.
- The Borrower who intends to avail a loan through RupeeCircle shall
create an account with RupeeCircle by providing basic information such as name, contact details,
password, PAN, Aadhaar Number, date of birth, net monthly income and such other information as sought
- On successful completion of the online registration process,
RupeeCircle and the Borrower agree to execute this Agreement accepting the terms, undertakings and
covenants contained herein and providing framework for satisfactory relationship between them, also
defining the specific rights and obligations of the Parties, and,
IN CONSIDERATION OF THE MUTUAL PROMISES, COVENANTS AND CONDITIONS HEREINAFTER SET FORTH, THE RECEIPT AND
SUFFICIENCY OF WHICH IS HEREBY ACKNOWLEDGED, THE PARTIES HERETO AGREE AS FOLLOWS:
In this Agreement (including any recitals, annexure, schedules or exhibits attached
thereto), except where the context otherwise requires, the following words and
expressions shall have the following meaning:
- “Act” means the Reserve Bank of
India Act, 1934.
- “Non-bank financial company -
Peer to Peer Lending Platform”
a non-banking institution which carries on the business of a Peer to Peer
- “RBI Directions” means the
Non-banking Financial Company –
Peer to Peer Lending
Platform (Reserve Bank) Directions, 2017.
- “RupeeCircle Borrower” is an
individual who satisfies the
- Indian Resident as per the provisions of the Foreign Exchange
1999 and the regulations contained therein;
- Completed the age of 18 years;
- Salaried or self-employed having regular income;
- Possesses identity proof, income proof and a valid bank account.
“RupeeCircle Lender” is an individual who satisfies the following criteria:
- Indian Resident as per the provisions of the Foreign Exchange Management
1999 and the regulations contained therein;
- Completed the age of 18 years;
- Possesses identity proof and a valid bank account.
“RupeeCircle NRI Lender” is a non-resident Indian who satisfies the following
- Completed the age of 18 years;
- Possesses valid Indian passport;
- Possesses valid Pan Card;
- Possesses a valid Indian bank account (NRI / NRO Account).
“RupeeCircle Lending Institution” is a RBI listed finance companies or companies
formed under the Indian Companies Act or partnership firms or proprietary
“Eligible Borrower” means a RupeeCircle Borrower whose verification is completed
“Eligible Lender” means a RupeeCircle Lender, RupeeCircle NRI Lender or
RupeeCircle Lending Institution whose verification is completed by RupeeCircle.
“Borrower Listing” is a loan request by an Eligible Borrower on the RupeeCircle
“Website” means www.rupeecircle.com.
“Fair Practices Code” refers to guidelines aimed to provide to all the
stakeholders, especially customers effective overview of practices followed by
the Company in respect of financial facilities and services offered by the
Company to its Customers. This Fair Practices Code has been prepared taking in
to account the “Guidelines on Fair Practices Code for NBFCs P2P” issued by the
Reserve Bank of India and aims to enable customers to take informed decisions in
respect of the facilities and services offered by the Company.
- References to Articles, Clauses,
Recitals, Appendices and Schedules
are to articles,
clauses, recitals, appendices and schedules to this agreement.
- Any reference to a statutory provision
shall include such provision
as is from time to
modified or re-enacted or consolidated so far as such modification or re-enactment or
consolidation applies or is capable of applying to any transactions entered into
- The plural includes the singular and
references to any gender
include references to all
- Unless the context otherwise requires,
reference to any clause,
paragraph or schedule
mean reference to a clause, paragraph or schedule (as the case may be) of or to this
- Headings in this Agreement are for
convenience of reference only and
shall not be used
construe or interpret this Agreement.
- Lists of examples shall be non-exhaustive
and words such as
"including" and "in
shall not be construed as limiting a wider class of things.
- This Agreement shall come into effect
from the date of execution of
SCOPE OF SERVICE
- The Parties hereby agree that RupeeCircle
is a Non-banking Financial
company – Peer to
Lending Platform (NBFC-P2P) which acts as an intermediary providing the services of loan
facilitation (including but not limited to profile verification, risk assessment,
verification, legal documentation, loan monitoring and collections) via online medium or
otherwise, and has created a marketplace where borrowers’ requirements are listed and
investors fund those loans.
- The Parties agree that the Borrower shall
register himself with
with the Board approved policy issued by the Company as amended from time to time in
accordance with the provisions of law and guidelines issued under the Act.
- The Parties agree that the Borrower is
associated with the Company
to avail its services
the purpose of availing unsecured personal or business loans, more specifically, for the
purpose of Home Renovation, Credit Card Payment, Debt Consolidation, Life event,
Medical Expenses or for any other personal need.
- The Parties agree that it shall be upon
the sole discretion of the
Company, whether or
to register a Borrower on its Website in accordance with its policy and registration /
verification process, and the Company’s decision in this respect shall be final and
and the Borrower shall not raise any contention / dispute in respect thereof.
- All disbursements made under this
Agreement shall be made in the
name of the Borrower
shall be made in accordance with the Fund Transfer Mechanism contained in Clause 9 of
The Borrower agrees to register with the Company on the Website by providing basic
personal information and fulfilling KYC norms as per the RBI guidelines in this regard.
On completion of the registration process, the Company’s in-house risk assessment team
shall verify the information provided and validate the account.
Upon successful registration, the Borrower can apply for a personal or business loan by
stating the amount required and the tenure of the loan. The Borrower shall also be
required to provide necessary personal and financial information and upload the required
The Company shall undertake the verification process as detailed in Clause 5 of this
Upon approval of the loan application, the Eligible Borrower shall be permitted to list
his loan requirement on the RupeeCircle Website and the same shall continue to be listed
during the Listing Period.
The Borrower agrees to receive SMS and E-mail alerts posted by RupeeCircle on any new
registrations, loan closures, repayments, offers on loans, request from borrowers etc.
