Legal & Compliance

1. Definitions and Interpretation

1.1. Definitions. In the Loan Documents, unless there is anything repugnant to the subject or context thereof, the expressions listed below shall have the following special meaning as assigned to them:

(a) “Borrower” means one or more borrowers, which term shall include any co-borrowers whose details are specified in the Sanction Letter. The expression “Borrower” shall unless excluded by or repugnant to the subject or context, be deemed to include, (a) in case of an individual, Hindu undivided family (HUF), and/ or a sole proprietorship concern – his/ their heirs, executors, administrators, and permitted assigns; (b) in case of a partnership firm – its partners from time to time, their legal heirs, executors, administrators and permitted assigns; (c) in case of a company defined under the Companies Act, 2013, or a limited liability partnership registered under the Limited Liability Partnership Act, 2008 – its successors and permitted assigns).(b) “Borrower Eligibility Undertaking” means the borrower eligibility undertaking to be executed by the Borrower confirming their eligibility for availing MUDRA Loans.

(c) “Business Day” means a day (excluding Sundays) on which banks generally are open in Ahmedabad for the transaction of normal banking business.

(d) “Penal Charges” means the Penal Charges payable by the Borrower to the Lender which is specified in the Sanction Letter.

(e) “Debt” includes any and all amounts payable to the Lender by the Borrower pursuant to the terms of the Loan Documents, including without limitation: (a) the principal amount of the Loan and Interest due thereon, Penal Charges, processing fees, other reimbursements specified in the Loan Documents, and/ or all other obligations, amounts and liabilities of the Borrower, including indemnities, costs, and all other monies whatsoever due or which may hereafter be payable by the Borrower to the Lender whether under the Loan Documents or otherwise; and (b) legal fees and court costs incurred by the Lender to enforce its rights under the Loan Documents.

(f) “Disbursement Request Form” shall mean the request form submitted by the Borrower to the Lender (whether electronically or in physical form) for disbursal of the Loan in compliance with the Sanction Letter and this GTC.

(g) “Due Date(s)” means such date(s) on which the Debt (in whole or in part) is due and payable and includes such dates which are specified in the Repayment Schedule for repayment of the Loan which may be modified as per this GTC.

(h) “Event of Default” means the events of default described in Clause 7 of this GTC.

(i) “Fees and Charges” includes the processing fee, documentation charges, payment instrument swap charges, rescheduling charges, prepayment charges, insurance premium, cancellation charges, late fees, bank charges, as provided in the Sanction Letter and such other interest, taxes, fees, costs, charges, expenses, losses, damages, claims, or liability, documentation and legal expenses incurred by the Lender in respect of the Loan Documents all of which is to be reimbursed by the Borrower.

(j) “GTC” or “General Terms and Conditions” means these terms and conditions governing the (i) Loan granted by the Lender, (ii) guarantee provided by the Guarantor in favour of the Lender guaranteeing the repayment of the Debt, and (iii) all other matters addressed herein.

(k) “Guarantor” means one or more guarantors (where applicable), which term shall include all guarantors whose details are specified in the Sanction Letter. The expression “Guarantor” shall unless excluded by or repugnant to the subject or context, be deemed to include, (a) in case of an individual, Hindu undivided family (HUF), and/ or a sole proprietorship concern – his/ their heirs, executors, administrators and permitted assigns; (b) in case of a partnership firm – its partners from time to time, their legal heirs, executors, administrators and permitted assigns; (c) in case of a company defined under the Companies Act, 2013, or a limited liability partnership registered under the Limited Liability Partnership Act, 2008 – its successors and permitted assigns).

(l) “Insolvency Code” means the Insolvency and Bankruptcy Code of India, 2016.

(m) “Interest” means the rate of interest payable by the Borrower to the Lender on the Loan which is specified in the Sanction Letter, which may be modified by the Lender as per this GTC.

(n) “Lender” means Lendingkart Finance Limited, a company incorporated under the Companies Act, 1956 and registered as a Non-Banking Financial Company under Reserve Bank India Act, 1934 and having its registered office at Unit Number PS 40 and PS 41, 3rd Floor, Birla Centurion, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra – 400 030 and corporate office at 401, 4th Floor, Iconic Shyamal, Near Shyamal Cross-Roads, Ahmedabad – 380 015, Gujarat (which expression shall, unless repugnant to the context or meaning thereof be deemed to mean and include its successors and assigns).

(o) “Loan” means the loan amount which is specified in the Sanction Letter that the Lender has sanctioned in favour of the Borrower.

(p) “Loan Documents” means all documents pertaining to the Loan including the application form, Sanction Letter, demand promissory note, post-dated cheques, payment instruments/ mandates, Disbursement Request Form, Borrower Eligibility Undertaking, notices sent by the Borrower and/or Guarantor to the Lender or by the Lender to the Borrower and/or Guarantor, and any other letter or document in relation to the Loan and as may be modified from time to time or any other letter or document classified by the Lender as a ‘Loan Document’.

(q) “Mudra Loan” means loans up to INR 10 Lakh (Indian Rupees Ten Lakh only) availed by non-corporate, non-farm small/micro enterprises under the Pradhan Mantri MUDRA Yojana (PMMY) from commercial banks, regional rural banks, small finance banks, microfinance institutions and non-banking financial companies.
(r) “Purpose” means the purpose for which the Loan shall be utilized by the Borrower which is specified in the Sanction Letter.

(s) “RBI” or “Reserve Bank of India” means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934 (2 of 1934).

(t) “Repayment Schedule” means the repayment schedule setting out the Due Dates on which the Borrower is required to repay the Debt (wholly or partly as the case may be).

(u) “Sanction Letter” shall mean the Sanction Letter issued by the Lender to the Borrower whether electronically or in physical form.

(v) “SARFAESI Act, 2002” means the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

1.2. Interpretation. In the Loan Documents, unless a contrary intention appears:

(a) a reference to:(i) an agreement, document, undertaking, deed, instrument, indenture or writing includes all amendments made thereto, from time to time, and also includes all schedules, annexures, addendums, and appendices thereto;

(ii) an “authorisation” includes an authorisation, consent, clearance, approval, permission, resolution, license, exemption, filing, and registration;

(iii) an “amendment” includes a supplement, modification, novation, replacement or re-enactment and “amended” is to be construed accordingly;

(iv) “encumbrance” includes a mortgage, charge, lien, pledge, assignment, easement, license, security interest, hypothecation or any right of any description whatsoever; and

(v) “law” shall mean, applicable, constitution, statute, law, rule, regulation, ordinance, judgment, order, decree, authorisation, or any published directive, guideline, notice, requirement or governmental restriction, having the force of law in any jurisdiction. Reference to applicable laws shall include such laws as may be from time to time modified or re-enacted and any regulations made thereunder.

