1GEN FINTECH PARTNERS
TERMS & CONDITIONS
User eligibility and on-boarding:
Users must typically be at least 18 years old (the age of majority) to enter into a contract with nanope. The user needs to be a citizen or resident of India.
Users must provide accurate information and documents i.e PAN Card and Aaadhar card to comply with Know Your Customer (KYC) regulations. The app reserves the right to terminate the account if information is found to be incorrect or fraudulent.
The user can usually only maintain one account with the company.
Consent and Data Usage:
This is a heavily regulated and critical area for digital lending apps.
1. The user must explicitly consent to the collection, retention, maintenance, and processing of their personal data like their address and business information.
2. The user agrees that the company will report their account information (payments, defaults) to credit bureaus, which may impact their credit score (N Score- nanope's personal credit score)
3. Information often includes: Name, Date of Birth, Mobile Number, PAN, Bank/Financial details (often via Account Aggregators with separate consent),
4. The user authorizes the company to send communications regarding products, loans, and services. They usually have the option to withdraw marketing consent later.
User Obligations and Account Security
1. Truthfulness of Information: The user has a duty to provide true, complete, and not misleading information and to update it regularly. Failure to do so is a breach of T&Cs and can lead to immediate termination.
2. Confidentiality: The user is responsible for maintaining the confidentiality of their Credentials (password, PIN, OTP, login details). The company is not liable for loss/damage due to misuse of credentials.
3. Prohibited Usage: The user agrees not to use the app for:
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Fraudulent transactions.
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Purposes that are unlawful, illegal, or forbidden by the T&Cs or applicable laws (e.g., money laundering).
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Hacking, probing, or testing the app's vulnerability.
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Commercial use (the service is for personal, lawful use).
Loan/Service Specific Terms
1. Loan Sanction Discretion: The company reserves the right to review, screen, and reject or modify the loan amount applied for, even if the application is approved.
2. Fees: The user is responsible for all applicable fees and taxes (e.g., processing fees, Business Advisory fees). The user is informed of the nature and quantum of these charges.
3. Repayment Method: The Borrower shall make all payments exclusively via specified electronic methods, including Electronic Channels and UPI; cash tenders are explicitly prohibited. In the event of a user-end payment failure, the Borrower remains solely liable to settle outstanding obligations immediately through an approved electronic medium.
4. No Assignment by Borrower: The user generally cannot assign their rights or obligations under the agreement. The lender does not reserve the right to transfer or assign its rights and obligations (the loan itself) to another person/entity.
Legal and General Provisions
1. Modification of Terms: nanope reserves the right to modify the T&Cs and Privacy Policy without prior notice. Continuing to use the services after a change is deemed as consent to the new terms.
2. Intellectual Property: The user acknowledges that all intellectual property rights in the app belong to nanope, and they have no rights to the source code, designs, or content.
3. Grievance Redressal: The T&Cs will specify the details of nanope's Grievance Redressal System, including the name and contact information of the Nodal/Grievance Officer.
Important Disclaimer and Next Step:
The terms are legally binding, and the specific details regarding interest rates, data collection practices, and loan tenure differ significantly between each company and loan product.