The Borrower is obliged to notify RupeeCircle in the event of any change in the
Borrower’s contact details.
The Borrower hereby expressly permits RupeeCircle to access, collect and display any
public information available in the domain of Facebook / LinkedIn or any other social
networking site on their portal. The Borrower can however restrict access, collection or
display of information by notifying RupeeCircle in this regard.
VERIFICATION AND AUTHORISATION TO OBTAIN CREDIT REPORT
RupeeCircle undertakes profile verification of the Borrower and his loan application by
collecting personal, professional and financial data and verifying these to the best
extent possible from all available data sources such as bank statements, credit
information bureau, etc. The Borrower agrees to provide his prior and explicit consent
and authorizes the Company to access his credit information.
RupeeCircle utilizes its proprietary Credit Rating Score Model which incorporates a
number of parameters such as credit history, financial ability and stability, social and
other behavioural patterns of the Borrower, using more than 200+ data points of personal
and financial information and documents provided by the Borrowers. Based on the detailed
analysis, RupeeCircle’s in-house underwriting team assigns a risk category to the
borrower (“RupeeCircle Risk Grades”). The Borrower agrees to provide his prior and
explicit consent to the Company to access the aforesaid information and analyse it in
accordance with the policy of the Company.
RupeeCircle conducts physical verification of the Borrowers’ work place and residence to
ascertain the veracity of the documents submitted. Verification of original documents
submitted shall also be undertaken. The Borrower declares that he has no objection to
the aforesaid verification and shall co-operate and provide the required documents when
called upon to do so.
The Borrower hereby expressly authorises RupeeCircle to obtain his credit report from
Credit Information Bureau (India) Limited (“CIBIL”) or such other credit rating
organisation(s), not only at the time of registration / verification, but at any time
during the loan tenure (including but not limiting to each listing), at the discretion
of RupeeCircle. The said credit report shall be used for the following purposes
including but not limited to:
- To know the financial strength;
- To understand the credit worthiness;
- To make the informed lending decisions in an objective manner;
- To evaluate the loan amount eligibility;
- To enable quick loan approval;
- To regularly monitor the credit history;
- To assign ratings.
The Parties agree that RupeeCircle has the right to cancel the registration or reject
the Borrower’s loan application, as the case may be, in the event any information
provided by the Borrower is inaccurate or incorrect.
The Borrower provides its consent to display his credit information on the Website
alongside the Borrower Listing and the same shall be accessible and available to the
In the event of any changes in the information provided by the Eligible Borrower
subsequent to his listing but before its expiry, the Eligible Borrower shall:
a. Promptly notify RupeeCircle of the change; or
b. Withdraw the listing,
Failing which, RupeeCircle, may, at its sole discretion take necessary action including
removal of the Borrower Listing.
Borrower hereby agrees that documents sought by RupeeCircle at the time of registration
or anytime thereafter become part of the official record of RupeeCircle and will not be
returned. However, on closure of the user account RupeeCircle will ensure that the
same is destroyed.
Upon successful verification of the Borrower and once the loan application has been
approved, subject to the agreement of the Borrower of the terms contained herein, the
Borrower Listing shall be displayed on the Website and accordingly, he may receive
offers or make requests for the funding of his loan.
The Borrower Listing shall comprise of the following credentials to be filled by the
- Purpose of borrowing;
- Amount required;
- Tenure of loan;
- Affordable Monthly EMI
- Any other information such as but not limited to personal details, education and
employment details, financial details, etc.;
- Interest rate as quoted by RupeeCircle’s built-in system intelligence.
The above information shall be made public to all visitors on the Website. Once
RupeeCircle completes verification of the details and documents, the Borrower Listing
shall be active. Then interested Eligible Lenders may commit to fund all or a portion of
the loan with specific requirements covering interest, term of repayment etc.
Alternatively, the Eligible Borrower may make a request the Eligible Lenders to offer
them a loan. The Borrower Listing will be frozen once the listing receives commitments
equal to or exceeding the minimum amount required for the loan, unless the same is
withdrawn prior to expiration of the Listing Period or Additional Listing Period as the
case may be. The Eligible Borrower shall not accept or reject individual offers for
partial loan amount. The Eligible Borrower may accept or reject offers only for the
entire loan amount.
The loan application or the Borrower Listing, as the case may be, may be rejected on
account of several factors like the Borrower’s ability to pay back, financial track
records, CIBIL score, employment status, the ratio of your requested loan amount to the
Borrower’s net income and expenses. Further, the loan application or Borrower Listing
may be rejected in case of any previous failure to meet financial commitments,
inconsistencies between the information provided and that recovered from background
checks and credit history issues including prior defaults or insolvencies. Based on the
aforesaid parameters, it shall be at the sole discretion of the Company, whether or not,
approve or reject a loan application or Borrower Listing, and the Company’s decision in
this respect shall be final and binding and the Borrower shall not raise any contention
/ dispute in respect thereof.
Duration of Borrower Listing:
Borrower Listing shall be open for a period of 15 days (“Listing Period”). However, the
Eligible Borrower can opt to close or withdraw the loan transaction before the expiry of
the Listing Period. When sufficient commitments are not received for a Borrower Listing
during the period mentioned above, Borrower Listing may be extended for additional 15
days only for one time as per the conditions mentioned in this Agreement (“Additional
Modifications in Borrower Listing:
Borrower Listing once posted (like loan amount, purpose, why lend to me, other
information etc.) cannot be modified; only certain sections such as photos / videos may
be modified. However, the same may be withdrawn subject to meeting the conditions as set
forth in Clause 6.8 and new Borrower Listing may be posted subject to Clause 6.10.