(b) reference to a gender shall include references to the female, male, and neuter gender;

(c) the singular includes the plural (and vice versa);

(d) the headings in the Loan Documents are inserted for convenience of reference only and are to be ignored in construing and interpreting the Loan Documents;

(e) unless stated otherwise, all approvals, permissions, consents or acceptance required from the Lender for any matter shall require the prior and written approval, permission, consent or acceptance of the Lender;

(f) reference to the words “include” or “including” shall be construed without limitation;

(g) words and abbreviations which have well known technical, trade or commercial meaning, are used in the Loan Documents in accordance with such meaning;

(h) If any performance of an obligation of the Borrower and/ or the Guarantor under the Loan Documents falls on a day which is not a Business Day, then the immediately preceding Business Day shall be deemed to be the date for the performance of such obligation.

(i) The GTC sets out the terms and conditions on which the Loan is granted by the Lender to the Borrower and the terms and conditions of the guarantee provided by the Guarantor.

(j) In the event of any conflict or inconsistency among the GTC and the Sanction Letter, the provisions of the Sanction Letter shall take precedence and prevail over the GTC. Where any of the Loan Documents is in a vernacular language, the version in English shall be used for interpretation and prevail over the version in the vernacular language.

2. Loan Amount and Disbursal

2.1. Pursuant to a request by the Borrower and relying on the representations, warranties, and undertakings of the Borrower and guarantee provided by the Guarantor and such other terms and conditions of the Loan Documents, the Lender has sanctioned and lent the Loan to the Borrower on the terms and conditions as set out in the Loan Documents.

2.2. Upon submission of the Disbursement Request Form by the Borrower to drawdown the Loan, the Lender may at its sole discretion remit and disburse the Loan, subject to the terms of the Loan Documents. The Disbursement Request Form shall not be withdrawn by the Borrower except with the prior written consent of the Lender.

2.3. The Lender shall disburse the Loan into an account specified in the Sanction Letter. All disbursement(s) made under the Loan shall be subject to the performance by the Borrower of all its obligations under the Loan Documents to the Lender’s satisfaction.

2.4. The Loan shall be utilized by the Borrower only for the Purpose. The Loan shall not be used for any other purpose of any nature whatsoever including payment of any existing/ outstanding loan, debts, penalties, and claims due to any other person without the prior written approval of the Lender or for engaging in trading of securities (whether or not speculative) on stock exchange or otherwise or for any immoral or illegal purposes.

2.5. The Lender shall be entitled to cancel the Loan (or any part thereof) at any time by issuing a notice to the Borrower. The entire outstanding Debt under the Loan shall become payable by the Borrower within 15 (fifteen) days of the receipt of the notice from the Lender. Notwithstanding the cancellation of Loan, the Borrower shall comply with all the terms and conditions of the Loan Documents until the repayment of the Debt to the satisfaction of the Lender. The Borrower shall not cancel the Loan or any part thereof without the prior written approval of the Lender. If permitted under the Sanction Letter, the Borrower may prepay the outstanding Debt subject to the terms and conditions set out in the Loan Documents.

3. Interest and Penal Charges

3.1. The Interest shall be payable by the Borrower in such manner as specified in the Sanction Letter/ Repayment Schedule. The Lender shall have the sole discretion to change the rate of Interest for any reason whatsoever including to comply with any applicable law or any directives or guidelines of the RBI.

3.2. Without prejudice to any of the rights of the Lender, if any amount which is due and payable by the Borrower under the Loan Documents is not paid on the Due Dates or the Borrower is in breach of any of the terms and conditions of the Loan Documents, the Borrower shall then be liable to pay the Penal Charges, in the form of liquidated damages, on the outstanding Debt till such time the delinquent amount is paid or the breach is cured to the satisfaction of the Lender. The Borrower acknowledges that the levy of Penal Charges, in the form of liquidated damages, is a fair estimate of the loss likely to be suffered by the Lender by reason of such delay/ default on the part of the Borrower.

3.3. The Interest and the Penal Charges, shall be computed on the basis of 365 (three hundred and sixty-five) days a year (with an increment of one day for a leap year i.e. 366 (three hundred and sixty-six) days) and the actual number of days elapsed.

4. Repayment

4.1. Unless earlier repayment of the Loan is demanded by the Lender in terms of the Loan Documents, the Loan availed from the Lender along with the Interest shall be repayable by the Borrower on the Due Dates as per the Repayment Schedule.

4.2. The Borrower shall repay the Debt in the mode and manner specified in the Sanction Letter into the account specified by the Lender in the Sanction Letter. Credit for payments by any method will be given only on the date of realization or on the relevant Due Dates as per the Repayment Schedule, whichever is later.

4.3. In the event of any change in the Repayment Schedule (at the request of the Borrower or due to an Event of Default), the Borrower shall be liable to pay the rescheduling charges at the rate specified in the Sanction Letter. Such payment of rescheduling charges shall be in addition to any other rights and remedies available with the Lender in the Event of Default or otherwise.

4.4. The Borrower shall repay the Debt and other monies in respect of the Loan through anyone

of the following modes which shall be specified in the Sanction Letter:

(a) Post-dated cheques;

(b) NACH mandates (National Automated Clearing House) or ECS (Electronic Clearing System) as per the guidelines issued by the RBI; or

(c) Such other payment method approved by the Lender.

4.5. The Lender may, at its sole discretion, require the Borrower to adopt or switch to any alternative mode of payment and the Borrower shall comply with such request, without demur or delay.

4.6. The mode of payment or the payment mandates given by the Borrower under any payment mode cannot be cancelled or revoked by the Borrower without the prior written consent of the Lender. If the Borrower cancels or revokes (or attempts to cancel or revoke) such mandates without the prior written consent of the Lender, the Lender shall be entitled to initiate suitable criminal proceedings under the Negotiable Instruments Act, 1881 (or similar applicable laws).

4.7. Notwithstanding anything contained in the Loan Documents and irrespective of the mode of payment specified in the Sanction Letter, upon any default by the Borrower in payment of the Debt or one or more instalments on the Due Date or upon any non-realisation/ dishonour of a payment instrument, the Lender shall be entitled, without prejudice to its other rights under the Loan Documents, to declare that an Event of Default has occurred and present and/ or re-present all or any of the payment instruments/ mandates (if any) issued by the Borrower in favour of the Lender.

4.8. The Borrower shall at all times maintain sufficient funds in his/ her bank account(s) to ensure that the payment instruments issued by the Borrower are not dishonoured and the instalments are received and realised by the Lender on the applicable Due Dates as per the Repayment Schedule.

4.9. Notwithstanding the mode of repayment/ payment selected by the Borrower in the Sanction Letter, the Borrower shall continue to remain liable and responsible at all times for ensuring the payment/ repayment of the Debt including all instalments and all other monies in respect of the Loan to the Lender. All amounts payable by the Borrower to the Lender under the Loan Documents shall be paid without any deductions whatsoever so as to enable the Lender to fully realise the amounts due on or before the respective Due Dates. The acceptance by the Lender of any payment which is less than the full instalment or other amounts due and owing at such time shall not constitute a waiver of the Lender’s right to receive payment in full at such time or at any subsequent time or a waiver of any other rights whatsoever of the Lender under the Loan Documents.