Information included in Borrower Listing:
Any person who visits the Website shall be able to view any Borrower Listing which shows
the loan amount, interest rate willing to pay, loan tenure, purpose of borrowing, and
other details such as city of residence, education qualification, marital status, assets
owned etc., and other information provided to RupeeCircle. However, credit report from
third party agency will only be viewable by the Eligible Lenders.
Withdrawal of Borrower Listing:
The Eligible Borrower may withdraw his Borrower Listing at any time prior to the
expiration of the Listing Period or Additional Listing Period, as the case may be or
prior to the disbursement of loan. After the expiration of Listing Period or Additional
Listing Period, as the case may be, the Eligible Borrower shall not have any right to
withdraw his Listing, and if a loan is made to the Eligible Borrower, he shall not have
any right to rescind the loan. In the event that the Eligible Borrower does not accept
the loan, RupeeCircle may block his application for all future loans through the
Additional Borrower Listing:
No Borrower shall make additional Borrower Listing during the subsistence of an already
existing Borrower Listing.
Re-Listing of Loan:
If an Eligible Borrower withdraws his Borrower Listing during the Listing Period or
Additional Listing Period as the case may be, he may post a new Borrower Listing:
In the event of expiry of the Listing Period or Additional Listing Period of the
Borrower Listing, and if such Borrower Listing has not been funded sufficiently, the
Eligible Borrower may post a new Borrower Listing.
- Within 90 continuous days
containing the updated
information: In such case, the
Borrower need not go through the verification process. However, any change in
address, employment, contact details etc. will require the Borrower to go
through the verification process again.
- After 90 continuous days
containing the updated
information: In such case, the
Borrower shall be subjected to the verification process again. RupeeCircle
reserves the right, in its sole discretion, to limit the number of re-listing of
loans a Borrower can post or attempt to post on its Website.
Minimum and Maximum amount of Listing:
An Eligible Borrower may post a Borrower Listing for a minimum amount of Rs. 25,000/-
(Rupees Twenty-Five Thousand) and a maximum amount of Rs. 5,00,000/- (Rupees Five
Lakhs). The loan amount shall be in multiples of Rs. 5,000/- and the maximum loan amount
for any Eligible Borrower is determined by the RupeeCircle Credit Rating Score Model. In
limited instances, the maximum loan amount may differ due to constraints based on other
variables. RupeeCircle may modify the aforesaid limits from time to time at its
discretion. The Eligible Borrower acknowledges that he shall not avail more than one
loan through the Company.
MATCHING OF LENDERS, COMMITMENTS, LOAN FUNDING AND LOAN TENURE
- On posting a Borrower Listing, the
Eligible Borrower may receive
offers from one or many
- RupeeCircle will publish the maximum loan
amount eligibility for
each Eligible Borrower
depending on certain parameters including but not limited to his income and existing
- The Eligible Borrower may at any time
accept / reject the loan offer
during the Listing
Period or Additional Listing Period as the case may be, subject to Clause 7.8 of this
- The Borrower Listing shall be frozen at
the expiry of the Listing
period or Additional
Listing Period, if the Borrower Listing receives commitments equal to or exceeding the
minimum amount required for the listing unless the same is withdrawn prior to expiration
of the Listing Period or Additional Listing Period, as the case may be. Failure on part
of the Eligible Borrower to reject the offer will constitute his acceptance to the same.
- RupeeCircle accepts the best offers
available against the Borrower
Listing based on the
lowest interest rate quoted by the Eligible Lenders based on RupeeCircle’s built-in
- Once the loan is 100% funded, RupeeCircle
shall begin the disbursal
RupeeCircle will liaison between the Eligible Lender and the Eligible Borrower to
execute the requisite documents required to enable the transaction. On completion of the
requisite legal formalities / documentation between the Eligible Borrower and the
Eligible Lender including but not limited to signed ECS form, post-dated cheques,
National Automated Clearing House Mandate, executed Loan Agreements, etc., loan proceeds
are disbursed within a period 3-5 working days from the lender’s escrow account to the
Eligible Borrower’s designated bank account.
- If the Eligible Borrower fails to abide by
his commitment towards
acceptance of the
loan, his name will be de-listed and he shall not be allowed to carry out any
transaction on the Website in future.
RupeeCircle may delay depositing the funds of a loan if it foresees any discrepancy in
the accuracy of the information provided by the Eligible Borrower or Eligible Lenders;
RupeeCircle reserves the right to verify the accuracy of all information provided by
Eligible Borrowers, in connection with the Borrower Listing and loans through any of the
available modes including by making a tele-call before, during or after the posting of a
Borrower Listing, or before or after the funding of a loan. In case of any suspected
fraud or inaccuracies in the information provided to it, RupeeCircle reserves its right
to cancel the funding at any point of time before disbursal. In the event a new Borrower
Listing is found under the Borrower’s account on the Website prior to the funding of an
existing Borrower Listing, RupeeCircle may cancel the funding.
Eligible Borrowers can borrow loans for 3, 6, 9, 12, 15, 18, 21 or 24 months. However,
RupeeCircle reserves the right to amend the tenure of loans from time to time. The loan
tenure may be amended at any time before expiry of the Listing Period and until the loan
amount has not been fully funded.
FEE AND CHARGES
RupeeCircle shall charge a registration fee, loan processing fee, collection fee, late
payment fee and other charges, as the case may be, as specified in Annexure I attached to
this Agreement. The same may be revised from time to time and the latest fee schedule shall
be available on the Website.
Loans repayments are equated in monthly instalments i.e. EMIs, calculated using the reducing
balance method. The instalment per month shall remain the same throughout the tenure of the
loan. The first instalment may be different depending on the date of disbursal known as Pre
An EMI or an equated monthly instalment is a fixed payment amount made by a borrower to a
lender at a specified date each calendar month. EMIs are used to pay off both interest and
principal each month so that over a period of time, the loan is paid off in full.
The EMI schedule will handover in the following terms:
- If the loan is disbursed before 15th
of a month, total
disbursed amount will equal
to loan approved amount and first EMI shall start from the __ (day) of next month
immediately after receipt of the said amount.
- If the loan is disbursed after 15th
of a month, total disbursed
amount will be loan
approved minus broken period interest and EMI will start from the __ (day) of next
to next month.
- If loan is disbursed on 5th Jan, then EMI will start from next month Feb
between 1st to 15th depending on RupeeCircle recommender engine;
- If loan disbursed on 22nd Jan, then EMI will start from 1-15th March. Broken
period interest is calculated from day of disbursement to date of EMI. For
Example, if EMI date is on 5th of every month, broken interest will be
calculated based on simple interest for 14 days (5th Feb – 22nd Jan).
Every month EMI amount is auto-deducted from the Borrower’s bank account to repayment escrow
account. The Borrower may make repayments to the escrow account via direct debit, post-dated
cheques, NEFT, demand draft or any other mode of payment as mentioned in the loan agreement.
In case of delay in payment of equated monthly instalment, the loan availed by the
Borrower shall be considered delinquent and failed payment and late fees may be
assessed. In the event of delay in payments, a late fee shall be levied based on the
- The Borrower shall pay all
EMIs on the repayment date as
mentioned in the
loan agreement and as made available on the Borrower’s dashboard on the
Website. In case the due EMI is not paid, a collection fees will be charged
for an amount of Rs. 250. Apart from it, Rs. 500/- towards a dishonour of
cheque will be payable by the defaulting Borrower for each dishonoured
cheque. In addition to that, late payment penalty will be charged to the
Borrower by RupeeCircle in amount of Rs. 250 for delay of between 7-15 days
and additional Rs. 250 for each 15-day delay thereafter, as specified in
Each month, the monthly loan payment is automatically withdrawn from the Borrower’s
bank account. If the Borrower receives an email from RupeeCircle that his payment
has failed, it implies that his account has insufficient funds or that the bank
account on file at Rupee Circle is out of date or incorrect.
- In either case, the Borrower will need
to pay a failed payment
fee and can fix the
problem with no further penalty by making a manual payment before the Borrower is 15
days past due.
- In the event the Borrower’s bank
account information is out of
date, the Borrower
add a new bank account first. In case there is any default in the payment,
shall follow the delinquency schedule. The interest shall continue to accrue at all
time, on the principal balance of your loan.
- In the event RupeeCircle ties up with
any bank in the near
future, the Borrower
to open a bank account with the RupeeCircle designated bank through which all the
transactions will be processed. In such a case, the Borrower agrees to make loan
payments through ECS by maintaining an EMI Account. Till that period, Borrower
provide post-dated cheques for the EMI amount for the total repayment amount at the
of loan disbursement.
Pre-payment of loan
The Borrower may at any time pre-pay the loan subject to the following conditions
and there shall be no penalty for the same:
- Minimum 3 EMIs must have been
- Prepayment of loans shall
allow the Borrower to reduce
the loan tenure but
not the EMI amount. However, partial pre-payment shall not be permitted. No
interest shall be levied on pre-payment.
- The above conditions are
subject to change at the sole
RupeeCircle and any such changes shall be available on the Website. These
changes shall be effective for on-going loans as well as new loans.
- Personalized interest rates are
suggested to the Borrower as per
Risk Grade by an automated credit appraisal system that uses the personal and
financial information provided by the Borrower to risk-asses and understand the
strength of his credit profile. The interest rate thus assigned may range from 12%
to 36%. Accordingly, the interest rate on the loan availed by the Borrower shall be
- The rate of interest applicable to the
loan is compounded
monthly and rests on the
outstanding balance, namely the balance of loan and unpaid interest and costs,
charges and expenses outstanding at the end of the month.
Discharge of Loan
Upon repayment of the entire loan amount, interest thereon and any other fee and charges due
to the lender or the Company, the Borrower and the co-applicant / guarantor, shall stand
discharged of all their obligations under this Agreement. Accordingly, once the total loan
amount has been repaid in full along with all the dues, a loan closure certificate will be
issued to the Borrower.
The Borrower hereby agrees and acknowledges that in the event there is a
co-applicant or a co-guarantor along with the Borrower in respect of the loan
availed through RupeeCircle, under the Loan Agreement, executed between the Borrower
The co-Applicant or the co-Guarantor, as the case may be, shall be severally
liable for repayment of the loan amount, interest and other fees and charges
payable to the lender or the Company by the Borrower;
RupeeCircle shall be entitled and at liberty to initiate legal proceedings
against such co-applicant / co-guarantor on its behalf or on behalf of the
lenders, as the case may be.
COLLECTION AND REPORTING OF DELINQUENT LOANS
RupeeCircle proactively starts communicating with the Borrower 5 days prior to a repayment
being due to ensure repayments are made on time.
- In the event, the cheque is dishonoured or the
EMI remains unpaid for 5
days after the
repayment is due, RupeeCircle shall make an attempt to contact the delinquent Borrower
via Email (first written notice), SMS or Phone.
- If the ECS or cheque is dishonoured then
RupeeCircle shall attempt to
borrower to inform and collect the EMI amount and charges, as applicable, proactively.
- If the EMI is not received within 5-30 days
post the repayment due
attempts will be made by the collections team to contact the Borrower and arrange for
immediate repayment. Notice of adverse credit may also be reported to credit bureaus at
- RupeeCircle shall issue to the Borrower a
‘Due Letter’ on completion of
45 days from
the date the repayment is due and shall issue a ‘Recall Letter’ on completion of 75 days
from the date repayment is due.
- If no attempt at resolution is made in the
next 30-90 days, the case is
then handed to
RupeeCircle's Outside Collection Team. However, at this point the aim is still to
retrieve repayment, and the collections team will continue to work with the delinquent
Borrower to reach an amicable solution.