4.10. The Borrower may, subject to prior approval by the Lender, be permitted to swap or exchange the post-dated cheques, payment mandates issued to the Lender with alternate post-dated cheques, payment mandates on another bank (as approved by the Lender) subject to payment to the Lender of the “payment instrument swap” charges as specified in the Sanction Letter.

4.11. The Borrower shall bear all direct and indirect taxes including GST (‘goods and services tax’) and other imposts, levies, interest (penal or otherwise), and duties including relevant registration and filing charges as may be levied from time to time by any statutory authority and all other costs and expenses whatsoever (including but not limited to any costs and expenses incurred by the Lender) in connection with:

(a) the application for and the grant and repayment of the Loan;

(b) the Loan Documents including this GTC;

(c) recovery and realisation of all amounts due and payable by the Borrower under the Loan Documents; and

(d) the Lender’s representative’s, agent’s or lawyer’s fees and expenses for any of the above.

4.12. The Borrower may prepay the entire outstanding Debt upon receiving the Lender’s prior written approval. The Lender shall be entitled to impose such terms and conditions for prepayment of the Debt including prepayment charges at its sole discretion.

5. Obligations of the Borrower

The Borrower makes such representations and warranties as set out in this Clause 5 and acknowledges that the Lender has sanctioned and disbursed the Loan in reliance on such representations and warranties stated as follows:

5.1. The Borrower is duly authorised and competent to avail the Loan, and neither the Borrower, nor its representatives, or directors (where applicable) have been declared as defaulters by any financial institution or regulator.

5.2. No proceeding or litigation is initiated, subsisting or threatened by or against the Borrower which would have a material impact on their financial conditions including in respect of bankruptcy/ insolvency proceedings.

5.3. All information provided by the Borrower to the Lender is true and complete in all material respects, are not misleading and do not omit any fact, the omission of which would make any fact or statement therein misleading.

5.4. All the licenses, permits, and authorizations required for carrying on its business, operations or projects, have been obtained, are in full force and effect, and the Borrower is in compliance in all respects with all the laws.

5.5. The Borrower has good title to or is otherwise entitled to use its assets, and except to the extent disclosed to the Lender, there are no encumbrances subsisting or in existence on any of the Borrower’s assets.

5.6. The Borrower has complied in all respects with all the taxation laws in all jurisdictions in which it is subject to taxation and has filed all the tax returns and paid all the taxes and statutory dues, due and payable by it.

5.7. The Borrower herein acknowledges that the Interest, Penal Charges, and liquidated damages stipulated hereof, are reasonable and that they represent genuine pre-estimate of the loss expected to be incurred by the Lender, in the event of the breach of any terms and conditions of the Loan Documents.

5.8. The Lender may rely on the identity of the Borrower and of the Guarantor pursuant to the KYC verification process followed in accordance with applicable laws.

5.9. The Lender shall be entitled to rely upon Instructions (defined below) of the Borrower and of the Guarantor and the same shall be deemed to be valid Instructions from the Borrower or Guarantor (as applicable) for which the Lender shall not be required to inquire, investigate the validity or accuracy of such communications.

5.10. In the event of any disagreement or dispute between the Lender and the Borrower, regarding the materiality or reasonableness of any matter including of any event, occurrence, circumstance, change, fact, information, document, authorization, proceeding, act, omission, claims, breach, default or otherwise, the opinion of the Lender on any of the foregoing shall be final and binding

6. Representations and Warranties

During the tenure of the Loan, the Borrower covenants and undertakes that it shall perform the following obligations as set out in this Clause 6. The Borrower acknowledges that the Lender has sanctioned and disbursed the Loan in reliance of the Borrower’s covenants and undertakings as set out below (and elsewhere in the Loan Documents):

6.1. Each of the representations and warranties as set out in Clause 5 above, shall continue to hold true during the tenure of the Loan. The Borrower shall promptly notify the Lender upon becoming aware of any fact or circumstance which would cause an adverse effect on the Loan or result in either (a) breach of representations and warranties of the Borrower, (b) failure to perform any obligation under the Loan Documents, or (c) if there is any change in any of the information provided to the Lender pertaining to the Borrower.

6.2. The Borrower shall promptly notify the Lender upon receipt of (a) any notice, legal proceedings, or any such threatened action instituted against the Borrower which may have adverse effect on the Borrower or the performance of its obligations under the Loan Documents; or (b) any notice or petition under the Insolvency Code or other applicable laws on insolvency and bankruptcy.

6.3. The Borrower shall provide to the Lender with such information and documents pertaining to the Loan, its finances or other information and documents as may be required by the Lender. Further, if and when required by the Lender, the Borrower shall furnish a certificate from an independent chartered accountant acceptable to the Lender, regarding the end use of the Loan and certifying that the Loan has been utilised for the Purpose, and not diverted or applied for any other purpose, which certificate shall be in a form and manner as may be acceptable to the Lender.

6.4. The Borrower shall not (a) change its status and/ or amend its constitutional documents in a manner that may adversely affect the repayment of Loan under the Loan Documents; (b) cease to carry on its business; (c) sell, transfer or dispose of more than 50% (fifty) of its assets/ undertakings; (d) diversify or engage in any new business; (e) permit or accept the resignation of, or terminate, its promoters, whole-time director(s), managers or partners; (f) sell its majority shareholding/ capital interest assets to any third party (g) undertake any action that is likely to cause an adverse action under the Insolvency Code (h) issue any instructions to its bank that would hinder the Lender from appropriating the monies lying in bank account on which the payment instruments have been drawn towards repayment of the Debt; (i) challenge the validity of the Loan Documents; (j) fail to pay any assessments, taxes which are now or hereafter may be assessed, imposed, or payable on itself by the government, municipalities, or other authority and on demand produce to the Lender every receipt thereof; (k) without the prior written consent of the Lender, incur any further debt from, and/or encumber its assets in favour of, any person including a bank or financial institution.

6.5. The Borrower shall not withhold any amounts due to any disputes whatsoever under the Loan Documents and all amounts payable by it to the Lender shall be made free and clear of, and without deduction/ withholding for or on account of any tax or levy and without any set-off (except tax deducted at source (TDS) and withholding tax for which valid tax deduction certificates shall be promptly furnished). In case of any deficiency in payment, Lender shall not be liable to give credit in the Borrower’s Loan account.

6.6. The Borrower shall allow the Lender and any of its officers, agents, employees or consultants to inspect and audit, at all reasonable time, the Borrower’s business, premises, assets, documents and records and other materials pertaining to its business. The Borrower shall ensure full co-operation and assistance to the Lender or any person so authorized by the Lender, including allowing the taking of any copies or extracts, as may be required by the Lender or persons authorized by it.

6.7. The Borrower shall be fully responsible for ensuring the security of the authentication process of the details of the Borrower and the Guarantor and access to all modes of communication with the Lender.

6.8. The Borrower shall comply with any special conditions, covenants or obligations as set out in the Sanction Letter.

7. Events of Default

Upon the occurrence of any of the events as described in this Clause 7, the events shall be deemed to be an “Event of Default” for the purposes of the Loan Documents. The Borrower agrees and acknowledges that the Lender shall be entitled to (without being required to provide any notice to the Borrower) exercise one or more of the remedies set out in Clause 8 of this GTC if any Event of Default as set out below occurs:

7.1. The Borrower fails to repay the Debt (or part thereof) or any instalment on the Due Date or fails to pay any other monies including fees, premiums or charges due and payable under the Loan Documents.