- If no attempt at reparation is made post 90
days of the repayment due,
the loan will
move into a ‘Non-Performing Asset (“NPA”)’ state, and the case is handed over to an
Outsourced Recoveries Team. If applicable, RupeeCircle will also begin legal proceedings
on behalf of the lenders in accordance with the terms of this Agreement. At this stage,
the Borrower is classified as a defaulter.
- To secure the interest of the Lender, or if
RupeeCircle deems it so
necessary, it may
initiate legal proceedings any time against the Borrower for the purpose of repayment
without necessarily adhering to the process stated in the extant clause.
- The Parties agree that the process of
collection and reporting of
delinquent loans may
be changed / altered / modified any time by RupeeCircle without prior notice to the
- After freezing the Borrower Listing either in
the Listing period or
Period, RupeeCircle shall liaison between the Eligible Lenders and the Borrower to
execute the required legal documents which will bind both the parties till the clearance
of all the payments.
- RupeeCircle shall be responsible for the
actions of its service
recovery agents and the confidentiality of information pertaining to the Borrower that
is available with the service providers.
- RupeeCircle shall become a member of all
Credit Information Companies
(“CICs) and submit
data (including historical data) to them.
- RupeeCircle shall disclose to the Borrower,
details about the lender(s)
proposed amount, interest rate offered but excluding personal identity and contact
details of the lender(s).
RupeeCircle agrees and acknowledges to:
- Keep the credit information (relating
to Borrower transactions
on the platform)
maintained by it, updated regularly on a monthly basis or at such shorter intervals
as may be mutually agreed upon between RupeeCircle and the CICs;
- Take all such steps which may be
necessary to ensure that the
furnished by it is up to date, accurate and complete;
RupeeCircle agrees and acknowledges to:
- Undertake due diligence of the
participants i.e. the Borrowers
- Undertake credit assessment and risk
profiling of the Borrowers
the same to their prospective lenders;
- Require and obtain prior and explicit
consent of the
participant to access its
- Undertake documentation of loan
agreements and other related
- Provide assistance in disbursement
and repayments of loan
- Render services for recovery of loans
originated on the
- RupeeCircle shall ensure that the staff are
adequately trained to deal
with the Borrower
in an appropriate manner and shall not resort to harassment viz; persistently bothering
the borrowers at odd hours, use of coercion for recovery of loans, etc.
- RupeeCircle shall ensure that any information
relating to the Borrower,
received by it,
is not disclosed to any third party, without the consent of the Borrower.
- RupeeCircle provides for a Board approved
policy to address grievances /
the Borrower. Complaints shall be handled / disposed of by the Company within such time
and in such manner as provided for in its Board approved policy, but in any case not
beyond a period of one month from the date of receipt of the grievance / complaint.
- RupeeCircle shall ensure that the technology
driving the Website is
scalable to handle
growth in its business. Adequate safeguards shall be built in its IT systems to ensure
that it is protected against unauthorized access, alteration, destruction, disclosure or
dissemination of records and data.
- RupeeCircle provides for a Board approved
Business Continuity Plan in
safekeeping of information and documents and servicing of loans for full tenure in case
of closure of platform.
- RupeeCircle shall immediately notify RBI in
the event of any breach of
leakage of confidential customer related information. In these eventualities,
RupeeCircle would be liable to the Borrower for any damages.
- To provide accurate and true information that
is sought by RupeeCircle
documents for the purpose of registration, verification, listing, disbursal, collection,
repayment, recoveries, and all other acts specified under this Agreement.
- To provide certified true copies of the
documents sought for in respect
of the aforesaid
well any other
rules or policies on the Website or any terms and conditions set forth under this
Agreement or any other agreement, any of which may be amended from time to time by
RupeeCircle at its sole discretion.
- To repay the entire loan amount alongwith
interest due thereon and any
other fee and
charges payable to the lenders or the Company within the time specified under this
Agreement or any other agreement, without any default or delay.
- To co-operate with RupeeCircle with the
information / documents sought
for the purposes mentioned in the Agreement.
- To provide a certificate to RupeeCircle
certifying that the aggregate
loans taken by him
at any point of time (including the one sought to be availed through RupeeCircle),
across all NBFC-P2Ps does not exceed Rs. 50,00,000/- (Rupees Ten Lacs) or such other
amount as may be prescribed from time to time under the RBI Directions or such other
law, rules, regulations or guidelines that may be issued in this regard, from time to
The Borrower agrees that, in connection with any Borrower Listing, lender commitments, loans
or other transactions involving or potentially involving RupeeCircle, he shall not:
- Make any false, misleading or
deceptive statement(s) or omit any
- Misrepresent his identity, or
describe, present or portray
himself as a person
other than himself;
- Give to or receive from, or offer or
agree to give to or receive
lender or other person connected to RupeeCircle any fee, bonus, additional
interest, kickback or thing of value of any kind, including in exchange for such
person's commitment, recommendation, or offer or agreement to recommend or make
a commitment with respect to the Borrower Listing;
- Represent himself to any person as a
director, officer or
- Post any content on the website of
RupeeCircle, which may be
abusive, harmful or
defamatory to RupeeCircle and / or to other members on the site, whether textual
- To either accept or reject the loan
offer prior to expiration of
or Additional Listing Period, as the case may be.
MUTUAL REPRESENTATIONS AND WARRANTIES
The Company and the Borrower represent and warrant that they have not withheld or misrepresented any
material information which could have an adverse effect on any act, transaction or any other aspect
contemplated under this Agreement. Each party to the Agreement makes the following representations
and warranties with respect to itself, and confirms that they are, true, correct and valid:
- It has full power and authority to enter into,
deliver and perform the
provisions of this Agreement and, in particular, to exercise its rights, perform the
obligations expressed to be assumed by and make the representations and warranties made
by it hereunder;
- Its obligations under this Agreement are legal
and valid, binding on it
against it in accordance with the terms hereof.