7.2. Any information given by the Borrower and/ or the Guarantor including but not limited to, information given at the time of appraisal of the Loan, representation, and warranty, or statement made is incorrect or misleading in any respect, breach/ non-performance of any covenant, undertaking or obligations or there is any change in the information furnished by the Borrower to the Lender which in the opinion of the Lender shall adversely impact the Borrower, Borrower’s business or repayment of the Debt.

7.3. The Borrower and/ or the Guarantor is in breach of performance of any covenant, condition or agreement under the Loan Documents.

7.4. The Borrower revokes any payment instrument furnished to the Lender without the prior written consent of the Lender or if any payment instrument is rejected due to any defect which is not rectified promptly or if any payment instrument is dishonoured for any reason whatsoever.

7.5. The Borrower and/ or the Guarantor, are subject to any insolvency or bankruptcy proceeding under the Insolvency Code (or similar laws) including having taken or suffered any action for its re-organization, winding-up or dissolution, or if a resolution professional, receiver or liquidator (including provisional liquidator) has been appointed or allowed to be appointed over all or any part of the assets of the Borrower and/ or the Guarantor, or if any attachment or distraint has been levied on the assets of the Borrower and/ or the Guarantor or any part thereof, or certificate proceedings have been taken or commenced for recovery of any dues from the Borrower and/ or the Guarantor.

7.6. The Borrower and/ or the Guarantor commits default in relation to any indebtedness or statutory taxes and dues owed or enters into any compromise with its creditors or admits any inability in payment of its other debts.

7.7. Any Person acting singularly or with any other person (either directly or indirectly) acquires control of the Borrower either directly or indirectly, without the prior written approval of the Lender or if the assets of the Borrower are nationalized or attached or appropriated by the state.

7.8. The performance of obligations under the Loan Documents becomes void or illegal on part of either the Borrower, the Guarantor (if applicable) or the Lender.

7.9. Any event which with the passage of time is likely to become an Event of Default.

8. Remedies of the Lender in the Event of Default

The Borrower acknowledges that if any Event of Default as set out in Clause 7 of this GTC occurs, the Lender shall be entitled to (without being required to provide any notice to the Borrower) exercise one or more of the remedies set out in this Clause 8. The Lender may at its sole discretion give the Borrower a written notice to cure the Event of Default within a period of fifteen (15) days. The Lender shall exercise its rights under the Loan Documents as per the applicable laws.

8.1. Terminate the Loan Documents, accelerate the repayment of the Loan and declare the entire outstanding Debt to become immediately due and payable whereupon the same shall become due and payable by the Borrower. Notwithstanding any suspension or termination of the Loan Documents, all provisions of the Loan Documents for the benefit or protection of the Lender and its interests shall continue to be in full force and effect as provided in the Loan Documents.

8.2. Levy Penal Charges on the amounts outstanding i.e., such Debt which is due and payable but has not been paid, from the date when the Event of Default occurred until the date when the Event of Default ceases to exist.

8.3. Invoke any payment instruments/ mandates furnished by the Borrower and initiate appropriate civil and/ or criminal proceedings against the Borrower.

8.4. Invoke the guarantee (if any) and call upon the Guarantor to perform its obligations hereunder.

8.5. Exercise any other rights or remedies available to the Lender under applicable law.

9. Guarantee

9.1. The Guarantor irrevocably and unconditionally guarantees to the Lender, as a primary obligor and not merely as a surety,

(a) to promptly (but no later than 2 (two) Business Days) pay to the Lender without demur or protest, when called upon to do so, any amounts payable by the Borrower under the Loan Documents, and perform, comply, or procure the performance or compliance of all the other terms, conditions, and covenants contained in the Loan Documents;

(b) to indemnify and hold harmless the Lender for any losses suffered by the Lender by lending the Loan to the Borrower;

(c) to pay any losses, damages or expenses which may be suffered by the Lender by reason of an Event of Default; and

(d) in the event of delay in making payments in respect of the guarantee, the Guarantor shall pay the Penal Charges on the amounts payable, till such time the amount so payable is paid to the satisfaction of the Lender in the manner set out in the Loan Documents.

9.2. The Guarantor agrees that its obligations under the Loan Documents shall not be affected by,

(a) failure by the Lender to exhaust any or all remedies against the Borrower or other third-party(ies);(b) failure by the Lender to obtain other securities or contractual comforts;

(c) failure by the Lender to invoke payment instruments/ mandates or other security(ies) available with the Lender;

(d) invalidity of any of the provisions of the Loan Documents;

(e) any disputes under the Loan Documents;

(f) death, incapacity, insolvency, re-organization of the Borrower and/ or the Guarantor;

(g) the absence of or deficiency of power on the part of the Guarantor to give guarantees and/ or indemnities or any irregularity in the exercise of such powers; and

(h) any other circumstances which in law purports to release a guarantor from its obligations as a guarantor.

9.3. The Guarantor further agrees that any variation in the terms and conditions of the Loan or, any amendments, modifications, extensions, or waivers to/ under the Loan Documents or any waiver or indulgence shown to the Borrower and/ or any non-creation, release of any security shall be deemed to have been given or done after due notice to the Guarantor and with the Guarantor’s consent.

9.4. The Guarantor hereby represents, warrants, and covenants that,

(a) it is duly authorised and competent to provide this guarantee, and neither it, nor its representatives, or directors (where applicable) have been declared as defaulters by any financial institution or regulator;(b) no proceeding or litigation is initiated, subsisting or threatened by or against the Guarantor which would have a material impact on their financial conditions including in respect of bankruptcy/ insolvency proceedings;

(c) any admission or acknowledgement in writing given or any part payment made by the Borrower in respect of the Loan shall be binding on the Guarantor and shall be treated as given on behalf of the Guarantor also;

(d) any demand(s) made by the Lender from time to time under the guarantee shall be conclusive proof of the Guarantor’s liability to pay the amounts so demanded;

(e) it waives all claims and rights of subrogation, reimbursement, indemnification against the Borrower or their assets until all payment obligations of the Borrower have been fulfilled to the satisfaction of the Lender;

(f) its claims against the Borrower shall be subordinate to the claims of the Lender and it shall not make any claim, in conflict with the Lender, during the insolvency or liquidation proceedings of the Borrower;

(g) it shall hold all amounts received from the Borrower, in trust for the Lender until the Debt is repaid in full to the Lender, to the Lender’s satisfaction;

(h) it shall not substantially dispose of its assets, such that it has an adverse effect on its ability to perform its obligations under the guarantee;

(i) all amounts payable by it to the Lender in respect of the guarantee shall be made free and clear of and without deduction/ withholding for or on account of any tax or levy and without any set-off (except tax deducted at source and withholding tax for which valid tax deduction certificates shall be promptly furnished);

(j) it has satisfied itself of the financial capabilities of the Borrower;

(k) it shall provide the Lender with such information and documents pertaining to itself, its finances, the Loan, or other information and documents as may be required by the Lender;

(l) these obligations as set out hereunder will constitute valid and binding obligations of the Guarantor and be enforceable in accordance with their respective terms; and

(m) in the event of any disagreement or dispute between the Lender, Borrower, and/ or the Guarantor regarding the materiality or reasonableness of any matter including of any event, occurrence, circumstance, change, fact, information, document, authorization, proceeding, act, omission, claims, breach, default or otherwise, the opinion of the Lender on any of the foregoing shall be final and binding.