- The parties to the Agreement warrant and
represent to have the legal
capacity to execute and perform this Agreement.
RupeeCircle represents and warrants that:
- It shall act as an intermediary
providing an online marketplace
or platform to
the participants involved in Peer to Peer lending and shall not raise deposits
as defined by or under Section 45I(bb) of the Act or the Companies Act, 2013;
- Not lend on its own;
- Not provide or arrange any credit
enhancement or credit
- Not facilitate or permit any secured
lending linked to its
platform; i.e. only
clean loans will be permitted;
- Not hold, on its own balance sheet,
funds received from lenders
for lending, or
funds received from borrowers for servicing loans etc.;
- Not cross sell any product except for
loan specific insurance
- Not permit international flow of
- Ensure adherence to legal requirements
applicable to the
prescribed under relevant laws;
- Store and process all data relating to
its activities and
hardware located within India.
RupeeCircle does not guarantee that the Borrower Listing will be matched with any lender
commitments, or that the Borrower will receive a loan as a result of posting a Borrower
RESTRICTIONS ON USE
- Borrower shall represent him as himself and as
no other third party.
- Borrower is not authorized or permitted to
use or avail the services of
make requests for someone other than himself.
- All the transactions carried out by the
Borrower shall be solely by and
for himself and
from his bank account.
This Agreement may be terminated:
- By mutual written agreement of the
- If any law or regulation or any
amendment thereto makes the
transaction or the
Agreement illegal, or is otherwise prohibited by law or by an order, decree or
judgement of any court or governmental body having competent jurisdiction;
Termination by RupeeCircle:
- RupeeCircle may, at its sole
discretion, with or without cause,
Agreement and registration with it, at any time, by giving notice to the
- In case of non-compliance of the
mentioned under Clause
12 of this Agreement, involvement of the Borrower in any prohibited or illegal
purpose, the Borrower’s failure to abide by the terms and conditions of this
Agreement, or the terms and conditions of RupeeCircle or any law of the land, or
upon such determination in connection with registration / loan offer,
RupeeCircle may, at its sole discretion, immediately and without notice, take
one or more of the following acts:
- Terminate or suspend the
Borrower Listing for requested
loan on its
- Terminate this Agreement and
- Upon termination of this
Agreement and registration with
loans disbursed and originated from RupeeCircle will still hold good.
RupeeCircle may, by giving notice to the Borrower, terminate this
Agreement if there has been a material misrepresentation or breach of a warranty
or breach of covenant on the part of the Borrower.
RupeeCircle may, by giving notice to the Borrower, terminate this
Agreement if any event or circumstance occurs which, in the opinion of
RupeeCircle, could have a material adverse effect on the fulfilment of the
obligations of the Borrower under this Agreement.
In the event of any failure to repay the loan, the Borrower will not be
eligible to post any further Borrower Listing and his access to the Website will
Termination by Borrower:
A Borrower is entitled to terminate this Agreement, at any time, after giving notice
to the Company, provided the Borrower has:
No outstanding dues in his account;
No active Borrower Listing on the Website.
A Borrower may terminate this Agreement if the Borrower has an active Borrower
Listing, provided that the Borrower, subject to the terms and condition contained in
this Agreement, withdraws the Borrower Listing from the Website
CONSEQUENCES OF TERMINATION ON REGISTRATION
- Upon termination of this Agreement and
registration with RupeeCircle,
any Borrower Listing
which is not funded shall be cancelled and shall be removed from the Website forthwith. The
Borrower’s obligations specified in this Agreement shall subsist for the loans funded prior
to the effective date of termination of this Agreement and registration with RupeeCircle.
RUPEECIRCLE'S RIGHT TO MODIFY TERMS
- For the reasons specified in Clause 18.2,
RupeeCircle reserves the right
to modify the terms
other agreement involving the Borrower. Such changes shall not apply retrospectively.
RupeeCircle will be at liberty to modify the terms mentioned under Clause 18.1, from time to
time, without consent of Borrower, due to any of the following reasons:
- To make the terms clearer;
- To make changes to its products and
services, to introduce new
products or services
or to withdraw products or services that RupeeCircle no longer offers;
- To change its existing services owing
to the changes and
innovation in technology,
systems, processes, business procedures and / or policies;
- To adopt to changes in law,
regulation, industry guidance or a
decision of a
competent court or any regulation formed by the RBI from time to time.
- Modifications stated in this Clause shall be
communicated to the
Borrower and also made
available on the Website.
- Each Party shall, at all times, at present and
indemnify and hold
harmless the other Party, its employees, officers, directors, agents, representatives from
and against any and all liabilities, suits, claims, actions, proceedings, losses, damages,
judgments and costs, of any nature whatsoever (including Attorney’s fees) (each, a “Claim”)
caused due to non-compliance of the terms and conditions of this Agreement, breach of
representation and warranties, beach of covenants, or non-compliance of any applicable laws
and regulations, breach of the confidentiality obligations and infringement of third-party
intellectual property rights, damage to any third party’s property or body. This clause
shall survive the expiry or termination of this Agreement.
- If any provision of this Agreement is
determined to be unenforceable in
whole or in part for
any reason, then such provision or part shall to that extent be deemed deleted from this
Agreement and the legality, validity and enforceability of the remaining provisions of this
Agreement shall not be in any way affected thereby and any act of omission / commission of
the Parties hereto done prior to the provisions being held unenforceable shall be deemed to
be valid and / or binding on the other.