9.5. This guarantee shall be a continuing guarantee until all obligations of the Borrower under the Loan Documents have been fulfilled to the Lender’s satisfaction.

9.6. The Guarantor acknowledges and agrees that the Lender has granted the Loan to the Borrower at the Guarantor’s request and basis its guarantee as provided hereunder.

10. Appropriations

Any payments made by or recovered from the Borrower and/ or the Guarantor or otherwise shall be appropriated in a manner deemed fit by the Lender, as per its policies.

11. Joint and Several Liability

The obligations of the Borrower and of the Guarantor under the Loan Documents shall be joint and several.

12. Set-Off and Cross-collateralisation

The Lender shall be entitled, without the requirement of any notice, to set-off any assets or monies secured/ lying with the Lender or any monies payable by the Lender to the Borrower against all dues of the Borrower with the Lender.

13. Time is the essence

Time shall be of the essence of the Loan Documents. All obligations of the Borrower and/ or the Guarantor shall be performed by the Borrower and/ or the Guarantor on or before the date so designated. If no date is designated for the performance of any obligation, the same shall be performed within the time provided under law or 3 (three) Business Days from the date when the Lender requires the performance of the obligation.

14. Assignment

The Borrower and/ or the Guarantor shall not assign or transfer all or any of its rights, benefits or obligations under the Loan Documents without the prior written approval of the Lender. The Lender shall be entitled to, at any time, assign, novate or transfer, the whole or part of its rights, benefits and obligations, under the Loan Documents (including security interest) including in respect of any securitisation or direct assignment transaction to any person, without requiring to further intimate the Borrower and/ or the Guarantor. In such an event, the Borrower and/ or the Guarantor agrees to perform all obligations to be performed hereunder, in favour of the assignee or transferee and shall at no point of time raise any objection regarding such assignment, securitisation or transfer.

Understanding Know Your Customer (KYC) Directions

Submission of updated documents to Lendingkart:

As per sub-clause (d) of Section 38 of RBI Master Direction – Know Your Customer (KYC) Direction, 2016 updated from time to time;

In case of any updates or changes in the documents submitted to Lendingkart as a part of the KYC process, the Borrower is responsible for notifying Lendingkart within thirty (30) days of any such change and submit the updated document.

You may find the reference to the circular here – https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=11566.

Loan Fraud Advisory

We have come across instances where fraudsters are duping customers by claiming to be representatives of Lendingkart Finance Limited and also at times by using fake websites.

Please beware of fraudsters while conducting your financial transactions – duly verify the authenticity of all communications (calls, emails, SMS, websites or advertisements) before making any payment or sharing any documents.

Please be careful while opening links or attachments from unknown third parties.

Do not handover your personal documents like photo-id or address proof or personal information to the persons other than those authorised by Lendingkart Finance Limitedor share them on any suspicious sites. Please beware of such fraudulent practices and report such incidents to your local police. Our official websites are www.lendingkart.com and www.lendingkartfinance.com.

Customers, general public and prospective customers are also advised to immediately report any suspicious incident and/or incident of defrauding of money as a result of these fraudulent acts and practices to the authorities in their jurisdiction, i.e. the Police and the Telecommunications regulator, including the Cyber Crime Cell.

Please note that any person dealing with such fraudsters will be dealing at his/her own risk and responsibility. Lendingkart Finance Limited and/or any of its group company will not be responsible for any loss suffered or otherwise in this respect. Lendingkart Finance Limited

Loan Fraud Advisory

Regulatory Disclosures on Digital Lending

Lendingkart Lending Product offering and its Digital Lending Application (DLA)

A. Product Offering

Business Loan

Personal Loan

B. Digital Lending Applications (DLAs)

Lendingkart Website

Lendingkart Mobile App

Upwards Website

Upwards Mobile App

C. General Terms and Conditions

General Terms and Conditions

Schedule of Charges

Recovery Agencies

Active Recovery Agency List.

Inactive Recovery Agency List.

Channel Partners

Active Channel Partners List.

Inactive Channel Partners List

Regulatory Portals

Sachet

CMS Portal

Third party Data Sharing and Privacy Policy

Third Parties Data Sharing

Privacy Policy

Default Loss Guarantee (DLG)

Disclosure on Default Loss Guarantee (DLG) – March, 2025

Disclosure on Default Loss Guarantee (DLG) – April, 2025

Disclosure on Default Loss Guarantee (DLG) -May, 2025

Disclosure on Default Loss Guarantee (DLG) -June, 2025

Disclosure on Default Loss Guarantee (DLG) -July, 2025

Disclosure on Default Loss Guarantee (DLG) -August, 2025

Disclosure on Default Loss Guarantee (DLG) -september 25

Technology Partners

Privacy Policy

DSA

Active DSA List

Inactive DSA List

Affiliates

Interest Rate, Penalties and Other Charges

Fair Practice Code

Assamese – Fair Practices Code

English – Fair Practices Code

Bengali – Fair Practices Code

Hindi – Fair Practices Code

Gujarati – Fair Practices Code

Kannada – Fair Practices code

Marathi – Fair Practices Code

Malayalam – Fair Practices Code

Oriya – Fair Practices Code

Punjabi – Fair Practices Code

Telugu – Fair Practices Code

Tamil – Fair Practices Code

Urdu – Fair Practices Code

Fair Practice Code

Half Year - 1

Half yearly statement of Debt Securities

This privacy policy (“Privacy Policy”) has been prepared by Lendingkart Finance Limited (hereinafter referred as “the Company” or “LENDINGKART” or “we” or “our” or “us”) (Corporate Identity No.: U65910MH1996PLC258722), a company registered and validly existing under the provisions of Companies Act, 1956, having its registered office at Office 3, Connekt, 401/ B, 4th Floor, Silver Utopia, Cardinal Gracious Road, Chakala, Andheri East, Mumbai Suburban, Maharashtra – 400 099, India and its corporate office at 401, 4th Floor, Iconic Shyamal, Near Shyamal Cross Road, Satellite, Ahmedabad, Gujarat – 380015, India. LENDINGKART is a Non-Banking Financial Company registered with the Reserve Bank of India (“RBI”). LENDINGKART provides loans through website and digital lending applications/platforms (“DLA”).This Privacy Policy is prepared and published by virtue of the legal requirement that require intermediaries to publish the rules and regulations, Privacy Policy and terms for access or usage of their website/mobile app and in compliance with the below:

(a) Information Technology Act, 2000 and Information Technology (Intermediaries Guidelines and Digital Media Ethics Code) Rules, 2022 and the Information Technology (Reasonable Security Practices and Procedures and Sensitive Personal Data or Information) Rules, 2011.
(b) Guidelines on Digital Lending (“the Guidelines”) issued by the RBI, dated September 02, 2022.
(c) Other applicable acts, regulations and rules which requires the publishing of a Privacy Policy for handling of or dealing in personal information including sensitive personal data or information and all applicable laws, regulations, guidelines provided by applicable regulatory authorities including but not limited to the RBI.

The purpose of this Privacy Policy is to give you, the user (“you” or “your” or “user”) information on how LENDINGKART collects, stores, uses, discloses, transfers and processes your personal information (defined below) when you use:

(a) The website (i) www.lendingkart.com*; and www.lendingkartfinance.com (ii) www.upwards.in*; and (iii) any of the hyperlink on the websites of our business partners (collectively the “Website”).
(b) *Mobile application (i) “Lendingkart Business Loan App”; and (ii) “Upwards Quick Instant Loan At Low EMI”; (collectively the “Mobile Application”);

*owned by Lendingkart Technologies Private Limited, holding company of LENDINGKART. Website and Mobile Application collectively hereinafter referred to as (the “Platform”). This Privacy Policy is incorporated into and at all times is subject to and is read in conjunction with the “Terms of the Use” and other information on the Platform. Please take note that any statements made on the Platform shall not be construed as an offer or promises for grant of any financial services. IF YOU DO NOT AGREE TO THIS PRIVACY POLICY OR ANY PART THEREOF, PLEASE DO NOT USE/ ACCESS/ DOWNLOAD/ INSTALL THE PLATFORM OR ANY PART THEREOF.

Commitment
LENDINGKART intends to protect the privacy of its users and members on the Platform and the privacy of the data provided by them to LENDINGKART from time to time. The privacy of the Platform users, whether you are our former or existing registered user or a visitor to the Platform, is important to us and we are strongly committed to your right to privacy and to keeping your personal and other information secure. We encourage you to read the Privacy Policy to understand what types of personally identifiable information we collect and how we use this information.

What type of information does the Platform collect from you?
Personal Information
For the purpose of providing you, our services, we require you to enroll yourself on the Platform and get yourself registered.

If you choose to become a registered member of the Platform, you are required to share your name, e-mail address, gender, date of birth, postal address, phone number, a unique login name, password, password validation, PAN, income tax details, marital status, family details, business information and other details shared via application form or via email or via any other medium (Personally Identifiable Information).
LENDINGKART may also collect other information specific to provide you service each time such as name, bank statements, Aadhar details and validation, selfie’s, Know Your Customer (‘KYC’) documents, personal details, business details, income tax details, marital status, family details and other information via application form or via email or via any other electronic medium or via printed form (Service Information). All Personally Identifiable Information and Service Information shall be collectively known as “Information”.
Additionally, LENDINGKART collects your other details including but not limited to your feedback, suggestions, views, opinions, etc. shared on the Platform (User Information) that may be shared/volunteered by you on our discussion forums or other pages of the Website. Such information being in the public domain is available for access to all the Website’s users and visitors. You are advised to exercise discretion before you make such details public, as such information is vulnerable to misuse and can be easily misused. LENDINGKART in this regard fully disclaims any liability (ies) or claim(s), which may arise by use/misuse of User Information shared by you, by any third party or any party not known to LENDINGKART.
Information exchanged by you with LENDINGKART in the form of written communication, responses to emails, feedback required from you, participation in discussions, etc. is handled with confidentiality.

Information LENDINGKART collects about you from third parties
For making the services/ products available to you, we may collect credit information in accordance with applicable laws, from certain third parties such as credit bureaus or credit rating companies, account aggregators, financial institutions from time to time during the loan journey. In order to provide credit products to you, we may receive certain information pertaining to document verification, repayment status etc., from certain third parties including NSDL, payment gateway providers details of such third parties are provided at https://www.lendingkart.com/thirdparties/. We may further collect your bank account numbers or UPI payment information for collection and repayment of loans. We may further collect your GST details from Official GSTIN API stack or other relevant websites using the GST Network User ID and password details or OTP as provided by you. Requisite consent shall be taken from you for enabling the same as required under the applicable regulations.

INFORMATION COLLECTED THROUGH MOBILE APPLICATIONS
LENDINGKART products/ services are also provided through the Mobile Application. LENDINGKART may collect and use technical data and related information, including but not limited to, technical information about your device, system and application software and peripherals, that is gathered periodically to facilitate the provision of software updates, product support and other services to you (if any) related to such Mobile Applications. You hereby provide your consent for LENDINGKART to access your mobile phone/ device for a ‘one time’ access of camera, microphone, location or any other facility necessary for the purpose of on- boarding/ KYC and such other requirements. While we understand the above requirement of ‘one time’ access, we do not have direct control on your selection while using the Mobile Application, which shall purely be determined by you opting ‘one time’ or ‘continuous access and usage’ while accessing through the Mobile Application. Henceforth, LENDINGKART strongly recommends you to limit the access permission of your mobile phone/ device to ‘one time’ access of camera, microphone, location or any other facility necessary for on-boarding / KYC and such other requirements. We also require camera and microphone permissions to enable a two-way communication between our authorised agents and you for the purpose of performing and completing your Video KYC. Your audio/ video shall be recorded for regulatory purposes. When you use our Mobile Application, the Mobile Application may automatically collect and store some or all of the following information from your mobile device (“Mobile Device Information”), in addition to the Device Information, including without limitation:

Your preferred language and country site.
The manufacturer and model of your mobile device.
Your mobile operating system.
The type of mobile internet browsers you are using.
Information about how you interact with the Mobile Application and the Website to which the Mobile Application links.

Information you give us about you In due course of using our products/ services, you are required to submit data to enable our product/ services. We use this data to create your profile and provide you with the best available services. We shall collect the following information from you:

(a)Data provided by you by filling in forms on the Platform.
(b)Data provided by you for corresponding with us (for example, by email, chat, phone, WhatsApp, etc.)
(c)Data and information you provide when you register to use the Website, download or register on the Mobile Application, subscribe to any of our product/ services (such as applying for loan), search for a product/ service, when you report a grievance with us through email, or on the Website, and when you report a problem with the Platform, our services, and any of our sites.
(d)Data including but not limited to your name, address, gender, date of birth, email address, phone number, username, password, and other registration information.
(e)Data and information of identification documents and photograph, image, video.
(f) PAN Card, Aadhaar Card, financial information such as employer name, monthly salary, bank account no., bank statements, credit information, GST information, copies of identification documents for the onboarding of your application to avail the product/ services.
(g)Details of two (02) References for the purpose of reference check and such other purpose as specified in the loan documents.
(h)The data generated by your use of the Platform.

This data helps us create your profiles, complete mandatory Know Your Customer (‘KYC’) to offer you our product/ services unlock and approve loans and provide you with appropriate support in case of grievances and issues. Wherever possible, we indicate the mandatory and optional fields. You always have the option to not provide any information by choosing not to use a particular product/ service or feature on the Platform.