INTELLECTUAL PROPERTY RIGHTS
- RupeeCircle and all related logos
(collectively the "RupeeCircle
trademarks") are trademarks
or service marks of the Company. Nothing on the Website shall be construed as granting, by
implication, estoppel, or otherwise, any license or right to use any of RupeeCircle’s
trademarks displayed on the Website, without the Company’s prior written permission in each
instance. Borrower shall not use, copy, display, distribute, modify or reproduce any of the
trademarks found on the Website unless in accordance with written authorization by the
Company. RupeeCircle prohibits use of any of the Company’s trademarks as part of a link to
or from any other site unless establishment of such a link is approved in writing by the
Company in advance.
- RupeeCircle shall ensure that any information,
data, documents, etc.
relating to the
Borrower, received by it, is not disclosed to any third party, without the consent of the
Borrower. The Borrower hereby agrees and explicitly consents that the Company may disclose
such information, data, documents, credit information, etc. of the Borrower to the CICs or
any other regulatory body pursuant to or required by law or by an order, decree or judgement
of any court or governmental body having competent jurisdiction.
- Any notice required or contemplated by this
Agreement shall be in
writing and shall be
transmitted by postage prepaid, or by email, or by registered post with acknowledgement due
or by a recognized courier services, to the other Party at the address set out in this
- Either Party may, from time to time, change
its address for
correspondence of the notices
provided for in this Agreement, by giving the other Party not less than 10 day’s prior
- No party shall be liable to the other if, and
to the extent, that the
performance or delay
in performance of any of its obligations under this Agreement is prevented, restricted,
delayed or interfered with, due to circumstances beyond the reasonable control of such
party, including but not limited to, Government legislations, fires, floods, explosions,
epidemics, accidents, acts of God, wars, riots, strikes, lockouts, or other concerted acts
of workmen, acts of Government and / or shortages of materials, hacking, unanticipated
technological or natural interference or intrusion, loss or damage to satellites, loss of
satellite linkage or any other data communications linkage, loss of connectivity or any
other irresistible force or compulsion.
- The Party claiming an event of force majeure
shall promptly notify the
other parties in
writing and provide full particulars of the cause or event and the date of first occurrence
thereof, as soon as possible after the event and also keep the other Party informed of any
further developments. The Party so affected shall use its best efforts to remove the cause
of non-performance, and the Parties shall resume performance hereunder with the utmost
dispatch when such cause is removed.
- This Agreement constitutes the entire
understanding between the Parties
and supersedes all
previously entered agreements and understandings between the Parties, oral or written. All
warranties, undertakings and agreements given herein by the parties shall be binding upon
the Parties and upon its legal representatives and estates.
DAMAGES NOT AN ADEQUATE REMEDY
- Without prejudice to any other rights or
remedies that the Parties may
have, it is
acknowledged that damages alone would not be an adequate remedy for any breach of this
Agreement and that the remedies of injunction, specific performance and other equitable
relief for any threatened or actual breach of any of the provisions of this Agreement are
- RupeeCircle has laid down the appropriate
grievance redressal mechanism
organization to resolve disputes arising in this regard which ensures that all disputes
arising out of the decisions of RupeeCircle's functionaries are heard and disposed of at
the next higher level.
- The Board of Directors shall also periodically
review the compliance of
Practices Code and the functioning of the grievance redressal mechanism at various
levels of management. A consolidated report of such reviews shall be submitted to the
Board at periodic intervals
- RupeeCircle shall guide the Borrower who
wishes to lodge a complaint and
guidance on what steps can be taken in case the Borrower is unhappy with the outcome.
- After examining the matter, RupeeCircle shall
handle / dispose of the
matter within such
time and in such manner as provided for in its Board approved policy, but in any case
not beyond a period of one month from the date of receipt of the complaint.
- A Grievance Redressal Officer shall be
appointed for the redressal of
grievances of the
customers including the borrowers, in connection with any matter pertaining to business
practices, lending decisions, credit management and recovery, who would in consultation
with senior management officials oversee the Grievance Redressal Mechanism. The name and
contact details of the Grievance Redressal Officer shall be displayed on the Website of
RupeeCircle and for the benefits of its customers, the same shall also be displayed
prominently on the notice board at its branches / offices where business is transacted.
- If the Borrower's complaint / dispute is not
redressed by the Grievance
Officer within a period of one month, the customer may appeal to the Officer-in-Charge
of the Regional Office of the Department of Non-Banking Supervision (DNBS) of the
Reserve Bank of India (RBI), Mumbai under whose jurisdiction the registered office of
RupeeCircle falls. The name and contact details of the Officer-in-Charge of the Regional
Office of the DNBS, RBI shall be displayed on the Website of RupeeCircle and for the
benefits of its customers, the same shall also be displaced prominently on the notice
board at its branches/ offices where business is transacted.
- The Company shall refrain from interfering in
the affairs of the
Borrower except for the
purposes provided in the terms and conditions in this Agreement.
- Subject to Clause 26, in the event that any
claims and questions
whatsoever between the parties hereto arising out of or in connection with or incidental
to or touching this Agreement or the construction or application thereof or any clauses
or thing herein contained or in respect of any account and the duties, responsibilities
and obligations of either party hereunder or as to any act or omission of any party or
as to any other matter in anywise relating to these presents or the rights, duties and
liabilities of either party under these presents shall, as far as possible, be amicably
settled by mutual discussions, failing which, the Parties agree to submit the dispute to
Presolv360 to resolve it, in accordance with the Presolv Dispute Resolution Rules
(‘PDRR’ or the ‘Rules’) for the time being in force. The settlement arrived at shall be
final and binding on the Parties and persons claiming under them. It is further agreed
that participation in Presolv360’s resolution process is a condition precedent to any
Party pursuing any other available remedy in relation to the dispute. The rights that
may have accrued under applicable limitation laws shall exclude the period commencing
from the date on which the dispute is submitted and ending on the date on which the
resolution process is concluded. The fees to be paid to Presolv360 shall be borne by the
Parties as may be mutually decided by them.