Non-Personal Information
LENDINGKART also collects certain other information from you on your visit to the Platform such as information about your operating system, browser type, the Uniform Resource Locator (’URL’) of the previous website you visited, list of third-party applications being used by you, your internet service provider and your IP Address (Non-personal Information). This information cannot be easily used to personally identify you. We use Non-personal Information for the purposes including but not limited to troubleshoot connection problems, administer the Platform, analyse trends in the market, gather demographic information, to ascertain how our visitors use the Platform, including information relating to the frequency of visits to the Platform, average length of visits, pages viewed during a visit, ensuring compliance with the applicable law, co-operating with law enforcement agencies, etc. This information is used to improve the Platform content and performance. You also agree that LENDINGKART may gather usage statistics and usage data from your use of the Platform to evaluate your use of our products/services, to improve our products/services, and the Platform content and to ensure that you are complying with the terms of the applicable agreements between you and LENDINGKART. The statistics and data collected may or may not be aggregated. These statistics contain no information that can distinctly identify you. We may in future also share this information with third party service providers or third party advertisers to measure the overall effectiveness of our online advertising, content, programming and for other bonafide purposes, as we may desire. By usage of the Platform you expressly permit LENDINGKART to access such information for one or more purposes deemed fit by LENDINGKART.

Session Information
Similar to other commercial web sites, the Platform utilizes standard technology called “Session Information” and Web server logs to collect information about how the Platform is used. Session Information are small pieces of information that are stored by your browser on your device’s hard drive. Session Information is only read by the server that places them and is unable to inter alia run programs on your device, plant viruses or harvest your personal information. Session Information allow Web servers to recognize your device each time you return to the Platform including the date and time of visits, the pages viewed, time spent at the Platform and the websites visited just before and just after the Platform, verify your registration or password information (in case of registered users) during a particular session so that you do not have to input your password multiple times as you navigate the site and suggest products or services that may interest you. This information is collected on an aggregate basis. None of this information is associated with you as an individual. Most web browsers automatically accept Session Information. By changing the options on your web browser or using certain software programs, you can control how and whether Session Information will be accepted by your browser. LENDINGKART understands and supports your right to block any unwanted internet activity, especially that of unscrupulous websites. However, blocking LENDINGKART Session Information may disable certain features on the Platform and may make it impossible for you to use certain services available on the Platform.

Session Data
We automatically log generic information about your device’s connection to the internet, which we call “session data”, that is anonymous and not linked to any personal information. Session data consists of information such as the Internet Protocol (‘IP’) address, operating system, type of browser software being used by you and the activities conducted by you on the Platform. An IP address is a number that lets devices attached to the internet, such as our web servers, know where to send data back to the user, such as the pages of the site the user wishes to view. We collect session data because it helps us analyse things such as the items visitors are likely to click on most, the manner in which visitors click preferences on the Platform, number of visitors surfing to various pages on the Platform, time spent by the visitors on the Platform and frequency of their visit. It also helps us diagnose problems with our servers and lets us better administer our systems. Although such information does not identify any visitor personally, it is possible to determine from an IP address a visitor’s Internet Service Provider (ISP), and the approximate geographic location of his or her point of connectivity.

Sharing of Information
LENDINGKART may share your Information, including the bureau reports, with our service providers, affiliate(s), agents, partners, financial lenders and such other third parties, in accordance with applicable laws, for the purposes of
(i) providing the services and to perform the functions on your behalf or on behalf of LENDINGKART;
(ii) marketing new products and services by LENDINGKART or by any of its affiliate(s), service partners and third parties; or
(iii) marketing of services provided by such third parties, affiliates and service partners of LENDINGKART or
(iv) to intimate you for any new products, services, offers and/or promotions being offered by LENDINGKART or any of its affiliate(s), third parties, financial partners or service partners https://www.lendingkart.com/thirdparties/
It is hereby expressly declared that third parties / service partners shall be responsible for the use of your Information by them. We and our affiliates may share your information with other business entity should we (or our assets) merge with, or be acquired by that business entity, or re-organization, amalgamation, restructuring of business for continuity of business. Should such transaction occur than any business entity receiving any such information from us shall be bound by this Privacy Policy with respect to your information LENDINGKART may also share your personal information with the government authorities, regulators, quasi-government authorities, judicial authorities, and quasi-judicial authorities if we are acting under any duty, request or order as part of our legal obligations and in accordance with the applicable laws. By accepting this Privacy Policy, you hereby provide your consent to disclose your personal information for such regulatory disclosure.

Third Party Products and Services
There are services and/or products offered by third parties on the Website. If you choose to apply for these third-party products and/or services, then their use of your Information shall be governed by their respective privacy policies and LENDINGKART shall not be responsible for their use of your Information and their privacy policies. LENDINGKART shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any such content, goods or services available on or through any such external website or resource.

Other
We may from time to time add or enhance products/services available on the Platform. To the extent these products/services are provided to and used by you, we will use the Information you provide in this regard to facilitate the products/service requested. For example, if you email us with a question, we will use your email address, name, nature of the question, etc. to respond to your question. We may also store and publish such information to assist us in making the Website better and easier to use. LENDINGKART’S use of information received from Google APIs will adhere to Google API Services User Data Policy, including the Limited Use requirements.

Promotional Initiatives
LENDINGKART may have presence on social networking websites including but not limited to LinkedIn, Facebook, Twitter, YouTube, Instagram, WhatsApp, and blogs which are promotional and business initiatives to connect to a larger group of people. The domain links contained therein may either direct you to the Platform or request your participation by way of feedback and suggestions. LENDINGKART in this regard fully disclaims any liability (ies) or claim(s), which may arise by use/misuse of your feedback, suggestions, views, etc. on any of the aforementioned networking websites or blogs, by any third party whether or not known to LENDINGKART.

Links to Other Sites
The Platform may contain links to other websites. If you click on a third- party link, you will be directed to that website. Note that these external sites are not operated by us. Therefore, we strongly advise you to review the privacy policy of these websites. We have no control over and assume no responsibility for the content, privacy policies, or practices of any third- party sites or services.

Does LENDINGKART protect my Personal Information?
LENDINGKART is committed to protecting the privacy and the confidentiality of your Personal Information. Whenever LENDINGKART obtains Information from you, the Website uses commercially reasonable efforts and general industry standards to protect it from any unauthorized access or disclosure. LENDINGKART ensures that your Information is stored in a safe and secure manner, as per applicable laws. LENDINGKART uses its best endeavours to maintain physical, electronic, and procedural safeguards that aim to protect your Information against loss, misuse, damage, modification, and unauthorized access or disclosure. Any disclosure of Information to any third party(ies) and/ or service partners for providing any services to you by such third parties and/ or service partners, shall be in accordance with applicable laws and the terms of this Policy. It is hereby expressly declared that third parties / service partners shall be responsible for the use of your Information by them.

How does LENDINGKART use the information that it collects?
Information shared by you is used by us and/or authorized third parties/service partners/affiliate(s) to support your interaction with us, to offer you services in the best possible manner and to contact you again about other services and products that we and/or authorized third parties/service partners/affiliate(s) offer. By submitting your Information to LENDINGKART, you expressly acknowledge and consent to LENDINGKART to use such Information and to process the same in a manner deemed fit by LENDINGKART and as provided in this Privacy Policy, in compliance with applicable laws. This may involve conducting data analysis, research based on reviews about deals, transfer of your Information to third party experts for the purpose of outsourcing services offered to you by LENDINGKART, transfer your Information to third parties/ service partners for providing you services offered by such third parties and service partners etc. Below is the link of all the third parties / service partners/affiliate(s) used by LENDINGKART, who will collect, store, transfer, and process your Information required for business operation. The list of third parties / service partners/affiliate(s) shall be updated by LENDINGKART from time to time, for your reference https://www.lendingkart.com/thirdparties/ We onboard the above third parties / service partners/affiliate(s) after completing their infosec assessment wherever applicable as per our internal policy.

What security precautions are in place to protect against the loss, misuse, or alteration of your Information?
LENDINGKART makes every reasonable effort to preserve the privacy and confidentiality of your Information shared with us. We store all limited user personal data in servers based within the territories of India while ensuring compliance with statutory obligations/ regulatory instructions. We implement standard measures to protect against unauthorized access to and unlawful interception of Personal Information. However, no internet website can fully eliminate security risks. LENDINGKART implements cyber security policy for handling all security breaches in compliance with applicable laws and regulations. LENDINGKART follows defined standards for handling any security breach which includes identification, categorization, prioritization, response, recovery, escalation, communication and review. We have a documented approach to report any applicable breach within the timelines as laid out by applicable laws and regulations. In addition, we have been certified for: ISO 27001:2013 (formally known as ISO/IEC 27001:2005): is a specification for an information security management system (ISMS) and is the suggested level of certification required under the Information Technology Act, 2000. An ISMS is a framework of policies and procedures that includes all legal, physical, and technical controls involved in an organization’s information risk management processes. We reserve the right to disclose Information shared by you as required or permitted under applicable law and we have a good-faith belief that (i) such action is necessary to comply with an appropriate law enforcement investigation, current judicial proceeding, a court order or legal process served on us or (ii) to conform to the legal requirements, compliance/reporting to administrative and judicial authorities, as may be required (iii) protect and defend the rights or property of the website owners of LENDINGKART, or the users of LENDINGKART, Further, we reserve the right to disclose Information shared by you with Credit Information Companies (CICs). Data protection laws vary among countries, with some providing more protection than others. We also comply with certain legal frameworks relating to the transfer of data as mentioned and required under the Information Technology Act, 2000, rules and the amendments made thereunder. When we receive a written complaint, we respond by contacting the person who has made the complaint or as the situation warrants.

What is LENDINGKART policy on retention and destruction of information that it collects?
LENDINGKART has defined a record retention period for your Information as per applicable laws. All physical data will be disposed-off by shredding or otherwise making unreadable confidential records in accordance with applicable laws. All electronic data will be disposed-off in a responsible manner and in compliance with applicable laws with prior approval from LENDINGKART’S Chief Technology Officer (‘CTO’)/ Chief Information Security Officer (‘CISO’). “The extent of instructions on record management as stipulated in the Master Directions/Directions/Guidelines/Guidance issued by the Reserve Bank of India, with reference to provisions of Prevention of Money Laundering (Maintenance of Records) Rule, 2005 (PML Rule, 2005) from time to time would be the directing force”. We may also retain and use your basic personal information inter alia as name, contact number, transactional details, and address details as necessary to comply with our legal obligations, resolve disputes, and enforce our agreements which shall always be in accordance with applicable laws. Subject to this section, we may delete your data upon reasonable written request for the same at any stage. However, you may not be able to use our services after deletion. The data storage is governed by our IT Policy and Data Back-up and Restoration Policy.

I have more questions about Privacy Policy
If you have any questions about this Privacy Policy, the practices of the Platform, or your dealings with this Website, please contact us at care@lendingkart.com and for personal loans on email help@go-upwards.com .

Will LENDINGKART change privacy policy in the future?
This Privacy Policy provides a general statement of the ways in which LENDINGKART aims to protect your Information. You may, however, in connection with specific products or services offered by LENDINGKART, be provided with privacy policies or statements that substitute or supplement this Privacy Policy. The terms and conditions of this Privacy Policy may be updated, if required under applicable laws, and shall be made available on the Website. The revised Privacy Policy will be effective immediately upon posting to the Website unless otherwise mentioned. This version of the Privacy Policy is effective from January 16, 2025. The revised Privacy Policy shall bind you and it is your sole responsibility to check the same from time to time. Continued access or use of the services/ products by you constitute your acceptance of the updated and the amended Privacy Policy. You acknowledge that no knowledge of the revised Privacy Policy shall not be a defense in any proceedings with regard to the Privacy Policy.

Your Consent
By accessing the Platform and using it on a continued basis, you expressly consent and confirm to LENDINGKART collecting, maintaining, using, processing, and disclosing your Personal Information and other information in accordance with this Privacy Policy in relation to the services being rendered on the Platform by us. YOU ACKNOWLEDGE THAT WE SHALL COLLECT THE INFORMATION DETAILED UNDER THIS PRIVACY POLICY TO FACILITATE LENDING & NON-LENDING SERVICES BY PARTNERING WITH VARIOUS FINANCIAL LENDERS, THIRD PARTIES, SERVICE PROVIDERS, ETC., BASED ON YOUR REQUIREMENT TO AVAIL SUCH SERVICES. In order to avail any services being provided by LENDINGKART by itself or in partnership with the financial lenders, service providers or other third parties, it is important that YOU READ, UNDERSTAND, ACKNOWLEDGE AND UNCONDITIONALLY AGREE TO BE BOUND BY THE TERMS AND CONDITIONS OF THIS PRIVACY POLICY. You may reach out to LENDINGKART on email care@lendingkart.com and for personal loans on email help@go-upwards.com if you wish to revoke the consent provided here including deletion of your Personal Information and LENDINGKART shall ensure the same. However, once you are onboarded, Information which needs to be stored and/or shared with third parties / service partners /affiliate(s) as per regulatory and statutory requirements will be retained by LENDINGKART. Any other data which is not mandatory to be stored and / or transferred will be deleted on your request.

I have a complaint/concern
In accordance with the relevant provisions of the Information Technology Act, 2000 and Rules and RBI Guidelines on Digital Lending dated September 02, 2022, made thereunder, the name and contact details of the Grievance Officer who can be contacted with respect to any complaints or concerns including those pertaining to breach of LENDINGKART’s Terms of Use, Privacy Policy and other polices or questions are published as under:

Grievance Redressal Officer: Ms. Ajitha K
Email ID: grievance.redressal@lendingkart.com
Contact Number: +91- 63588 74622
For personal loans:
Email ID: upwards.grievance.redressal@lendingkart.com
Contact Number: +91 63588 74622
The Grievance Officer can be contacted between 10:30 a.m. to 6:00 p.m. from Monday to Friday except on public holidays.