- In the event the dispute remains unresolved,
such differences or
disputes shall be
referred to and settled by Arbitration in accordance with the Indian Arbitration &
Conciliation Act, 1996 or any statutory modification or re-enactment thereof for the
time being in force. The venue of the arbitration shall be at Mumbai. The language of
the arbitration shall be English. The arbitration panel shall consist of a sole
arbitrator. Each Party shall bear its own cost of arbitration. Each Party shall bear its
own cost of arbitration.
GOVERNING LAW AND JURISDICTION
- This Agreement shall be governed by and
construed in accordance with law
prevalent in India.
The Parties hereby agree that the Courts having jurisdiction in Mumbai shall have exclusive
jurisdiction to hear and decide any suit, action or proceedings and to resolve any disputes,
arising in connection with this Agreement and the Parties hereby submit to the jurisdiction
of the Indian Courts.
- The Borrower authorizes the Company to correct
obvious clerical errors
appearing in the
information the Borrower provides to the Company, without the Company requiring to give
notice to the Borrower. However, RupeeCircle shall have no obligation to identify or correct
- No failure to exercise or delay in exercising
any right or remedy under
this Agreement shall
constitute a waiver thereof and no waiver by any Party of any breach or non-fulfilment by
any other Party of any provision of this Agreement shall be deemed to be a waiver of any
subsequent or other breach of that or any other provision hereof. No single or partial
exercise of any right or remedy under this Agreement shall preclude or restrict the further
exercise of any such right or remedy. The rights and remedies provided in this Agreement are
cumulative and not exclusive of any rights and remedies provided by law.
- Subject to Clause 18, this Agreement may not
be amended for any other
reason without the
prior written agreement of both Parties.
- This Agreement constitutes the entire
understanding between the Parties
relating to the
subject matter hereof unless any representation or warranty made about this Agreement
was made fraudulently and, save as may be expressly referred to or referenced herein,
supersedes all prior representations, writings, negotiations or understandings with
- Any matter not stated in this Agreement shall
be dealt with in the
manner as may be
decided mutually by the Parties in writing.
If an Insured Person suffers an accident during the policy period and this is the proximate cause of his death within 365 days from the date of accident, then we will pay the base Sum Insured subject to the following conditions.
We will pay the benefit for Loss of Life occurring within policy period if Insured person’s body cannot be located within 365 Days after the forced landing, stranding, sinking or wrecking of a conveyance in which You were a passenger or as a result of any Acts of God, subject to all other terms and provisions of the Policy
Permanent Total Disability:
• Irrecoverable loss of sight of both eyes
We will pay the base sum insured shown in the policy schedule if injury to you results in you suffering Permanent Total Disability. The injury must occur within the policy period as mentioned in the policy schedule and the disability should continue for 365 days from the date of accident which caused the injury. This waiting period of 365 days is not applicable for severance or amputation cases.
For the purpose of this cover, Permanent Total Disability shall mean either of the following:
No sum shall be payable under this Section in case of any Permanent Total Disability for which medical care, treatment, or advice was recommended by or received from a Doctor or from which the Insured suffered or which was present before the commencement of the Policy Period.
• Physical Separation of or the irrecoverable loss of ability to use both hands or both feet
• Physical Separation of or the irrecoverable loss of ability to use one hand and one foot
• Irrecoverable loss of sight of one eye and the physical separation of or the irrecoverable
loss of ability to use either one hand or one foot.
Loss of job:
If the company is shut down or the insured person is terminated (except the reason of poor performance).
EMI Monthly Benefit:
If the insured person is admitted in the hospital for more than 30 days then the three months EMI will be paid by the insurance company to the company provided the loan.
Nominee: means person nominated by the insured person to receive the insurance benefits under this policy payable on the death of the insured person and as mentioned in the policy schedule.
IN WITNESS WHEREOF THE PARTIES OR THEIR AUTHORISED REPRESENTATIVES HAVE PUT THEIR RESPECTIVE HANDS
THE DAY AND YEAR FIRST HEREINABOVE WRITTEN.
SIGNED, SEALED AND DELIVERED by the )
Within named Company M/s Fintelligence )
Data Science Private Limited )
of the One Part, through its authorised )
representative Mr. ______________________ )
SIGNED, SEALED AND DELIVERED by the )
Within named Borrower of the )
Other Part, Mr. ______________________ )
a) Name: ____________________________________
b) Name: ____________________________________
There is Zero Registration Fee. A charge of Rs.500 is levied in case the Borrower needs help from
RupeeCircle’s team as Assisted Registration Fees.
Loan Processing Fee:
Once the loan is ready for disbursal, the Borrowers is charged a one-time Loan Processing Fee (upto 5%)
of the total loan amount or Rs. 1500 (whichever is higher) and applicable taxes at the time of
The exact fee depends on the size of the loan and will be debited straight from the total loan amount
before transferring the sum to the Borrower’s bank account or collected in cash / cheques from the
Please find the indicative processing fees structure below:
|Loan Risk Grade
||Rate of Interest on Loan
||Max Processing Fee Rate*
||12.00% - 14.99%
||15.00% - 17.99%
||18.00% - 20.99%
||21.00% - 23.99%
||24.00% - 26.99%
||30.00% - 36.00%
A Collection Fee of Rs 250 is paid by a borrower if the EMI amount is not paid on the due date.
Late Payment Fee:
A Late payment fee of Rs. 250 is charged for delay in payment 7-15 days from the due date, and additional
Rs. 250 for each 15-day delay thereafter.
Note: No Late Payment Fee will be charged if the EMI is paid within the first 7 days from the due
|Document Preparation & Government Charges
|Legal & Stamp Duty Charges
||NIL after paying 3 months interest
||Rs. 500 per bounce
|Cash Pickup Charges
|EMI Date Change Charges
|Account Swap / Change Charges
* Government Taxes as applicable and all Rates & Fees are subject to changes.